subject: Not All Luxury Watches Are Worth What You Pay For Them [print this page] Many times, when were out shopping, we stumble upon something that we love and feel like we cant live without it (even though we may already have plenty of shoes, bags, watches or whatever the object beckoning you may be).
The psychological trick of something that costs a lot seems to work; the more it costs, the more we rationalize buying it to ourselves, especially if no one is there to talk us out of it! Of course, this trick works just as well with less expensive items but, when it comes to those, there usually isnt much of an internal debate about should I? shouldnt I?
Lets take luxury watches. These can be high ticket items no doubt; ranging from a few thousand dollars to tens and even hundreds of thousands of dollars. There are many, many luxury watch brands out there that produce thousands of appealing and compelling watches from which to choose. For many people, a watch is like an accessory (perhaps especially for men who dont otherwise find a way to spice up their daily look; women use jewelry, handbags, belts, shoes and more to do so.)
Perhaps one thing people dont think about when they buy a luxury watch is what it will be worth down the line. Many times due to fashion trends a watch may sell for much more than its really worth because the demand is there and the manufacturer knows it can ask for such a price. As with other luxury goods, its prudent to take note of the fact that with wear and tear, a luxury watch may depreciate it value, just as a luxury car does the second you drive it off the lot.
Unfortunately, if you are banking on your watch(es) serving as a potential savings / cash out fund when you need the money, you may not always get what its worth. Here are some tips and thoughts from Charles Tearle, watch director of Antiquorum, the international auction house that specializes in selling fine timepieces. First of all, he puts it right out there that "relatively few watches made today are considered collectible and valuable.
Watches that can, and do, command value and money are those that are pre and special ordered, or come in a very limited edition. And you must consider your potential re-sell market; it may not necessarily have to be expensive watches from the get go, but simply something cool and unique. Take the Bob Dylan collection by Oris watches for example. During the 2009 Baselworld show, Oris presented its limited edition Bob Dylan watch, which was created with input from the legendary singer himself. Limited to just 3,000 pieces worldwide, the watch comes in a special presentation box and sits alongside a Hohner Marine Band harmonica, the instrument which Dylan plays that has given him his iconic sound.
If you are a die hard rock n roll fan, this is a cool watch to own. One day, someone who missed out on the initial offering of 3,000 pieces probably would pay more than what you did originally in order to have one. So, this or something similar could be a good buy and investment, without having to spend what you would on a Rolex or a decked out and complex Breitling watch. I mention Breitling because due to their inner complex workings they are valuable and have maintained an exclusive image, and have received a lot of press from being worn by celebrities.
If you select to buy a Breitling or any other luxury watch online make sure you do not fall victim to buying a fake. There are plenty of legitimate online dealers, but replicas do abound and this is an easy way for such marketers to make money. By researching the online retailer and the watch itself, you can safeguard your purchase and your wallet. Tearle also makes note to let people know that the secondary market for used luxury watches can also be fruitful. People will typically sell for less than they paid, so you can get a luxury watch for less. As long as its in good shape, the year it was made really has no bearing one way or the other. Fashion trends always change but they always come full circle as well. Indeed, a watch that was popular in the 60s, 70s or 90s will come back in style and be all the rageso hold on to what you have, or hit the secondary luxury watch market to seek what you want, rather than pay inflated trendy prices.
by: Patrick Bedford
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