Why Collect Watches?
Money is earned to be spent, but it’s not earned to be wasted. People generally know that fine wines, excellent meals, and holidays are a luxury that we should treat ourselves to occasionally, but that we should also invest the majority of our money wisely. A wise person knows that investing our money can be fun as well as prudent.
Watch collecting is a great, fun investment. The idea of spending evenings poring over photographs of beautiful timepieces, designed by artisans who take their craft seriously, might appeal to you. If so, watches are certainly the right option for you.
Do You Know Where to Start?
Collecting watches is more than just picking out timepieces you think looks the best. There’s some important information that you must consider, so you know you’re spending your money wisely. After all, we’re talking about investing in watches, and collecting them, not throwing your money away on a shopping spree. Leave that to the amateurs. If you want to collect watches, then you need to start thinking like a watch expert, and, in a few years, you’ll be able to invite your friends, or a date, over to your place and show them your collection. You can also tell them how the watches they’re looking at have risen in value since you bought them too.
Time for Some Research
First, you need to do some research. Becoming a collector is a long-term ambition and something you shouldn’t take lightly. Before you embark on a life-time journey, you need to decide if it’s right for you. Otherwise, you may simply make one or two purchases – and bad ones at that – and your collection will end there. Passion is imperative for a collector of anything, whether it’s art, wine, or watches.
If you can’t already tell the difference between a Rolex Yacht-Master and a Rolex Submariner from sight, then you should at least have an interest in watches. If you don’t, then read about watches, familiarize yourself with the terminology, and watch videos where experts review luxury watches. This step should whet your appetite. You’re eager. And that means you’re ready to become a watch collector.
Questions Beginner Watch Collectors Must Ask Themselves
Before you purchase your first watch, you need to establish a few things so you can then direct your attention and energy in the right direction.
Ask yourself the following questions:
What is my initial budget?
This is the first step, of course. Set yourself a budget, then you can start to explore what options are available to you. Don’t get disheartened if your starting budget isn’t enough to purchase a Panerai Luminor. You’ll get there one day. First, you need to work within your means.
Do I want to purchase one, two, or more watches at once?
Every collector is different. Some wish to kick start things quickly and purchase numerous watches in their first year of collecting. Others like to bide their time, investing all their resources in a watch, then saving up to buy a second maybe a year or two later.
Decide what type of collector you want to be. If you plan to buy two watches, then split your budget now, rather than have one single budget for the two watches. Preferably, you should make one budget larger than the other, so that you can search in two different price ranges and expand your knowledge more quickly.
Do I want to wear the watch, keep it for special occasions or simply display it?
This is another area where collectors differ. Some wish only to purchase watches as investments, place them on the mantelpiece or keep them in a safe, and regularly check to see if their investment has matured. Other collectors see no point in owning watches if they’re not going to be worn, even if it’s just on those few nights of the year when the occasion calls for it. It goes without saying, but the type of watch you purchase will depend significantly on whether you’re going to wear it and how regularly that will be.
Do I want a new watch or a second-hand watch?
Again, this is a matter of taste, with both having their benefits. A new watch has never been worn before, will be 100% functional, and feature the most up-to-date technology. A second-hand watch is a good option too. Yes, it’s already had an owner, but it may be a watch that the brand no longer manufactures, which makes the watch rarer, and this adds value. As long as you purchase a second-hand watch from a reputable seller, and know that it’s fully functional, then there’s no major difference between purchasing the second-hand one or a new one.
How often do I want to add a new watch to my collection?
This is a valuable piece of information to know before embarking on your first purchase. If you don’t intend to buy another watch for several years, then you should ensure that you invest in something safe and risk-free that you can wear as often as you like, and won’t depreciate in value quickly. If you intend to purchase a watch annually, then you can take risks and go for something wacky, eccentric, or eye-catching. This is because you have the time and resources to purchase more sensible watches as you move forward. Why not begin with something fun?
Want some inspiration? Check out Pharrell Williams’ watch collection here.
The Next Step
Once you’ve answered these questions, then you should find yourself in a position to start researching watches. Fortunately, the internet is one of the best resources for that. There are many websites a budding collector can visit, enter their budget, and pick what type of watch it is they want (the case material, the strap material, etc.) Then you can browse photographs. You must remember that the photographs are incredibly important.
This is your watch, after all. Even if you’re collecting watches purely for financial reasons, then you should at least like the look of the watch. This is your money you’re investing. If you love dress watches with square faces, then buy one. But if you’re a dive watch type of person, then that’s your choice too. Don’t buy a diamond-encrusted gold watch or a Rolex because you think they look expensive. Buy what you want.
Try Before You Buy
This step will depend on where you’re located. Ideally, if you’re able to visit a luxury watch sellers’ physical shop, then you should, as you can see your first watch in person. If you intend to wear it, then it’s important to try it on and see how it feels. Many luxury watches are very heavy. This might be something you like the idea of, but in reality, you dislike the feeling. If you can, get to a watch shop and see the watch. This also might help you decide if you’re stuck between two different watches.
Picking the Right Seller
Now that you’ve chosen your watch, it’s time to research sellers. There is an abundance of websites where one can purchase luxury watches online. You only need to put the name of your desired watch into Google to find hundreds of sites where you can buy it. You may even see one website selling it for a price that’s too good to be true. Of course, like anything in life, if it looks too good to be true, it probably is. Do not transfer any money until you’ve done background checks on the website or seller in question. Only buy from legitimate websites.
Now that you’ve got your first watch, it’s time to enjoy it. Wear it and show it off to your friends. Make the most of it. You’ve put a lot of hard work into finding this watch, and you’ve earned the money to pay for it too. The arrival of a collector’s first watch calls for a celebration. Go out for a meal with someone special or for drinks with your friends and show it off.
Collecting watches is not a sure-fire way to make lots of money. Yes, it’s possible to invest wisely in watches and make a killing when you sell them years later. But you may not make money. That doesn’t matter. Because collecting watches are fun, and as long as you have a passion and an interest in watches, then you won’t care about profits. All you’ll care about is that feeling when you’re already dressed up for an evening out, and you have a choice of several luxury watches.
Did you know?
Another famous watch collector is Ellen DeGeneres, who has quite an impressive collection.