Tips before buying a luxury watch
A new job, a birthday, a first pregnancy. Maybe you stumbled upon a watch enthusiast's Instagram feed and it whetted your appetite. Or perhaps the sight of your bare wrist gave you the idea to buy a luxury watch. Whatever the reason, you've decided to make this purchase. But not just any purchase. Not an Apple Watch or a Swatch, but something that requires a significant budget and commitment. How do you choose a luxury watch? It's more complicated than it seems.
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How to buy and choose a luxury watch?
"There are so many parameters to consider when buying a watch," warns Paul Boutros, Head of Americas, Watches at Phillips. "Whether you choose vintage or modern, it's like finding yourself at the foot of Mount Everest when you start your research."
Mr. Boutros recommends choosing a brand first, then a model. Both choices require serious research. Reliability is paramount, but it's important to understand that each timepiece has its specificities. If you're considering an improbable mix of an outdoor and sophisticated watch, a luxury sports watch or diving watch might be the lucky choice. If you're the glamorous type, a women's watch with an abundance of diamonds might prove more "functional." If your personal trademark is timeless chic, the Cartier Tank collection is for you.
The Omega Speedmaster, meanwhile, "sort of pigeonholes you as someone who likes watches," says Adam Craniotes, co-founder of RedBar. The Speedmaster was the watch worn by astronauts during NASA's Apollo 11 mission. It is often cited among the best and most beautiful luxury watches. It was also worn by astronauts on the subsequent Apollo 13 mission, a fact highlighted in Ron Howard's 1995 film "Apollo 13." It is President Biden's watch. Ultimately, choosing your luxury watch is a matter of individual preference.
The best luxury watch brands
But even if you choose a timepiece from the best Swiss watchmaking houses, such as Rolex, Audemars Piguet, Patek Philippe, Omega, Vacheron Constantin watches, you cannot always make your choice without understanding the particular workings of the watchmaking universe. For example, you can't just walk into any authorized dealer and walk out with the most popular models, especially the Rolex Submariner or a Rolex Daytona watch, the Patek Philippe Nautilus, and the Audemars Piguet Royal Oak.
A combination of cleverly orchestrated scarcity and logistical imperatives means that stainless steel sports watches are almost impossible to obtain immediately. Waiting lists are epic and are reserved for those with connections to the brand or store. "If you don't have a purchasing history with them, you're just writing your name. They're not putting you on the list," said Mr. Craniotes. Demand for these enviable timepieces has exploded in the secondary (resale) market. This is why buying a used luxury watch is interesting, in addition to the price.
Be realistic
"If you have any doubt, do not buy," warns Cara Barrett, former editor at Hodinkee and founder of Parchie. "It's a bit like a pair of shoes that are a little too small. You're never going to wear them."
To confidently decide which watch will suit you best, Ms. Barrett suggests asking yourself a few questions, such as:
- What is your budget?
- Do you want to wear it every day?
- Are you active?
These questions may seem basic, but thoughtful answers will help you refine your search. And being able to clearly explain your needs to watchmakers will also help them advise you.
Ms. Barrett also recommends considering your professional environment before purchasing; that is, do you work in an office, and if so, what is the culture like? This is essential for determining whether you should lean towards a blingy or more understated model.
If you're hunting for bargains, you'll likely get scammed
Don't look for the deal of the century. Be wary of shady networks. If you're buying on eBay or from a seller with an unestablished reputation, search for the model and reference number on Google and check what reliable resellers are charging. Credible fake watches are not that common, but models that have been damaged, serviced, or repaired with new parts (which can depreciate the value) are.
Do some research on the seller and verify that the watch is in their possession. Mr. Craniotes suggests asking for a photo of the watch with today's date mentioned (extreme, but also effective). "Any legitimate seller will expect this and will not be offended that you have additional requests," he said. "The second you get a funny feeling or the person doesn't respond the way you want, walk away. There's another luxury watch waiting for you."
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To impress people who love watches, become like them, or buy a trendy watch
If you want to impress people who love beautiful watches, get on their level. Take pleasure in becoming an expert in complications, those breathtaking mechanical movements made up of tiny gears that are the essence of classic watchmaking. Familiarize yourself with celebrities in the watchmaking world like Aurel Bacs, who founded Phillips in association with Bacs & Russo with his wife, Livia Russo.
Alternatively, you can take a shortcut. Mr. Craniotes recommends doing this by buying an F.P. Journe watch, "the current darling of independent watchmakers," with prices starting around $16,000 new. Or you can search the used luxury watch market for limited editions, especially those with complex stories that you can tell during social discussions.
In this regard, the 45th-anniversary special edition of the Omega Speedmaster Silver Snoopy Apollo 13 2015 is particularly enviable. It honors the 45th anniversary of the Apollo 13 mission and depicts Snoopy with a bubble that says: "Failure is not an option," a phrase attributed to Gene Kranz, Apollo 13 flight director. However, he never said that, contrary to what the movie claims.
Buying a luxury watch: thinking about resale never hurts
Even if you plan to pass your watch down to your grandchildren, keep your options open. With this in mind, keep the original papers and authentication box. These will add significant value upon resale. Particularly sought-after watches from houses such as Patek Philippe, Audemars Piguet, and Rolex can have market values that far exceed their initial retail price. You can sell a luxury watch to specialized boutiques such as Miller Paris.
Vary the pleasures with a second watch
Congratulations. You've selected your primary luxury watch. Now it's time to diversify. The goal, according to Ms. Barrett, is to create "different categories within your collection" while respecting your aesthetic. This might mean investing in a dress watch, such as a Bulgari Serpenti or a Patek Philippe Twenty 4 with diamonds. Or it might be a women's gold watch with an alligator strap that can be swapped for a patent leather or calfskin model to change the mood. Don't be afraid to have fun with your choice of a second luxury watch.
