WatchPro is often asked for advice on how to buy and sell vintage watches without getting ripped-off and, ideally, accumulating a collection with a chance of holding or increasing in value.
Laurent Martinez, CEO of Laurent Fine Watches, a vintage watch trader in Greenwich, Connecticut, has dedicated his career to answering these questions, so we turned to him for an expert’s view. Here’s what he had to say …
Over the years, I have noticed a recurring pattern with collectors that are new to the vintage watch market. There seems to be a tendency to compulsively buy too many watches at once without clear motivation as to why.
However, it appears that many new collectors that have taken this approach are ready to part with at least 50% of their new collection only a few months after building it. Perhaps they were attracted to a certain style or maybe they were allured by a sense of mystery that they may have discovered something special.
DISCOVERING IS A PLUS
Or maybe they purchased a watch thinking they got a good bargain despite never having seen or heard of the watch before. I remember meeting this young collector once in Paris who wanted to sell his watches. He came to me with bags of timepieces but he did not really know what he had. I unfortunately had to let him know that most of his watches were worthless. Out of the 100 or so timepieces, he only had a few interesting pieces from Croton and Lip.
CHOOSING IS A MUST
Of course, this type of collecting can have a serious impact on your wallet. Buying a watch without knowing much about its value ends up being a waste of time and money. It may end up costing you more to fix the watch than it is actually worth. You may not be able to resell the watch for the price you paid for it or worse; you may be unable to sell it at all—even at a loss.
So, how do you start a vintage watch collection? The most important thing to do is to do your homework to build some guidelines. This does not necessarily mean having to spend hundreds of hours researching watches but at the very least, invest time into setting some parameters.
For example, define your preferred style. Dressy or sporty? Simple three-handed dial or a more complex chronograph? Stainless steel or gold? Civilian watches or military-issued timepieces? While you may like all of the above, it is always better to start with some restrictions in mind to avoid getting carried away.
This approach will narrow your options and give you more focus. After you have thoughtfully acquired some pieces that fit your initial criteria, then you can expand the parameters.
In terms of estimating the value of a watch, you can always visit websites like eBay and Chrono24 for well-known brands to see what people are asking for.
Yet, keep in mind that there is a difference between asking price and market price. Listed prices on eBay are a reflection of what people want to sell the watch for and not necessarily what buyers are willing to pay.
You can choose the “Sold Items” filter to see how much a watch was purchased for. What’s more, you have to also consider commission fees, state taxes, and other dues.”
If possible, I always recommend going to flea markets, local watch shows, or auction events to have the watch in hand before buying.
This approach allows you to inspect the details of the watch and speak to the dealer to ask any questions you may have. Talking to the seller face-to-face will give you a better sense of how accurately priced the watch is.
You learn a lot this way and most importantly, it can give you a better feeling of what watches you actually like “in the metal.”
PRIVILEGE REAL CONTACTS WITH WATCHES
Buying online can be trickier since some websites are full of retouched images and incorrect information. However, if you have no choice but to buy online, then my advice is to only purchase from a domestic seller.
Buying internationally is always riskier whether its complications with shipping and customs or sourcing from regions that are known to be flooded with counterfeit products.
I would also advise purchasing watches that are priced at the lower end of the market rather than the higher end. It is easier to come to terms with making a mistake that costs a few hundred dollars over one that costs a few thousand
PREFER WATCHES THAT ARE PRICED AT THE LOWER END OF THE MARKET RATHER THAN THE HIGHER END
As always, it is all about the details. For instance, whether new or vintage, it is important to keep in mind that quartz watches rarely hold their value as well as mechanical watches.
There is hardly any interest in quartz watches in the secondary market.
You would fare better with a hand-wound or automatic watch. If you purchase a lower-priced quartz watch the financial loss would not be too great. Yet, remember that high-end brands like Breitling and Omega sell quartz watches and these battery-operated timepieces lose tremendous value in the pre-owned market.
TIPS ON HOW TO START A VINTAGE WATCH COLLECTION
Even in the mid-range market, you would be better off buying an automatic Invicta watch instead of a quartz one. I have a friend who collects mid-range priced watches and he is very successful. There is a flourishing market for mid-priced watches and they sell quickly.
He is well versed in these particular watches and understands their specifications and how they differ from high-end timepieces. As such, I always try to pick his brain and ask his advice when I am about to get one of them.
BETTER BUY AN AUTOMATIC INVICTA WATCH INSTEAD OF A QUARTZ ONE
Another great tool to gain watch knowledge is watch forums. There are some very knowledgeable people there that are especially focused on the technical aspects of watchmaking, which can be very helpful.
The great thing is that forum members are usually very helpful and willing to share information. Always cross-reference your information with several sources to make sure it is accurate.
When looking at a watch, always start with the basics. I recently saw a watch with chronograph pushers but the watch had a calendar dial!
Obviously, it was a fake. And sometimes people pretend to know more than they do. A lady contacted me to appraise a watch she bought at a tag sale.
Five of her friends told her it was a real Audemars Piguet with a tourbillon. I had to regretfully inform her that it was not a tourbillon at 6 o’clock, but in fact, a running seconds sub dial.
DO NOT BUY ON IMPULSE AND SET A BUDGET FOR YOURSELF
In short, educate yourself, ask questions, and take your time. Do not buy on impulse and set a budget for yourself. If you can, see the watch in real life instead of just photos but if this is not possible, do not be shy to ask for more pictures.
Most importantly, listen to your gut. Keep these tips in mind when building a watch collection and things should go relatively smoothly.
This article was first published on the blog of Laurent Fine Watches. Click here for additional information.