Now I know that establishing your own watch collection can be a bit daunting to start with, due to initial costs, or the thought of potentially “wasting” your money as well as many other factors in which you might have – but we at Lux Horology are here today, to clear those thoughts, and allow you to understand the benefits of starting your own watch collection.
Do I have enough money? Where am I going to store the watches? Will the watches lose me money? How many watches should I buy? What watches do I buy? These are all valid questions in which we ask ourselves when making that decision of starting our own watch collection, but does it have to be that hard? The answer is no – no it doesn’t have to be that hard, because we can make it easier, by just understanding the value and importance of the watches we’re buying, and how they’ll impact us for years to come.
1. WATCHES RETAIN THEIR VALUE
Watches are a valuable asset, in which retain their value for decades to come (most of the time) – it all comes down to the watches in which you’re buying. Let’s say you buy a Seiko for £400. Now you can either buy it brand new from a retailer, or you could purchase it off a marketplace such as eBay. The difference between buying it brand new and off a marketplace, is that you’re obviously going to pay more for a watch that is in pristine condition, however, if you’re looking to make money off that watch, then buying it pre-owned, it gives you that opportunity.
The so called “risk” when buying a watch
When we progress onto more expensive watches, such as Rolex, Omega or Patek Philippe – we can then understand the value of those brand names, because to be honest, that is a major factor as to why their watches retain so much value. This is why it’s technically not a risk for you to buy an expensive watch, if you know where to look?, and what to buy? That is. It’s not such a risk, because if you ever wanted something more expensive and were not enjoying the feeling when wearing that watch anymore, you could sell it for the same price you bought it for, and more often than not, you might be able to sell it for even more than you originally paid for, leaving you with a great investment piece.
This is why it’s important to clear that negative perception that buying expensive watches is a downfall, and a waste of money – because if you really look at it, it’s not at all. Obviously, there are going to be watches out there which don’t retain as much value as you’d like, but collections such as a Daytona, and a Speedmaster will be a great investment piece, due to their popularity and the stories they hold.
2. YOU LEARN ABOUT WATCHES AND EVERYTHING THAT SURROUNDS THEM
You learn so much from owning a watch collection
They say, to be an expert at something – you need to invest around 3000 hours into whatever that may be, to achieve that outcome. This is a great opportunity, in which owning and starting your own collection gives to you. When you begin to research, and look for watches which you’d think are suitable for your collection – you learn so much about different watches, watch brands, materials and so much more. This in turn, improves your knowledge and expertise within the field, opening up so many doors for you to venture through.
Let’s take the Omega Speedmaster for instance, I would have never of known about the story of the Moonwatch, if I had never of started my own watch collection – and it just means that, when you come to find someone with the same interest as you, you can share that common knowledge and interact with one another seamlessly.
The history in which watches hold
When we talk about how much we learn from watches, it’s easy to talk about different collections and features that they come equipped with. But when it comes down to the history of each of them, it is really interesting to understand the complexity of movements for example or how each watch has a story behind it… and that’s what makes learning about different timepieces special, as you allow yourself to continue that piece of history, or carry that story on your wrist for decades to come.
3. MAKING FRIENDS, CONTACTS AND BUILDING A COMMUNITY
Luxury watch collecting or even just affordable, high quality watch collecting allows you to connect with like-minded people, who are just as interested in watches as you are. This gives you the opportunity to make friends within the field of Horology, and also create contacts, which could prove majorly beneficial for you, if and when you pursue a career surrounding the topic.
But don’t get me wrong, you definitely don’t need a career in Horology if you want to start watch collecting – because it’s a hobby for a lot of people. If you were to make this your hobby, it can have incredible benefits on you, including your well-being, which I think is a really important one, which often gets looked past. It’s just like Football, Cycling, or Swimming etc. it’s an interest which love to talk about, love to take part in and will most likely spending a lot of money on. Just like other hobbies, people like to spend more money on the best gear and equipment – and I guess it’s similar to watches really. Albeit, there are some fantastic cheaper alternatives and more affordable watches, but the reality is that, you’re more likely to expand your watch collection, by spending more and more.
4. GIVES YOU THE OPPORTUNITY TO BUY AND SELL WATCHES
When buying watches for your collection, sometimes you can fall out of love with certain ones, and it leaves you wanting to fill the gap with something else… another watch, of course. This is where the opportunity to buy and sell watches comes in. As we spoke about a little earlier, a lot of watches retain their value, and a lot of the time, increase in value – depending on what ones you buy. Now, this is a great opportunity for you, to sell your watch for a profit, and maybe spend a little more on something else in which you’d like. That’s the beauty of watch collecting… that if you get the right watch, you could potentially make a lot more money than what you paid for.
Not only does owning a watch collection allow you to do that, but when you first start out your collection, you can also buy and sell enough watches, to raise enough capital to then jump into the bigger leagues, with the likes of Rolex and Patek Philippe. Further increasing profit, as well as expanding your collection.
5. APPRECIATING THE WATCHES MORE THAN EVER BEFORE
As an amid watch collector, I can definitely confirm that you’ll feel more connected towards your watches, and feel more appreciative of them – and I’m sure you will have similar results. This is down to the fact, each watch will be hand-picked by you, and properly looked after.
Not only will owning your own watch collection, allow you to appreciate your own watches even more, but you will also start to understand the complexity and the value in which any luxury watch holds. It won’t be looked at just as another watch, but more as a piece of horological art.
6. THE PASSION, DESIRE AND FULFILMENT
Last but not least, is the passion for watches, the desire for watches and the fulfilment in which comes from surrounding yourself with high quality timepieces. At the end of the day, once you start collecting watches, you can’t stop – obviously you can fight the urge to spend every single penny you own, but still – it’s a fascinating world, and it allows you to radiate your interest in Horology, and watchmaking in general. So, find that first or second watch and just slowly start to build and expand it, all whilst reaping the rewards of entering this community.