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The New Old Rules of Watch Collecting

Throw the old guidebook to collecting vintage watches, out. Nitin Nair, Associate Specialist with Christie’s, writes about the new things to keep in mind now if you are collecting vintage watches.

The pandemic may have upended the retail and fashion industry as we know it, but the cloistered world of vintage watch collecting is alive and kicking. Given that there are more newcomers are exploring the world of vintage watches, here are some pointers, some updated rules to keep in mind when you are collecting vintage watches.

Box and papers are overrated

Consider this: If you had to choose between a watch in not-so-good condition, but with its original presentation box and papers, and a similar timepiece in excellent condition, which one would you pick? Probably the former because you have been told vintage watches with box and papers will fetch a premium in the future. Now what if I told you that there are plenty sellers who hawk Rolex boxes (and in some cases, punched guaranteed cards, too) on websites like eBay?

I am not suggesting that there is no value in looking for watches that are complete with box and papers (or a ‘full set’ as we call it in the trade) but do not overlook the condition. I have seen people disregard a watch in perfect condition, only because it was an orphan. I also know of many individuals with formidable collections who could not be bothered to store the associated paraphernalia.

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Don't disregard the condition of a watch in favour of a ‘full set’ of original papers with box

 

Value condition over everything else

As anyone who has spent enough time around vintage watches will tell you, the sight of a well-preserved timepiece can make grown men go weak in the knees. The condition of the timepiece should really be your most important consideration when going down the vintage route. Whether you are buying the watch as a potential investment (more on that later) or as a watch you would like to simply wear regularly, it makes sense to buy one at the best quality you can possibly get. If you are willing to pay a premium, let it be for the condition and not for the original box and papers. Do not buy a watch that is not up to the mark in terms of quality just so that it fits your budget. Do not settle for a poor example of a hot reference to earn bragging rights at the next watch get-together; you will be called out very soon by those who know better. There is no shame in choosing a pristine Omega Speedmaster from the 1960s over a banged-up Rolex Cosmograph Daytona Ref. 6239 with the wrong parts and dial.

Patek Philippe Ref 1518

Be more accepting of service parts

It is increasingly becoming common to see vintage Rolex models with service parts—replaced during service by the authorised service centre. These are still authentic Rolex components—hands, chronograph pushers and, in some cases, even the dial. Most collectors are unaware these parts are changed during service, but these tend to affect the overall value of the watch. However, it is going to become increasingly hard to find watches without service parts. The collecting community will just have to learn to accept that service parts are integral to a vintage watch’s history. Unless a timepiece bought in the 1960s has spent all its time in a safe, it is implausible that it has never been to a service centre. Also, it is unrealistic to assume that someone in the 1970s would have insisted that the original components not be replaced during service because service parts would affect the value of the watch in the future. These conversations just did not happen then.

Do not buy just to jump on the bandwagon

Collecting can sometimes be about seeking validation from your peers. And that is a trap one should steadfastly avoid. Buy what you would like to wear, not what your friends at the next get-together will necessarily approve. Vintage Cartier may be hot right now, but is it something you like? Chances are that if you are hearing about a collectible watch that is suddenly fashionable to own, you are already late to the game and would probably pay more than market price for the watch. Find the right balance between investment and pleasure.

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Vintage Cartier Tortue is in high demand these days

Not every Patek Philippe or Rolex wristwatch is an investment

Even the most seasoned collector or expert will tell you that there are few timepieces that can be treated as investment vehicles—and these have to be long-term assets. Unless you are in the trade or flipping watches you were allocated at the authorised dealer, there is a very slim chance that your investment in watches is going to pay off handsomely a year after you bought it. Look for things that you would cherish wearing and not stowing away. Remember why you got into collecting in the first place—if the thrill of the hunt and the joy of wearing a classic vintage are still what bring you the most joy, then any money you make when it is time for the watch to find a new home can seem like a bonus, a good parting gift.

Images: Courtesy Christie's 

This story first appeared in the July-Sept 2021 issue of WatchTime India. To subscribe to the magazine, click here.

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Launched in 2012, WatchTime India is the result of a collaboration between America's most-read watch magazine, WatchTime and, India's leading media house, Malayala Manorama. With an aim to popularise and celebrate the evolving watch culture of the country, the publication is your one-stop destination for everything related to fine luxury watches. From the latest tests to reviews, to exclusive features on the history and horological heritage of some of the most spectacular watch brands of the world, the WatchTime India portal has a lot to offer. Stay tuned for an exciting journey, through the fascinating world of watches!

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