OPINION: Buying a new watch? Don’t even think about investment value

Patek Philippe Aquanaut 20th anniversary reference 5168G, white gold blue dialBeing in the watch writing line of work it’s no great surprise that friends and acquaintances often ask me for watch-buying advice. Call it an occupational hazard, call it a compliment that they should consider my advice worth seeking but (unlike a doctor friend, who gets irritated by being asked for free clinical advice at dinner parties) I never tire of talking about watches. But something has changed: as watch auction prices have gone relentlessly up over the past few years (not to mention the retail prices of many brands), the two questions I’m most often asked are: “I’m tossing up between an X and a Y [pick any two modern watch brands]. Which one is going to hold its value better?” And: “I’d like to buy vintage and I can’t afford a Daytona or a Patek, so which other brands would make the best investment?” (To clarify: these are people with around $10,000 to $30,000 to spend. Not $100,000 plus – that’s a different planet.) Those two questions are essentially the same one in different clothes – and my answer to both is: “Stop. You’re asking the wrong question.” Not because I don’t have a crystal ball (I don’t)…

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