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Clock a bargain in antique watches
Emma Wall explains how to invest in cartier chain love imitation the buoyant market for second hand watches and why steel timepieces can be worth more than gold
When Sotheby's held its first wristwatch sale in New York in 1980, it was a trial auction. After the success of the quartz watch, the mechanical type was on the decline and the market in second hand watches had not yet developed.
How wrong the sceptics were. Since that auction the market has continued to grow: Sotheby's sales in New York, Hong Kong and Geneva hit an all time high last year and sales in the first half of 2008 reached those for the whole of 2007. So much for the credit crisis.
Even in those early days, though, there were clear front runners in the market. Patek Philippe and Rolex dominated, and still do today. Although there are many differences between the makes style and production numbers being the most important the two manufacturers are as popular fake love cartier pendant now as they were 30 years ago.
While Rolex has a much larger modern production run, 800,000 a year to Patek's 50,000, vintage watches from these two brands, particularly from the 1920s to 1960s, are the most sought after and the most valuable.
When the second hand market began in the early 1980s, a Patek Philippe Perpetual Calendar sold for around $10,000 (about 5,000); now you wouldn't get much change from $350,000. This is not a market affected by economic turmoil the average watch collector is male and 35 to 65 years of age, with the cash to indulge his passions.
In fact Alexander Barter, a Sotheby's specialist, believes that anxiety in the financial industry has had a positive effect on the wristwatch market. "The extraordinary thing is that the market is very buoyant," he says. "My feeling is that clients are very reluctant to put their money in stocks and shares, and watches are a tangible asset."
Contrary to what you may assume, gold watches are not necessarily copy chain cartier love more valuable than steel ones. When people bought watches in the 1920s to 1940s they usually bought a special timepiece as a luxury item. The idea of the wristwatch as an indulgent purchase meant that they were traditionally cased in a precious metal. But now, as with all collectables, rarity defines price, and steel is the less common casing for many watch types.
Yellow gold is most common, followed by pink gold then white gold, with steel and platinum the rarest. In difficult economic times, such as after the Wall Street Crash in 1929 and in the period following the Second World War, watches were cased in steel because the price of gold was so high. Now, with sought after watches easily reaching 250,000 at auction, the base value of the metal is no longer relevant.
Barter gives an example: "A Reference 1518 Patek, a very complex hand wound watch from the 1940s which displays the day, date, month and has a stopwatch, was made in a limited run of 281 pieces. Most of these were in yellow gold and would reach around 100,000 in a sale today. Two or three of the watches were made in steel and would now be worth between 800,000 and 1.2m."
But watches' rarity value depends on more than their metal. Generally, the more complications a watch has, the more valuable it is. A complication is any function in addition to telling the time. Complications include displaying the date, day and month; with the addition of a stopwatch function the timepiece is known as a chronograph.
While it is always advisable to buy something only if you really like it, there is no denying the financial returns possible in the watch market. In the past 20 years Patek Philippe and Rolex watches have outperformed a number of other investment sectors and there has been a surge in new buyers entering the market recently, particularly from Asia, which makes for a promising future.
The typical watch collector being male, there is a gap in the market for female vintage watches. You can buy a female vintage watch, even from the more sought after brands, for a fraction of the price of the male version. Their relative cheapness makes them a good investment opportunity as experts believe they will grow in popularity in the future with the rest of the market.
Other investment opportunities in the market lie in bucking fashion trends. Particularly popular at the moment are large round faced gold watches, so it is advisable to pick up a piece with a square or barrel shaped face now in the hope of future appreciation when fashion changes. Lot 73 in the Sotheby's sale on Wednesday, a 1938 Patek Philippe yellow gold rectangular wristwatch with a 3,000 5,000 estimate, is a good example of this.
Lot 91 in the same sale, another Patek, is a particularly fine example of a wristwatch. Although with a higher estimate of 12,000 18,000, this limited edition, pink gold, barrel faced watch is a "jump hour" timepiece, meaning that it has only one hand, the minute hand, and displays the hour in an aperture.
While the market is dominated by Patek and Rolex, there are other brands that perform well at auction and are worth having valued before arranging contents insurance. Cartier, well known for producing luxury goods, does well, particularly copy cartier mens jewelry its watches from the 1920s to 1950s.
The less well known Audemars Piguet is also particularly sought after; its watches from 1920 to 1960 are the most popular.
There is also demand for products from independent watchmakers such as FP Journe, who makes all his own movements and has unusual complications. His design layout is unique and quite different from traditional makers and he does well in a niche market.
It is difficult to predict how independents will fare in the future, however, as they are relatively new to the market by comparison with the big brands.
As with any vintage item, it is important to ensure that any watch you buy is in good condition. Scratched glass can be replaced without too much loss in value, while the crown which you turn to adjust or wind the watch and can often get quite worn can also be replaced, although this can affect the working of the watch. Over polishing can wear down angular watches, changing the shape of the setting, which can result in a loss of value.
The good news is that Patek will always restore and repair any watch it has ever made; for other brands watch repairer Steven Hale of SHWR (33 St George Street, London W1) will make the part you need himself if he can't source it elsewhere.
If you do decide to invest in a watch, always ask for a certificate of authenticity and a history of any restorative work. If you want to know the value of a watch you already own, the in house specialists at an auction house will value it free of charge.in regards to cartier bracelet stainless steel screw knockoff up-to-date mode Administrivia suggest give
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Emma Wall explains how to invest in cartier chain love imitation the buoyant market for second hand watches and why steel timepieces can be worth more than gold
When Sotheby's held its first wristwatch sale in New York in 1980, it was a trial auction. After the success of the quartz watch, the mechanical type was on the decline and the market in second hand watches had not yet developed.
How wrong the sceptics were. Since that auction the market has continued to grow: Sotheby's sales in New York, Hong Kong and Geneva hit an all time high last year and sales in the first half of 2008 reached those for the whole of 2007. So much for the credit crisis.
Even in those early days, though, there were clear front runners in the market. Patek Philippe and Rolex dominated, and still do today. Although there are many differences between the makes style and production numbers being the most important the two manufacturers are as popular fake love cartier pendant now as they were 30 years ago.
While Rolex has a much larger modern production run, 800,000 a year to Patek's 50,000, vintage watches from these two brands, particularly from the 1920s to 1960s, are the most sought after and the most valuable.
When the second hand market began in the early 1980s, a Patek Philippe Perpetual Calendar sold for around $10,000 (about 5,000); now you wouldn't get much change from $350,000. This is not a market affected by economic turmoil the average watch collector is male and 35 to 65 years of age, with the cash to indulge his passions.
In fact Alexander Barter, a Sotheby's specialist, believes that anxiety in the financial industry has had a positive effect on the wristwatch market. "The extraordinary thing is that the market is very buoyant," he says. "My feeling is that clients are very reluctant to put their money in stocks and shares, and watches are a tangible asset."
Contrary to what you may assume, gold watches are not necessarily copy chain cartier love more valuable than steel ones. When people bought watches in the 1920s to 1940s they usually bought a special timepiece as a luxury item. The idea of the wristwatch as an indulgent purchase meant that they were traditionally cased in a precious metal. But now, as with all collectables, rarity defines price, and steel is the less common casing for many watch types.
Yellow gold is most common, followed by pink gold then white gold, with steel and platinum the rarest. In difficult economic times, such as after the Wall Street Crash in 1929 and in the period following the Second World War, watches were cased in steel because the price of gold was so high. Now, with sought after watches easily reaching 250,000 at auction, the base value of the metal is no longer relevant.
Barter gives an example: "A Reference 1518 Patek, a very complex hand wound watch from the 1940s which displays the day, date, month and has a stopwatch, was made in a limited run of 281 pieces. Most of these were in yellow gold and would reach around 100,000 in a sale today. Two or three of the watches were made in steel and would now be worth between 800,000 and 1.2m."
But watches' rarity value depends on more than their metal. Generally, the more complications a watch has, the more valuable it is. A complication is any function in addition to telling the time. Complications include displaying the date, day and month; with the addition of a stopwatch function the timepiece is known as a chronograph.
While it is always advisable to buy something only if you really like it, there is no denying the financial returns possible in the watch market. In the past 20 years Patek Philippe and Rolex watches have outperformed a number of other investment sectors and there has been a surge in new buyers entering the market recently, particularly from Asia, which makes for a promising future.
The typical watch collector being male, there is a gap in the market for female vintage watches. You can buy a female vintage watch, even from the more sought after brands, for a fraction of the price of the male version. Their relative cheapness makes them a good investment opportunity as experts believe they will grow in popularity in the future with the rest of the market.
Other investment opportunities in the market lie in bucking fashion trends. Particularly popular at the moment are large round faced gold watches, so it is advisable to pick up a piece with a square or barrel shaped face now in the hope of future appreciation when fashion changes. Lot 73 in the Sotheby's sale on Wednesday, a 1938 Patek Philippe yellow gold rectangular wristwatch with a 3,000 5,000 estimate, is a good example of this.
Lot 91 in the same sale, another Patek, is a particularly fine example of a wristwatch. Although with a higher estimate of 12,000 18,000, this limited edition, pink gold, barrel faced watch is a "jump hour" timepiece, meaning that it has only one hand, the minute hand, and displays the hour in an aperture.
While the market is dominated by Patek and Rolex, there are other brands that perform well at auction and are worth having valued before arranging contents insurance. Cartier, well known for producing luxury goods, does well, particularly copy cartier mens jewelry its watches from the 1920s to 1950s.
The less well known Audemars Piguet is also particularly sought after; its watches from 1920 to 1960 are the most popular.
There is also demand for products from independent watchmakers such as FP Journe, who makes all his own movements and has unusual complications. His design layout is unique and quite different from traditional makers and he does well in a niche market.
It is difficult to predict how independents will fare in the future, however, as they are relatively new to the market by comparison with the big brands.
As with any vintage item, it is important to ensure that any watch you buy is in good condition. Scratched glass can be replaced without too much loss in value, while the crown which you turn to adjust or wind the watch and can often get quite worn can also be replaced, although this can affect the working of the watch. Over polishing can wear down angular watches, changing the shape of the setting, which can result in a loss of value.
The good news is that Patek will always restore and repair any watch it has ever made; for other brands watch repairer Steven Hale of SHWR (33 St George Street, London W1) will make the part you need himself if he can't source it elsewhere.
If you do decide to invest in a watch, always ask for a certificate of authenticity and a history of any restorative work. If you want to know the value of a watch you already own, the in house specialists at an auction house will value it free of charge.
The Wall