After attending a panel co-hosted by Charity Mhende, the watch enthusiast and content creator behind Pulse On The Wrist, and the Women in Jewelry Association NY Metro Chapter, I found myself catching a bit of a bug—a watch bug. I own two watches myself, as well as a non-functional Hermès Kelly watch that’s more of a jewelry piece, but I digress. As I started exploring ways to expand my small collection and better understand the watch market, I quickly realized jus how complex and insular the world of timepieces can be. As with the diamond and second-hand jewelry trade—both of which we’ve explored before (here here and here) —there are misconceptions and a wealth of insider knowledge that’s hard to come by.
To get to the bottom of it, I decided to go straight to the source. And luckily, I have two friends who are partners in the watch trade, and they were kind enough to sit down with me and shed some light on the industry. In this conversation, they pull back the curtain and answers some of my burning questions, as well as those from you, dear readers.
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Can you tell us a bit about your background and how you got started in the watch industry?
Eddie: I immigrated in 1992, coming from a family of artists. My first job was in the Diamond District on 47th Street, where I ran errands and delivered coffee. Eventually, I started my own small business, where people would page me for jobs. During that time, I met a gentleman, who was in the wholesale watch business. I worked with him for 18 years before opening my own company, which has now been in business for 11 years.
Albert: I started working part-time at a watch company while pursuing my degree in accounting and finance. My job involved selling pre-owned Rolexes. After I graduated, they offered me a full-time position with a good salary. I gained a lot of experience there. Later, I became partners with Eddie, and we’ve been partners for 12 years now. Interestingly, we’ve known each other even longer—we met in high school in 1994. We sat next to each other back then, and now we share a desk as business partners. It's funny how things have come full circle after 27 years.
Veronica: You both really started from the bottom, apprenticing, watching, and learning—just like I did…
For Beginners
What advice would you give to someone new to the world of watches and looking to start their collection?
It really depends on your budget. If you have a limited budget, I’d recommend starting with well-known brands like Rolex. A sport model from the '90s, like a GMT or another Rolex sport model, tends to hold its value fairly well. But it’s also important to buy what you love—something you're passionate about. For beginners, a Tag Heuer, Breitling, or Omega are also solid choices. However, it's essential not to focus on making money or speculating on future value. The key is to buy what you like and enjoy the process.
What are some key features or qualities to look for in a good-quality watch?
The ideal features depend on your lifestyle. For example, doctors often prefer simple watches with a second hand to easily check pulses, while athletes might lean toward sport models. For men’s watches, it’s generally recommended to start with a manual wind or automatic movement rather than a quartz model. Quartz watches are often popular with women because they’re easier to set and maintain. However, “serious collectors” typically prefer mechanical watches due to their high level of quality and craftsmanship. While many women opt for quartz watches due to their convenience, preferences can vary. In some markets, like Asia, women often favor automatic or mechanical hand-wound watches.
Editor’s note: While I prefer quartz watches for their ease of use (just set it and forget it, except for daylight saving time), I’m leaning toward mechanical movements for future purchases. This choice feels more meaningful to me on a spiritual level, and I also believe mechanical movements might offer better long-term reliability. Unlike quartz movements, which can stop working or suffer damage over time as batteries deteriorate, mechanical watches have a lasting, dependable quality.
In your opinion, would a Bulgari Tubogas Serpenti be a good next addition to my small collection, which is still in its early stages? I've been eyeing one for years but haven't taken the plunge yet, especially since they've become so expensive!
Not really, because the Serpenti is a fashion watch. It should be considered more of a piece of jewelry turned into a watch. While it is currently very popular and one of Bulgari’s best sellers, the Serpenti is more of a fashion statement than a classic timepiece. In my opinion, it’s not the best choice for someone just starting out with their first watch. However, the Serpenti is undeniably Bulgari's most iconic watch.
Editor’s note: I view the Serpenti, and much of Bulgari's jewelry, as modern-day armor. Bulgari excels in leveraging its jewelry heritage to connect with women in a way many watch brands can’t match. Often, women’s watches seem like an afterthought, merely "feminizing" existing designs. In contrast, Bulgari is designed for the bold and design-driven. Their pieces are cool and striking, not predictable. The Serpenti isn’t just a trend; it’s an icon—the icon. If (or rather, when) Bulgari adds a mechanical movement to the Tubogas Serpenti, I’ll be scraping together pennies, nickels, dimes, and even crypto just to be first in line to buy one.
I own two Cartier watches—a Tank and a Panthere. Are these good starting points for a collection?
Yes, Cartier is in high demand right now, especially for watches like the Tank and Panthere. We've seen a significant increase in sales for Cartier over the last few years. Cartier watches are more affordable compared to other luxury brands and have a timeless, fashionable appeal. They’ve become somewhat of a neo-vintage trend, with designs from the '80s and '90s making a strong comeback. If you're starting with a Cartier, it's a solid foundation for building your collection.
Resale Market Insights
Can you explain how the resale market for watches works?
The resale market is driven by supply and demand. For example, when a celebrity is seen wearing a particular watch, it creates a buzz, and suddenly, everyone wants to own that piece. This demand drives up the market value. For example, over the past two to three years, the value of the Cartier Crash collection has skyrocketed, thanks in part to celebrities like Tyler the Creator and Jay-Z sporting the model.
Watches that were once overlooked, like this Cartier Baignoire Allongée (holds up a small Cartier ladies watch on a black alligator strap with an oblong case set with diamonds), were selling for $3,000 to $4,000 (in the trade) just a few years ago. Today, they’re worth around $8,000 because the market is hot for them—notice the resemblance to the Crash? The resale value of a watch depends on the brand's and model's popularity and what the market is willing to pay. For example, the Cartier Ballon Bleu was incredibly popular 10 years ago, but demand has since decreased, so we’re buying them for much less now compared to a few years ago.
What factors contribute to a watch holding or increasing its value over time?
Several factors can contribute to a watch's value increasing over time. Rarity plays a significant role; limited production or scarce availability often makes a watch more valuable. High-quality mechanical craftsmanship and intricate complications can also enhance a watch's worth. Additionally, watches that align with current trends or become iconic tend to appreciate in value. Lastly, when a model is discontinued, its value usually rises due to its increased rarity and exclusivity.
Are there certain brands or models that are particularly popular or valuable in the resale market right now?
Rolex is the top brand for reselling; typically, when you buy a new Rolex, its resale value can be 60-70% of the original price. Currently, sports models like the Rolex Submariner are especially hot. We often pay a premium for these because there's high demand from both buyers and stores. In contrast, less desirable models, such as a standard Datejust with a less appealing dial or bracelet, will fetch a lower resale price.
Starting and Growing a Collection
What are some common mistakes people make when starting a watch collection?
A common mistake people make is buying watches with the expectation of making a profit. Many speculate that market values will increase, but it’s crucial to focus on purchasing watches you genuinely enjoy wearing. Buy what you like and find meaningful, rather than solely as an investment. Educate yourself about the watches you're considering and ensure that the purchase aligns with your personal enjoyment and budget.
During the COVID-19 pandemic, we saw a perfect example of this mistake. Many bought watches at inflated prices, thinking the market would continue to rise. However, prices eventually dropped, leaving many with losses. For instance, younger buyers who purchased watches at $10,000 saw their value rise to $11,000, only to witness prices fall dramatically. As the market corrected, these buyers struggled with declining values and were reluctant to sell at a loss. Ultimately, the key is to focus on whether you truly love the watch and can afford it, rather than chasing potential profits.
Misconceptions
What are some of the biggest misconceptions people have about the watch industry and the resale market?
Many people have misconceptions about the watch industry, especially regarding places like 47th Street. There's a belief that it’s filled with shady practices and that you might get scammed. In reality, 47th Street and the surrounding area are home to a variety of reputable dealers, including many who have been in business for decades. However, it’s crucial to know who you're dealing with.
To ensure you're working with a trustworthy dealer, consider these tips:
Referrals: Get recommendations from people you trust.
Reviews: Check online reviews and ratings.
Start Small: Make a smaller purchase first to gauge the dealer’s reliability.
When meeting a dealer, be cautious of red flags such as:
No Refunds or Returns: If a dealer only accepts wire transfers and offers no refunds, that's a major warning sign.
Limited Payment Options: Opt for dealers who accept credit cards for better protection.
Lack of Transparency: Dealers should be willing to answer questions and provide information about their business.
Platforms like Chrono24 and eBay can also offer added security. By following these guidelines and conducting thorough research, you can avoid potential pitfalls and find reputable dealers in the industry.
I’ve never bought anything from Chrono24. Do they allow you to inspect or see the watch before purchasing?
Chrono24 is a very safe platform for buying watches. They thoroughly inspect each watch and guarantee that you receive an authentic product. If the source is verified, Chrono24 ensures the transaction is secure, accepting credit cards and offering a return policy. We often recommend our customers use this platform for a trustworthy buying experience, and we, along with many of our trusted peers, are top dealers on the platform.
Market Trends
What are some current trends you’re seeing?
Currently, there’s a noticeable trend toward 1980s-style watches, often referred to as "neo-vintage" or "new vintage." This term describes watches that were originally produced in the 1980s and have since been re-released. They aren’t quite vintage, but they’re not entirely contemporary either. These watches recreate the often overlooked styles of the 1980s and offer a unique value. A prime example is the Santos de Cartier, which was popular during the Wall Street era and has since been re-released.
Both smaller and oversized models are popular, with particular interest in unique and colorful dials featuring hard stones like lapis, coral, or turquoise. Watch manufacturers are also downsizing from 44mm to around 39mm, which may reflect a broader trend towards more understated luxury.
For example, watches with pavé diamonds on the dial are becoming less popular as people shift towards more subtle, refined styles. There is a move towards discreet elegance and quieter, more sophisticated designs rather than flashy displays.
Brands are expanding their offerings to meet the evolving demands of collectors, who are exploring a wider range of styles beyond just Cartier or Piaget. The interest in watches has grown significantly since 2020, with collectors approaching the hobby from various perspectives.
Do you think smartwatches are affecting the traditional watch market?
No, smartwatches aren’t significantly affecting the traditional watch market. Many people wear both—a smartwatch for tracking steps and notifications, and a traditional watch for its style and craftsmanship.
What is a “bustdown”?
A "bustdown" watch is a timepiece that has been customized by an independent gem-setter. The process involves disassembling the original watch and adding aftermarket diamonds or other precious gemstones, such as sapphires, rubies, or emeralds.
How does this affect the value of a watch?
Dramatically. Customizing a watch with aftermarket diamonds or other gemstones can dramatically affect its value. For example, if you buy a watch for $100,000 and then add diamonds, the watch’s value can decrease significantly—often by more than half. This is because customized watches are harder to resell. Potential buyers for such watches are limited, and the offers you receive may only reflect the value of the watch’s components rather than the original price.
Additionally, some customizations may involve lab-grown diamonds or gemstones, which are worth significantly less than natural stones and can further diminish the watch’s value. Customized watches may also face issues with servicing; major watch manufacturers like Rolex or Patek Philippe may refuse to service a watch if it has been tampered with, which can invalidate any existing warranty.
Ultimately, a custom watch is a very personal item. If you choose to customize, be prepared for the possibility that you might have to find a buyer who shares the same appreciation for the unique modifications you've made.
Personal Insights
What is your favorite watch in your personal collection and why?
Eddie: One of my favorites is a Daytona with a meteorite dial. The rarity of the meteorite dial makes it particularly special, as very few of these were produced.
Albert: My Patek Philippe World Time. What makes it even more special is that it features Jerusalem on the dial, which is incredibly rare. Only about seven of these watches exist with Jerusalem included. This unique feature makes it one of my most cherished pieces.
What is the most memorable sale or experience you’ve had as a watch dealer?
Before COVID, we sold a Patek Philippe Grandmaster Chime for $4 million. During the pandemic, its value skyrocketed to $12 million. I wish I had held onto it during that time. Now, its value has returned to around $5 million.
Curious just love to hear what types of customers you see - who is buying what?
We encounter a diverse range of customers in the watch market. Some are extremely wealthy individuals who see watches as trophies to be acquired, while others deeply appreciate them for their craftsmanship and heritage. Additionally, some customers buy watches as luxury items or status symbols, often driven by boredom or a desire for enjoyment.
Another common group includes newlyweds, who often give watches as gifts—whether it's a Rolex for a man or a Cartier for a woman, these watches are often chosen as meaningful, memorable presents. Additionally, we see many recent graduates or individuals who have landed new jobs coming in to purchase their first luxury watch, like an entry-level Rolex or a Cartier, as a way to celebrate their achievements.
What are the top five performing or selling watches for you right now?
Currently, the top-performing brands for us are Cartier and Rolex. With Cartier, we don't have a specific model that stands out, though the Ballon Bleu has seen a decline in popularity as mentioned before. Rolex continues to have strong demand across various models. Patek Philippe is also performing well. However, Audemars Piguet is losing steam, and Panerai has also experienced a decline in its rating.
Final thoughts…
When you buy a watch, it should be because you love the way it looks and feels on your wrist, not just because of the brand name. Choose a watch that appeals to you personally and that you will enjoy wearing. Think of it as a piece of art that you’ll appreciate every time you see it.
Thank you for reading! What other questions and curiosities do you have?
If you enjoyed this post please do share it, like it and comment. It really helps make posts like this more visible. And as always, if you have any questions, comments, need guidance, help sourcing, or just want to say hello, please DM me!