The practice of collecting watches for a hobby and for investment purposes has become very popular in the last 40 years. The major catalyst for this activity, was the formation of a watch auction marketplace called "Antiquorum". Originally set up in Geneva, they now have offices in New York and Hong Kong.
They have established several record sales in recent years including.
A 1939 platinum Patek Phillippe watch for US$4,026,524 in 2002
In 2005 they ran a "thematic" auction for the Vacheron Constantin brand which reached a total sales value of US$15,000,000.
These world beating auction records ignited a passion amongst collecters who stared digging around in their closets, and other peoples closets, to find old mechanical wristwatches. Such has been the interest in this type of sale that values have continued to climb especially for rare and limited edition watches. All the big names are represented and it could be said that such interest has attracted many corporates to the business of owning and selling watchmaking companies. Many of the big brand companies being sold to the global corporations much like any other bouyant business activity.
The price of anything sold at auction is determined by the buyers of course. In recent years a number of bidding wars have broken out for big name watches. Determined bidders have fought tooth and nail to secure product that will complete or enhance their existing collections.
One sure fire way to double the price you get at a watch auction is to provide all the original packaging, sales documentation and of course have the watch in top condition with the original strap.
As with all "antiques" the provenance of a watch can add substantially to its value. Keeping a detailed record of previous owners can be useful. A watch owned by the President of the United States, the Queen of England or other such notable celebrities can have a huge bearing on the value of a watch too.
As an example of this, Albert Einstein's Longines watch, was sold at auction in 2008, for US$596,000.
Mahatma Ghandi's Zenith pocket watch, along with his glasses, sandals and a bowl, sold in March 2009 for US $2,096,000!! Not bad for a man who led a humble life.
So next time you are clearing out the vault, check for any mechanical watches. If you are very lucky, you may find the diamond watch you gave to your Ex on their 30th birthday... although to be real, that's probably long gone!
What Makes a Collectible Watch Valuable?
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