So here we are again, discussing watches and the word "investment". As highlighted in our previous entry on this topic (Are Watches a Good Investment?), we do believe watches are a good investment. But not in the sense you may traditionally think.
When buying a watch, you are not just purchasing another asset. You are investing in yourself. You are buying something that adds utility and enjoyment with the hope that over time, it will maintain its value and perhaps even appreciate. It may not always turn out this way, however, so we have some words of advice to help you make the best decision possible when buying a watch.
Do Your Homework. Research is important. You cannot skip this step. Determine what it is that you like and want. Do not jump into anything or make a rash decision. There are some great resources available. We are here for you. Look around, try on watches, ask questions. See and feel what you really like.
Be Patient and Take Your Time. Don’t let the pressure get to you. Exercise patience in making a buying decision. If you find something you like, but are not completely convinced, evaluate the situation. Why do you want to purchase this watch? Do you trust the seller? When you do find exactly what you are looking for, embrace it. Be patient when you are looking to sell a watch as well. Sometimes watches sell quickly, and other times it may take longer. Be aware of the macro and micro variables and remember why you purchased the watch in the first place.
Strategy. This is incredibly important. If you are serious about starting a collection, this is essential. Your strategy should start from day one. What do you like and why? What need, function, or want will a given watch fulfill? Is this a watch you can wear on a daily basis or one to be worn sparingly? How do you plan to build out your collection? Do you have an exit strategy? Put a plan in place; set targets, and identify those watches you want in the future.
Buy the Seller. This is perhaps the most important piece of advice to consider. First and foremost, know who you are dealing with. Find someone that you trust and works with you. Ask yourself these questions when shopping for a watch: Is this dealer established and reputable? How longe have they been in business? Are they willing and able to answer questions and speak intelligently about the watches you are interested in? What is the quality of their product relative to others? How is the pricing, and what are the reasons for any differences? Do they stand by their product and offer any sort of warranty or letter of authenticity?
Find someone you like, trust, and respect. Invest in yourself, know what you want, and build a relationship with someone who will help you find the right watch.
Enjoy your watch. Wear it and love it. Make memories and write your own story wearing it. Over time, the investment will be worth it.
Carl Cohen
Founder, Veralet
