5 things to know before buying your first luxury watch

Buying your first luxury watch is a big step—literally, with the hefty price tag; and figuratively, as a symbol of your success in life. But there is plenty to consider before swiping that credit card: budget, style, movements, brand prestige, contemporary or vintage and more. Of course, these can leave your head spinning, especially for fresh-faced enthusiasts, so we have gathered a couple of watch collectors with skin in the game to share their tips and tricks on buying your first luxury timepiece.

1. Knowledge is Power

It’s easy to get lost in the world of watches, with brands churning out timepiece after timepiece, and you’re not alone. Most budding collectors often have reservations about their first purchase because they don’t know what they truly want or what suits them best. But with social media, watch content is now widespread and presented in bite-sized pieces, which are readily accessible to everyone.

“There are countless websites, blogs and forums on the internet with troves of useful information on almost any kind of watch imaginable. Collectors could tap on these virtual libraries to determine the authenticity, history and value of a watch you intend to purchase,” said Shawn Tan, collector and founder of Heirloom Gallery.

While taking the search online is the fastest approach, seeing and touching watches in real life is also highly recommended.

“Don’t be afraid of visiting the boutiques or going for watch meet-ups to see watches in person, especially in Singapore. It’s the best way to see and experience many watches all at once and speed up your journey into watch collecting and hopefully, avoiding costly mistakes such as buying pieces that you ultimately fall out of favour with,” said Kenneth Kuan, founder of Delugs.

2. Determine Your Criteria

It is important to determine what type of watches catch your eye. A simple list of considerations includes brand, movement, design, lifestyle and budget.

“One should consider the brand’s reputation, reliability of the movement and after-sales service. A watch should also be versatile to take you from day to night most of the time. Lastly, consider if you want a quartz or manual watch. If you have the intention of passing down heirlooms then quartz may not be the best choice,” said Stephanie Soh, co-founder of TickTockBelles.

Design and lifestyle tend to go hand-in-hand because the aesthetics of a watch may not be built for your daily routine like how an athlete who spends most of their time on the court should opt for a robust sports watch instead of an elegant but more fragile dress watch with a leather strap that would start to smell due to sweat.

“I wish I had a better sense of the proportions of a watch on my wrist. Before buying my first luxury watch—a Tudor Pelagos—which I still think is a remarkable piece but it seemed like a dinner plate on my wrist. Through my years of experience as a watch collector, I find that no matter how good watches look, they lose their appeal very quickly if they overwhelm one wrist,” said Cartier collector Alvin Chong.

A proper budget is also crucial for new collectors because it sets up a curated pool of watches that you can buy without breaking the bank or pinching pennies. It also helps to narrow down where to look for these watches—retail or the secondary market.

3. Playing “The Game” with Retailers

Are retailers worth it? Of course, the prices are fair, not subject to trends, the provenance is crystal clear and there are tons to choose from.

“As a first-time buyer, I would buy from an exclusive retailer as they have a wider selection of brands and models, we are not restricted to only one brand and we can also “build an account” to buy a specific model in future. At times, you may also negotiate for additional discounts,” said local collector Nana Ahmad.

With that said, there are some caveats. Retailers have an infamous reputation because you might have to play “the game’, which entails spending more of your hard-earned cash to buy several watches that you may not necessarily like to get the one of your dreams.

Selling the watches you don’t particularly enjoy immediately on the second-hand market would help to recuperate most of what you’ve spent but unfortunately, it will have repercussions on your standing with the retailers, if and when they find out.

Even if you are willing to buy multiple pieces before being allocated the one you are after, there is quite a long wait and it is also not guaranteed for popular models and brands. The key is finding and creating a personal relationship with your authorised dealer who is able to look out for your interests.

Deborah Wong, co-founder of TickTockBelles, puts it into perspective for collectors and regular buyers respectively: “Yes, it is worth it if you are in no hurry to acquire a watch, especially if they are classic pieces that may not go out of production but only if you are buying the watches you want to add to your collection along the way.”

“And no, it is not worth it if you only want a very specific watch model and you want to wear it now. You may want to consider the secondary market then instead.”

4. Understanding the Grey Market and the Vintage Scene

Just like buying a watch at retail, there are pros and cons for watches on the grey market. In terms of speed, you can pick up the watch your heart desires easily.

“At the end of the day, it’s either the same price or even cheaper and you get the watch immediately instead of waiting for months or years. How much do you value the satisfaction of wearing your watch for the same time that you would have spent waiting for it?” said Kuan.

Then there’s vintage, a popular avenue for watch collectors today. There are so many to choose from and at affordable prices of one to two months’ worth of your salary. There are also rare, perhaps even one-of-a-kind, pieces that would pack some serious punch in your collection.

“Vintage watches are very subjective and dependent on the individual’s preference. Some find it hard to accept aesthetic flaws on vintage watches while others view them as battle scars that bring out the character of the watch. Many modern watches are reissues of vintage models so it might be a good place to start for beginners,” said Soh.

The problem with the secondary market is the chance of purchasing a fake or modified version, which can be expertly executed these days to fool seasoned collectors.

“You would also have to consider if spare parts are available if the vintage watch breaks down. I personally feel your first watch should not be a vintage unless you really have done your research via online resources and reference books to determine the watch’s fair market value,” said Ahmad.

5. Do Your Research

While social media is a good outlet to learn the basics, determining what’s a fair market value will require more in-depth research and cross-referencing.

“Good sources of information on prices would be recent auction results, Chrono24, established watch dealers’ websites and local watch portals such as Carousell. These channels only offer us a guide price and often include sellers’ commission/auction premiums,” said Tan.

He continued: “Unless the watch in question is brand new or unused, the overall condition of the watch, with or without its original box and certificate of origin and accompanying accessories, will determine the value of the watch.”

Speaking to the watchmakers can also be extremely helpful but these opportunities typically happen with independent brands and only a few times a year when they visit Singapore.

“When collecting watches from independent watch brands, it becomes more akin to collecting art pieces, and hence something I also value is the opportunity to interact with the brand founder, or in this case, the artist. Hearing their vision for the brand, and understanding the considerations that they have in mind when designing the watches or just talking to the founder and their team are all experiences that I cherish as part of the journey of collecting watches,” said Kuan.

These watchmakers tend to be open with their design inspirations, processes, and pricing—some may even be able to create piece-unique watches.

“Many brands are very approachable and would passionately discuss technical details of their creations. Recently, I had the pleasure of meeting the team from Armin Strom and Atelier Wen to view their latest launches. I also spoke with the founder of Trilobe on a personalised timepiece. Sartory Billiard would be keen to meet over video calls to discuss special order creation just for you,” said Wong.

If there is one final bit of advice that every collector agreed on, it would to buy what you truly like instead of following the hottest trends of the moment. While the inflated resale values might be tempting to go all-in on certain timepieces, some less popular models age gracefully over time and eventually become holy grail watches in the future that surpass those trending today.

This article was originally published in Harper’s Bazaar Singapore.