Patek Philippe, Rolex, Audemars Piguet, Vacheron Constantin – names that come with caché and value, well into the thousands.
asserted
that → come → thousands
Those who collect vintage watches are a secret society, trading them behind closed doors or following them on the secondary market.
asserted
who → collect → market
When one comes up for sale, it’s not dissimilar to a flock of seagulls fighting over a hot chip.
asserted
it → come → chip
Some keep their watches in bank safes, others proudly display them in glass-topped cabinets in their dressing rooms – a joy to look at as much to wear.
asserted
others → keep → joy
Patricia Kontos, from Leonard Joel’s Fine Jewels & Timepieces, has a wealth of experience when it comes to valuing vintage watches, having worked at Sotheby’s and Christie’s over her 30-year career.
asserted
it → have → career
Her focus is directed to vintage watches from the mid-20th century to the early naughties.
asserted
focus → direct → naughties
Six years ago, Kontos was a catalyst in the purchase of a Rolex Pulsometer which was knocked under the hammer for a client in Geneva, Switzerland, for $1 million.
asserted
which → knock → million
Kontos estimates the same watch would be worth 30 per cent more if sold today.
asserted
watch → estimate → ?
A recent sale at Leonard Joel included a number of vintage watches by Patek Philippe, including a Nautilus with an estimated value of between $65,000 and $85,000, which sold for $95,000 (plus buyer’s premium).
asserted
which → include → 95,000
The Patek Philippe Nautilus ribbed champagne-toned watch, circa 1996, was also produced in stainless steel.
asserted
watch → produce → steel
“We find that the difference in price between the two (gold as opposed to stainless steel) is nominal given the gold one is generally worn for more special occasions and the other more for every day,” says Kontos.
asserted
Kontos → find → day
‘You could compare buying watches to buying shares.
uncertain
You → compare → shares
You need to be prepared to lose at times.’Chris
asserted
You → need → times
Other standouts in the recent timepieces auction included Cartier, with a number of the Cartier Tank watches being strong performers.
asserted
number → include → watches
One priced between $4000 and $6000 sold for well above the reserve: $17,000 plus buyer’s premium, an additional 25 per cent.
asserted
One → price → reserve
Another watch, a Cartier Tank Solo from the early naughties, which had an estimate of between $2800 and $4800, sold for $8500 plus buyer’s premium.
asserted
which → have → 8500
Those venturing into the world of vintage watches should, according to Kontos, look at watches from the 1950s and ’60s, particularly the Chronograph watches from Amega, Rolex, Longines or Tissot – selling on the secondary market for upwards of $2000.
uncertain
Those → venture → 2000
She recommends a manual winding mechanism rather than quartz (battery operated).
asserted
She → recommend → quartz
But importantly, she suggests “looking at a watch that holds appeal, whether for its aesthetic, its function or both”.
uncertain
that → suggest → aesthetic
Chris La Galle, who owns The Watch Gallery in Little Collins Street, Melbourne, has been selling vintage watches for 22 years.
asserted
who → own → years
For those starting a collection, he suggests watches, such as Longines from the 1960s, with one of these recently selling for $1295, including GST.
uncertain
one → start → GST
“It was a simple winding watch but this, along with say, an Omega from the same period, are a good starting point,” says La Galle, with many of the entry point vintage watches generally being north of $2000.
asserted
many → wind → watches
He also sees the cyclical nature of vintage watches and notes that people should not expect a sudden windfall.
asserted
people → see → windfall
“You should also factor in the cost of servicing, and you need to be prepared to lose if there’s a sudden rush for new models,” he adds.
asserted
he → factor → models
“You could compare buying watches to buying shares.
uncertain
You → compare → shares
You need to be prepared to lose at times,” adds La Galle.
asserted
Galle → need → times
Expert tips on how to save, invest and make the most of your money delivered to your inbox every Sunday.
asserted
tips → save → inbox
The Aporia
