Brexit makes Rolex prices soar
David Sonnenthal, founder of New Bond Street Pawnbrokers in London’s Mayfair, also says if buying for investment stick to Rolex, Breguet, Audemars Piguet and Patek Philippe.
8 December 2016
Clotilde Rafine-Ricard, head of the Watches & Horology Department at Collector Square also says a watch shouldn't be stored stationary for too long.
Is it a good time to invest in watches?
Depending on the particular brand and model, there are some good investments to be made. For example, the price for a mechanical Rolex Daytona has more than doubled in the past twelve years. In 2003, it was priced at £16,000, whilst in 2015 it was £28,400. Meanwhile, the automatic Daytona has increased in value by 36% over the same period. Other noteworthy Rolex models include the Oyster Date Precision 6694 and the Datejust 1601 from the 1970s. Jaeger-Lecoultre’s Reverso in gold and steel is another solid investment. The production of this model stopped in the mid-20th century, plus the value of the all-steel Reverso watches has multiplied by three in ten years.
What are the best buying strategies?
The internet has broken down divisions between marketplaces and prices are now relatively uniform, at least with pieces valued between £1,000 and £15,000. For watches in this price range, the best option is to buy domestically to avoid custody issues or currency fluctuations. For high end watches worth over £20,000, exceptional pieces can only be found on specific marketplaces but again, there is now more global transparency on value.
How should I store a precious watch?
Regardless of the movement, mechanical or automatic, it's important to give special care and attention to timepieces, especially for those over twenty years old. A watch should be serviced every five or six years and shouldn't be stored stationary for too long. The main enemies to preserving watches are dust, water and shocks.
What should clients watch for when buying a timepiece?
The key elements to check on are whether the watch has been recently serviced, whether it’s in good condition and that all pieces of the watch have been authenticated by an expert. For instance, a Rolex watch can be easily modified and its value truly impacted; the movement may be from Rolex but it may not be the original movement built for the watch. In this case, the value can fluctuate significantly.