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9 June 2021, 09:24 AM | #1 |
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There's Close to $60 Billion USD-Worth of "Forgotten" Luxury Watches Collecting Dust
Over 50 percent of owners do no know the value of their watches.
"Watchfinder & Co. has just released a report detailing the staggering amount of forgotten luxury watches floating around the global watch market. Surveying 26,714 luxury watch owners (starting at owners of watches above $1,300 USD), the global value of forgotten watches was estimated to be in excess of $55 billion USD. While the Hong Kong market has long dominated the watch market in terms of annual Swiss watch exports, 2020 saw an all-time high for China at the top position while Hong Kong moved to the third spot. The United States stays relatively consistent in second place. In Hong Kong, an average watch owner has about five luxury watches versus UK’s 2.1. Where the similarities begin for all markets is that many of these owners have at least one watch they never wear. In the UK, 47.5 percent of respondents said they have at least one luxury watch they don’t wear, and 59 percent of respondents said they do not know the current value of their watch. What this means is that there are a great number of individuals potentially sitting on tens of thousands of dollars. Arjen Van de Vall, Watchfinder & Co. CEO said: “Whilst a large proportion of watch owners around the world keep a very close eye on the value of their watches, it’s clear that there are also lots of people who have no idea what their watch is currently worth. It’s widely recognized that a Rolex, Omega or Patek Phillipe is likely to be worth quite a bit of money but there are also watches out there made by smaller, more boutique, manufacturers that are lesser-known. You may have inherited a watch, or perhaps you have a watch you no longer wear; we’d encourage you to find out its value so you can make an informed decision on whether to keep it, sell it or exchange it for something new. Any good pre-owned watch specialist will be able to provide you with a quick, easy and complimentary valuation so you are better informed.” With watches going through a purple patch, becoming more and more trendy and talked about each month, Watchfinder & Co. is reminding owners to consider cashing out with them as watches hit all-time highs." https://hypebeast.com/2021/6/watchfi...bal-watch-news
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✦ 28238 President DD 18K/YG ✦ 16610LN SS Sub ✦ 16613 18K/SS Serti ✦ 16550 Exp II Non-Rail Cream Dial ✦ Daytona C 116500 ✦ 126710 BLRO GMT-Master II ✦ NEXT-->? ⛳ Hole In One! 10/3/19 DMCC 5th hole, par 3, 168 yards w/ 4-Iron. |
9 June 2021, 10:05 AM | #2 |
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So that's less than a single day spending by gov within only the USA.
https://datalab.usaspending.gov/dts/...l%20Categories
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__________________ “Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming 'Wow! What a Ride!'” -- Hunter S. Thompson Sent from my Etch A Sketch using String Theory. |
9 June 2021, 11:12 AM | #3 | |
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9 June 2021, 11:22 AM | #4 |
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Not wearing and forgotten aren’t really the same.
Sounds like they are trying to shake out some new stock.. |
9 June 2021, 11:39 AM | #5 |
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Interesting. Thanks for sharing.
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9 June 2021, 11:44 AM | #6 |
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9 June 2021, 11:52 AM | #7 |
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I'll admit it. Between my wife and I we have three Breitlings sitting unworn, all in need of service. Between remodeling an investment property, our jobs (which despite work from home never slowed down due to Covid), and buying three Rolexes all at very good prices between 2018 and 2020, I haven't had the time or excess cash to deal with Breitling service. I also had a poor experience with Breitling Service back in 2015 so haven't been super anxious to try again.
Probably next year, I'll start cycling through getting them serviced. They all have sentimental value that prevents me from just getting rid of them, and the trade in value is not great for that brand. |
9 June 2021, 11:55 AM | #8 |
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My friend who goes to Hawaii every year bought the original Sub LV over there when it first came out. He announced that he was putting it in the safe and never wearing it, because he intended to sell it one day. At the time he had a Bluesy Sub as his daily wearer. We thought he was totally crazy.
I asked him the other day if he still has it. Yes, he does. It’s still NIB, and I’m certain he hasn’t forgotten about it. |
9 June 2021, 12:16 PM | #9 | |
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There's Close to $60 Billion USD-Worth of "Forgotten" Luxury Watches Collecting Dust
Quote:
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✦ 28238 President DD 18K/YG ✦ 16610LN SS Sub ✦ 16613 18K/SS Serti ✦ 16550 Exp II Non-Rail Cream Dial ✦ Daytona C 116500 ✦ 126710 BLRO GMT-Master II ✦ NEXT-->? ⛳ Hole In One! 10/3/19 DMCC 5th hole, par 3, 168 yards w/ 4-Iron. |
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9 June 2021, 02:34 PM | #10 |
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So glad I wear my watches! That sounds like a waste of space! And cash!
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9 June 2021, 05:07 PM | #11 | |
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Fascinating Sent from my iPhone using Tapatalk |
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9 June 2021, 09:52 PM | #12 |
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Was simply showing how little $60B truly is within the scheme of things in 2021.
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__________________ “Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming 'Wow! What a Ride!'” -- Hunter S. Thompson Sent from my Etch A Sketch using String Theory. |
9 June 2021, 10:48 PM | #13 |
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I never considered myself a collector but instead an enthusiast, because collectors collect. And I buy to wear.
So I have no doubt that there are lots of collections sitting collecting dust getting little to no wrist time. Because no matter what you collect, most or all of it is just going to sit.
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OlllllllO |
9 June 2021, 10:58 PM | #14 |
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^^^ this.
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__________________ “Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming 'Wow! What a Ride!'” -- Hunter S. Thompson Sent from my Etch A Sketch using String Theory. |
9 June 2021, 11:55 PM | #15 |
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Interesting story - some might see it as self-serving in the sense that the study’s news release was picked up by Robb Report and a reader’s tendency would be calling Watchfinder.
But I agree there are many fine Swiss watches gathering dust as heirlooms (or inoperable “grandpa’s watch”) in drawers around the world. I saw their math to get to $6B - not buying that number - but it is true most owners have no idea of their watch’s market value. From a percentage of unrealized value POV, old US pennies have a greater gain: https://www.cnbc.com/2019/07/18/valu...ur-pocket.html So check the penny tray in your drawer while you’re at it! Sent from my iPhone using Tapatalk Pro
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10 June 2021, 12:23 AM | #16 | |
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10 June 2021, 12:55 AM | #17 | |
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I'm an enthusiast whose watches are collecting dust lol I started collecting at 18, 9 years ago. Watches I spent $1-2000 on are 4-7 now. My patek was ~4k and now I'd imagine it's in the 10-15 range to the right buyer. Appraisal value of my collection is over $60k and realistically worth in the 30k range. Kind of hard for me to justify wearing them though when I could potentially devalue them by more than I paid at this point if something were to happen to them. Kind of sucks, but I didn't buy a $15k watch, I bought a $4k watch lol doesnt mean I love them any less, I just cant afford to take as many risks with them as I could when they were 25-50% of their value if that makes sense. |
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22 June 2021, 04:21 AM | #18 | |
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22 June 2021, 11:41 AM | #19 |
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time to sell everything...
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22 June 2021, 11:07 PM | #20 |
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Part of the issue may be that people have relaxed standards of dressing. Casual Friday has become casual M-F. I have numerous dress watches that I don't wear often. Covid shut down churches and service organization meetings. Those are the only two places that require me to wear a suit and tie. This is changing slowly though, things are opening up again.
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23 June 2021, 12:06 AM | #21 | |
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Back in the 1920-1960s basically ALL watches were dress watches that people wore with everything. So called sports watches hardly existed. The only thing stopping someone from wearing a certain type of watch is all in their heads. Or some sort of arbitrary "rules" imposed by........not sure? Like..... 'you can't wear white after labor day'.......
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OlllllllO |
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23 June 2021, 12:06 AM | #22 |
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I would say this could be true of most things that people think are collectible. There are at least 6 cars in my neighborhood under covers that never move because people think they are collectible.
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23 June 2021, 12:29 AM | #23 |
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24 June 2021, 05:13 AM | #24 | |
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made in 1945 a couple of days ago. I will agree though that most men didn't collect like we do today. My Dad wore a SS Benrus wristalarm for everyday, and a gold Hamilton tank for dress. |
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24 June 2021, 01:49 PM | #25 |
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Yeah, they just want people to sell their watches to them, so they can jack up the price two-fold.
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24 June 2021, 09:52 PM | #26 |
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24 June 2021, 11:27 PM | #27 | |
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But I find on these watch sites a lot of people that are WISs get really caught up in " I can't wear this watch with shorts and a T shirt" or "I can't wear this diver with a suit" or "does this watch make my butt look big". Really we can wear almost any watch (within reason) with anything although we may be more discriminating on watch "toughness" doing certain things. I wear my stuff in rotation and if I find myself storming the beaches, I'll just stick it in my pocket until the coast is clear and then put it back on again.
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OlllllllO |
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25 June 2021, 03:17 AM | #28 | |
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14270s were just north of $2k. 8k now a days. Exp 2s could be had for $3k when I wanted one, I almost dropped $9k on one not long ago due to FOMO. things are bonkers I could go through all the other midsized Rolexes I paid $300-1500 for and their prices today. I bought this stuff because it was cheap and noone wanted it. Times have changed. |
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