Planning to buy a pre-owned luxury watch for investment
Most consumer durable goods diminish in value over time-whether it is a television, refrigerator, mobile phone or a piece of furniture. Cars lose fifty percent of its value in five years. However, luxury watches usually retain their value over a long time period and even appreciate in value based on model and rarity. However, if you are planning to invest in a luxury watch here are some tips that may be helpful for you to choose the right timepiece.
Vintage watches appreciate in value as they get older and hence a good choice for investment. Vintage watches are usually hand-crafted, containing superior quality materials and mechanisms. Despite the wear and tear and discoloration that may happen to the exterior surfaces over a period of time, a vintage watch never loses value. Vintage watches are no longer in production and its scarcity value determines their price.
Beware of Counterfeits
When buying pre-owned luxury watches, beware of counterfeit goods. One way to ensure that the watch is genuine is to ask for the original bill or invoice, packing box and warranty card. This can easily establish the authenticity or genuineness of the watch.
Before buying a pre-owned watch, examine its service history. All time pieces require periodic servicing, replacement of components or parts. If it has not been done at regular intervals, you may incur additional cost for servicing. Such calculations can help you evaluate whether it is a good buy at the price quoted by the dealer.
Pre Owned watches may have scratches and dents on the strap or case. If they are not deep or do not appear in multiple places, the watch may be considered for buying.
There are several luxury watches available in the market but Swiss watch brands usually command a premium price over other types of luxury watches. Rolex, TAG Heuer, Patek Philippe, Longines, Audemars Piguet to name a few. Many luxury watch brands retain their value but appreciation takes place usually in iconic brands such as Rolex and Patek Philippe.
It is better to do research on a particular luxury watch you are going to buy whether it is vintage or classic. Certain watch models worn by celebrities command a premium price compared to other models.
Craftsmanship and technology
Most high-end watches are the result of highly skilled craftsmen and engineers which makes it a piece to be passed on from one generation to the other. It is not the usual mass-produced industrial product that loses value over time.
One often sees news about vintage watches purchased at exorbitantly high prices at auctions but they are not usually affordable for many. However, online marketplace for pre-owned luxury watches has brands at various price points and hence affordability is not an issue.
Possessing a luxury watch is not only an investment but also a status symbol. Many leading businessmen, celebrities, high networth individuals can be seen displaying their watches in mega events such as Oscar Awards. Wearing a luxury watch denotes ambition, career or business success and passion to excel. However, luxury watches are not just show pieces and they are worth the investment for a long time. Some pieces come studded with precious metals and hence attract good market value over the years.
Luxury watches are also known for their beauty, elegance and craftsmanship. They use the best materials polished to perfection and hence capable of giving accurate time.