TIME,GENTLEMEN,PLEASE

THINKING OF INVESTING IN A TIMEPIECE? MICHAEL BALFOUR TAKES A LOOK AT THE WORLD OF WATCHES COLLECTIONS of watches grow in unexpected ways. A sudden windfall – annual bonus, the lottery – encourages you tofinally buy that timepiece you’ve always wanted. Then you see another one, perhaps less formal and good for the gym, or an anniversary dawns and within the gift-wrapped box is, you guessed it, a watch. To take your budding collection forward, consider the direction you want to go in, and always keep a budget in mind. You might want to collect one of each kind of movement, or one of each of the metals. Consider choosing a theme for a collection so you have a cohesive display to show off to a dealer or auction house. And there are countless themes. Car marques are currently all the rage – Breitling’s Bentley and Jaeger-LeCoultre’s Aston Martin watches are already hard tofind. Cartoon characters are popular – Ingersoll’s original 1933 Mickey Mouse version is very expensive now. Designer labels are a safe bet: Armani and Gucci are among the best for collections, while Cartier lead thefield in jewellers’ own signatures. Very early Swatches were manufactured in small numbers and never reissued, making a great investment. The serious beginner should attend previews of watch sales with no intention of actually buying. Try Antiquorum, Bonhams, Christie’s and Sotheby’s. These auctioneers have experts on hand to answer your every question. For what the trade calls “complicated” watches, ask for the alarm, chronograph or time-zone functions to be demonstrated. Discuss the catalogue descriptions and expected hammer prices with an auctioneer in detail. It is in his interest to give you as much information as possible, but don’t forget that there are buyers’ premiums payable; they can start at 18%. Pay particular attention to limited editions from famous brands. Twofinal observations: avoid boot sales and small antiques shops, unless you have really done some homework; secondly, nobody knows why but investors go for gentlemen’s sizes only.

CASE STUDY

DANIEL ROBERTSON, 40, RESEARCH AND DEVELOPMENT MANAGER, SONY ERICSSON WHEN DID YOU START COLLECTING WATCHES? Seriously, in the late ‘80s. The market was affordable then but it’s gone crazy since – prices regularly reach sixfigures and even millions at auction. WHAT WAS YOUR FIRST PURCHASE? I wanted a diver’s watch so I got an Omega Seamaster for £300. The equivalent watch today would be £1,000. WHAT ATTRACTS YOU TO CERTAIN WATCHES? Reputation, reliability and design are always key influences, but if you ask any collector they’ll say it’s about the model not the brand. I always go for something individual – for years I avoided Rolex because everyone else went for them. When I didfinally get one, it still had a different streak – it was the 50th anniversary edition of the Submariner, which has a green bezel. There’s a cachet in having something quite unusual. WHAT TRENDS HAVE YOU FOLLOWED? The diameter of watches has got bigger over the last few years. Really large watches have become cool, helped in no small part by the ‘bling’ factor cultivated by celebrities. Also, there’s been a move away from digital watches towards mechanical – they’re harder to mass produce and therefore more desirable to a collector. Steel has also become popular as gold has fallen out of favour in recent years. ADVICE FOR FIRST-TIME COLLECTORS? Demand is key: if it takes you a while to get hold of a watch, that’s a good sign because it means they’re sought after. It’s good to buy from a dealer but you have to make sure their reputation is watertight. ebay’s had an interesting influence – it’s opened up the market because suddenly the opportunity to buy watches is there every day, you don’t need to go to a trade fair or retailer. But you have to be extremely careful of counterfeits and fraud. This is where doing your homework really comes in – if something seems too good to be true, it probably is! Do your research so you understand what you’re getting. Decide on a shortlist of models you want and commit mentally to buying them, so that when they come onto the market you can act spontaneously and snap them up. ANY TIPS ON LOOKING AFTER THEM? Watches are designed to be worn and should be used. The movements need to be lubricated and it won’t do them any good if you keep them in a box for 10 years. Just be careful when they get old, however, as parts are harder to get and any repair work done with modern parts devalues the watch.