Through this beginner-friendly article, we will discuss 3 major attributes drive the value of a watch: movements, external components (case, dial, buckle etc.) and branding. Outstanding pieces excel across all 3 areas and often are priced accordingly. We hope that knowing which questions to ask across each of these 3 areas helps you identify what matters most to you in your next purchase.
Whether you are making your first purchase or hovering over the “buy” button of your tenth, the question of value remains important. Watch collecting is a deliberately frivolous hobby. Unlike past generations of people who relied on mechanical watches to tell time, we have many ways to tell the time today. Quartz watches are more accurate and never require to be set while smart watches incorporate new features at an incredibly fast rate and cost a fraction of their mechanical counterparts. Now that we have accepted our frivolities, let’s break down what we are actually paying for.
Movements
Mechanical movements are often at the heart the allure of watches. Whether its gorgeous finishing, innovative complications, or a technical advancement, the heartbeat of the watch is what draws so many of us in. In contrast, quartz pieces are available at lower entry points from the same brands.
Off the shelf movements can be well-made and aesthetically finished, while keeping the overall cost of a watch low. Movements such as the ETA 2892 are workhorses that deliver excellent reliability while remaining thin and easy to service. Finding off the shelf movements in a Swiss piece is in line with the cottage industry origins of watchmaking. Embrace off the shelf but only at the right price. For example, paying around USD3K for an unfinished Unitas in a bog standard case should set alarm bells ringing.
A skeletonized and hand-engraved manually wound movement by Felipe Pikullik.
Source: Generalist
Before making a purchasing decision, look up different watches in the same price category and compare what you can see movement wise. Polished edges, gold chatons, engravings on the balance cock, 3/4 plates that represent classic German design… the list can go on. But you need to know what you wish to see. Looking at different movements, even ones you simply cannot afford right now, helps build up your understanding of what makes a great watch.
Complicated watches, such as chronographs and moon phases, capture the imagination and also your dollars when you try to service them. Technological advances and innovations, even of the widely seen chronograph, continue to be a way for manufacturers to display their technical prowess. It is pointless to ask yourself whether you will use the complications. Instead, ask yourself whether it wows you, whether it makes you look at the dial repeatedly for no reason and does it make you want to read and learn about your piece all over agin? Despite knowing I will never set it correctly once I buy it, the urge to buy a moon phase has never escaped me...
Cases, Dials and Buckles
Watchmakers can create visually appealing pieces by investing in the external hardware of a watch: hands, dials, cases, buckles etc. During day to day wear, these are the components that we interact most with, both visually and physically.
When sizing up a piece, break down this category into each component and see if the manufacturer has done anything unique or interesting. Is an 18K yellow gold case worth a premium to you if the hands are simple black sticks? Comparing watches of the same era and brand, would you pay a premium for an applied logo? Taking this methodical approach will help you both determine what you like and help you judge for yourself whether you’re paying a fair price. In the long term, you will thank yourself for being so deliberate with how you pick pieces!
Points of differentiation on this Minerva really being unique dial!
Source: Generalist
Components that are removable, such as buckles, are particularly tricky and should trigger a different line of thought. Take the Patek Philippe Ellipse’s oval shaped buckle as an example. If you are in the used market and the piece you are looking at should have these components but does not, you should ask yourself two questions:
Will I ever want this missing item and can I even find it if I do? (e.g., the original buckle, a unique bracelet, a specific pusher pin for calendar models)
Has the price been adjusted to fairly reflect the missing item?
Finally, never assume that a watch that looks gorgeous online will sit perfectly on the wrist. Wrist presence is tricky to determine and you get better at judging it with time. Lug to lug dimensions, thickness, the shape of the case and case diameter are all critical in determining how a piece sits. Trying on pieces either at boutiques or at used watch shops will help you learn if a certain size sits well on your wrist and if it is suited for your specifically.
Brand
Instant recognisability on the wrist is one of the biggest perks with buying large, well known brands. It differentiates your piece, and by extension, many feel it differentiates them from others. A Rolex crown, a Maltese cross or a finely printed Cartier in cursive instantly catches the eye of many. And that ability to evoke a response is something you have to pay for as well.
A striking red box with gilded edges is unmistakably Cartier.
Source: The Generalist
For a brand to gain widespread recognition, let alone admiration, is often a long term and expensive process. Ad campaigns on the biggest billboards, boutiques in the most exclusive malls and endorsements by A-listers are all strategies used by the big names.
At the complete other end of the spectrum, some watchmakers and brands have little or no physical presence and are much leaner on marketing than well-known counterparts. The power of social media and the availability of free to read websites means that word of mouth can now cross countries and continents. Often, these are independent watchmakers who are using their media savvy to their advantage and building recognition by leveraging online tools. Importantly, these brands can be at different stages in their journey, and its important to ask yourself if you see the potential for this particular independent you found online to grow and become more recognised for their work. Felipe Pikullik stands out as an example of an online only brand that grew tremendously as appreciation for his work grew. Needless to say, sharp eyed early adopters were rewarded for their faith.
Conclusion
The adage, beauty is in the eye of the beholder, holds true with watches as well. Developing and refining your own taste will help make your collection uniquely yours. Don’t be afraid to pay more for a piece than a fellow collector, as tastes vary and these are highly personal decisions. As always, if the asking price is a third of where comparable listings are priced, alarm bells should ring. Happy hunting!