Ryan Chong says you should ask about the watch's condition and service history, and ask yourself if you really love it or just want to buy it to resell.
If you're in the market for a vintage watch, the first thing you should do is find a dealer or a store that has a good reputation, Chong says. Many dealers specialize in a certain brand.
"Work with a specialist, someone who knows vintage watches and what to look for," he said."Because otherwise, it's a little bit like the Wild West."Once you have your eye on a particular vintage watch, there are three main questions you should ask before you buy it, Chong told me."Vintage watches, the main thing with those to look for when purchasing, is condition," Chong said."Condition trumps everything.
Having those is important"because it helps to back up where [the watch] comes from — where it was born, you could say," Chong said.If there's a service history, you'll definitely want to see that, Chong said. "You want to see if anything has ever been changed in terms of parts, if movement work has been done," Chong said."Because as I mentioned, the biggest factor in value of vintage watches is condition, and that mostly applies to originality. So if the case is unpolished, if the hands are original, if the dial's been refinished, that could all affect the value."But Chong says you should always buy what you like instead of buying solely for investment purposes.
"Because if you buy for investment purposes and it goes down and you don't like it, then you're stuck with an asset that's decreased in value and that you don't like," Chong told me."So you've got to make sure you love it."ranged in price from $566,000 to $3.2 million. The year's most expensive sale was an 18K gold Patek Philippe chronograph watch, signed by Philippe and featuring a perpetual calendar and moon phases, which went for $3,234,905.
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