PARIS — Luxury watchmakers are flying high again, buoyed by a spectacular recovery in sales last year, and the optimism reflected in a flood of new models on show at the Salon de la Haute Horlogerie in Geneva this week is also palpable in vintage watch salerooms.

For many, last year marked a full recovery from the global crisis that hit the market in 2008.
In the new watch sector, figures tallied and estimated by the Federation of the Swiss Watch Industry indicate that the Swiss industry’s export sales for the whole of last year probably reached 16 billion Swiss francs, or $16.5 billion, their second-highest level ever and just short of the record 17 billion francs achieved in 2007, according to Jean-Daniel Pasche, the federation’s president.
In the reseller’s market, the global auction houses also had an impressive year.

For Christie’s, global watch sales in 2010 reached $91.2 million, the highest ever reported by an auction house in the watch category, topping the previous record of $88 million, set by Christie’s in 2007.

“This was quite a spectacular year, proving that watches are as hot as ever,” said Aurel Bacs, international head of watches at Christie’s, in an interview from Geneva.
“Regardless of the state of world economies, watches have increased in popularity among the planet’s population,” Mr. Bacs added.

For Sotheby’s, global sales topped $40 million, nearly doubling the previous year’s total of $20.6 million, in line with what Geoffroy Ader, European head of watches, described as a stellar year for auctions in all categories.
“We were fortunate to catch the interest of collectors from around the globe, with timepieces for every taste and every type of collector,” Mr. Ader said in Geneva.

Smaller, more specialist houses, in contrast, fared less well. Antiquorum ended 2010 with $45.8 million in global watch sales, down nearly 30 percent from $65.2 million in 2009, despite holding the same number of auctions.
“Antiquorum restructured on a global basis in 2010, resulting in a temporary, and expected, downturn in turnover,” said Charles Tearle, a director of Antiquorum New York.

Still, Mr. Tearle said he shared the general optimism about current trends. “Now the restructuring is complete, and we expect to see an increase in global results for 2011,” he said.

Also on the downside, Patrizzi & Co. Auctioneers, the house created by Antiquorum’s former owner, Osvaldo Patrizzi, ended operations in Geneva and New York in late 2010, undone mainly by problems with its online bidding system, a core part of its competitive strategy.

Mr. Patrizzi plans to resume operations in Hong Kong sometime this year, focusing on the Chinese market, said Leo Verhoeven, its chief financial officer.

One brand, Patek Philippe, was overwhelmingly responsible for raising watch sale revenues last year, auction house tallies show.
Christie’s reported that it sold five watches last year that fetched more than $1 million — two more than in 2009 and all of them Patek Philippes.

The highest grossing lot last year was a 1943 Patek Philippe reference 1527, a gold perpetual calendar wristwatch that sold in May at a Christie’s Geneva sale for 6.25 million francs.

Sotheby’s did well in the historic watch category, selling a Cartier desk timepiece dated 1926 for £79,250, or $125,000 — 10 times its estimate — in London in December. It also sold a Rolex “Paul Newman” Daytona stainless steel wristwatch, estimated at 60,000 to 80,000 francs, for 464,500 francs in Geneva in November.

The relatively swift recovery of the watch market demonstrated that the earlier slide reflected more a generalized loss of confidence during the financial crisis than a serious crisis of overvaluation, Mr. Bacs said, explaining that starting in autumn 2008, the global economic downturn dampened sellers’ confidence, with consignors hesitating to part with their timepieces.

“After a difficult fall 2008, marked by Lehman Brothers’ bankruptcy and later the Madoff affair, we were faced with serious seller hesitation to consign,” he said. “No one knew how badly things could turn out.”

Despite a difficult second half of 2008, Christie’s managed to end the year with $70.2 million in global watch sales, against Sotheby’s $43 million. The downward trend continued in 2009, with $67.2 million at Christie’s and $20.6 million at Sotheby’s.
“Still, there was never any indication of waning buyer’s interest even during the crisis,” Mr. Bacs said.

While financial markets remained in turmoil, Christie’s managed to obtain the consignment of several important private watch collections, including the “Connoisseur’s Vision” collection secured in the summer of 2009.

“The decision to sell that collection was made by the owner in 2009, based on that year’s half-year results, while the world was traversing a severe financial crisis,” Mr. Bacs said. “The spring of 2009 was a definite turning point in our market.”

The Connoisseur’s Vision collection, sold in a four-part auction starting in autumn 2009 and culminating in the record-breaking sale of the Patek Philippe for $5.7 million last spring, achieved a total of $19 million, making it the most valuable private collection of wristwatches ever sold at auction.

For Christie’s, that consignment, by itself, was a sign of the independence of the watch market from global economic conditions.
“There is correlation between the watch market and the economy — but not necessarily parallel behavior,” Mr. Bacs said. “In some instances, the worse the economy is faring, the better certain markets will do. When confidence is undermined in the financial markets, investors take a closer look at art, watches, diamonds or real estate as an alternative investment class.”

Last year, the highest increase in demand for new watches, according to the Swiss watch industry figures, came from Greater China, with Hong Kong’s share of Swiss watch exports exceeding 2.8 billion francs in 2010 — an increase of about 46 percent compared with 2009 — and mainland China importing watches valued at over 966 million francs, nearly 55 percent more than the previous year.
In the resale market, as reflected in the major auction houses, a similar phenomenon occurred.

“Whatever the impact of the global crisis, we were more than compensated by the demand that came out of China,” said Mr. Bacs, of Christie’s.

For Sotheby’s, too, “the largest growth in demand for auction watches in 2010 came out of Greater China,” Mr. Ader said.
Bidder registrations allow auction houses to assess the geographic provenance of buyers and bidders in a sale.

“Ten years ago, there were no Chinese bidders at watch auctions,” Mr. Bacs noted. “At Christie’s last Geneva auction, of the 800 registered bidders, 50 percent were Asian, and a quarter from mainland China. Our Hong Kong sales have an even a higher percentage.”

Mr. Tearle of Antiquorum reported a similar trend. “We have seen a 20 percent increase in Asian bidders over the last two years,” he said.

To accommodate the increase in Asian participation, Antiquorum held two Hong Kong auctions last year, up from just one in 2009, posting a sales total of $10.3 million in that venue, double its results in the previous year.
This year, Antiquorum plans to add one more Hong Kong sale to its calendar, while also continuing to preview its New York and Geneva sales in Asia.

If economic predictions are accurate, the upward trend in the watch market should continue beyond this year. The retailing and consumer products sectors, including watches and other luxury goods, will remain “strong and steady” in Asia, according to a report issued in December by PricewaterhouseCoopers, which predicts an average 6 percent growth in those Asia-Pacific markets through 2014.

“For many collectors, parking their funds in a fine timepiece is an intelligent choice,” Mr. Bacs said. “With a fine Patek Philippe, an exceptional Rolex, a rare Lange & Söhne, in limited series and good condition, how wrong can you go?”

Whether their wrist is adorned with a Casio, Swatch or DKNY, or clothed in a Raymond Weil, Rolex or Cartier, chances are few people look upon their watch as a serious investment.

Yet, as the legacy of the financial crisis sees creeping tax increases across the board, ‘wasting assets’ such as watches and clocks are increasingly being considered as an alternative investment by the more serious investor.

HM Revenue & Customs (HMRC) considers such ‘mechanical’ items as outside of the capital gains tax (CGT) regime because they are deemed to have a lifespan of 50 years or fewer and are generally for personal use.

Of course, VAT is often applied at purchase but the capital gain arising from the liquidation of the asset is tax-free. No inheritance tax is applicable either.

According to Paul Fraser Collectibles, the online site of the former chairman and owner of collecting company Stanley Gibbons: “It has already been a good year for rare, collectible timepieces, with several new world records set for watches at auction – including the most expensive gold wrist watch ever sold at auction”.

Opinion seems to be polarised as to the best way to enter the timepiece market; detached, cool investment focus or starting with a personal item that has sentimental or aesthetic appeal for the investor.

Chris Brown, managing director of Fitzrovia Watches, says: “As with art, there is no point buying an alternative investment unless you actually like it.” He explains as “equity markets are so choppy”, he has seen an increasing number of people look for investments they can ‘“derive pleasure from, as well as a financial return”.

According to Tom Bolt, director of WatchGuru.com, which specialises in Rolex watches and other vintage timepieces, there is a gender divide in terms of collectibles.

Most traders and collectors are men and the mechanical expertise of models tends to be in men’s watches.
“If you think about it,” Mr Bolt says, “it’s much harder to produce a robust, durable watch on one-eighth of the size.”
Mr Bolt, who wears vintage aside from the exclusive Richard Mille modern watches, says: “The idea of people buying a watch to last them a lifetime is complete nonsense. Very quickly it becomes addictive.”

He adds with a chuckle: “[Vintage watch collecting] is the ultimate man’s addiction – that isn’t too damaging.”
Like brand new cars, the value of brand new watches tends to depreciate by approximately 40 per cent the moment a purchaser leaves the shop, further supporting the investment case of vintage models.

Mr Bolt believes depreciation of new watches to be even higher – perhaps even 50 per cent. One of the absurdities of the new watch premium is that a copy of a Patek Philippe classic watch costs £15,000, while the original it is copied from costs £6,000.
Mr Brown advises taking a contrarian view of the watch market, reminding investors a Rolex Cosmograph 6265, which was worth £882 in 1986 and considered “somewhat passé”, now commands £25,000.

“Yesterday’s lack of popularity is today’s rarity,” he adds. This is further buoyed when considering the only apparent recession-proof luxury watches are those that have been discontinued and therefore have collectable status.
Such pieces include the Rolex GMT II and Sea-Dweller, which ceased production in 2008 – although it is worth noting these are both products of the world’s most collected brand.

In addition to making it easier to ‘liquidate’ the investment at a beneficial time for the investor, another argument for remaining detached from any alternative investment such as timepieces is that, as with other collectibles – toys, for example – they command a higher price in mint condition, preferably unopened.

According to the auctioneer Bonhams, a watch could be worth up to 70 per cent more at auction if it is accompanied by its original casing and documentation.

Online consumer resource and Omega watch specialist Chronocentric.com states precious-metal watches and those carrying diamond inlays are sold new at 10-20x premium. At resale, “the values better reflect the market value, not the exclusivity premium,” it says.

The site warns against investing in timepieces with the serial numbers removed, which are heavily discounted, of poor-durability brands or customised, all of which negatively affect resale value. While more akin to antique furniture in some ways, clocks, which also fall under the HMRC’s ‘mechanical’ description, along with barometers and some scientific instruments, share many of the resale and collectible factors of wristwatches.

One additional element for investor consideration is physical storage, depending on the size and nature of the clock.
Although the price of grandfather clocks – known as longcases – has fallen over the past 10 years, some aficionados are viewing this as a buy sign, akin to Mr Brown’s advice to be a contrarian investor in timepieces.

The average grandfather clock is more than 2.1m tall – those less than 2m are considered grandmother clocks, for which there is less resale demand and are therefore riskier long-term investments.

Grandfather clocks with a value of less than £1,000 can be as costly again in terms of renovation, and these factors prove the importance of seeking expert advice and using a respected antiques dealer or clock specialist to either collate this aspect of a diversified alternatives portfolio, or to help purchase a one-off piece for both the home and financial return.

The cost of checking the authenticity of a timepiece is roughly £50.
There is no market index for timepiece prices, so valuations are typically based on a database of prior sales figures for that make and model and combined with the valuation made of that specific piece by an auction house.

If physical ownership of a tangible asset is not important to an investor, another avenue for investing in timepieces is to hold shares in listed producers, such as LVMH, of which Tag Heuer, Chaumet, Zenith and Hubolt are subsidiaries.

However, these watches and jewellery brands are a small percentage of the luxury brands company, and heavyweight brands such as Rolex remain private entities.

For exposure to global luxury brands, an investor might consider a traditional fund, such as Julius Baer Luxury Brands (a retail Oeic) or, for institutional investors, Pictet’s PF Premium Brands.

The latter invests in Compagnie Financière Richemont, which itself oversees subsidiaries such as Cartier, Montblanc and Ralph Lauren Watches.

According to Mr Bolt, there simply aren’t enough ‘investment-grade’ vintage watches available for investment funds to take advantage of the alternative asset class.

He says: “I’ve had funds come to me asking to invest £20m [in watches]. They are a wonderful investment – if you buy right you can return 100 per cent in 3-4 years – but there aren’t enough of them to make it work.”

While investors and advisers may be more familiar with the traditional route into alternatives, it would increase asset class correlation in the portfolio and omit the tax advantages.

The case, once again, for direct exposure to such alternatives – in moderation and with direction from experts – stacks up.
Of course, no adviser will suggest a serious client should switch out of traditional opportunities and opt for speculative, alternate investments such as this.

But in the wake of traditional assets all moving – downward – in tandem and given the higher-tax outlook, considering a small allocation to alternatives that may not only deliver healthy long-term returns but engage investors in their future wealth creation has per-haps never been more timely.

Top five collectable timepieces*
1. Rare 1943 Patek Philippe watch
Sold for £2,675,400 at Christie’s auction in May, the second-highest price for a wrist watch ever, and double its pre-auction estimate. It is the most expensive gold watch ever auctioned, was signed “Patek Philippe & Co” and billed at the auction as “unique and historically important”.

2. Qing Dynasty Chinese table clock
Sold for £2,450,000 at Sotheby’s in June; triple its auction estimate. The imperial tribute enamel table clock was produced by the Guangzhou Workshops of the Chinese Qing Dynasty, 1736-95.

3. Grande & Petite Sonnerie Tourbillon clockwatch
Sold at the Antiquorum of Modern and Vintage Time Pieces in Geneva for £204,500. This rare, 18-carat yellow gold watch dated to 1900 and was made for use in Moscow. The sale to a collector from Taiwan followed an intense bidding war.

4. Piguet and Meylan pocket watch
This musical pocket watch was sold to a Swiss museum for £164,000 in April, New York. Its original estimate was for £25,000-£40,000. Created with the Chinese market in mind, built in 1815, it is made of gold, enamel and pearls.

5. A 1929 Cartier Comet clock
This carriage desk clock, featuring the days of the week, date and alarm, sold for £160,000. It was a highlight of Patrizzi’s New York sale in March, which promised “the most important sale of Cartier time pieces since 1996”. Mounted on 18-carat yellow gold, it was presented with the original Morocco fitted box and Cartier certificate.

*By sales during 2010
Source: Paulfrasercollectibles.com

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Recent industry reports show that sales of fashion accessories, including fine jewelry and luxury pieces, rose 17 percent in the first quarter 2010, after ending the year 10 percent lower in 2009. “Despite being a young show, coupled with global economic downturn, The New York Antique Jewelry & Watch Show continues to grow and be amazingly successful for exhibitors and attendees alike. We attribute a great deal of our show’s success due to our location in the jewelry capital of the world, New York City,” said Andrea Canady, fair director for GLM’s New York Antique Jewelry & Watch Show. “This year’s show is shaping up to feature truly extraordinary merchandise available at all consumer price points for viewing and purchase.”

With major retailers logging an uptick in sales due to increased consumer confidence and the stabilization of the stock market, luxury spending is on the rise. With signs pointing toward retail revitalization, the four-day New York Antique Jewelry & Watch Show, which opens two days prior to the JA Summer Show, will bring together more than 100 of the finest dealers in antique and estate jewelry and watches.

Show attendees, which include celebrities and well-known socialites from around the globe, will have the opportunity to view and purchase highly sought after rare and signed pieces, a wide variety of antique jewelry, exceptional jewels and gemstones and unique designer pieces, as well as the finest in personal timepieces representing multiple periods throughout jewelry history.

Some of the well-known brands on display will include, Louis Cartier, Van Cleef & Arpels, Tiffany, Harry Winston, Cartier, Patek Philippe, Rolex, and many others. Here’s a preview of just a few of the most unique items available at the show:

Jacob’s Diamond & Estate Jewelry, based in Los Angeles, is featuring this rare late Victorian brooch, circa 1900. It is mounted in 18 karat yellow gold, featuring amethyst, carved ivory, diamonds and pearls.

Jerome Heidenreich, based in Los Angeles, will display this beautiful dragonfly brooch set with a GIA certified 1.81 carat natural fancy intense green-yellow diamond, circa 1960.

McTeigue Since 1895, based in New York City, is showcasing this magnificent Art Deco square sapphire and baguette diamond bracelet. The square sapphires are approximately 13.86 carats. Baguette diamonds approximately 8.40 carats in a platinum mounting.

Morelle Davidson, based in London, will display this brilliant Van Cleef & Arpels suite. This set is made of 18 karat yellow gold diamond and coral and is comprised of a necklace, which converts into four bracelets, a pendant, a ring and earrings. The diamonds are approximately 17 carats, circa 1980.

Raymond Lee Jewelers, based in Boca Raton, Fla., is featuring these exquisite platinum antique earrings with 10 carats of diamonds
Yafa Signed Jewels, based in New York City, is showcasing this stunning platinum, diamond and ruby brooch. It is signed by David Webb.
Show hours are from 1 p.m. to 7 p.m. on Friday, July 23; 11 a.m. to 7 p.m. on Saturday, July 24 and Sunday, July 25; and 11 a.m. to 4 p.m. on Monday, July 26. The one-time admission fee of $15 is valid for all four days of the show.

For additional show information, please call (239) 732-6642 or visit www.nyantiquejewelry.com.

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Many of the pieces were from the famous 'Arman Collection' put together by world renowned artist Arman.
The auction was a huge success, with over 90% of lots sold and a sales total of $5,000,388. This was due in part to strong international interest, with phone and internet bids from Spain, Russia, China, Canada and Italy as well as live on the floor.
Although there were many great sales, the two stand-out performances were from Patek Philippe:
This top lot was a Platinum Patek Philippe Ref 3970, Ref. 3970 EP.

Created in 2004, the very fine and important, water-resistant, platinum wristwatch boasts a round button chronograph, register, perpetual calendar, moon phases, leap year, 24-hour indication and a platinum Patek Philippe deployant clasp. It brought $141,600.
Close behind was a white gold Patek Philippe Ref. 5970.

The very fine, astronomic, water-resistant, 18K white gold wristwatch has a square button chronograph, register, perpetual calendar, moon phases, tachometer, sapphire crystal back and an 18K white gold Patek Philippe deployant clasp. It was taken away for $138,000
"As confirmed by these results, prices realized for rare vintage and modern wristwatches have increased by 15% in the past year." commented watch designer and auctioneer Julien Schaerer. With the possible exception of vintage guitars, most investments haven't appreciated this well.

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Collecting vintage watches is a growing hobby in most parts of the western world. Men, particularly, are attracted by the romance and novelty of having a micro-engine on their wrist as both a time-teller and an image statement.
One of the most frustrating aspects of collecting vintage watches is the number of fakes, frankenwatches and fraudsters one encounters in pursuit of this noble, but increasingly costly, passion.

The comeback of the mechanical watch has drawn out all sorts of insects from under their rocks. The pursuit of one's passion for old timepieces will inevitably lead to numerous encounters with rogue repairers who charge house prices for inferior work, linear decendents of horse thieves who palm off fakes as the real thing, Doctor Frankenstein who create sought-after models from parts of other watches, the usual bevy of crooks and tricksters out to convince the gullible and the unwary to swipe their well worn credit cards.
In a recent seven day survey and follow-up I completed on the listing of vintage Omega Constellation watches on a major on-line trading site, more than 50 percent of all listings were of watches that were inauthentic in some way - that gives you some idea of what collectors are up against.

Caveat Emptor, rarity and product knowledge steer the purchasing behaviors of astute collectors in any collecting field and these three principles are particularly important when purchasing vintage watches on-line and through bricks and mortar dealers.
Frankenwatches describe the practice of taking parts from different watches of the same calibre series and 'creating' a new or better pedigree of movement. In some countries of Europe they are called 'Wedding' watches. This practice is especially prevalent in middle and higher end timepieces that are most sought-after by collectors.

In tandem with the obvious deception of Frankenwatches, there are a number of other intentional and inadvertent frauds that occur:

1. Housing a different movement in a genuine case or re-dialed model. If you are interested in collecting a particular brand of watch, get to know the calibre numbers of movements that power particular models. Calibre numbers are different to serial numbers and can best be described as the engine type (similar to cars: e.g. 2.5-litre DOHC V6 describing the engine in a current X Type Jaguar). Some calibres of a particular brand are more collectible than others, so it pays to know what's under the bonnet.

2. Using a similar movement series and replacing the part that has the calibre number. This is prevalent in watch brands that have numerous models and where the top line models fetch higher prices that the cheaper models. Often you can tell a fraud of this type through coloration contrasts or newness of the parts that contains the calibre number.

3. Placing a high end dial and movement in the wrong case. Many of the higher end vintage watches have case back numbers that can be checked with serial numbers to see if they match.

4. Replacing worn hands and crowns with non-genuine hands and crowns and claiming the watch is 100 percent authentic. A common problem with many vintage models that reduces the value of the watch. Before buying, build up a library of pictures of watches that you know are genuine and match a prospective purchase against them. On-line forums are a great way to acquire and swap pictures.

5. Badly executed dials and re-dials. Ask for super-sized pictures so you can examine the quality of the printing and also the placement of lettering. A bad re-dial will wipe as much as 30 percent off the value of the watch. Again pictures and the help of other collectors are invaluable in making sure you have an authentic watch.

6. Replacing numerous worn parts in genuine models with genuine parts. While this is a perfectly acceptable practice, it does indicate that at some stage in the life of the movement it was neglected or damaged. Knowledgeable and pernickety collectors look for signs of color variation on the movement and often avoid watches that are not of one color hue.

Look for scratches or gouges on the non-replaced parts, and look for corrosion or other signs of wear and tear. Ask the vendor for a detailed report on the history of servicing of the watch and its current condition. If the vendor cannot supply such information it is better to let the watch go rather than experience the disappointment of acquiring a watch that has suffered abuse in the past and having to deal with the ongoing symptoms of that abuse.

7. Claiming an old warrior is a handsome prince. Many vendors use descriptions like 'minty', '100% authentic', 'very clean', 'this one is a keeper', and so on. Most of these descriptions are useless if not backed up by evidence.
When examining a good quality picture of the watch movement, and always ask for pictures if you are buying on the internet, look for any discoloration of the surfaces of plates and bridges. Look for any signs of corrosion or parts of the watch that do not match in color, particularly rotor bridges and the part of the watch that contains the calibre or serial numbers. Look for new additions that show themselves by their shininess. These are all indicators of inauthenticity, parts swapping or at least major repairs.

8. Examine the movement for burred screw heads and scrapes and damage to the movement plates or bridges, which are sure signs of inexpert work, or at least indicate the movement was separate from the case for some time before a case was found to match. Checks for surface discoloration on the movement plates, blotches, corrosion, or parts that don't match the rest of the movement patina.

9. Examine the case back to determine whether the watch has had a hard life. Beware of excessive polishing that takes the sharpness away from the edges of the watch case, as that again indicates considerable wear and tear overall and devalues the watch.

10. A watch that has obviously had a hard life indicates carelessness towards its maintenance and irregularity in servicing. Generally speaking, mechanical watches should be serviced every three to five years, and it is not difficult to detect a watch that has been neglected because the signs of neglect are obvious to the naked eye.

Badly discolored watches with scratches, gouges to the movement, highly polished case backs and inexpertly refinished dials are sure signs of the amateur watchmaker at work and should be avoided. They can also point to a tired old movement jazzed up for sale and marketed with great hyperbole to the unwary Internet shopper.

11. Look carefully at the dial to see if screws have caused minor or major indentations on the dial. This indicates that incorrect or inauthentic screws have been used in the movement.

Look for corrosion on the dial or flakes that have come off the dial. This can indicate that a watch has spent some or all of its life in the tropics and was not serviced as regularly as it should have been. It can also indicate immersion in water.
Watches that are regularly serviced will have their seals replaced at service and should show few signs of moisture having entered the case. Remember rust under a dial cannot be seen and flaky dials can be a sign of hidden problems underneath.

12. Rust cannot generally be removed from watches and at best can be neutralized. A sure sign of neglect is corrosion on or near the threads of the case back or the area where the case back meets the case. These are signs of irregular servicing and signify the possibility of excessive wear of the movement.

Watch collecting is a rewarding past-time for thousands of collectors worldwide. Fortunately they congregate in various forums on the Internet and are generally very happy to share their knowledge and passion for particular brands. Build up and use your knowledge to better determine the value of the watches you collect.

An evenly colored movement, retaining much of its original sheen and showing signs of regular service demands a higher price and improves its value far better than a poor cousin that has been through the wars.

What Makes a Vintage Watch Collectible?

If you want a timepiece with stand-out style—or just one that no one else can get—think vintage. But in watchspeak, vintage means more than just cool-looking or rare. Edward Faber, owner of New York vintage retailer Aaron Faber Gallery, uses the term to define collectible watches made between 1935 (roughly when Swiss technological improvements like shock-proofing were invented) and 1985 (when CAD/CAM, a computer system that factored out the watchmaker’s hand, became the manufacturing standard).

Whether you’re buying a $500 Hamilton or a $50,000 Patek Philippe, you’re making an investment—one that could pay off significantly over time. Here, Edward Faber, owner of New York vintage retailer Aaron Faber Gallery, tells you what you need to know.

·         Look for the big two brands. “There’s a pyramid with around fifty top brands,” says Faber, “but at the very apex are only two: Patek Philippe and Rolex.” Stick with them for quality and appreciative value.

·         Ask for papers. “Original documentation that came with the watch when it was manufactured, with serial numbers, can add enormous value.”

·         Know your metals. “With contemporary watches [those made after 1985], platinum trumps white gold, white gold trumps pink, pink trumps yellow. And all of those trump steel. With vintage watches, though, steel can often trump all the metals.” Why? “A steel chronograph made during the war years, in the ’40s, is extremely rare, and thus more unique and valuable.”

Want a watch that will outlive you? Consider the following:

·         Choose one that goes easy on the bells and whistles – like Patek Philippe’s white-gold Calatrava. “The Calatrava concept is to keep it simple, “explains Hank Edelman, the venerable brand’s U.S. chairman. “This look was introduced in the 1930s to have a lasting style and an elegant, clear, open design.

·         Classic watches from respected high-end companies are pretty much guaranteed to increase in value – because they increase in rarity over the years.

·         Go for a timepiece that’s mechanical rather than quartz. Quartz fulfills the “it lasts” half of the equation, but is the hands-on commitment and craftsmanship that you want to pass on to your son or grandson.

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