I was never a typical watch guy. My passion was always baseball cards - I loved collecting them since I was a kid. But little did I know, my journey into the watch market would be just as captivating.
It all started back in the early 2000s when I was working at Deutsche Bank, commuting two hours each way from Philadelphia to New York City. One day, a friend approached me with an interesting proposition. He sold watches on eBay and thought I might be interested in trying it out. My initial response was skepticism - "Who the hell's going to buy $10,000 watches on eBay?" I thought. But my friend insisted we give it a shot.
So, with my wife's help taking product photos, we started this side hustle part-time. To my surprise, within 6 months, we had sold a $9,650 limited edition Audemars Piguet Royal Oak. I made $1,100 on that deal, which was real money at the time.
Over the next few years, I continued juggling my demanding corporate job with this growing watch business. I would leave for work at 5:15 AM, come home at 7:30 PM, and then work on the watch side venture until 2 AM some nights. It was an exhausting grind, but I could see the potential.
Eventually, I reached a point where my watch business was bringing in an income and a half of what I was making at the bank. That's when I made the tough decision to leave the corporate world and go all-in on my watch venture. The rest, as they say, is history.
The watch buyer landscape is diverse and ever-evolving. There's no single profile that defines a watch enthusiast. Some are in it for the flex - they want the latest and greatest timepieces to show off. Others are true horological geeks, obsessed with complications and perpetual calendars.
Then there are the investors, who see watches as a way to grow their portfolio, even though I always caution that watches are not true investments - they're expensive toys first and foremost. And you have the impulse buyers, who see a watch they want and just have to have it right then and there.
Ultimately, it's about understanding what each individual client values - whether it's the history, the brand name, or the pure flex factor. My job is to educate the consumer and help them find the right watch that aligns with their needs and budget. I'd rather talk someone out of an overpriced purchase than enable them to make a decision they'll regret.
The Rarity Factor and Astronomical Valuations
One of the most fascinating aspects of the watch world is the rarity factor and how it can drive astronomical valuations. Take, for example, the vintage Rolex Daytona with a diamond bezel and dial that Jay-Z owns. Rolex only produced around 30 of these pieces back in 1986, and today they can fetch upwards of $800,000.
Or consider the Patek Philippe 3700 - a watch that originally sold for around $3,200 in the early 80s, but has since sold at auction for a staggering $1.25 million. The little stamp on the dial makes all the difference, with only 12 known examples in the world.
These kinds of stories captivate watch enthusiasts and investors alike. The thrill of the hunt, the prestige of owning a true grail piece - it's what drives the passion and obsession in this industry.
One aspect of the watch world that can be frustrating for consumers is the extreme exclusivity maintained by brands like Rolex and Patek Philippe. I've had countless people ask me about the possibility of getting a custom or limited-edition watch made for a special occasion. The answer is always a resounding no.
These brands are so protective of their image and brand identity that they simply won't entertain the idea of creating custom pieces or limited runs for individual customers. They know that the moment they do, the value of those watches will skyrocket, and they don't want to create that kind of chaos in the market.
It's a double-edged sword - the exclusivity is part of what makes these watches so desirable, but it also means that the average consumer has little chance of ever acquiring their grail piece directly from the brand. It's a frustrating reality that watch enthusiasts have to grapple with.
The Evolving Landscape of Watch Trends and Perceptions
The watch industry is not immune to the changing tides of fashion and social trends. Gone are the days when a gold Rolex was the de facto status symbol for stockbrokers and car salesmen. Today, perception and personal style play a much bigger role in watch selection.
Wearing a $100,000 Patek Philippe in a corporate environment can actually work against you, as it may be seen as flaunting your wealth in front of your subordinates. Conversely, a plumber showing up to your house in a diamond-encrusted Jacob & Co. would be equally out of place.
The key is finding a watch that aligns with your lifestyle, personality, and the way you want to be perceived. Are you an active, outdoorsy person? Then a rugged, sports-oriented watch might be the better choice. Are you more interested in the history and craftsmanship? Then a vintage piece could be the way to go.
Ultimately, the watch you choose should be a reflection of who you are, not just a means to impress others. And that's the advice I always try to impart to my clients - buy what you love, within a budget you can comfortably afford.
Part 1/9:
The Unexpected Journey into the Watch Industry
I was never a typical watch guy. My passion was always baseball cards - I loved collecting them since I was a kid. But little did I know, my journey into the watch market would be just as captivating.
It all started back in the early 2000s when I was working at Deutsche Bank, commuting two hours each way from Philadelphia to New York City. One day, a friend approached me with an interesting proposition. He sold watches on eBay and thought I might be interested in trying it out. My initial response was skepticism - "Who the hell's going to buy $10,000 watches on eBay?" I thought. But my friend insisted we give it a shot.
Part 2/9:
So, with my wife's help taking product photos, we started this side hustle part-time. To my surprise, within 6 months, we had sold a $9,650 limited edition Audemars Piguet Royal Oak. I made $1,100 on that deal, which was real money at the time.
Over the next few years, I continued juggling my demanding corporate job with this growing watch business. I would leave for work at 5:15 AM, come home at 7:30 PM, and then work on the watch side venture until 2 AM some nights. It was an exhausting grind, but I could see the potential.
Eventually, I reached a point where my watch business was bringing in an income and a half of what I was making at the bank. That's when I made the tough decision to leave the corporate world and go all-in on my watch venture. The rest, as they say, is history.
Part 3/9:
Understanding the Watch Buyer Profiles
The watch buyer landscape is diverse and ever-evolving. There's no single profile that defines a watch enthusiast. Some are in it for the flex - they want the latest and greatest timepieces to show off. Others are true horological geeks, obsessed with complications and perpetual calendars.
Then there are the investors, who see watches as a way to grow their portfolio, even though I always caution that watches are not true investments - they're expensive toys first and foremost. And you have the impulse buyers, who see a watch they want and just have to have it right then and there.
Part 4/9:
Ultimately, it's about understanding what each individual client values - whether it's the history, the brand name, or the pure flex factor. My job is to educate the consumer and help them find the right watch that aligns with their needs and budget. I'd rather talk someone out of an overpriced purchase than enable them to make a decision they'll regret.
The Rarity Factor and Astronomical Valuations
One of the most fascinating aspects of the watch world is the rarity factor and how it can drive astronomical valuations. Take, for example, the vintage Rolex Daytona with a diamond bezel and dial that Jay-Z owns. Rolex only produced around 30 of these pieces back in 1986, and today they can fetch upwards of $800,000.
Part 5/9:
Or consider the Patek Philippe 3700 - a watch that originally sold for around $3,200 in the early 80s, but has since sold at auction for a staggering $1.25 million. The little stamp on the dial makes all the difference, with only 12 known examples in the world.
These kinds of stories captivate watch enthusiasts and investors alike. The thrill of the hunt, the prestige of owning a true grail piece - it's what drives the passion and obsession in this industry.
The Exclusivity Conundrum
Part 6/9:
One aspect of the watch world that can be frustrating for consumers is the extreme exclusivity maintained by brands like Rolex and Patek Philippe. I've had countless people ask me about the possibility of getting a custom or limited-edition watch made for a special occasion. The answer is always a resounding no.
These brands are so protective of their image and brand identity that they simply won't entertain the idea of creating custom pieces or limited runs for individual customers. They know that the moment they do, the value of those watches will skyrocket, and they don't want to create that kind of chaos in the market.
Part 7/9:
It's a double-edged sword - the exclusivity is part of what makes these watches so desirable, but it also means that the average consumer has little chance of ever acquiring their grail piece directly from the brand. It's a frustrating reality that watch enthusiasts have to grapple with.
The Evolving Landscape of Watch Trends and Perceptions
The watch industry is not immune to the changing tides of fashion and social trends. Gone are the days when a gold Rolex was the de facto status symbol for stockbrokers and car salesmen. Today, perception and personal style play a much bigger role in watch selection.
Part 8/9:
Wearing a $100,000 Patek Philippe in a corporate environment can actually work against you, as it may be seen as flaunting your wealth in front of your subordinates. Conversely, a plumber showing up to your house in a diamond-encrusted Jacob & Co. would be equally out of place.
The key is finding a watch that aligns with your lifestyle, personality, and the way you want to be perceived. Are you an active, outdoorsy person? Then a rugged, sports-oriented watch might be the better choice. Are you more interested in the history and craftsmanship? Then a vintage piece could be the way to go.
Part 9/9:
Ultimately, the watch you choose should be a reflection of who you are, not just a means to impress others. And that's the advice I always try to impart to my clients - buy what you love, within a budget you can comfortably afford.