Feature: Second Hand Watches
Mechanical watches of the twentieth century are highly collectable and stylish items. Often, they will be limited in number, while boasting beautifully engineered movements—they are sophisticated pieces of equipment that can hold their value very well, usually making them good investments. But what should you look out for when buying a luxury watch pre-owned?
As with any other commodity, the price of second hand watches fluctuates with fashion. Diver's, yachter's and driver's watches from the seventies are intermittently in vogue, and the reissue of old models is very common —for example, the classic Jaeger-LeCoultre Reverso (so named because it has a face on both sides). Most independent jewellers sell pre-owned watches and they usually come with a guarantee; however, it is the dealers who are most likely to get what you really want if you're after elusive items to add to your collection or want an investment item. You can find pre-owned watches, for example, at the Antiquarius and Chenil Galleries on the King's Road in Chelsea, the arcades of Portobello Market and the shop fronts in Hatton Garden and Clerkenwell Road.
Condition and working order are everything with second hand watches, so only bother with the best. Generally, the more complications a watch has, the more valuable it is. A complication is any function in addition to telling the time, and include displaying the date, day and month. With the addition of a stopwatch function the timepiece is known as a chronograph.
The outer case is an indicator of when a watch was manufactured, from forties elegance to seventies chunkiness, and brand names indicate geographical origins—Rolex, Omega, Heuer, Jaeger, Vacheron and Patek Philippe point to Switzerland, for example.
While it is always advisable to buy something only if you really like it, there is no denying the financial returns possible in the pre-owned watch market. In the past 20 years, pre-owned Patek Philippe and Rolex watches have outperformed a number of other investment sectors and there has been a surge in new buyers entering the second hand watches market recently, particularly from Asia, which makes for a promising future.
The typical watch collector being male, there is a gap in the market for female second hand watches. You can buy a women’s watch, even from the more sought-after brands, for a fraction of the price of the male version. Their relative value makes them a good investment opportunity, as some experts believe they will grow in popularity in the future with the rest of the market.
While the pre-owned watch market is dominated by Patek and Rolex, there are other brands that perform well at auction and are worth having valued before arranging contents insurance. Cartier, well known for producing luxury goods, does well, particularly with its watches from the 1920s to 1950s.
Audemars Piguet is also particularly sought-after, with its watches from 1920 to 1960 being the most popular. There is also demand for second hand watches from independent watchmakers such as F.P. Journe, who makes all his own movements and has unusual complications. His design layout is unique and quite different from traditional makers and he does well in the niche watches market. It is difficult to predict how independents will fare in the future, however, as they are relatively new to the pre-owned watch market by comparison with the big brands.
As with any vintage item, it is important to ensure that any watch you buy is in good condition. Scratched glass can be replaced without too much loss in value, while the crown—which you turn to adjust or wind the watch and can often get quite worn—can also be replaced, although this can affect the working of the watch. Over-polishing can wear down angular watches, changing the shape of the setting, which can result in a loss of value.
If you do decide to invest in a second hand watch, always ask for a certificate of authenticity and a history of any restorative work. If you want to know the value of a watch you already own, the in-house specialists at an auction house will value it free of charge-and remember, buy a watch that appeals to you as a person.
