RECOMMENDED READING: If you own a high-value vintage watch, this story could make your day
Luke BenedictusTragically, Covid-19 spells economic doom for many businesses. But while many industries are flat-lining or being forced into hasty reinventions, there are signs that the vintage watch industry will not just scrape through, but that some corners are in fact going from strength to strength.
Cam Wolf in GQ explores how auction houses and watch dealers are currently doing record business when it comes to their vintage watch trade. Earlier this month, for example, two weeks in a row, Sothebys broke its record for most-expensive watch sold online.
Wolf explores why vintage watches are booming in the face of the global pandemic.
Some investors, he discovers, are building portfolios of classic vintage pieces – vintage Rolex, Royal Oaks etc – and using watches as a relatively safe haven to park their money while the stockmarket undergoes extreme volatility.
“Vintage watches, not modern ones, seem to be untouchable for collectors,” writes Wolf. “What old watches have over their newer counterparts is that they’re already out of production—they’re inherently limited and therefore typically scarcer. The biggest watch enthusiasts believe that even in a time of economic turmoil, it will be these watches that save them.”
Another factor, Wolf points out, is the vintage watch trade largely happens online. With everyone stuck at home (and no sport on TV), some people have more time on their hands to plot their next purchase.
It’s a thought-provoking article about opportunity in chaos and definitely worth a read. Hit this link to enjoy in full.