You have finally decided to buy your first luxury watch. There are a couple of things you should keep in mind. Everything has to be done correctly, from setting a clear purpose to going through proper market research. This way, you ensure you don’t lose value or get something you regret.
Points to remember before purchase
Buying a luxury watch is slightly different than a regular timepiece. You have to invest more time in research and be more careful. If chosen wisely, luxury watches can serve as great investments. Here’s a list of things that you should be careful about.
Purpose of Buying
Before you go ahead and look for luxury watches, you have to be clear about the purpose. You are buying the watch as an investment or celebrating a particular achievement. If you are going to wear it, then what is it going to be? Whether you are going to wear it every day to work or occasionally to parties. Also, would you take the watch to adventure sports or not? All of these factors count in.
If it is an investment watch, it must be from a brand with impressive growth in the secondary market. A perfect example of this would be Rolex and Patek Philippe. Audemars Piguet and Richard Mille watches have also shown value growth.
If you want to wear it, you should get something you like. You should now look out for its market value and just enjoy wearing it.
Retail vs. Secondary market
Unlike regular watches, luxury watches in Dubai are available from two sources. Either pick one up directly from the retail store or get one from the secondary market. But why would you want to get one from the retail store in the first place? Because luxury watches have limited production runs causing substantial waiting lists at retail stores.
So, the one thing that you have to decide is whether you would like to wait. Or you would like to get the watch as quickly as possible. Also, brands like Rolex limit the models that you can purchase. So, if you are looking for something specific, your only luck is the secondary marketplace.
If you have decided to pick one from the second-hand market, you should thoroughly research the market value. Usually, a Dubai watch dealer will offer a fair price for the watch they are selling. But it is always good to do your research to negotiate a bit if required.
As of late 2022, the luxury watch market has seen a considerable price drop. It is an excellent time to buy as the market is expected to recover soon.
Buying a luxury watch directly from the watch company means that the watch has come straight from the factory. Often, the watch even has some stickers to protect the precious metal. However, that is different when buying through the secondary market. A pre-owned watch, whether used or not, will likely not have any stickers on it.
Hence, you should always examine the watch properly before buying it. Any scratches or dents bring down the value of the watch. You can always get rid of any scratches by getting the watch polished. But polishing will take off a tiny layer of the metal, bringing the watch’s value down.
Box and papers add value
When a customer purchases a luxury watch, they expect it to come in its original box along with its original papers. These boxes are premium, and hence they hold a value of their own. This is why many dealers often sell watches without the original box. But the watch will not be able to retain as much of its value as it would have with the original box.
So, when you purchase a luxury watch like a Rolex or a Patek Philippe, you should prefer getting it in its original box. These watches also come with a certificate of authenticity from the manufacturer itself. That certificate can be either in a card form or a printed certificate. Ensure that you get that certificate as well.
If you are getting into the luxury watch culture, you should know that most of them feature automatic self-winding movements. It means that, unlike the Quartz watches, they must be serviced every once in a while. If you buy a watch over 3 years old, ensure it runs correctly. It would be even better if you get it serviced for optimum performance.
Warranty & Authenticity
You should always check for a warranty and an authenticity certificate. If the watch does not come with its original paperwork, it is always worth getting it checked from somewhere.
Over the years, counterfeit watches have increased in number, making it riskier for original watch buyers. To minimize the risk, you should always spend some extra money to get the watch authenticated from a reputed watch store.
Lastly, you should also prefer getting a warranty on the watch. If you buy directly from the manufacturer, you should get a warranty of anywhere between 3 to 5 years. When buying from a secondary dealer, you should request at least a one-year warranty. This way, you can save yourself from uncalled-for trouble in the long run.
Luxury watches – A worthwhile investment
Watches from Rolex, Patek Philippe, and Audemars Piguet have increased in value. A limited number of watches are available, and the demand for these watches has been increasing yearly. The whole thing is causing the prices to shoot up. Some watches, like the Rolex Hulk and the Patek Philippe 5711 saw an increase in value as they got discontinued by the manufacturer.
Multiple factors make these watches worthwhile investments. Even if you don’t buy them as investments, they can last for generations creating sentimental value in the family. Overall, having at least one luxury watch in your closet is always good.