Buying a luxury watch is easy; you just write a check. But making smart decisions about which watch to buy, how much money to spend, and which dealers to trust can be complicated. Tonight, Tim Mosso takes watch collectors on a guided tour through watch shopping from initial interest to the final purchase. This show includes guidance on avoiding counterfeit watches, unworthy dealers, and raw deals. If you want to know how to buy a watch with confidence, this episode is an invaluable guide.
Rolex watches, Patek Philippe watches, and Omega watches all have something in common; they are only as enjoyable as their purchase experience and condition. Tim offers advice on how to choose a luxury watch dealer and the hardware, too. "Buy the seller" is an old refrain among watch collectors, and for good reason. Online sellers of watches should make returns and no-obligation trial periods standard. No person can be sure of the fit and appearance of a watch until it has been worn. Any watch dealer who won't guarantee returns on watches sold online should be avoided.
Moreover, watch dealers should extend indefinite right of returns for reason of counterfeit discovery. Standard warranties apply to function for a period of time, but no period of time excuses the sale of a counterfeit watch. If a buyer discovers that his watch is counterfeit - even years after purchase - the seller should guarantee a full refund.
Additional considerations when buying a watch are the condition of the watch and the presence of a full set of "boxes and papers." First, never buy the cheapest available example of a watch. These watches are wrecks that will poison the ownership experience and fail to meet a buyer's high expectations for a luxury watch purchase. Second, always insist on a watch that includes "boxes and papers" as shipped from the factory. In the long run, full sets ensure higher resale value and offer more assurance to the collector that he owns all items to maximize the marketability of his watch should he choose to sell.
And watch collectors need to remember to keep accessory sets. Many people on vacation fail to collect the accessory set of a watch purchased at a local dealer. Often, the vacationers don't want to carry home bulky boxes, or they are worried about complications in customs, or they simply forget to give a forwarding address to the dealer. This could have devastating consequences. Patek Philippe watches, for example, can be worth up to 20 percent less without their original Certificate of Origin. On an $850,000 Patek Philippe 5207P, that amounts to $170,000. Even a modern Rolex watch, which might lose ten percent of its value without boxes and papers, will be more marketable as a used watch if the buyer can expect all items originally delivered by the dealer.
Other topics including how much to pay for a watch, how to evaluate a watch dealer, and how to collect watches for lasting pleasure are included in tonight's episode
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