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For the most part, keeping it under the sleeve of a raincoat will probably help, but you'll also want to consider the humidity in the air - that can be a real problem with vintage watches. If I know it's going to be a particularly humid and / or rainy day, I'll stick to modern just to be safe.
 
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I live on the seacoast in SE US and it is quite humid in the air and on hotter days downright wet at skin level.

I was wearing what I thought was a fairly water-proofed watch last Sunday and after a couple hours outside I found the crystal fogged with water vapor. I put the watch in a plastic bag with desiccant bags to dry it out. The intrusion may be at the crowns (an alarm watch)...

Decided I'm going to sell that one at some point as I like to wear my watches and that one is obviously not suitable for my climate.

EDIT: The other issue can be taking a watch that is cooled from air conditioning outside on a warm, humid day. Any residual moisture in the piece is going to condense. I've learned to store anything moisture sensitive in containers with desiccant.
 
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Cheers. So the humidity gets into the watch and starts causing rusting?

Is it a big problem? Hong Kong is usually very humid outside.
Raincoat suggestion is a good idea. Have you done pressure tests on those watches, checked the seals? Unless they pass a test, I'd have to assume that living in humid conditions will have the potential for longterm problems.

I lived in florida (very humid) and used to have a lot of DSLR equipment. A couple of my lenses developed a fungus issue and I had to trash them--it would pit the elements. Once the spores get in there, even the camera and other lenses can be compromised. I eventually started using a humidity-controlled drybox for my equipment. Had no problems since--just kept them stored when not in use. If your watches can't pass a pressure test, I'd recommend storing in a drybox when you're not using the watches--prolong the life of your watches. If you want to go extremely low-tech, get some large Tupperware, pour some rice in, and you'll be good to go. I recall seeing a thread here where people were showing their watch storage, and I saw quite a few examples that were humidity-controlled.

Here's an example:
41JDeSVwEUL._SY300_.jpg
Mine was a bit larger. I think I paid around $130. I've seen cheaper (ie smaller) variants sell for under $100.
Edited:
 
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If I keep my apartment air con on 24/7 so the place is chilly, does that help to reduce humidity issues?

I don't spend a huge amount of time outside because it's too hot here, so I'm normally in cool, air conditioned places.

But maybe that's doesn't make a difference, I don't know...
Uh, if I my understanding is correct, AC units do pull humidity out, but nowhere near as efficient as a dedicated dehumidifier.
 
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Short trips outside in a humid environment probably won't hurt much, but yes - do make sure your vintage watches are up-to-date on servicing with all seals properly replaced / maintained.

What I'll also do sometimes is keep my vintage watch in my bag while commuting, and wear a modern diver - then switch it off at the office.
 
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If it's raining, I wrap my vintage watch in cellophane and then stuff it inside a plastic bag. Of course, I poke a hole at either end to put the strap through, then seal it tight with tape.
 
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If it's raining, I wrap my vintage watch in cellophane and then stuff it inside a plastic bag. Of course, I poke a hole at either end to put the strap through, then seal it tight with tape.
Tape can come undone. Wouldn't you get a better seal by coating it with superglue?
 
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I don't worry about humidity too much, and the only time I have ever seen fogging on the crystal I had a watchmaker open it up and found the caseback gasket was badly deteriorated. A service and new gasket and not had any issue since.
On days when we get "Asian rain" I wear a modern watch as I spend a fair amount of time outside. Though I thought what we had today was more of a shower than a real tropical rainstorm.
 
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Tape can come undone. Wouldn't you get a better seal by coating it with superglue?

Actually, most times I don't even need the tape if I cut the holes the right size. It's raining today so let me take you through the steps.....

First, you want to pull a strip of Saran wrap off that's wide enough to cover the watch, this being a 1966 pink Gold Eterna caliber 1466U.




Next, carefully roll the watch in the cellophane so it's covered evenly.




Then comes the plastic bag, preferably a snack size since sandwich or quart are too large.




After patiently cutting the hole for each end of the strap, insert the watch into the bag. Be warned that the keepers and buckle can be a hassle - just take your time.




Voila!




You can use your iPhone to tell you the time, although you can make out that it's 9:42 in the above picture. It all depends on how neatly you wrap the watch in cellophane and stuff the watch in the plastic bag. Less wrinkles = more legibility. 👍