£5 Speedmaster

Shabbaz · Oct 3, 2021

JwRosenthal
I would like to think, that if something were to happen to me, that my wife could reach out to a few of the names she has heard me speak of from this group and be given help liquidating my collection for a fair price….

Yes, sometimes I think about this as well since my girlfriend has no idea. A couple of weeks ago I told her the value of the speedmaster she's wearing now for about a year. She was shocked and had no idea. So please, help her when I'm gone. I told her to go to OF to ask for help.

And @JwRosenthal, of course I would help your wife!

JwRosenthal · Oct 3, 2021

Shabbaz
Yes, sometimes I think about this as well since my girlfriend has no idea. A couple of weeks ago I told her the value of the speedmaster she's wearing now for about a year. She was shocked and had no idea. So please, help her when I'm gone. I told her to go to OF to ask for help.

And @JwRosenthal, of course I would help your wife!

Likewise- thanks, man.

140dave · Oct 3, 2021

Funny, told my wife the same basic thing; 👍 come to OF explain the situation and sell. I also told her to expect a lot of “is this a scam?” questions and guff but that pictures go a long way with this group. 😀

But to the moral question at hand; BUY IT! Then pay more if it makes you feel better but just buy it and don’t feel guilty when you get that occasional bit of luck. And yes I am specifically talking boot sales/yard sales/flea markets not grieving widows & children.

JwRosenthal · Oct 3, 2021

This morbid topic is one that is, I’m sure in the back of every collectors mind- what happens to my things when I’m gone. As we have seen countless times, if the kids/spouse have no interest or knowledge, they could end up at the very boot sales we are talking about- donated to charity with our tie collections and golf shorts (hey, my Hermes tie collection also has value!).

It’s of the most importance to not leave a mess behind for our families- deal with it all before we go is the ideal. But of course most times it’s unexpected and we haven’t planned for it (like my father who died at age 63).
Having appraisals and letting our loved ones know where a safe place to sell could indemnify against our families being taken. Let them know they won’t get full insured value, but note what a realistic value could be for a cash in hand offer- put it all in writing!

I’m only 49, but as my father died not 14 years older than I am now, I need to start the planning…just to not leave a mess behind.

pdxleaf · Oct 3, 2021

4k sounds like a lot for an old watch to non-watch folks, even though the watch is worth 18k.

It isn't a morality issue, just a mortality issue.

May we all live long and our collections prosper.

JwRosenthal · Oct 3, 2021

pdxleaf
4k sounds like a lot for an old watch to non-watch folks, even though the watch is worth 18k.

It isn't a morality issue, just a mortality issue.

May we all live long and our collections prosper.

Totally agreed. If the family has no clue, nor any desire to deal with it, sending it off to a charity shop may be exactly what will bring them closure. It may not be about the money to them. We put the value in these “things”, once we are gone, they are just clutter.

Pianotuna · Oct 3, 2021

Tbf gents, if I came across a speedy at a garage sale for $10 I’d just assume it was a fake. I’d probably buy it, but as I know sfa about them, and actually not such a great fan anyway, it’d be on the basis I was buying a fake and sometime later I’d post a few photos here and ask the collective, “what do you reckon?”
However, knowing my luck with stuff like this it would be a fake!

cvalue13 · Oct 3, 2021

Shabbaz
So this is what we would tell the kids?

Whatever the ultimate thing we tell our kids, do we share the intuition that there is likely a different rule applying to a business vs an individual?

Normative ethics my least favored philosophy class 😟

pdxleaf · Oct 3, 2021

cvalue13
Whatever the ultimate thing we tell our kids, do we share the intuition that there is likely a different rule applying to a business vs an individual?

Normative ethics my least favored philosophy class 😟

In my head, whether as an individual or business, the fiduciary relationship has a lot to do with it. If the person comes to you with an expectation of advice based on your knowledge, then there is a clear responsibility to state the FMV. You can still explain that there are many challenges to achieving best price and there are many valid reasons to sell for wholesale, such as a quick sale. However, if the sale is between unrelated parties with the clear understanding that it is simply transactional then each party is on their own. The problem is when the seller is a simpleton. If it's really cheap you always have to be concerned that it was stolen and you don't want to buy stolen.

The reality is when confronted with an Ed White like this, my knees grow weak, my hands get shaky and grab on to the watch with a death grip, while my voice squeaks "how much do you want?"

Which is to say congratulations to the OP and sincerely happy for you. I did not mean to question your purchase but only thought it was an opportunity to emphasize what was brought up in the other thread about estate planning. Who cares what some smuck on the internet says anyway, just hope it didn't send any bad vibes.

As they say, luck follows the bold and the informed. Many people would not have appreciated it, but you did. Congratulations again.

studeb · Oct 3, 2021

The more i think about this, i tend to side with just paying and leaving. Does it depend on who is selling? If a reseller, then they should be looking up the value of something and setting a fair market value. If they are too lazy or incompetent then should we educate them? The sentiment here seems to be no. And if it is the family, perhaps we should educate them? Not sure why we would treat them differently. If they wanted to, they could put some effort into valuing something. But they have not. Perhaps they think old technology holds no value, perhaps they would like to be rid of something and have set a price they feel is appropriate. i bought some Quad ESL speakers for $5, the seller (neighborhood widow) knew what they were, and was happy for them to have a new home. .

JwRosenthal · Oct 3, 2021

studeb
i bought some Quad ESL speakers for $5, the seller (neighborhood widow) knew what they were, and was happy for them to have a new home. .

I got a full vintage McIntosh stack, Tannoy MG’s, Bryston amp, Urei 811’s a ton of other assorted high end electronics and around 4k classical and jazz Lp’s and CD’s from the family of local professor. I offered to pay them fair market but they said they were happy to just see it go to someone who would love it all- and then offered to pay me for hauling it all away (which I refused). I do still have all of the McIntosh gear abs the UREi’s are the cornerstone of my reference system.
Some people truly don’t care about the money- they just want it gone. They did take the Nakashima furniture though, I asked if they wanted that gone too.

ckhaing · Oct 3, 2021

new $5 (or ₤5) is probably equal to $1 (or ₤1) of the old time, just to register the transfer of ownership, not as free gift, previous owner happy to be off the should

just as newsweek magazine publication business sold for $1

DorsetOmega · Oct 4, 2021

What an interesting debate. There are a lot of ethical people on this forum!
I recently posted in envy of American estate sales, so it's interesting to hear that our closest British equivalent, car boot sales, can still throw up spectacular bargains.
I've been going to them for more than 30 years, and I'm convinced that the overall standard is getting worse. Not so much a needle in a haystack these days, as in a whole row of haystacks. I blame this on the fact that every other TV programme in the UK is about discovering some kind of lost treasure in the attic. The good stuff is less likely to be sold, and the bad stuff is called 'vintage' and over-priced. But of course you only need one good find and the rest is irrelevant.
I smiled at the reference to cameras. When I was growing up, we'd arrive early, and divide up the stalls between us. My mum used to recite 'Leica or Hasselblad' under her breath to remind her of the primary mission. We never found either.

cristos71 · Oct 4, 2021

DorsetOmega
What an interesting debate. There are a lot of ethical people on this forum!
I recently posted in envy of American estate sales, so it's interesting to hear that our closest British equivalent, car boot sales, can still throw up spectacular bargains.
I've been going to them for more than 30 years, and I'm convinced that the overall standard is getting worse. Not so much a needle in a haystack these days, as in a whole row of haystacks. I blame this on the fact that every other TV programme in the UK is about discovering some kind of lost treasure in the attic. The good stuff is less likely to be sold, and the bad stuff is called 'vintage' and over-priced. But of course you only need one good find and the rest is irrelevant.
I smiled at the reference to cameras. When I was growing up, we'd arrive early, and divide up the stalls between us. My mum used to recite 'Leica or Hasselblad' under her breath to remind her of the primary mission. We never found either.

Here in NL antique markets can better be called flea markets and brocante/flea markets can better be called ''piles of garbage and third hand kids clothing markets".

I've long given up now.

abrod520 · Oct 4, 2021

In my opinion, if you subscribe to the idea of caveat emptor - "buyer beware" - then this should also apply to sellers as well. If it's my responsibility to research the models I have an interest in and I have fulfilled that responsibility, but the seller has not, then it is not incumbent upon me to relinquish the advantage that has given me. I have the choice to do so if I feel that the situation warrants it (widow trying to raise money etc) but even then, I have not done anything wrong if I give half value or any other of my choosing.

amfalconer · Oct 4, 2021

I'd like to think I'm an ethical person, but I'd have snapped that up in a heartbeat.

As said in other posts, the seller could have done some research, there's enough on the dial to know it's not a $5 watch. They're probably happy thinking they managed to bang out a knackered old watch for a fiver.

I think everyone has a story of when they've missed out on buying something which has gone up on value.

I missed out on a MK1 Golf GTi for £400, which in good nick would be something like £25k now. I also laughingly turned down £5k for what I now know to be a Hakosuka Skyline about 20 years ago, a nice one of those would be stupid money now, last I saw was £140k.

I know it seems like I'm money-orientated, but I'd service and keep the speedy, it's just nice to know if I needed to, it has value.

JwRosenthal · Oct 4, 2021

amfalconer
I'd like to think I'm an ethical person, but I'd have snapped that up in a heartbeat.

As said in other posts, the seller could have done some research, there's enough on the dial to know it's not a $5 watch. They're probably happy thinking they managed to bang out a knackered old watch for a fiver.

I think everyone has a story of when they've missed out on buying something which has gone up on value.

I missed out on a MK1 Golf GTi for £400, which in good nick would be something like £25k now. I also laughingly turned down £5k for what I now know to be a Hakosuka Skyline about 20 years ago, a nice one of those would be stupid money now, last I saw was £140k.

I know it seems like I'm money-orientated, but I'd service and keep the speedy, it's just nice to know if I needed to, it has value.

Yup, we all have stories like that. Perhaps the £5 speedie IS the karmic payback for missing out so many times.
I see this no different than someone who lists a pie pan Connie on eBay with “needs battery not running” in the description with a $50 BIN. If they had spent 2 minutes looking it up….
But, there is always the guy who PM’s the seller to let them know what they have, and the listing disappears and is relisted at $2k….nobody likes a hall monitor.

bags1971 · Oct 4, 2021

Been today to my watch guy to get a correct crystal fitted and given the once over says the case is upolished and movement in pretty good condition.

Also ordered a extract for it

Just a note to some messages I've had I did NOT pay £5 for the watch that was someone else I did buy it off them via a friend and yes I did pay a reasonable price for it

Eve · Oct 4, 2021

Such a lovely watch, enjoy!

bags1971 · Oct 4, 2021

PS I did pay £4 today for this watch in a charity shop on the way home 😀

Cyma
By synchron
Ultraspeed
36,000

£5 Speedmaster

Shabbaz

JwRosenthal

140dave

JwRosenthal

pdxleaf

JwRosenthal

Pianotuna

cvalue13

pdxleaf

studeb

JwRosenthal

ckhaing

DorsetOmega

cristos71

abrod520

amfalconer

JwRosenthal

bags1971

Eve

bags1971

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