Aaron Faber Gallery in NYC- A Word of Warning / Do Your Homework

woodwkr2 · Feb 10, 2014

Just a quick heads up to anyone who thinks that by buying from a well known dealer you're (nearly) assured an honest watch:
I had some company this weekend and we went on the vintage watch circuit in NYC. I wasn't too impressed with Faber's current inventory, but a few Universal pieces did catch my eye. They have a microrotor (polerouter), Aero Compax, and a Calendar Watch / Moonphase. There was a significant problem with every single one of them. The calendar watch/moonphase was the most egregious with a terrible pink (re)dial. The other watches had various problems such as incorrect replacement hands to incorrect pushers. In all cases the asking price was absurdly high, even if their examples had been legit.

I'd normally keep my opinions like this to myself. But the saleswoman there was insistent that the pieces were all correct... only when she heard me point out all of the various flaws, did she concede, promptly asking, "are you a dealer or just some kind of obsessive collector?"

I thanked her for her time.

*Most of their vintage Patek's appear to be redials as well, which of course isn't disclosed.

SpikiSpikester · Feb 10, 2014

woodwkr2
, "are you a dealer or just some kind of obsessive collector?"

.

It doesn't sound like she meant either of them as a compliment.

cristos71 · Feb 10, 2014

That really makes me laugh, selling collectors items and then not really liking it if a collector comes through the door. What a joke!

In my experience most dealers, at least here in NL, are very happy not to disclose faults and will also get a bit snotty and/or incredulous when they are pointed out.

This is one of the main reasons I very, very rarely buy from dealers.

Interstatetime · Feb 10, 2014

woodwkr2
..... "are you a dealer or just some kind of obsessive collector?"

Small time dealers and obsessive collectors are obviously horrible people.

JohnCote

LouS · Feb 10, 2014

woodwkr2
... just some kind of obsessive collector?"...

Did you tell her that was redudant?

The Fifth (and Madison) Avenue trade depends on the "more money than sense" clientele. Anyone with an expert's eye is usually more trouble that he is worth.

I've looked in at Faber's many times, and although tempted, never bought. Those prices are usually negotiable, by the way.

ulackfocus · Feb 10, 2014

LouS
Those prices are usually negotiable, by the way.

Correct - quite a bit negotiable. I have two watches from Ed, a LC Powermatic and a UG Polerouter. I took a loupe with me, as I do when I go to look at any watch. No matter who the seller is, you have to assume you know more than they do about your pet brands. Caveat Emptor applies to EVERYTHING.

Lex4TDI4Life · Feb 10, 2014

I work right above this establishment. When I have inquired about the occasional piece that catches my eye, the prices they quote are usually exorbitant, so I haven't even bothered negotiating. They had a 145-012.67 a few months back and quoted me $6500. Given the replacement seconds hand, I would have thought $2700 would be more realistic.

Next time I see something that catches my fancy, I will try needling them on the price 😉

JohnSteed · Feb 10, 2014

Agree with all the remarks above. AF seems a place to take a look, handle a few pieces perhaps. Otherwise not better than ebay, I've found, unfortunately, but smaller

ICONO · Feb 10, 2014

SpikiSpikester
It doesn't sound like she meant either of them as a compliment.

Cheeky cow ! - No.....I am the man who might have been paying your wages for the next week....

ulackfocus · Feb 10, 2014

Um, I hate to break it to everyone, but we have a thread dedicated to overpriced watches on eBay. It's obviously a problem if so many of us post links there…… and most of those sellers don't have the overhead of a full staff and Manhattan rent to pay. There's nothing happening at Faber's that isn't happening anywhere. I've seen some fantastic watches there, and I've seen some duds. Just like every place else.

Tony C. · Feb 10, 2014

Faber's stock has dwindled noticeably over the past couple of years. One of many signs of the coming economic storm.

Privateday7 · Feb 11, 2014

Tony C.
Faber's stock has dwindled noticeably over the past couple of years. One of many signs of the coming economic storm.

Could you elaborate? Shouldn't if people worry about coming economic condition they start selling their watches now and stash the cash?
Unless if what you mean is Faber's economic storm, where he has working capital difficulties and must cut his stock level.

Tony C. · Feb 11, 2014

Privateday7
Could you elaborate? Shouldn't if people worry about coming economic condition they start selling their watches now and stash the cash?
Unless if what you mean is Faber's economic storm, where he has working capital difficulties and must cut his stock level.

That's a good question. There is no doubt that an increasing number of vintage watches have been appearing on the market, which is evidence that many people continue to struggle economically and choose (or are forced) to sell assets. My point re: Faber, however, is more nuanced.

Faber's business targets mainly those whom I would consider to be in the 'mid-high' income bracket. I say that because most wealthy people prefer to buy new watches, and as such, tend not to shop at Faber's watch and jewelry equivalent of a high-end thrift store. Given his Manhattan location and commensurately high prices, sophisticated, value-conscious collectors are not Faber's primary customers, either. That leads me to the following interpretation of his reduced stock. Faber has no problem replenishing his stock. In fact, opportunities abound. So I believe that there must be reduced demand from his primary customers, people who have money, yet are increasingly hesitant to spend on non-essential items.

This interpretation stems, more broadly, from my strong belief that the U.S. is heading for another major economic crisis. It will be a worldwide crisis, of course, and in my view it is not a matter of if, but when. I could elaborate in detail, though that would risk veering well off of the topic of this thread.

Privateday7 · Feb 11, 2014

Tony C.
That's a good question. There is no doubt that an increasing number of vintage watches have been appearing on the market, which is evidence that many people continue to struggle economically and choose (or are forced) to sell assets. My point re: Faber, however, is more nuanced.

Faber's business targets mainly those whom I would consider to be in the 'mid-high' income bracket. I say that because most wealthy people prefer to buy new watches, and as such, tend not to shop at Faber's watch and jewelry equivalent of a high-end thrift store. Given his Manhattan location and commensurately high prices, sophisticated, value-conscious collectors are not Faber's primary customers, either. That leads me to the following interpretation of his reduced stock. Faber has no problem replenishing his stock. In fact, opportunities abound. So I believe that there must be reduced demand from his primary customers, people who have money, yet are increasingly hesitant to spend on non-essential items.

This interpretation stems, more broadly, from my strong belief that the U.S. is heading for another major economic crisis. It will be a worldwide crisis, of course, and in my view it is not a matter of if, but when. I could elaborate in detail, though that would risk veering well off of the topic of this thread.

Got your point, thanks for the explanation.

billfactor · Feb 11, 2014

LouS, are you in the city? We have a watch meetup weekly y'know... we could compare compaxes. 😀

Aaron Faber Gallery in NYC- A Word of Warning / Do Your Homework

woodwkr2

SpikiSpikester

cristos71

Interstatetime

LouS

ulackfocus

Lex4TDI4Life

JohnSteed

ICONO

ulackfocus

Tony C.

Privateday7

Tony C.

Privateday7

billfactor

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