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An article about the luxury watch market

Olhenry56
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https://www.thecut.com/2022/09/rolex-designer-watch-resale-market.html

This is a somewhat interesting article from The Cut (NY Magazine) that talks about the luxury watch boom in recent years. One of the most interesting insights for me was how huge cryptocurrency gains went largely to young men who have sought out very expensive luxury watches as symbols of success. The roles of social media and the COVID pandemic are also discussed a bit.

Thankfully, Omega isn't mentioned 😉

I had typed a rant here about how these insights make me feel a bit like I have been unwittingly steered into my obsession with vintage watches in the last several months in part by the whims of cryptobros, social media, and YouTube/Google algorithms. But I deleted it because it wasn't very focused or insightful. I mean, I'm being manipulated by the wealthy and by technology. What else is new? And, after all, I do enjoy my humble watch collection. Gotta give some credit for my addiction to the beautiful watches themselves.
 
Olhenry56
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The most important takeaway is: Blame cryptocurrency and Instagram for making you leave your Rolexes at home.
Edited:
 
STANDY
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That is why modern luxury watches suck…..
We all know
A) people rarely give a shit about what watch your wearing (oddly thieves do though)
B) A G-Shock looks even cooler on someone that gets out of Jeep than a Lamborghini
C) And the people in this whole article’s world is not the type of people that visit here👍

The vintage watch scene is for the collectors, the passionate and the horological crowd.
It’s just sad that the vintage guy actually always wants one or two of the watches in the grey dealers hands
 
Donn Chambers
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Always suspect when these flashy sellers are bragging about the total amount in sales for the previous year and NOT their profit. If you sell $113 million and your profit is $200k, you aren’t that good of a businessman. A lot of these guys sell by consignment and running debt (will pay for your watch to sell using a credit line from a bank, hoping to get a small profit to quickly pay off the credit). They rent expensive houses and cars to make them look successful (which also cuts into their profit), throw big parties, etc. My bet is, a lot of these new Instagram-star sellers will be gone in a few years and not have much of any money in the bank to show for it.
 
STANDY
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“If you are going to come in and buy a $500,000 watch and I’m driving a Toyota, that doesn’t make sense,” he says.



I don’t think I have ever given a shit what someone that sells me shit drives.

If I remember right Dennis ( @ulackfocus ) drove a Toyota and I bought several watches of him….
@cicindela was it a Toyota?
 
vbrad26
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All about appearances....
And I suspect a majority of it is just that, an appearance with no real substance.
 
Nupero
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Cryptobros and Rolexbros make me want to quit watch collecting 🤮
 
mydeafcat
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Nupero Nupero
Cryptobros and Rolexbros make me want to quit watch collecting 🤮

Don't let the douche canoe set ruin your love of watches.

FIFY: Cryptobros and Rolexbros make me want to quit Rolex collecting.
 
Deafboy
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The seller in the article is quite self-aware though, and understands his customers' needs... “Miami is a lot about showing off — for me that’s great — all I’m doing is capitalizing on that,”
 
Evitzee
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Meanwhile, only five days before everyone here jumps on the new Omega hype train rolling this way. People in the watch arena come in all flavors, run your own race and don't let the system dictate what you should or shouldn't like, or collect. Why would I care about these clowns who fancy themselves as influencers?
 
Chachi
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"In the last few months, Alwani sold a portion of his existing watch stock at a loss in order to free up cash to purchase pieces at the lower prices that are now available. And profits for 2022 are down nearly 50 percent."

Very interesting article, some great insights to what has been driving the boom. But it seems like the quote above is the definition of trying to catch a falling knife?
 
Larry S
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This article is unsurprising and disgusting on many levels.
 
Olhenry56
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Evitzee Evitzee
People in the watch arena come in all flavors, run your own race and don't let the system dictate what you should or shouldn't like, or collect. Why would I care about these clowns who fancy themselves as influencers?
Agreed. I definitely don't care about the influencers and wealthy myself, which makes it all the more icky to think that they fueled the boom in modern luxury watches which, I assume, increased the popularity in watches in general and swept me along into this hobby. Like I'm not sure I'd be wearing a watch now if not for them. Kind of taints it a bit. I'll get past it, though.
 
pdxleaf
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Stopped reading after this:

"In his best French accent, Stracke recounts a story where a famous Swiss watch CEO once explained to him how he feels about the gray market. 'It’s a little bit like having an affair,' he told me. 'You meet her, you love her and you have sex with her — but in public you don’t know her.'"

What a douche. He thinks people will relate to this? 🤬

I need a shower.
 
Turpinr
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I couldn't access the article but was put off anyway by the headline 'Designer watches'
 
cristos71
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Evitzee Evitzee
Meanwhile, only five days before everyone here jumps on the new Omega hype train rolling this way. People in the watch arena come in all flavors, run your own race and don't let the system dictate what you should or shouldn't like, or collect. Why would I care about these clowns who fancy themselves as influencers?

Exactly this- be a leader of your own mind, not a follower of someone elses
 
vbrad26
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Chachi Chachi
"In the last few months, Alwani sold a portion of his existing watch stock at a loss in order to free up cash to purchase pieces at the lower prices that are now available. And profits for 2022 are down nearly 50 percent."

Very interesting article, some great insights to what has been driving the boom. But it seems like the quote above is the definition of trying to catch a falling knife?

What other choice does he have? Sit on high-priced inventory that he won't be able to move? Even if he had the cash in the bank to buy new inventory at a lower cost you still have to adjust current inventory prices to what the market is dictating.
My business deals in rebar, and over the last year or so, prices have doubled. Now within the last couple of months, prices are coming way, way down.
We have no choice but to sell some material below cost. And I need to get rid of material so I can bring in new material at a lower cost to bring the overall average cost down.
That's just business sometimes. But like us, I'm sure he benefited early on. At least I hope he did.
It makes the losses now a little easier to stomach!
 
SpeedyPhill
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vbrad26 vbrad26
All about appearances....
And I suspect a majority of it is just that, an appearance with no real substance.
👎
hence the moonSwatch ? ... Looks good from far, but far from good 😁
 
vbrad26
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SpeedyPhill SpeedyPhill
👎
hence the moonSwatch ? ... Looks good from far, but far from good 😁

Oh c'mon man don't rain on my parade lol. I'm hoping to finally scoop one up when my wife visits NYC in a couple of months!!!
 
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