Is this a hobby for the super rich?

tjs · Mar 3, 2019

bucksandreds
Hello,

I’m a 30 something dentist who’s been eyeing my first Omega (speedmaster Pro) but haven’t been able to justify purchasing one. Am I just too darn cheap or are most of you multimillionaires? The reason I started this thread is I guess I want you guys to help me rationalize to myself why I should buy it.

Thanks in advance.

Start small and grow. There are many, many, fine watches for much less, even within the Omega collection. Knowledge is your friend - know what you are getting for $6K vs $2K vs $20K (or more). Yes it is addicting....

P.S. Make sure your 401K is maxed out first....

kingsrider · Mar 3, 2019

While it is true this is a hobby for people with some discretionary income, it also a hobby for the person that is willing to research, learn and occasionally take a risk.
This last part, the risk, I equate to gambling. I have quite a few buddies that love to bet on sports. They spend thousands of dollars annually on gambling. Sometimes they are up, most of the time they are down. The way I look at it is my watch purchases are like bets. Most of my bets pay off.
With good research and a bit creativity, I have funded numerous watch purchase with sales from other watches and ephemera. There are money making opportunities out there if you know where to look for them.

For me the owning is only part of the hobby.

CajunTiger · Mar 3, 2019

kingsrider
While it is true this is a hobby for people with some discretionary income, it also a hobby for the person that is willing to research, learn and occasionally take a risk.
This last part, the risk, I equate to gambling. I have quite a few buddies that love to bet on sports. They spend thousands of dollars annually on gambling. Sometimes they are up, most of the time they are down. The way I look at it is my watch purchases are like bets. Most of my bets pay off.
With good research and a bit creativity, I have funded numerous watch purchase with sales from other watches and ephemera. There are money making opportunities out there if you know where to look for them.

For me the owning is only part of the hobby.

man, this is getting really weird...since when is buying a new Omega like a bet? Its a fυcking watch, either you want one or you dont.

kingsrider · Mar 3, 2019

CajunTiger
since when is buying a new Omega like a bet?

The OP didn't say new. Admittedly, I was thinking vintage.

Muddlerminnow · Mar 3, 2019

bucksandreds
Hello,

IThe reason I started this thread is I guess I want you guys to help me rationalize to myself why I should buy it.
.

There can be a lot of good reasons to buy a good watch, many posted already. For me, it became a matter of having a watch that had in it a sense of quality and care and of course history itself. I wanted it to last. To reflect who I am. I always tell my students that at some point they should get something that will last them their entire life, and it won't be cheap but it'll be worth it in ways that are much greater than the initial investment.

My first big buy was a handmade FW Evans cycle frame I had made in London shortly after starting graduate school. I still have that frame, 40 years later.

CajunTiger · Mar 3, 2019

kingsrider
The OP didn't say new. Admittedly, I was thinking vintage.

He posted in the modern Omega watches forum...and it sounds like it’s his first watch purchase.

WatchVaultNYC · Mar 3, 2019

I bet some are multi-millionaires. But many with much less net worth just think the watch hobby is a worthwhile use of their resources. Just read those "Watches CEOs Wear" articles you see online, some of those guys can afford much more than what they are wearing, but they just don't care or like to wear sentimental watches which may or may not be expensive.

Not a strict linear correlation between net worth and the watch you wear

bucksandreds · Mar 3, 2019

I wear a $22 Amazon wood watch. The rational me says buy a $200-$500 watch first but deep down I only want a speedy pro. It’s the ultimate watch to me. Maybe the greatest “story” of any watch ever, insanely good quality, practical enough for everyday wear yet beautiful enough for a suit and tie. I just don’t think anything else adds up to that.

dscoogs · Mar 3, 2019

bucksandreds
I can’t get past thinking that every dollar saved will benefit my kids and future grandchildren. The way I’m saving (virtually every spare dollar) at 65 I’d (depending on market returns) be worth close to 8 figures. I’m in Ohio and seeing the decay that’s happening in most of the areas outside of the big city suburbs, I’m terrified to imagine my descendants living like that. I don’t like money for buying things. I like money for the security that I feel when I have it saved. I have 2 sons so if it’s an heirloom then I’d need two.

So let's assume that a 3.5k investment today will double (after tax) every 15 year period, and will be worth 14k in 30 year timeframe. Let's also assume that your new 3.5k 2019 speedy will be worth somewhere around 3.5k (or $0) in 30 years. You and only you can determine whether the joy of owning the watch for 30 years is worth the 10.5k (or 14k) money difference or not - hopefully the 10.5k (or 14k) delta will be a small percentage of your expected total investment portfolio @65.

If you think you might need two then double the amounts in my numerical examples. An alternative approach is to buy a 145.022-69 with DON (one is offered on OF for 7k - not by me) and give it to your 2 sons in 30 years. They can probably trade it in for 2 brand new 2049 speedmasters 😁

Folgono · Mar 3, 2019

bucksandreds
I wear a $22 Amazon wood watch. The rational me says buy a $200-$500 watch first but deep down I only want a speedy pro. It’s the ultimate watch to me. Maybe the greatest “story” of any watch ever, insanely good quality, practical enough for everyday wear yet beautiful enough for a suit and tie. I just don’t think anything else adds up to that.

Well if you can afford one just go for it. Buy it new on grey market or a second hand "new" one and in worst case scenario you won't loose more than a few quids if you decide after all that you don't like that watch and you want to get rid of it.

ATWG · Mar 3, 2019

This is an absurd statement. If you hang around this forum you will see folks from all walks of life owning very nice example, truck drivers sporting expensive Rolex Sport models, students purchasing their first Moonwatch, Airline pilots with incredible enthusiasm ....to say this is a millionaire's playground is just not correct.

You're a dentist in the wealthiest country on earth, surely you can squeeze a few dollars out from under your pillow to splurge on a Moonwatch, can't you?

Look past the $$ and do what's in your heart, you can't take it all with you.

007007007 · Mar 3, 2019

So this is my take on this. Some people are into watches. Some are not. But once a watch lover, always a watch lover.

To me it’s all about the mechanics of a watch. Yes, the design, fit, feel, and aesthetics are also important. But when you reflect on how much effort went into designing the watch to make it tick the way it does. It really is an amazing thing.

I used to wear designer watches (under $1000) and would change them out as they went out of style. But when I bought my first Omega Seamaster in 2004, I never regretted the price I paid. It is one of the best made watches I own.

The same applies to the Speedmaster. If you like it. Buy it. Worse case scenario is you come back to the forum and sell it. They hold their value fairly well.

I have a feeling that you will keep it forever.

CajunTiger · Mar 3, 2019

dscoogs
Let's also assume that your new 3.5k 2019 speedy will be worth somewhere around 3.5k in 30 years.

Lets assume it will be worth $100 or even lost...anyone buying a new watch today assuming its an investment, needs a new investment advisor. Watches aren't investments, they are jewelry. Although some of us may still consider them tools 😀

Fritz · Mar 3, 2019

STANDY
Most of my watches come from overtime and on call work that is above my normal wage.

Few cashies as we call them in Australia 😉
( a cashie is when you get a tradesman over for a cash job after their work )

I've always found Australian to be a far more sensible language than English.

And the beer is better too.

If only everything wasn't friggin poisonous!

nttisch23 · Mar 3, 2019

Of course it takes money to get into this specific hobby/love. I think if you research a lot and grow to love pieces from afar, you will eventually feel the desire to have one of your own. If you buy something you’ve fell in love with, every time you check your wrist you will fall in love over and over again. Most of these pieces will outlast our own lives, and even our children when properly maintained and cared for. The term “rich” is defined fairly differently in everyone’s eyes. It’s up to you to determine wether you can afford a beautiful piece without harming yourself financially. I will say, it is an amazing feeling to save up for a piece you have loved from afar, and being able to purchase it. Best of luck in finding your desire 😀

dscoogs · Mar 3, 2019

CajunTiger
Lets assume it will be worth $100 or even lost...

Why didn't I think about it … post edited.

CajunTiger
anyone buying a new watch today assuming its an investment, needs a new investment advisor. Watches aren't investments, they are jewelry. Although some of us may still consider them tools 😀

... let's see what speculators are going to do with the Apollo 11 50th Anniversary speedies, hopefully there will be one stainless steel left for me 😀

007007007 · Mar 3, 2019

Fritz
I've always found Australian to be a far more sensible language than English.

And the beer is better too.

If only everything wasn't friggin poisonous!

Hahahaha

Foo2rama · Mar 3, 2019

One way to look at it is buying a slightly non depreciating assets. Buy a new Speedmaster and it looses a grand or so over the first three years. You can get out of it and your cost over a few years is relatively minor. You loose much more on any new car purchase.

There are also extremely affordable brands that are not looked down on by “snobs” namely Sieko, Orient, up to junghans and Longines and Tissot which all slot under Omega.

Part of the attractiveness of Omega and Rolex is if you buy a classic design your depreciation is fairly low.

PhysicsIsFun · Mar 3, 2019

For the record, I'm not a multimillionaire. I don't buy expensive watches as an investment, but I do plan on leaving them to the grandchildren (my dad did it and I like the idea). I purchased the Omega GSOTM earlier this year because I liked it and could finally afford it without worries of college tuition, etc. And now I know the date without having to get out my cell phone!

007007007 · Mar 3, 2019

Foo2rama
One way to look at it is buying a slightly non depreciating assets. Buy a new Speedmaster and it looses a grand or so over the first three years. You can get out of it and your cost over a few years is relatively minor. You loose much more on any new car purchase.

There are also extremely affordable brands that are not looked down on by “snobs” namely Sieko, Orient, up to junghans and Longines and Tissot which all slot under Omega.

Part of the attractiveness of Omega and Rolex is if you buy a classic design your depreciation is fairly low.

Buying an Omega or a Rolex etc as an investment should not be a primary reason for the purchase. You are buying the quality, performance and design. If it so happens that you make money on your purchase, great. The timepiece is an extension of you and your personality. So you cant use the investment analogy on this. Unless you are buying a true collectors piece.

The prices of these timepieces will fluctuate. For example, currently there is a worldwide shortage of Rolex watches. They are fetching prices that are over MSRP. Even used watches are bringing more money than new. Once that shortage is corrected. The price will adjust.

When the economy crashed, you could pick up a Submariner for under $4,000. Not you can’t buy them for $7,500. Too many factors to consider when buying as an investment.

With regards to the ranking amongst other watches. I believe Omega is a lot more than a notch higher than the other brands mentioned.