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Is this a hobby for the super rich?

drhex
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bucksandreds 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.
You assume that those 8 figure dollars will be worth something in thirty years - this is far from sure and solely depends on the trust vested in the dollar. You can always look at watches as material wealth which you can bargain with if push comes to shove. Also, if you are worth 8 figures you won't have it in cash under the mattress but invested in all kinds of things - again, watches aren't necessary the worst bet in a zero interest economy.
 
Foo2rama
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007007007 007007007
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.

Notice I’m not saying investment, there is expected depreciation, and yes the market could fall out. What I’m saying is a 5k watch that you can sell for 3,800 4 years later is not a huge expenditure. You can minimize this depreciation even more by buying a 3 year old watch that already deprecated... meaning at worst case you loose a few hundred.

The only piece of mine that I’d lose money on is my 3313 POC I bought new. It’s down 2k after 8 years. Of my other 10 pieces all but 2 are vintage or pre owned. 4 are sub 400 vintage or Seiko, 2 have doubled in price vs what I purchased after hunting a seiko 6117-8000 and lemania Sinn 903. The other 2 omega are either an LE or stable in price a Speedy Date.

If I liquidated all my pieces in a quick sell I’m actually up due to the Sinn and Seiko being smartly purchased off setting the drop on the 3313 POC.
Edited:
 
007007007
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Foo2rama Foo2rama
Notice I’m not saying investment, there is expected depreciation, and yes the market could fall out. What I’m saying is a 5k watch that you can sell for 3,800 4 years later is not a huge expenditure. You can minimize this depreciation even more by buying a 3 year old watch that already deprecated... meaning at worst case you loose a few hundred.
You are correct on limiting the depreciation.
 
M'Bob
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blufinz52 blufinz52
Here's how I look at it. Many folks (myself included) will spend several thousand dollars to go on a nice vacation. Money well spent, but when the vacation is over, what do you have? Memories and photos that no one wants to look at, lol. Spend several thousand dollars on a watch that you will enjoy for many, many years, potentially pass on to a someone you love, or at the very least, sell it for most of what you paid, is a great deal.

I say, get that Speedmaster Pro and wear it every day 👍

Recent research says that those who choose experiences over things are generally happier. However, when I hear travel stories of airport delays, someone next to you on the plane coughing all over you, hotel rooms with bedbugs, weeks of intestinal distress from eating local food...and then a couple nice days at the beach with a great sunset? Thanks, I'll take the watch...
 
nonuffinkbloke
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Is this a hobby for the super rich? I 'fakkin' well hope so mate! In fact I think we should have a special section in the For Sale Forum headed:

'ONLY FOR BUYERS WHO WOULDN'T NOTICE IF $20,000 FELL OUT OF YOUR ARSE POCKET' 😁

I'll be posting this one there straight away!
20190216_134403-1.jpg
 
jimmyd13
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Frankly, you're a young professional with disposable income and what sounds like a sensible grasp on finance. Treat yourself.

Don't cheap out either. Let's say that, instead of always liking that Speedmaster, you'd grown up gazing longingly at an air-cooled Porsche. Even though you now have the ability to buy one, your sensibilities are urging you to still be cautious ... if you settle for a second hand, grey market, japanese imported Boxster ... are you going to be happy in three months time?

Wander down to your local AD (Authorised Dealer) and accept the coffee they offer; settle down and look at all the options. Also, don't discount good vintage ones. You can still get -69s for the same price as the limited editions and they are not going to depreciate, whatever the talk about "bubbles". I'm not sure the same can be said for those Speedmasters made in the last few decades; it certainly can't be said for a standard new one. The limited editions, on the other hand, can be worth more the month after you get one.
 
VintageWatchIta
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It is not only for millionaire!!! and now sorry I have to go, the Limousine is waiting for taking me to the Polo match 😜
 
007007007
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VintageWatchIta VintageWatchIta
It is not only for millionaire!!! and now sorry I have to go, the Limousine is waiting for taking me to the Polo match 😜
 
cjoedaniel
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I really wanted a speedmaster as well.. But in my mind to spend $4k (grey market) on a watch in 2019 that wasn't COSC or chronometer certified, only 50m water resistance, non hacking seconds hand and no date was just foolish to me...and hard to justify. Despite all of the lore and history. Especially since you can get some very solid great watches for under $1k. However I did end up getting the new Seamaster as in my mind I felt the technological upgrades were worth it to me..
 
llvhhui
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I was in your shoes a year ago before I purchased my first Omega. I used to think it’s crazy spendings hundreds not to mention thousands on a watch. But then I realized it’s an adult thing to do. It shows you have your life together and people take you more seriously. Plus with proper maintenance the watch will most likely outlast you.
 
Folgono
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llvhhui llvhhui
I was in your shoes a year ago before I purchased my first Omega. I used to think it’s crazy spendings hundreds not to mention thousands on a watch. But then I realized it’s an adult thing to do. It shows you have your life together and people take you more seriously. Plus with proper maintenance the watch will most likely outlast you.

I'm not sure to understand. Is your point that with an expensive watch people are taking you more seriously ?
 
rudagger
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bucksandreds 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.

I am a lot like you (I think)..although a decade older and in accounting, with the questions in my head "do I need this, and is it worth it?".

With that said I lusted after a Speedmaster for so long my wife told me just to get one. In the end, it's pretty much like I thought....I like it even though it's a chunk of change.

Other watches are nice too, but I can't see myself buying another one. How many watches do I need???

So when you talk about the "hobby", I would suggest think of it as buying 1 watch that will last decades (with service), not starting a hobby where you need to buy another watch every year.
Edited:
 
Archer
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M'Bob M'Bob
Recent research says that those who choose experiences over things are generally happier. However, when I hear travel stories of airport delays, someone next to you on the plane coughing all over you, hotel rooms with bedbugs, weeks of intestinal distress from eating local food...and then a couple nice days at the beach with a great sunset? Thanks, I'll take the watch...

Thankful that I had none of that on my last trip...
 
llvhhui
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Folgono Folgono
I'm not sure to understand. Is your point that with an expensive watch people are taking you more seriously ?
Sorry I meant to type "it". People take "it" more seriously, the watch. A speedmaster vs a MVMT...
 
jhross98
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maybe i missed the point, but i just don't see how a discussion about a 3k new watch has anything to do with multimillionaires. i bought a 3k watch a year out of college when i made 38k a year and had a negative net worth. . you're either into watches or you're not. if you are there's great stuff to buy at pretty much every price point from the 100 dollar swatch i bought my wife recently right up to 7 figure investment pieces and every step in between. my college buddies who spent 1k their senior years on a nice tag heuer still wear those watches or equivalent and i have 45 vintage watches in a box.. the bug bites some people, others are fine with an apple watch or no watch at all. i think if you ask the question don't spend the money. if the question is how do i limit my losses on a new speedmaster pro that's a different topic entirely
 
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