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Is this a hobby for the super rich?
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johncatlas
路Hello,
I鈥檓 a 30 something dentist who鈥檚 been eyeing my first Omega (speedmaster Pro) but haven鈥檛 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.
Honestly buying into luxury watches can be a bit strange at first. I think most of us are regular people with regular lives that enjoy wearing nice watches. Wearing a "used car" on your wrist is a bit unnerving at first but you'll get over it relatively quickly. My lady would tell you that I'm a cheap bastard since I'm very conservative with money and yet I have a very nice watch collection. The unique thing about watches is their likelihood on keeping value or even appreciating, such as the Speedmaster. I frequently buy and sell watches which makes it an economy of its own so I get wear stuff I like. I don't pay retail, EVER and I enjoy the hunt just as much as wearing the trophy. I picked up a new Speedmaster Pro for $3400 a few years ago and if I was forced to sell I could probably sell it for close to that. But honestly, if it makes you happy and you feel a real connection to the watch, its money well spent. In terms of worrying about the value, get it insured and wear it everyday. BTW, Speedmaster Pro is a great first Omega and will likely remain in your collection forever. Not to mention they have great resale value and a very history.
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stockae92
路If this is a hobby, then buy within your means.
Save up for the one you want, and also celebrate significant achievement in your life.
Save up for the one you want, and also celebrate significant achievement in your life.
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countnast
路It's cheaper than substance abuse.
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mmpass
路Talking numbers: the median income in America is around 59K to 62K.
Back in the early 70's, a speedy costed around 200 bucks, inflation corrected that would be around US$ 1,297.00 in today's dollars.
Main issue is that mechanical watches were tools in the 70's and in this days it became a luxury item. Who *really* needs a watch to tell time when we got cellphones? Even worst, mechanical (which implies maintenance each 5-7 years)?.
As a result to this new reality, watches prices increased above inflation i.e. a Speedy will cost around 4-5K instead of 1.3K if only inflation corrected.
If you make 3x the median income in USA, you should be able to easily afford 3x US$ 1.3 = $ 3900,00. That happens to be more than the price for a *new* grey market speedmaster professional or plenty enough for a good second hand speedy probably still under warranty.
Love this discussion. Feels a bit like an animated classroom discussion in a philosophy course.
The necessity of a proper functioning mechanical time piece prior to the quartz revolution leads me to prize pre-quartz era watches above modern mechanical watches. Barring an effective EMP attack, mechanical watches seem to be jewelry with the benefit of a reasonable time keeping function.
Don't get me wrong, I lust for many of the modern offerings, and have a post quartz mechanical that I love.
Will the current modern mechanical watches being manufactured offer the same authenticity in 40 years that the mechanical watches of prior necessity do?
Not sure this is relevant to this particular thread, but the thread made me want to articulate this question.... thx
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pongster
路I read somewhere that an engagement ring should be worth 3x a man鈥檚 monthly salary.
Is there a similar metric for buying watches vis-a-vis one鈥檚 income or assets? 1x monthly salary? 1% of net assets?
Is there a similar metric for buying watches vis-a-vis one鈥檚 income or assets? 1x monthly salary? 1% of net assets?
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jimmyd13
路
That was a De Beers advert that has been recreated ad nauseum. Diamonds are a common gemstone. It's the market control that De Beers has which keeps their value up.
Given the way my government seems set on imploding the economy, 100% of disposable income has gone into watches (as well as art, jewellery and bullion). For the last three years I have kept "cash on hand" down to a few thousands at most.
Now, there is a downside to not keeping cash, as I discovered at the start of the year, but I can turn bullion into cash at above market rate in a week (because I buy it only as very good quality coinage) and a watch can be converted into cash at least as quickly if you're willing to price it "right" ("right" being for the buyer).
Now, there is a downside to not keeping cash, as I discovered at the start of the year, but I can turn bullion into cash at above market rate in a week (because I buy it only as very good quality coinage) and a watch can be converted into cash at least as quickly if you're willing to price it "right" ("right" being for the buyer).
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LeonDeBayonne
路125% of gross assets.
I can promise that you will never manage my four-digit savings account! 馃槈
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Skyblue44
路It sounds like you are gonna have to get one. Then again, I think you knew the answers you would get when you started this thread.
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bucksandreds
路It sounds like you are gonna have to get one. Then again, I think you knew the answers you would get when you started this thread.
Oh I knew the answers, to a degree. I wanted to know the rationalizations. I was planning and am buying a speedy pro this summer. I think that this conversation has been very valuable for me and hopefully others. It helped me realize maybe I can enjoy spending a little and maybe someone who overspends at least considered the opposite. Keep the posts coming. This has been very valuable insight.
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STANDY
路路schizophrenic pizza orderer and watch collectorOh I knew the answers, to a degree. I wanted to know the rationalizations. I was planning and am buying a speedy pro this summer. I think that this conversation has been very valuable for me and hopefully others. It helped me realize maybe I can enjoy spending a little and maybe someone who overspends at least considered the opposite. Keep the posts coming. This has been very valuable insight.
Best bit of advice I can add.
Buy a pair of diamond earrings give them to the wife and you can usually take anything out of the bag while she鈥檚 looking and trying them on 馃槈
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Evitzee
路If an individual, in this case a medical professional, has to ask total strangers to convince him to buy a nice watch one thing is clear, he doesn't want to spend the money. As someone else said, it's an effing watch. If you can't rationalize the value in your noggin, stay away. The decision isn't that difficult, but only YOU can make that decision.
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trenken
路Well it is a hobby for the rich of course, very often older people who are more financially comfortable, but its also a hobby for people with less. For them, they buy less of them. Maybe they only get a really nice watch once every so often. Im not rich, but I would say Im comfortable and somewhat well off at 42. I dont buy lots of expensive watches, and I dont feel a need to. I bought a planet ocean some years back, loved it for a long time, sold it after I had my fill of it, and now im shopping for a new omega. Thats how I like to roll with them. Buy one, love it to death, wear it nearly everyday, if I get bored of it in 5 years I sell it and get something else. Thats the extent of my needs with these high end watches.
You can get a brand new last gen seamaster for 3k. Thats not TOO crazy. Anyone who makes decent money or gets maybe a nice tax return can swing spending that much on a watch without killing themselves. Many places online also offer financing if someone has the money but doesnt want to spend it all at once.
Now of course when you get up to like the 10 grand rolex's, thats a different story. The market for those would be smaller, people who have 10 grand to throw at a watch, but thats obviously not a huge percentage of people.
You can get a brand new last gen seamaster for 3k. Thats not TOO crazy. Anyone who makes decent money or gets maybe a nice tax return can swing spending that much on a watch without killing themselves. Many places online also offer financing if someone has the money but doesnt want to spend it all at once.
Now of course when you get up to like the 10 grand rolex's, thats a different story. The market for those would be smaller, people who have 10 grand to throw at a watch, but thats obviously not a huge percentage of people.
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Bp1000
路Flipping heck, 9 pages since the weekend.
So did the OP, presumably fairly wealthy dentist buy the 3k (GBP) speedmaster! ??
So did the OP, presumably fairly wealthy dentist buy the 3k (GBP) speedmaster! ??
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trenken
路The other thing too is that, it's ok to treat yourself sometimes. Even if you arent rich and it might be hard to justify it, you clearly still WANT it, and I have a very strong feeling you wont get that watch out of your head now that youve probably fallen in love with it even before buying it. We arent going to be here forever. Soon enough all of us will be gone, so why not spurge here and there and something that will accompany you on adventures in your life while you are still here? Its a worthwhile investment, especially considering these watches hold a strong value as time goes by. Its not like a car that depreciates so much when you drive it off the lot.
Theres a funny thing about these watches. You actually form a bond and make memories with them, knowing all the love that went into building them. My PO was with me through many great times of my life, and that actually made it tough for me to sell when the time came that I was bored of the watch itself. Its almost like having a pet. I see pix of me in someplace fun with the watch and I feel sentimental about it. I LOVE my apple watch, but I dont have any sort of personal connection with it like i do a fine omega watch, because it is this cold, sort of lifeless electronic device.
Theres a funny thing about these watches. You actually form a bond and make memories with them, knowing all the love that went into building them. My PO was with me through many great times of my life, and that actually made it tough for me to sell when the time came that I was bored of the watch itself. Its almost like having a pet. I see pix of me in someplace fun with the watch and I feel sentimental about it. I LOVE my apple watch, but I dont have any sort of personal connection with it like i do a fine omega watch, because it is this cold, sort of lifeless electronic device.
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gostang9
路Best bit of advice I can add.
Buy a pair of diamond earrings give them to the wife and you can usually take anything out of the bag while she鈥檚 looking and trying them on 馃槈
Hope he has a side gig doing slight-of-hand tricks.
馃槑
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queriver
路Flipping heck, 9 pages since the weekend.
So did the OP, presumably fairly wealthy dentist buy the 3k (GBP) speedmaster! ??
I had a nice chuckle picturing our nice young dentist give a small earring box to wife and then attempt to discretely pull the modern suitcase sized Moonwatch box out of the same shopping bag!
馃槑
Now is the perfect time for OP to buy his watch. Planning started 9 months ago and OP's wife is fully focussed on their new human arrival, if delivery was as scheduled on Tuesday.
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mz_cle
路I agree that there are different entry points into watch collecting or appreciation, but I find the most enjoyment comes from researching a purchase or watch. It's pedantic and detail-centric, but the same research into the different elements that an enthusiast might find interesting are similar whether researching a tool watch in the $3-500 range or a chronograph in the $7,500-10,000 range. The interest the latest limited addition Seiko Alpinist is a good example that a watch doesn't need to be of a particular price to be interesting or desirable.
My interest has evolved, and I've made some admitted mistakes. I have also made a few purchases that give me much pleasure and satisfaction. This journey has taught me about my particular interests, which skew towards modern tool or sport watches, and have increased my confidence in making more expensive purchases, but based on my taste, not a forum or influential website.
My interest has evolved, and I've made some admitted mistakes. I have also made a few purchases that give me much pleasure and satisfaction. This journey has taught me about my particular interests, which skew towards modern tool or sport watches, and have increased my confidence in making more expensive purchases, but based on my taste, not a forum or influential website.
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Speedy 419
路If you buy an Apple Watch in three years time it鈥檚 is almost worthless
If you buy a speed master in ten years time it will remain a classic and if you sell it you will get your money back
(But you will not sell it. You will always have a mile on your face when you wear it)
Cheers