Community Stories

Leaving your watches

Walrus
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I know this comes up on occasion but my wife and I were just reviewing our life insurance. Won’t go into that but it is something that is prudent to review. We never know when we are leaving stage right and I’m sure most of us don’t want our family struggling. We have an adopted son who is young but we share custody and he currently resides in China that is a (not bad) long story and you don’t need all that info I bring it up as ideally I’d like all my watches to go to him. (A few may end up with people here and some other friends) I gave my wife the key to my crypto but she asked me about my watches.
Fair point. In case they can’t get to whom I want them to she should know value and decent sale. It is going to raise some eyebrows as she thinks my smp cost 100 dollars. I didn’t tell her that she just thinks that and I have yet to correct her. I mean I’ve shown 90% of my watches here and I my collection is nothing special I’m not chasing big ticket items just things I like. I honestly have no clue what my collection is worth. It might hit a couple 100,000 thousand if I pick the highest examples of everything on chrono I guess but I mean realistically. So I started just marking down values on watch recon and sales on eBay. Then I try to account for imperfections in mine versus better condition recent sales. I’m not planning on passing on anytime soon but who the hell does. Kinda amazed I made it this far tbh. So a mediocre coin collection and a mediocre watch collection.
By the way my wife actually called me she is out at some appliance/electronics stores and she actually asked me if I wanted an Apple Watch as I guess the place she is at is having a sale on them. I thought that was very nice of her. I declined telling her I’d like one someday but I’m halting watch purchases until December unless something really cool pops up.
Ok anyway sorry mind wanders again. Is what I’m describing seem like a decent way to compile a list of watch value for my wife in case she’s planning on knocking me off to get my crypto and watches?
 
wagudc
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I have a watch spreadsheet for my own purposes. It has info that is important to me: serial numbers, most recent service date and the watchmaker who did it, and an ordered list of OF members who have "dibs" the watch. I don't, but one could add an approximate value column.
 
perks713
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I’m 38, have maybe 10k in watches if everything sold at top dollar. My instructions at this point are to save them for my daughter. If money were tight for her I’ve actually told her to come here and try and find some help and advice. Right now we’re not talking about big money and my collection is small enough that she could give a watch to a few family members too.

When it comes to your collection, it’s value, and your crypto make sure more than just you and your wife have the information. Basic instructions with your Lawyer and copies of all the information in a safety deposit box is a good idea too. If something tragic happened and you both went at the same time you want to make sure someone can get that info to your adapted son.
 
Dan S
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I think about this too. My wife knows that the watches have value, but I have some doubts whether she would actually go to the trouble of selling them. The prospect of selling them would be so overwhelming that I suspect she would just leave them where they are.
 
Walrus
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perks713 perks713
I’m 38, have maybe 10k in watches if everything sold at top dollar. My instructions at this point are to save them for my daughter. If money were tight for her I’ve actually told her to come here and try and find some help and advice. Right now we’re not talking about big money and my collection is small enough that she could give a watch to a few family members too.

When it comes to your collection, it’s value, and your crypto make sure more than just you and your wife have the information. Basic instructions with your Lawyer and copies of all the information in a safety deposit box is a good idea too. If something tragic happened and you both went at the same time you want to make sure someone can get that info to your adapted son.
Yea crypto is tricky so much of it is lost because people don’t plan that stuff properly. Dont want to mention that too much get attacked by the crypto haters but that’s cool you constructed a ballpark figure for your watches. I did consider giving my password here won’t rule that out. I really hope my adopted little fellow takes a fondness to watches he might as I’ve sent quite a few to China for other family. Maybe I’m thinking about this too deeply I
Imagine it can get rather serious for those who are loaded up on Rolex and other more high end brands.
 
Walrus
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Dan S Dan S
I think about this too. My wife knows that the watches have value, but I have some doubts whether she would actually go to the trouble of selling them. The prospect of selling them would be so overwhelming that I suspect she would just leave them where they are.
Ya right that’s another consideration you don’t want to add additional burdens on people as well. I do a lot of face to face purchases and a few sales I definitely wouldn’t want my wife have to deal with that
 
lindo
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Give some thought to insurance as well. You can cover both issues (death instructions and insurance cover) by listing your watches appropriately. I understand that some collectors might not want to bother with insurance details, but apart from theft, in the era of extreme weather becoming more frequent it is worth thinking about. In Australia the intensity of fires and storms is definitely on the way up - I look at TV news images of people who have lost everything and wonder how I would feel.

I use a simple table with enough information to guide an insurance assessor, and to help any of my kids who inherit them to understand what they are looking at. At the very least, if they decide to sell the watches at auction, the descriptions and values will guide the auction house. Here is a example from my list:

Screen Shot 2021-10-02 at 9.33.21 am.jpeg
 
rob#1
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I think there might have been a thread on OF before about something similar - Is there a website like Discogs for watches? On Discogs you can detail your record collection by label numbers and/or bar codes, then state whether they are in Excellent, Good, or Poor condition. It constantly takes into account fluctuations in pricing based on their sales database, etc. (currently albums from the 90s are soaring in value) and has all different variants of the same LP listed (there can be hundreds for albums like Dark Side of the Moon). You can then export a spreadsheet containing the details of your collection for later use. Photos aren’t in the spreadsheet but are on the database - a watch version should contain photos like @lindo has.
 
Out of TIME!
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Funny thing to note:
Items are only worth what ever is trendy at the time you sell.
Can't give Grandfather Clocks away, no market.
Have seen Baby Grand Pianos for free, just bring a truck......
Told my wife, call friend, or sell all my watch tools on E-bay.
When we are both gone he gets it all anyway.
I have 8 siblings, their getting a goose egg!
Make sure you have a trust & how your Husk is to be handled.
One thing especially for the younger folks also, how much or at what point do you let the mainspring go?
The hospitals will suck every penney out of an estate, resusitate or not to.....
Food for thought.?.
Ciao! Mike
 
Evitzee
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I've kept an Excel spreadsheet (first started as a Lotus 1-2-3 file around 1987) and I have every watch I've ever purchased listed on it along with sale dates if sold, profit/loss, rate-of-return, serial numbers, purchase price, etc. I then have that distilled down to a file that lists the watches I currently own with purchase price and nominal value today. Every couple of months I'll run down the values and adjust accordingly. Every watch has a consecutive number, starting from 1 in 1979 and now at 208 (many sold over the years), and I have a pic of each watch with its number on it along with the printed sheet that has the current value. The file and pics are in a binder so my wife, or whoever else is around, can at least match up the right watch to the value. And each watch box has a sticker with the same numerical number so the watch, box, papers can be assembled. It used to bother me worrying about the watches but I'm rational enough to know that the chances that the watches will all be liquidated at fair value sometime in the future is probably a stretch. I'll be dead so it really won't make much difference. But at least I've made the effort so that the opportunity is there for someone to get it right. You can drive yourself crazy about these things but in the end it is out of your hands as to how it is actually handled by descendants or whoever is going to handle your estate.
 
Walrus
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lindo lindo
Give some thought to insurance as well. You can cover both issues (death instructions and insurance cover) by listing your watches appropriately. I understand that some collectors might not want to bother with insurance details, but apart from theft, in the era of extreme weather becoming more frequent it is worth thinking about. In Australia the intensity of fires and storms is definitely on the way up - I look at TV news images of people who have lost everything and wonder how I would feel.

I use a simple table with enough information to guide an insurance assessor, and to help any of my kids who inherit them to understand what they are looking at. At the very least, if they decide to sell the watches at auction, the descriptions and values will guide the auction house. Here is a example from my list:

Screen Shot 2021-10-02 at 9.33.21 am.jpeg
Ya see another thing I need to look further into. I went onto that lemonade website (I think that’s the name) but it looks like they want written assessments by jewelers. Not ruling that out of course just kind of a pain. Numerous people here have one watch worth more than my entire collection regardless it would be difficult for me to replace everything I have as I was fortunate to stumble across some pretty good deals over the years. So yes that is another thing we discussed as it can just be a smart move.
 
stonestone
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Evitzee Evitzee
I've kept an Excel spreadsheet (first started as a Lotus 1-2-3 file around 1987) and I have every watch I've ever purchased listed on it along with sale dates if sold, profit/loss, rate-of-return, serial numbers, purchase price, etc. I then have that distilled down to a file that lists the watches I currently own with purchase price and nominal value today. Every couple of months I'll run down the values and adjust accordingly. Every watch has a consecutive number, starting from 1 in 1979 and now at 208 (many sold over the years), and I have a pic of each watch with its number on it along with the printed sheet that has the current value. The file and pics are in a binder so my wife, or whoever else is around, can at least match up the right watch to the value. And each watch box has a sticker with the same numerical number so the watch, box, papers can be assembled. It used to bother me worrying about the watches but I'm rational enough to know that the chances that the watches will all be liquidated at fair value sometime in the future is probably a stretch. I'll be dead so it really won't make much difference. But at least I've made the effort so that the opportunity is there for someone to get it right. You can drive yourself crazy about these things but in the end it is out of your hands as to how it is actually handled by descendants or whoever is going to handle your estate.

Excellent approach and one I plan to emulate! It’s more methodical than my current practice.

I have two files at the moment. One is a PPT with a photo of each watch, along with description, including purchase price and date. Another file is a Word doc with an explanation of why each watch matters: the history behind that reference and that brand, and why people collect that particular watch. This is still a work in progress. At one point I want to combine these into one binder, but haven’t yet thought through just how.

Meanwhile, I have been helping my wife do a version of the PPT for her jewelry collection: photos of each piece, description, time bought and amount paid.
 
perks713
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lindo lindo
Here is a example from my list:
Uhhh is this a weird thread to throw a dibs out on a watch…?
 
Walrus
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rob#1 rob#1
I think there might have been a thread on OF before about something similar - Is there a website like Discogs for watches? On Discogs you can detail your record collection by label numbers and/or bar codes, then state whether they are in Excellent, Good, or Poor condition. It constantly takes into account fluctuations in pricing based on their sales database, etc. (currently albums from the 90s are soaring in value) and has all different variants of the same LP listed (there can be hundreds for albums like Dark Side of the Moon). You can then export a spreadsheet containing the details of your collection for later use. Photos aren’t in the spreadsheet but are on the database - a watch version should contain photos like @lindo has.
Yes there have been and I’ve read a few. The insurance pops up often as well. I felt the need to start a new one as I realize a topic like this isn’t about the watch owner it’s about the people we leave behind it and when. Something tells me i won’t have much concern for my mundane speedy, constellation, Rado etc when I leave this realm but they will become someone else’s issue. I think that’s what made me but more thought into it. I didn’t sign that life insurance for me, I signed so my wife won’t be left with a large burden when I go. Statistically she will probably out live me plus she didn’t live a number of years like jerry Garcia like I did in my crazy youth. So I figured it was worth revisiting but if my judgement is wrong and it’s been too overplayed I would take no issue with the thread being locked. You know things float to the forefront of your brain at times and seems important to get ideas from people who have taken steps you are in the midst of
 
Walrus
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perks713 perks713
Uhhh is this a weird thread to throw a dibs out in a watch…?
Oh gee another guy wants my Vostok, you seem cool you got it.
 
lindo
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perks713 perks713
Uhhh is this a weird thread to throw a dibs out on a watch…?

Glad you like it - but my eldest son already has his eye on it (and much of the rest of the collection, so that will be a challenge when the kids get to decide who gets what).

I would like them to stay with a family member, but only if they have the true collecting bug. If not, I am happy for them to sell, so that collectors who appreciate these things can enjoy them.
 
perks713
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Honestly the big thing that many of us probably have going for us is that we have the Internet and our loved ones likely know how to do some Google searches.

I do think people tend to just assume something has no value but as long as my wife knows my watches are worth something, she’ll know to do some research before selling.

Of my mother (72 years old) and my father (73) only my mom is capable of doing that kind of research. My dad has an early generation kindle and recently learned how to read the news paper on the ipad…. He’s not checking prices on eBay.
 
perks713
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lindo lindo
so that will be a challenge when the kids get to decide who gets what
That’s easy, just leave them all to your favorite 😉 don’t worry you can tell us all which one that is…
 
Watch my Whisky
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Walrus Walrus
Is what I’m describing seem like a decent way to compile a list of watch value for my wife in case she’s planning on knocking me off to get my crypto and watches?

If that’s a real worry, you got bigger problems, bro.
 
Walrus
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Watch my Whisky Watch my Whisky
If that’s a real worry, you got bigger problems, bro.
Not a worry as long as it’s quick. I hate when they do the long drawn out death thing that’s a real bad day but last time I warned her not to do it again.
Edited:
 
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