Question for some of the more experienced members around here - how do you deal with adjusting market values on older pieces that you acquired (well) below current prices? Do you have to continuously take it to be appraised? My solution to this point has been "put it in the bank vault when I'm not using it" but with some of the values that these old pieces are hitting now (looking at you, Jochen Rindt Autavia and 2998 Speedy), I'm starting to want some additional security.

With how fast the market has increased for some brands/references, however, it seems like any value that's insured is then too low six months down the road. And the only people who can truly / accurately appraise their value are other knowledgeable collectors, dealers, or auction houses.

Cheers,
Rob

 

Insurance

 

I see you are running the EOTech with 3x magnifier. Great choice.

 

I am going through this, but my watches arent to the level of yours.

I am planning on working a deal with a local jeweler in which I do the write up, photos, value,etc., and they put it on their letterhead.

They are clueless on vintage watches, and after I called out the fakes in their case, the owner and I are now buddies.

We will see how this works. Luckily USAA doesn't require an appraisal for anything under $10k, and most of pieces are pretty close.

 

I have mine insured for what I paid so at least get my money back. Not sure how to even go about finding an appraiser that my insurance co will accept.

 

Call them

 

Good point ... they are very focused on sales documentation. (Which pay pal is great for) I tried to have this appraiser conversation before but it went nowhere. Time for a more focused discussion.

 

I am going through State Farm at the moment getting my 145.022 insured. Waiting for the Extract to prove its authenticity so I can insure it on my personal articles policy along with my other watches. After I have the extract I can insure it for any replacement value I want under $6000 as long I pay the premiums.

I'll have to check with USAA @watchknut and see if they have better terms. I love USAA.

 

So it's sounding like the only way to do it is to have it officially appraised then? I guess I could just become friendly with a jewelry shop and essentially tell them what to appraise it for (given that I would know far more about it than the would).

 

I think there is no easy answer. Frankly I find State Farm wanting a cert of authenticity pretty disturbing. I'm liking purchase price better. As far as appraiser is concerned @ChicagoFrog is right.

 

I changed my house insurance cover recently, as I wanted to add my watches specifically under the cover.
I found that the typical high street home insurance companies had a relatively small limit, one at least that didnt cover my watches.

So I moved to a more specialised home insurance broker that did focus on more valuable pieces such as watches and jewellery. I found them to be more expensive, naturally. But, only by some 10/15% than my previous cover.

For that all I did was list (over the phone) the make and model and value of each watch. I wasn't asked to provide receipts and or certs of authenticity.

Also, I could at any point in the future call to amend watch values due to appreciation. Naturally premiums 'may' change.

Certainly in the UK, it was finding the right home insurance cover than enabled this type of flexibility.

The same company also handles my shipment of newly purchased watches. I call them to insure a watch in transit. For which they take a one off fee. Just for piece of mind.

 

Looking to change my own contents insurance in the UK, do you mind sharing who you went with ?

 

Insurance on scheduled items is very expensive. The more you insure, the % rate on the premiums gets higher and higher. Better to buy a personal property floater (or whatever your insurance company may call it). It covers lots but excludes certain risks. Insurance companies will not cover you for the costs associated with seeking out rare collectibles (i e travel), and on difficult to find items, if you are unable to find a replacement within one year, you'll have to be satisfied with a cash out at a substantial discount! I don't have any coverage outside my personal property floater. You could end up paying more in premiums on scheduled items than you are paying for your dwelling, contents, auto insurance, etc. After ten years with no claims, you have paid enough in premiums to replace several expensive items. And insurance doesn't buy you peace of mind! It's only useful after your stuff is GONE! And if you find a replacement for a scarce item at an excellent price, far below the insured value, the insurance company is only liable for your purchase price!

 

Sure. I used Highworth Insurance.
They only look at specified items with a value of over £5K. Anything else that is less, goes into a general bucket and doesn't need to be named. Worth checking out if only for comparisons sake. Am sure each case is different. For me it worked out.