Okay, so you've amassed a pretty impressive and valuable watch collection over the years. But as those years imperceptibly wear on, you wake up one day and find out that you still have a fine watch collection...but you're old. So what do you do? Gradually pare down starting at 60? Hit 70, or 75 and then give the whole thing to one of the popular auction houses? Or say, screw it, and hang on to them 'til the bitter end, and let the heirs worry about it? And if you're young, and think this is a long way off, I have sobering news for you...
I don't have any intention of liquidating something that I still enjoy. What I have done is started documentation of each piece so they don't have to I don't want the boys taking them to some hack only to tell them they are something they are not.
I always imagined having them auctioned after I'm gone and the funds directed to cause I found worthy, only trouble is I know how much the auction houses take of it. I don't believe in leaving much to your kids, I'd rather they earn their own way and not end up bums or living a lifestyle they haven't earned as I've seen the damage that does to some families.
My kids have no interest in my watches - they use their phones to tell the time. But we know from all the "Uncle" stories on the Forum, that nephews and nieces always appreciate a valuable inheritance.
I'm just starting out in this watch world, but my intention is to leave my watches to my kids. The first watch I bought was when my daughter was born and then on I try to get one for each significant event in my life. My 30th birthday, my son's birth, promotion, etc. My kids really like it when they come over and play watch store. They have their own watch boxes and watches that they mess around with. They are only 8 and 5 so their watches consist of baby G Shocks, princess watches and a mid size Seiko diver from the 80s but they really enjoy it. I agree with @dsio about not leaving too much for kids in order to let them earn their own way, but I don't have anything else as of yet so the watches will be theirs.
Maybe leave them one that has a special story. You don't even have to wait until you die. That's how my obsession started. And yeah, thanks for ruining my mood
Valid concern. Been thinking about this too. My boys know they will each be given a watch once deemed worthy. They will also inherit one in my memory. As far as the others....not sure yet. I'm thinking I will sell a few and fund something I would never otherwise pay for outright. Maybe a sailing trip in Caribbean or a trip to Australia . Probably both and then some if/when I sell the Ed White. Need to go shop for a watch now. Still trying to determine which ones get passed. I have three of the four figured out.
Answer is easy. Begin selling them and take the money to buy or do whatever you enjoy. But leave some to those who show an interested in watches. If your kids don't care for watches but like to travel, sell some of the watch and send them and you on a good vacation.
I'm with redpcar on this one I only buy watches I love -and want to join the 'choir ethereal' still owning them I would only sell if I really needed to I don't have kids - so hope to be 'that uncle' when I fall off my perch They can keep 'em or sell them when I'm gone - I'll be passed caring....
I have already given two away to my sisters, and decided which one to give to my son. My daughter doesn't want one. The watches in my drawer are more far valuable to me than anyone else, so I plan to keep the rest a while longer.
I just going to believe that all my watches will be worth the price a pocket watch is today, so I wear, enjoy and appreciate. if they end up being valuable, then my daughters and wife will have $omething to remember me by.
My kid likes my collection. When I pass on he will inherit them along with purchase price and valuation so no one can pull the wool over his eyes. On the other hand I may become a vengeful spirit guarding the watches against sleazy resellers and poor maintenance ...ya never know......
Mrs. Darlinboy or the boys can dispose of mine as they see fit - except for the Speedmasters... I'm going to have them flown to the moon on the Virgin rocketship! We all know what flown Speedmasters bring! Yeeeeeehaw!!!!
I will admit to buying some of the watches I own in order to eventually pass them on to my son. But while he seems to like them right now, he is very young and I do not know how he will feel about them in 15 or so more years. I'm in the camp of 'document what you have' so the family/ estate can deal with them easier when the time comes. Of course one's own finances will likely dictate what makes the most sense.
I am not worried because in my experience, vintage watches are not worth much at all. I have an 18k gold Patek and an 18k gold Concord I took to an estate dealer to see what I could get as I don't wear either. The Concord cost $ 5,000 30 years ago and I was offered $ 3,000. This is the one I gave to my sister lol The Patek cost $40,000 ( yup ) 30 years ago and I was offered $ 3000 6 months ago. I still have it lol
I have documented my small assortment so that my wife/kids/siblings know what's what. The family pieces will go to my children to do with what they see fit. I suspect the Gubelin and '34 Drake will stay around. The rest is a guess. I would love it if my son wanted to keep the AT and wear it, but that's my wish and he might have other plans. At that point, clearly I won't have a say in the matter
At age 75 coming 76, I have already started to pare down. Most recently I sold my mid 80s Rolex Daytona Cosmograph because I knew well that if it was up to my heirs, they'd probably sell my entire collection including the Cosmograph for less than I got for the Cosmograph, by itself! And I know that the fellow I sold it to was able to make some money on it!
I'm getting to the age when waking up in the morning is a bonus, I've got no kids that I know of and my good lady hasn't got a clue how much a decent Omega is worth these days It's time I became a one watch guy so keep your eye one the for sale section..
I plan to tell my kids not to expect any inheritance when I kick the bucket, so they dont grow up and plan their lives expecting to be taken care of by "dad's inheritance" (whatever amount that may be in the future). They'll get everything of course. As for watches I'll sell everything but my favorite watch. have it engraved with my name, a message to future generations, and have it sewn up inside my corpse. And when I rot the only thing left of me will be my watch.