"Undervalued" mm. Thats an interesting term, when referring to any luxury item bought with disposable income.
Once we start talking $400,000 for a speedmaster, we have to wonder who is buying it, and what their choices are as where to spend $400,000 are. And why they think $400,000 is worth so little that they would rather have a worn out watch.
We are in interesting financial times. Wealth seems to be concentrated in the few, and as the rise of luxury auctions shows, there is more and more wealth being allocated to meaningless luxuries while people continue to starve. and great amounts of wealth are directed through military spending that can seem as if the sole aim is to increase the number of people that are unable to feed themselves.
I am not trying to be political, I am saying that there surely will come a time when the balance tips. There is SO much money in so few hands, that those hands can spend it on things like this - imagine what those $400,000 could do even to my local school. (Again not saying they should give the money to the school, its just that the watch is valued higher than giving to the school).
Its not just watches, its happening everywhere. People with more money than they need to feed and clothe themselves, are rushing to convert the fiat currency into (almost) anything else. If you want to know what the truly rich feel about money, watch how fast they spend it converting it into real objects - Art, property, gems, watches,.
There is a lack of balance in what things are valued at - and I think that seeing this Speedmaster sell for this price is but one indication that the tipping point approaches. We talk of a bubble, but I think it is more of a global financial re-arrangement in the coming. As I have said before, I have no idea what the changes will be, but when they come, they will be fast and cataclysmic.
Click to expand...