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Opportunity in adversity - collecting watches during the financial crisis  4 Comments

Published Friday, October 17, 2008 by Harry SK Tan |

 

The recent months of continual negative reports of global recession and market downturn has had a strong impact on market spending on luxury timepieces - as reflected by several economic reports. Almost every sector is now forecasting a prolonged slow down and even the global luxury goods retailers are reporting a dramatic slowdown in customer traffic and sales - a sector once thought to be unaffected by recessionary pressures.
Watch retailers appear also badly affected by the slowdown both of domestic sales as well as lower tourist traffic. Understandably it is financial prudence for collectors to hold off new acquisitions until the crisis blows over as liquidity is being squeezed and no one knows how long the downturn will continue.
However, for the financially prudent collectors who had been saving up for their grail watch, the financial downturn could well turn out to be a windfall as many mint used and rare watches are being put into the secondary market at much lower prices. So if collectors are willing to consider used pieces, this may be a rare opportunity to acquire a few instead of just one grail piece you had been saving for.
If you have the liquidity and patience, I recommend trolling the used dealer sites as well as putting up want ads on various watch forums. Its going to be a buyer's market for quite awhile, so be patient and good luck!
- HT

 

 




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