When you think about it, a watch collection requires minimal effort and capital. The initial outlay may be significant, but the same costs that deter most casual watch buyers from expanding their horological footprint will not put you off. If you’re already familiar with watches, the newness of the idea may appeal to you.
After all, buying a house or car is often more expensive up front but less so over time – or at least until depreciation begins to take its toll. This article is intended as a resource for anyone looking to start a watch collection with $10000 (or less) – and there are plenty of people who fall into this category.
After outlining four steps that will get you through the first few hundred dollars, we’ll explain how each dollar spent can pay dividends in terms of future enjoyment, investment potential and future resale value.
Decide What to Buy
Choosing the right watch for your collection is the most important step. You’ll need to decide what you like and what you can afford. Once you’ve picked out a few models, you can start looking at options to find a deal. As far as budget goes, try to keep in mind that the more money you have to start with, the more options you have.
If you’re looking to start with $10,000, you’ll be limited to fewer brands and models to get you started. Again, the key is to keep a flexible mindset and don’t be too attached to any specific ideas.
Develop a Collection Strategy
Want to know where all your money is going? A watch collection strategy is essential and is a great place to start developing a watch budget. The strategy starts with determining what kind of watch collection you want. For this article, let’s assume that you’ve decided to start a watch collection with $10,000.
Below are a few collection types to get you thinking:
A Gentleman’s Watch Collection
A collection for a man who appreciates fine timepieces as an investment and social lubricant. Depending on your tastes, there are hundreds of options to choose from. As a gentleman’s collection, you’ll need to keep costs under $10,000.
A Watch Lover’s Collection
A collection for someone more interested in the joy they get from owning a watch than its resale value. Again, there are thousands of options to choose from. Keep costs under $10,000.
A Watch Enthusiast’s Collection
An eclectic mix of watches that’s not too focused on a particular type of watch and appeals to the watch enthusiast who wants to buy new models.
A Watch Randomizer’s Collection
A collection for someone who doesn’t have a real strategy (that’s you!) and doesn’t mind if it’s not a great collection.
Watch Forums and Market Research
There are numerous watch forums you can jump into and start learning about different watches. You can also research watches and brands you’re interested in buying. Perhaps you have a particular watch designer, artist or style in mind. Reading blogs and forums dedicated to these people can help you discover new perspectives on the subject that you might not have considered otherwise.
Make an In-Person Purchase
If you’re looking to spend under $10,000, you’ll need to make an in-person purchase. Perhaps you’ve found a store that has a watch sale in progress – this is a great way to test the waters and get a feel for a watch shop. If you live in a big city, you might even be able to meet the proprietor and strike up a conversation with them.
Ask them where they buy their watches, what kind of watches they like, and what kind of deals they get. After all, not all watch shops have the same customer base. Another option is to make a Craigslist or eBay purchase. When looking for watches on the cheap, remember that there are dozens of used watch listings every day. You can also set alerts on these sites and follow up when a watch you like pops up.
Final Tips
Watch collecting is a fun hobby that’s relatively easy to get into. So, what are you waiting for? Begin your watch collection with $10000 (or less) and reap the benefits of collecting watches. Remember that the initial outlay may be significant, but the same costs that deter most casual watch buyers from expanding their horological footprint will not put you off.
If you’re already familiar with watches, the newness of the idea may appeal to you.
