Luxury Watch Purchases Driven by Emotions

An interview with Markus Harris, the Director of Communications for the National Association of Watch and Clock Collectors, gives us good insight into what propels one to buy a watch and what kinds of watches are hot right now.

At the time of the interview which was conducted by The Palm Beach Post, Mr. Harris was asked what kind of watch he was wearing? The answer may surprise you However, his bottom line is that watches are emotional purchases, things that are bought because they become family heirlooms and as in Harris' case, that doesn't mean it has to cost a lot.

He wears a 1906 Elgin pocket watch bought by his great-grandfather and which has been in his family for three generations. Because of its gold case it's worth about $300, but that's it. These days with the price of gold having sky-rocketed it's hard to buy a gold watch for that amount.

Being made out of gold is one thing that will make a watch expensive. The brand that produces the watch is also a factor, if it is a jewelry watch or not, what kind of movements it has and what other precious metals may be used - such as gold and platinum. Many watches are made from stainless steel and the watchmaking industry is also using titanium and carbon fiber to create new looks and light-weight timepieces.

The number of complications of a luxury watch also contributes to the price - a second hand, chronometer, chimes and other features are "extras", as can be the decorative design / engraving, etc.

A brand like Rolex, because of its name and reputation, can and does command high prices. However, there are many, many luxury watches produced by smaller, boutique - like companies that are so unique and produced in such limited editions that they can command upwards of hundreds of thousands of dollars. Of course, these pieces are sure to be jewelry watches, decked out in diamonds and other jewels.

Fans of Rolex watches will always love owning and buying more Rolexes, however today, there are so many choices that it almost seems "passé" to buy a Rolex. A lot of celebrities favor Rolex and this has kept the brand alive, especially among today's young rich and famous. Other brands favored by celebrities include Breitling and Audemars Piguet. Of course, Cartier watches will always be loved and sought after.

Another thing which can influence the price of a watch is when it was made. There is a comeback in vintage watches. Like vintage cars, if the piece has been well preserved and runs well, then it can fetch an even higher price because it will appeal to people's emotions and memories of the "old times."

When asked about his favorite watch, Mr. Harris responds that he currently likes anything by Gallet and has always been a fan of Patek Philippe. When it comes to American-made watches he has an affinity for those from the 1950's, specifically the Omega Speedmaster and Rolex Oyster.

When asked what he thinks is the most "important" watch today, he responds by saying he likes some of the experimental designs of Japanese watches (the one Japanese brand that most people know is Seiko) and that URWERK's UR 202 is "quite intriguing — the mechanical use of twin turbines in an automatic. That's cutting-edge horology." URWERK is a German company that was founded by two brothers in 1997. Taken from the company's website, a description of the UR 202 reads "time on the UR-202 is displayed using telescopic minute hands operating through the middle of three orbiting and revolving hour satellites. It is the world's first wristwatch featuring an innovative new winding system regulated by compressing air utilizing minature turbines."

Mr. Harris is not the first to make comment of what has become the "trend of the year" among luxury watches, which is that the difference between men's watches and women's watches is fading; many companies don't want to market a watch as one or the other anymore because many women favor the larger faced watches that are made for men and men are starting to favor jewelry watches more as well. Vintage watches are making a comeback among both groups.