Learn from my mistakes?

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downer
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Learn from my mistakes?

Post by downer »

The watch-collecting journey - everyone has a different path, and likes and dislikes - but it is a journey all the same. Some of us have reached contentment, some continue to acquire at an amazing rate, others flip watches according to some seemingly random pattern, while others appear to have fixed goals which they aim for with unerring accuracy.

My own journey started in earnest in late 2008 - before that, I'd owned a few watches, but seldom really wore more than one for extended periods. In other words, before 2008, I think I was a pretty normal wearer of watches.

However, since then, my journey has been through many phases, and I have learned a few lessons. In the spirit of learning from others' mistakes, maybe it will help if I try to document mine:

1. More is not more.

For some of us, owning dozens of watches is a goal in and of itself. At one point, my collection reached around 40 watches. Here's a picture from 2010...

Image

At some point, I realised that I wanted to wear my watches, rather than keep them in boxes, and that therefore, I simply had too many. Since most of them were mechanical, I also realised that the servicing costs would be quite severe. Consequently, I decided to aim for a smaller collection - and I have to say it definitely suits me better.

Pretty much all of my watches are now in my collection for a reason, and serve a specific purpose. Consequently, they get used - which for me at least, is the main point of owning them.

2. Do not buy solely on price.

I went through a phase of buying 'bargains', where a good price was the main driver. I don't mean that I bought only cheap watches, but rather that I was buying because of the 'deal', rather than because of the watch. This led me to buy some pretty unsuitable watches, which of course, did not stay long. In some cases I was able to recover my outlay on sale (even making small profits here and there), but I also took some losses. In any event, owning a watch that you would not have bought at normal price is not too satisfying IMO.

3. Watch out for the herd instinct.

When you are a frequent visitor to watch forums, it is all too easy to get caught up in the clamour for the latest forum darling. I have certainly been guilty of this on several occasions - sometimes it's fine (Tudor Black Bay), and other times, I have bought the wrong watch (Seiko Monster, Seiko Samurai).

4. Buy what you like.

Almost the opposite of the above. It's easy to be swayed by forum opinions, and sometimes, for some reason, the crowd dislikes a specific watch. In the end though, if you like it enough to buy it, buy it.

5. It's not for free.

Like all hobbies, collecting watches has a cost. Of course, careful buying can minimise risk of heavy losses, but (with a very few high-level exceptions) watches do not make good investments. So buy, own, enjoy, keep, service, sell, whatever. But expect it to cost something.

6. Accept no substitutes.

Of course, within reason. If you have set your heart on model x, with strap y and a specific caseback, try to avoid buying something "close" to your ideal. Near enough is rarely good enough, and you will probably regret it.

7. The thrill really is in the hunt.

Taking time to decide what you want, searching for the right example, the best deal etc, is all part of the satisfaction. Rushing into purchases can often prove unsatisfactory.

8. Judge watches in your hands, not online.

I often read posts saying "I like everything about watch x, except the... (insert tiny little detail)" or "I like all watches made by brand X". From my own experience, looking at watch pictures is all good and well, and can definitely provide some background knowledge, but there is no substitute for handling them, trying them - even living with one for a while - to really discover whether or not that "tiny detail" is important, or that in fact some watches in the range of Brand X are not as good as others.

9. Experiment.

Despite all of the above, there are situations where you need to step outside the framework and experiment. This where you're on your own. You need to be streetwise, and most of all, know your own mind. In some ways, it's a combination of all the rules because you may be playing the long game, or you may be impulsive. Yet it's against them all at the same time. It's down to your own risk appetite. What's pocket money for one may be a big investment for another. But the experiment can be either the acceptance that resale may at a loss, or it may be a rock solid investment such as a popular Steinhart or a Rolex. Either way, you should go into an experiment fully informed, and with an escape plan.

How else will you really know what you like if you don't experiment?

10. Always buy on the bracelet.

Bracelets are usually much more expensive to buy separately, so always consider buying the bracelet with the watch, even if it takes you over budget or you don't fancy it right now. Aftermarket straps are usually easy to match to watches with standard spring bars, however non-OEM bracelets rarely look the part.

__________________________________________________________________________________________

This list is not intended to be lecture, and for sure some of it will not suit you, but it took me a while to learn some of these lessons, so I thought it may be worth some consideration.

What other lessons are there?
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Re: Learn from my mistakes?

Post by Tooks »

Have to say, pretty much agree with all that!

Particularly the herd instinct point and buying what you like rather than what you think will impress the forumites.
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Re: Learn from my mistakes?

Post by downer »

I forgot one...

8. Judge watches in your hands, not online.

I often read posts saying "I like everything about watch x, except the... (insert tiny little detail)" or "I like all watches made by brand X". From my own experience, looking at watch pictures is all good and well, and can definitely provide some background knowledge, but there is no substitute for handling them, trying them - even living with one for a while - to really discover whether or not that "tiny detail" is important, or that in fact some watches in the range of Brand X are not as good as others.
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Re: Learn from my mistakes?

Post by Berkshire »

I'm one for buying a watch for keeps, hence my detailed research and dedicated saving plan. I have always budgeted for future service and repair costs, I'm lucky to have befriend a watchmaker making costs so much more affordable. To add to the enjoyment of my watches I swap straps and bracelets, amazing how different a watch can look. :D
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Re: Learn from my mistakes?

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Re: Learn from my mistakes?

Post by Amor Vincit Omnia »

A fascinating read, Richard.
You have been collecting longer than I have, and our tastes are very different, but I concur with your ideas, especially about buying what you like and avoiding the herd.
A couple of things I have learned:
1. Low price and good value are not always the same. I tend to pay more for my vintages now, but I buy peace of mind and a guarantee.
2. An interest is not a commitment. I have learned to walk away.
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.Re: Learn from my mistakes?

Post by nbg »

I agree with most of the points that you make Richard. I think key for me are the thrill of the chase, try before you buy, don't compromise on what you want by being distracted by a bargain, and learn when to walk away.

Each of the last 3 I have bought I tried on at least 3 to 4 times before going ahead.

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Re: Learn from my mistakes?

Post by Kip »

Well done Richard.

We all collect for different reasons and like different things, but your guiding words will still hold true. :thumbup:
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Re: Learn from my mistakes?

Post by Viognier »

Great read Richard and sage advice. Thanks for posting.
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Re: Learn from my mistakes?

Post by Serlo »

You are absolutely right. I wish I had read these rules two or three years ago. A bargain is not necessarily a bargain (you wouldn't have bought it if it hadn't been on sale) and I am not going to buy any more watches bigger than 38mm.

New rule and lesson learned:

Do not follow any trend.


However, I am one of those people who are reluctant to sell the watches they own, even if some are rarely worn. Call it nostalgia.

I don't know if any of you remember the "one watch a week experiment". I sometimes went for watches that I hadn't worn for quite some time and rediscovered what made me buy them.

Rediscover your collection.
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Re: Learn from my mistakes?

Post by tikkathree »

Wish I'd read this two days ago...:evil::(:(:(

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Re: Learn from my mistakes?

Post by blowfish89 »

Deleted on silly reflection.
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Re: Learn from my mistakes?

Post by welshlad »

Great post, Richard. I agree entirely with your 8 lessons, although it has taken me a little while to see the light on some of them.

In particular, I agree that the thrill is in the hunt. Given this, I have occasionally wondered why I bother going through with purchases at all - why not just keep researching? But, without the expectancy of an eventual purchase all the thrill of the hunt disappears. So the "kill" is also an essential part. Or, to use another metaphor, the journey is only fun if you eventually arrive at your destination(s).
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Re: Learn from my mistakes?

Post by theaub »

I wish you'd written this several years ago! It would have saved me some painful and costly experiences and helped me avoid some frustration. Excellent stuff.
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Re: Learn from my mistakes?

Post by gwells »

like the others, i agree with this pretty wholeheartedly. i do have a couple that are hard to "try before you buy," since they're only available online. but those are generally less expensive (like most of my watches). but i've definitely talked myself out of a few wants by trying them on. lots of watches look fantastic in pictures and even in the flesh in a case, but not so great on my wrist. and even once, i tried a watch on that i didn't think i would like the fit of and after decided that it fit just fine, despite the larger size (magrette).

i think most of the rules are based in common sense, but collecting can so easily veer off the path of common sense when you get something stuck in your head, it's sometimes useful to have some general guidelines to fall back on to remind yourself of what you're doing.
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