Wealth and Watches

It is surprising that many people in the world today are looking for ways to financial freedom but have overlooked the fact that riches are hidden in some items around us. 

We do not need to look too far. Jewelleries, most especially wristwatches are goldmine that should be discovered and explored.

I have thought for a while on why the wealthy lay more emphasis on some items or products than the other. 

I have come to realise that the link between wealth and wristwatches are so close and connected with history.

Any story about wristwatches cannot be complete without mentioning luxury and status. It is a fact that wristwatches are more than what we thought about them. They are items that attract riches. 

The use of wristwatches transcends beyond timekeeping. It is not just a mere device, but they have been known for ages as symbols of wealth, taste, and cleansing. It is true that wristwatches help us with time management and make us look fashionable but there are more things to be discovered.

The aspect of history

Wristwatches have been around for ages. Prior to the use of modern wristwatches people have always been conscious of how to catch up with time. 

Some would look through the windows to see what time of the day would be. Thanks to the modern wristwatches and technology alike. We now have accurate item to tell us what exactly the time is.

You will be surprised that wristwatches were in the olden days considered to be meant only for the elites, but things have changed. There was a time that wristwatches were primarily worn by those who are very rich because of the way wristwatches were produced. 

Wristwatches then were always handcrafted as well as adorned with precious metals and gemstones. 

Think about some brands around the world. Some of the brands, for example, Rolex, Patek Phillippe and Cartier were established during the period. 

The brands were mostly for the rich and extremely wealthy individuals, for example, millionaires and billionaires.

Those who were patronising such brands were of high class and have some status in the society. Those we can safely refer to as the elites.

A symbol that reflects status

We are right to say that status symbol is associated with wristwatches. I can identify a person’s status by reason of the watch he or she wears.

Many wealthy people in the world spend a lot on wrist watches. This can be verified by researching the most expensive wristwatches in the world. These run into millions of dollars. 

Only the wealthy can easily afford them. I was reading in the news recently the son of a billionaire who purchased a wristwatch costing over $6m dollars. That is a huge amount. Anyone that sees such a person will look at the wrist twice. It is safe to say that successful people attach huge importance to wristwatches. 

No wonder many of them adorn themselves with the jewellery to occasions. Wristwatches are jewellery that attract attention to elites in public functions. Most of them enjoy such moments. 

The funniest is that wearing of stylish jewellery such as wristwatches is not exclusive to the wealthy. There are less expensive wristwatches that commands respect. They are beautiful and top-notch.

Wristwatches are like private jets; they show that the owner can afford anything astronomically expensive. It does not end there, it also show that the wearer has a certain level of sophistication, style and taste.

We all are in a world where we do not want to be seen as lazy or irresponsible; the more reason why the successful people would like to display their acquired materials such as an expensive wristwatch.

Creativity

This explains exclusivity, fashion, and craftmanship. It is not in doubt that many luxury and expensive watchmakers boasts of exclusivity and craftmanship. It is worth noting that expensive and high-end wristwatches are nicely crafted by those who are very skilled, especially artisans who are conscious of the fact that available finest materials must be used in making the products. 

To buttress this, not many of such luxury and expensive watches will be produced. The production will be limited to enhance their exclusivity. This can be seen as a marketing strategy because such makes the watches desirable, most especially for affluent, rich, and wealthy collectors.

Potential for investment

Apart from the aesthetic appeal of watches, it cannot be overstated that luxury watches hold significant value as investments. It is worth investing in wristwatches, but independent financial advice should be sought before making any expensive investments.  

Watches can appreciate over time, most especially some brands and models that are well known globally. These have been tried and tested by many investors and one should be able to have an idea how such investment can yield appreciable returns over time. 

It is good to read reviews or hear from those who have invested in such before but most importantly to seek independent financial advice. It is possible for investing in watches to sometimes outperform traditional investments such as real estate or stock. Investing depends on individual preferences anyway.

The above further solidifies the nexus between wealth and wristwatches. For example, as the rich, affluent and the wealthy may see collection of luxury and expensive timepieces and as very lucrative asset class.

Tradition and watches

This is an aspect of cultural influence that should be taken into consideration. The place of tradition and watches cannot be overstated. The reason being that both has a serious connection. 

This association is reinforced through cultural influences which include, for example, media, cultural norms, and celebrity endorsements.

People purchase items for different reasons. Some are in dire need of the products. Others might be influenced, and others buy out of curiosity. 

For example, high profile people such as footballers, athletes, actors, business magnates most times display and flaunt their expensive timepieces and thereby contributing to their aspirational appeal.

Expressing oneself

It is a fact that wealth undoubtedly plays a key role, but it should not be overlooked that the link between wristwatches and wealth also extends to personal expression.

Let us look at it this way, for some people, having or possessing a luxury wristwatch is not just about flaunting or displaying affluence but also showing one’s individuality, taste, and appreciation of horological craftsmanship.

The link between wristwatches and wealth transcends beyond mere timekeeping. It is safe to say that it encompasses not only history but also craftmanship, personal expression as well as status thereby rendering luxury timepieces coveted accessories for not only the affluent but also the aspirational alike.

INVESTING IN WRISTWATCHES

This can be a joyous venture as one can combine the passion for horology with that of potential monetary gains.

I have written below on how you may wish to get started.

Knowledge

Research and education are very important if you would like to invest in wristwatches. Before taking any action to invest, ensure that you learn about what is happening in the wristwatch market. 

Other things that should be learned are the prominent brands, the history of certain models as well as factors that can affect their value.

Furthermore, it is essential to have knowledge of the intricacies of wristwatch collection. This will assist you to make well informed decisions.

Clear objectives

You should define your objectives. This can be done by determining whether your reason to invest is informed by passion, profit, or both. 

Take note that some watch collectors prioritise rare and stylish pieces and others have their focus on popular models because of potential for appreciation.

Importance of budget

It is prudent to establish a budget. You should decide the amount that you wish to invest in wristwatches. Do not invest any amount that you cannot lose. The reason being that prices can vary seriously because of brand, rarity, model, and condition.

Quality

Pay attention to quality. Your focus should be on quality. It is advisable to invest in watches that has high-quality craftsmanship and timeless designs.

Also, think about limited edition pieces, vintage watches as well as those that have historical importance. They often hold or increase in value with time.

Authenticity

Go for watches that can be authenticated. Make sure that you go for an authentic watch. There are lot of fake watches in the market, most especially for the popular brands.

What can you do? It is advisable to seek advice from watch experts. Authentication services may also be used if necessary.

Portfolio diversification

You need to diversify your portfolio. This can be done by spreading your investments across various brands and styles. The essence is to minimise risks.

Additionally, diversification can help to give protection to your portfolio. That is, from fluctuations in the market.

Information

You should stay current and informed. Know what is going on in the market. The latest trends and auction results in the watch industry are all important.

You may wish to join online forums or attend watch events. Do not forget to follow reputable collectors and experts on social media for insights.

Maintenance and storage

Take note that proper storage is essential. This preserves the value and prevent it from being damaged.

Purchasing

Ensure that you buy from a reputable source. Check their websites. For example, from auction houses and authorised dealers.