What jobs do luxury watch collectors have?

Cirrus Incus · 08-10-2020 9:37pm #1

I see all these amazing luxury timepieces on here. I personally could never hope to afford a Audemars Piguet or A. Lange & Söhne for example. Made me wonder what kind of income do you need to support this hobby.

Do you work in a high paying profession such as a doctor, lawyer or investment banker?

Do you have a more regular job and just save specifically to buy higher end watches?

Did you inherit your wealth?

I'm not begrudging your success, just curious.

banie01 · 08-10-2020 9:38pm

Tiger bank robberies, but it's gone a bit trickier nowadays.

893bet · 08-10-2020 9:39pm

Hi Mr Revenue,

Mine are all fakes.

Thanks.

bobbyy gee · 08-10-2020 9:41pm

the Dail
i use my expense account

banie01 · 08-10-2020 9:46pm

bobbyy gee wrote: »

the Dail
i use my expense account

Would you not just be not declaring those Rolex and other lovely bits the sheikhs gifted you for help with passports

Just a little bit of graft

no harm at all sure.

banie01 · 08-10-2020 9:50pm

893bet wrote: »

Hi Mr Revenue,

Mine are all fakes.

Thanks.

Fitz will not be pleased! :P

Wibbs · 08-10-2020 10:06pm

Depends on someone's focus C. A mate of mine is into motor racing, which if you want to get the feel for it, stand in a muddy field in winter ripping up money.

But he's not rich by any means, runs a small business and anything spare after family and expenses he fires into that. Car guys would be a fairly good comparison. The guys and gals in everyday average careers that love cars and buy a new mid luxury car every few years will see depreciation over a year or two that would cover a fair range of very fancy watches. Classic car restorer guys can fly through the cash. Few good restorations of an old car would be under 10k when finished. Not including the purchase price.

Plus you get different types of the higher end luxury watch lads. You get the dunno much about watches, never mind the quality feel the width/price guys, then you get the guys into watches who have enough over to spend on their hobby and then you have the flippers. Guys who make a one off big chunk of change on a [insert brand here] hang onto it for a while and sell it on, for little enough loss and in some cases a gain, so the next purchase is not nearly such a big whack as the first. I'd say most everyday guys with luxury brands are a mix of some of the above.

Then you get the cheapskates(and often jammy gits luckwise) like me. In vintage stuff anyway, where I rarely paid more than 200 quid for a watch. However I've been doing it since the 80's on and off, so a fair number of watches I got within that budget would be much higher costs today and those often paid forward to buy other stuff.

Cyclingtourist · 08-10-2020 10:39pm

I only collect ****ters.

Fitz II · 08-10-2020 10:44pm

I think we come from all sorts of backgrounds, but most I know would be: male, in technical professions, slightly weird. Having said that I know a few builders with savage Rolex collections, farmers with heavy hitters. It really is just a matter priority. Obviously it helps to have good disposable income in watch collecting if you fancy the more expensive pieces. Most of us work up and trade watches adding in a little money at each trade to climb the ladder. Watches unlike a lot of collecting hobbies doesnt really cost you anything to own, and can often be sold for similar to what you bought it for. The cost of entry is high, but the cost of ownership is minimal. In a way watches are a store of money (but not investments, good god never think that).

I am a dentist, but that is the short story,my work life is a little more complex than that and I have a good few side hustles.

893bet · 08-10-2020 10:57pm

Fitz II wrote: »

I have a good few side hustles.

https://www.youtube.com/watch?v=sN83yuOXi_o

hitemfrank · 08-10-2020 11:23pm

The easiest way for me to describe my job is a draughtsman.

That does get more and more met with the response of 'What's a draughtsman?'

Not a large salary but I don't currently have many bills so that helps when you're saving for a luxury watch

W0LFMAN · 08-10-2020 11:32pm

My dream is to have a "Rolex Pepsi steelseries sports GMT master" when I'm rich I'll get one.

bobbyy gee · 08-10-2020 11:34pm

i tarmacadem drives there's a lot of money in it

tax free

banie01 · 08-10-2020 11:39pm

On a serious note.
I'm not sure any of my pile can be called "luxury" but in the short while I've been in to this hobby I have had some nice pieces.

Fitz's description is a good one. I have had a few turns but nothing I'd call a career really.
From security, to hospitality, to manufacturing, then quality engineering and lean implementation, to a few years in regulatory compliance and GDPR officer role.
Now I'm a student, chilling out doing the auld college thing.

Far from rich, but I'm lucky enough to have been able to buy my house with a small mortgage that's long cleared.
So apart from that most expensive of accessories, in a teenager

My costs are low and my wife is far more patient than I deserve

After the initial buy, it does become a stick or twist kind of thing with twisting not costing all that much in the overall cost of ownership.

con747 · 08-10-2020 11:40pm

bobbyy gee wrote: »

i tarmacadem drives there's a lot of money in it

tax free

I hope you can lay it better than you can spell it.

Pablo_Flox · 09-10-2020 9:21am

I work a pretty normal office job and thanks to Covid and 6 months of saving money on petrol, dinners out, drinks in the pub, summer holidays, etc. I was in a position to get myself a nice luxury watch for the first time in my life last month. But when the time came I couldn't pull the trigger on it and decided to knock a few years off the mortgage instead. I listened to my head instead of my heart!

But this forced isolation has made me realize that if the average person really wanted a nice watch (and was willing to save and sacrifice other parts of their life) it is attainable. It is just a question of priorities.

OldBean · 09-10-2020 9:27am

Sole trader in a creative industry. Grafted. Have an interest in design and love watches, and wanted to treat myself for the hard work and some good years business.

893bet · 09-10-2020 10:14am

I run a YouTube channel where I buy mostly ****ters watches from Amazon, review and then return. I try to shill brands in the hope of something free. I don’t make much money from it though as I reinvest in the channel in the form of fake subs and views.

Fitz II · 09-10-2020 10:14am

Pablo_Flox wrote: »

I work a pretty normal office job and thanks to Covid and 6 months of saving money on petrol, dinners out, drinks in the pub, summer holidays, etc. I was in a position to get myself a nice luxury watch for the first time in my life last month. But when the time came I couldn't pull the trigger on it and decided to knock a few years off the mortgage instead. I listened to my head instead of my heart!

But this forced isolation has made me realize that if the average person really wanted a nice watch (and was willing to save and sacrifice other parts of their life) it is attainable. It is just a question of priorities.

Side note - a bug bare of mine - I remember when my parent were paying off the last few years of their mortgage they were paying 80 punts off a month. Those are the years you took off the mortgage, the years where the repayment is basically nothing thanks to 25 years of inflation. Paying mortgages off early is a move you make with your emotions not your mind. A mortgage is the cheapest money you will ever be given. Banks love it but its not the canniest move unless you can totally clear it in one go, it does give the feeling of being less indebted, but a feeling is really all it is.

HerrKuehn · 09-10-2020 10:34am

Fitz II wrote: »

Side note - a bug bare of mine - I remember when my parent were paying off the last few years of their mortgage they were paying 80 punts off a month. Those are the years you took off the mortgage, the years where the repayment is basically nothing thanks to 25 years of inflation. Paying mortgages off early is a move you make with your emotions not your mind. A mortgage is the cheapest money you will ever be given. Banks love it but its not the canniest move unless you can totally clear it in one go, it does give the feeling of being less indebted, but a feeling is really all it is.

Unlikely we will have the same level of inflation as the time when your parents bought though. Over payment should really be thought of as an investment, say you are paying 2.75% on the mortgage, you would need to be beating this after tax from some other investment after CGT and fees for it to not make sense.

Fitz II · 09-10-2020 10:51am

HerrKuehn wrote: »

Unlikely we will have the same level of inflation as the time when your parents bought though. Over payment should really be thought of as an investment, say you are paying 2.75% on the mortgage, you would need to be beating this after tax from some other investment after CGT and fees for it to not make sense.

Any EFT or pension fund will beat 2 to 3 times over that over that sort of time, inflation over the last 30 years averages over 2% (calculate of the CPI here). Inflation is fairly predictable over long periods. 2k in 2091 in spending power term would need 3400 euro today to buy the same goods or services. My point is that I understand why people do it, but it is an emotional thing to do, you take hard earned now at a time when our expenses are high and use it to avoid repayments later when your expenses will be lower and those repayments will seem on average 60% lower than they seem now, or you are dead anyway. Sorry to be a bummer.

HerrKuehn · 09-10-2020 10:59am

Fitz II wrote: »

Any EFT or pension fund will beat 2 to 3 times over that over that sort of time, inflation over the last 30 years averages over 2% (calculate of the CPI here). Inflation is fairly predictable over long periods. 2k in 2091 in spending power term would need 3400 euro today to buy the same goods or services. My point is that I understand why people do it, but it is an emotional thing to do, you take hard earned now at a time when our expenses are high and use it to avoid repayments later when your expenses will be lower, or you are dead anyway.

Well putting it into a pension fund would be better alright, as you have the tax benefit. If the hope is to shave only a few years off the 25 year mortgage it probably isn't worth it. I will have paid off my 30 year mortgage in about 10 years total though, which to me is worth it. I max out the allowable pension contributions too, so not missing out there.

Pablo_Flox · 09-10-2020 11:33am

The lump sum I paid off saved me almost the same again in interest that I would have had to pay over the life of the mortgage - so a risk free 100% return. Yes please!

It also means that I have a better LTV ratio and will qualify for a cheaper interest rate when my fixed rate is up... so further savings to be realised over the next 30ish years.

Maybe if I put that lumpsum into my pension I could possibly of gotten a better return over the 30ish years, or if I had gone with a Rolex it would be worth more in 30ish years; but I have my own reasons for choosing the mortgage payment

Lorddrakul · 09-10-2020 12:03pm

893bet wrote: »

I run a YouTube channel where I buy mostly ****ters watches from Amazon, review and then return. I try to shill brands in the hope of something free. I don’t make much money from it though as I reinvest in the channel in the form of fake subs and views.

Sir, I like your views and opinions and would like to subscribe to your newsletter!

blue5000 · 09-10-2020 12:34pm

I get paid a small fortune every month by boards for moderating another forum.:rolleyes: I just come over here when it gets quiet over there. Started by looking for a durable, accurate watch, 5 1/2 years later I have 2 watch boxes full:o mostly bought for around €200 or less, I'm a bargain basement lowlife who targets serial flippers.

I help them out by buying their 3 month old watch for about half what they paid new so that they can throw more money at the watch industry to acquire something new and shiny that I might be interested in next year when all the (mostly paid) youtube reviewers have also moved on to something just as shiney, with the exact same movement but might have a new dial or different hands.

It's a lot like the joke
How do you milk a sheep?
Launch a new iphone.

CalamariFritti · 09-10-2020 3:42pm

Reasonably nice job but nothing crazy. No stress but not amassing any riches. Like most others, paying a mortgage, trying to put a little into pension. What helps is I got no kids, they seem to cost a ton. After that I saved a lot of money this year due to no holidays, no petrol, hardly anything.

And I bought a nice watch for myself. Very nice watch and definitely well above what my friends and family would ever consider spending on a watch, but nothing crazy by watch enthusiast standards.

Other than that my 'collection' is very small. The nice new one, one other decent one, a vintage which was very cheap when I bought it and a couple of Seiko, Citizen types. Don't think I'll ever have more than that.

Fitz II · 09-10-2020 3:58pm

blue5000 wrote: »

I get paid a small fortune every month by boards for moderating another forum.:rolleyes: I just come over here when it gets quiet over.........e.

Ah Blue500 has reached level 8, Watch Industry is full of ****.....endgame for you soon sir.

blue5000 · 09-10-2020 4:04pm

Fitz II wrote: »

Ah Blue500 has reached level 8, Watch Industry is full of ****.....endgame for you soon sir.

I'm just waiting until Lidl have watch boxes on special offer again:cool:.

Birneybau · 09-10-2020 4:14pm

I play a millionaire at parties.

Pablo_Flox · 09-10-2020 4:50pm

CalamariFritti wrote: »

...And I bought a nice watch for myself. Very nice watch and definitely well above what my friends and family would ever consider spending on a watch, but nothing crazy by watch enthusiast standards.

What did you get yourself?

Eoin · 09-10-2020 5:22pm

I reckon that for the most part, the high end pieces are considerable outlays for most people; not items that can be bought on a whim without making a dent in their bank account. But the same goes for most cars, and the deprecation that goes with it and similar discretionary things that people don't bat an eyelid at.

With all the flipping over the years, I've deffo spent more than I've made back, but the net result is likely way less than what a lot of my peers spend in the pub.

Pablo_Fox wrote:

But this forced isolation has made me realize that if the average person really wanted a nice watch (and was willing to save and sacrifice other parts of their life) it is attainable. It is just a question of priorities.

Nail on head.

Fitz II wrote: »

male, in technical professions, slightly weird..

And nail on head here too for me anyway.

TheRepentent · 09-10-2020 6:20pm

I havea few watches(4) with the most expensive being 480€

I work in IT and earn good money.

If I put my mind to it I could probably savea good bit for a watch but there's always something else to spend themoney on.

For me my pinacle would to own a rolex hulk but highly unlikely I'll ever have one.

My watch plan is Longzines Hydeo,Tudar blackbay and an Omega Seamaster.

As my son put it ,really spend 1000€ + on a watch that tells the time that a 100 euro can match

He doesn't understand watches

banie01 · 09-10-2020 7:02pm

Eoin wrote: »

But the same goes for most cars, and the deprecation that goes with it and similar discretionary things that people don't bat an eyelid at.

This in particular is very true IMO.
I got rid of my own car last year as I had no real need for it.
Wife's car more than adequate and as I was granted free travel and live in a city, I honestly had no need to keep the 2nd car running. Freed up quite a bit of cash for the wrist

Also means I'm super green :pac:

Pinoy adventure · 09-10-2020 7:05pm

The buy them from CAB who seize them from gangsters most days of the week.

Glenomra · 09-10-2020 7:12pm

What is the entry price for a good collectable watch as a matter of interest. I am asking as one who never wears a watch but will gladly spend 500 to a 1000 euro on a rare Irish book. When I can afford same. Can manage that through buying an occasional bargain and making a profit occasionally at least at auction. Just comparing 2 collecting fields...

antodeco · 09-10-2020 7:13pm

Wibbs wrote: »

Depends on someone's focus C. A mate of mine is into motor racing, which if you want to get the feel for it, stand in a muddy field in winter ripping up money. But he's not rich by any means, runs a small business and anything spare after family and expenses he fires into that. Car guys would be a fairly good comparison. The guys and gals in everyday average careers that love cars and buy a new mid luxury car every few years will see depreciation over a year or two that would cover a fair range of very fancy watches. Classic car restorer guys can fly through the cash. Few good restorations of an old car would be under 10k when finished. Not including the purchase price.

I collect 2 things. Watches and cars. F*CK :pac:

Worked in the music industry. Got lots of gifts. Still making money from "historical projects". I'd hate to think what my cars have cost me over the last 10 years. Several full restorations and rebuilds.

CalamariFritti · 09-10-2020 7:37pm

Pablo_Flox wrote: »

What did you get yourself?

I got a 2nd hand seamaster aqua terra. Its gorgeous, I love it.

I could have written your post. Basically lockdown savings. Amazing what a single holiday costs you. My difference is I opted against the lump sum into mortgage and got a watch instead.

Edit: In any case the watch wouldnt have knocked a couple of years off my mortgage. More like a couple of months.

unkel · 09-10-2020 7:45pm

CalamariFritti wrote: »

What helps is I got no kids, they seem to cost a ton.

A bit more than that. About €250,000 each

Linky

Without them, Rodney, I'd be a millionaire!

Eoin · 09-10-2020 7:55pm

Glenomra wrote: »

What is the entry price for a good collectable watch as a matter of interest. I am asking as one who never wears a watch but will gladly spend 500 to a 1000 euro on a rare Irish book. When I can afford same. Can manage that through buying an occasional bargain and making a profit occasionally at least at auction. Just comparing 2 collecting fields...

There would be some very nice vintage pieces in that price range, and from marquee brands.

banie01 · 09-10-2020 7:55pm

unkel wrote: »

A bit more than that. About €250,000 each

Linky

Without them, Rodney, I'd be a millionaire!

Easily! Expensive little buggers

About 20yrs ago, I was joking with a cousin that for the price of raising just one crotch goblin...
He could own a Ferrari!

When my Mrs announced her pregnancy, he took great pleasure in gifting me a beautiful and highly detailed model of an Enzo :pac:

As always, the great philosopher of our time said it best!

hitemfrank · 09-10-2020 9:55pm

Pinoy adventure wrote: »

The buy them from CAB who seize them from gangsters most days of the week.

The majority of those are counterfeit though.

Pinoy adventure · 10-10-2020 7:06am

hitemfrank wrote: »

The majority of those are counterfeit though.

They could NOT auction them if they are counterfeit.most are the real Mac coy and fetch half the retail value in most cases

Wibbs · 10-10-2020 7:51am

Pinoy adventure wrote: »

They could NOT auction them if they are counterfeit.

I dunno P, auctions are outlets that should be approached with major caution when it comes to any item that attracts forgers and chancers and you need to have your wits about you. Your protections as a buyer are more limited than other avenues and auction houses protect their arses with vague labels and attributions.

I mean the world renowned big name auction houses have all been flagged for pushing dubious stuff through their salesrooms for many decades and watches are no exception. Only recently one of them whose name escapes were holding a vintage Seiko auction and a goodly number of their star lots were well dodgy and when this was flagged by watch nutters on the interwebs they had to temporarily halt the sale. Redials, put together "frankenwatches" and the like. It's rare enough you'd see a big ticket auction without "questionable" pieces. A local small town auction is likely to be safer.

Lorddrakul · 10-10-2020 9:46am

I would not fit into the category.

I love bikes and I love watches.

I also like guitars.

I'm not sure how a culchie from the bog developed such expensive tastes.

It would take me a couple of years, these days, to save a month's take home to spend on something like a watch.

893bet · 10-10-2020 10:19am

Lorddrakul wrote: »

I'm not sure how a culchie from the bog developed such expensive tastes.

.

This also! Shameful in one way I feel.

I have what I have thanks to my parents.

They instilled importance of education in me realising there is no real future in farming. That facilitated me to get a fairly well paid job off farm job.

They also instilled the importance of saving. And even when I didn’t have a lot in my 20’s (a decade I lost to college) I was always saving a little. Not to say I didn’t enjoy my 20’s. I dropped 10k one year on a 6 week holiday where we travelled east of Ireland and came back from the west hitting Bangkok, hongkong, Vancouver, Las Vegas, Toronto and New York aslong the way. But always saving a little in the background.

Finally they instilled some cash! They gifted me a site then and my mother left me decent few quid, can’t recall exactly but a decent wedge. That coupled with the site and my own savings plus then 4 years doing a slow self build and saving hard during that time to pay for stuff as we went we were able to build a love house mortgage free. Great time to be building was a huge factor (2011-2015ish) as tradesmen were largely idle. This is the biggest reason I can afford to drop 5 figure sums on watches. Not been shackled with a mortgage like 90 percent of my peers is huge.

It’s also important to remember a lot of us are playing with the same 1k, 5k, 10k, 30k for a few years. Buying second hand means you are largely protected from depreciation. Any hobby where you buy second hand means it’s relatively inexpensive.

oxocube · 19-10-2020 4:24pm

Fitz II wrote: »

I think we come from all sorts of backgrounds, but most I know would be: male, in technical professions, slightly weird.

Check, check, and check. I work for a living and have bills to pay so my collection is not as nice (or expensive) as some on here. On the other hand, if someone wants to spend on something that brings enjoyment, who am I to say otherwise :cool:

I also happen to like big engined, 6 pot BMW's. Which is an expensive hobby to have!

I can give up one and focus on the other, but I don't want to

:D:D

Eoin · 19-10-2020 4:58pm

Wibbs wrote: »

...then you have the flippers. Guys who make a one off big chunk of change on a [insert brand here] hang onto it for a while and sell it on, for little enough loss and in some cases a gain, so the next purchase is not nearly such a big whack as the first.

As an example, I just sold my Panarei for my asking price - so aside from the cost of shipping it and adding a few straps - it cost me close to nothing to own for a year. There are plenty of watches in that price range (and higher) that can be harder to move on for the same price of course.

Cyrus · 24-10-2020 7:04pm

I think a few of the posters have hit the nail on the head , while you may have a good few quid tied up in watches , as long as you aren’t silly you will probably get 90/95 percent of it back if you need it. Most of the money I have tied up in watches came from when I got out of a car hobby.

For what it’s worth I work in finance in a relatively senior position and I’m paid accordingly, one thing I’ve learned over the years is that no one will pay you more than a cent more than they have to do you need to demonstrate your worth and then go ask for it and if they won’t give it to you go somewhere that will!

Watches are a nice hobby that you can enjoy at any price point really , it’s had me gripped for the last 15 years or more!

What jobs do luxury watch collectors have?

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