The Million Dollar Sub revisited...

[automatico]

JSebWC's 'Million Dollar Sub' got me wondering...

 

What happens to the high $$ vintage rolex watches we see or hear about sold at auction now and then.  I even wonder about the random 1655 someone paid $18k for a few years ago or the ruffy $12k 1016 last month. 

Big Buck auction watches cause a sensation when they sell high but if they do not sell at a higher price soon thereafter, they seem to disappear.

 

My question is:

Where do they go? 

 

Maybe they are like 'collector' cars...

I  have a few friends in the vintage and street rod car restoring/building business and one fellow told me a few weeks ago that at the last two street rod shows he attended (Spring Rod Run, Pigeon Forge and Street Rod Nationals South, Knoxville TN) many cars could be bought for not much above half or two thirds what the owner paid for them.  When one does sell, the seller usually keeps quiet about the price but it eventually leaks out.  

Actual price = what the owner will take for the car, not the asking price.  My guess is that high $$ watches suffer a similar fate sooner or later...ask high, sell lower, keep quiet.

 

Maybe watch collectors are 'aging out' like in many baby boomer hobbies (Harley D motorcycles, motorcycles in general, Cushman Eagle scooters, dirt track racing, '32 Ford roadster Hot Rods etc).  I live close to the number one Harley D dealer in the USA and it does not look that busy.  

I guess times are changing.

 

There are exceptions of course and word was that Patek collector watch prices were supported by PP for a long time by buying their own watches at auction to keep the prices and demand high.  I doubt rolex would do this because imho they are basically a cheap outfit that only cares about the bottom line.  If they wanted a 'museum classic' they would just put one together for not much $$.  Like we do.  

Edited June 14, 2018 by automatico
title change

[Sogeha]

Look at the King, the King, the King! 

Ain’t the real world when you are playing at those prices.

 

[JSebWC]

Funny. Was thinking about this today also during lunch. I think most go sit in safes and very private collections. Then they are appraised and insured to the max!!

If they appreciate. The. It’s a win. If they loose value. Then maybe they are a right off on their taxes and if the bubble pops. They go missing and receive an insurance payout. Win win win when you’re rolling in the dough.

Yes. It’s a generational thing. A lot of people wonder if the next generation will have appreciation for these items. Most likely not so I can’t imagine the market and bubble holding out for more than 10 years Probably a lot less.

When you got more money than you know what to do with. You gotta “ hide “ it somewhere. Not that I would know anything about those kinds of problems.

I do however have a gmt master without a bezel and a property fitting brown nato. It will hold me until I save my pennies for the next 6538 to come up to auction.




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[capre]

Interesting thought regarding the comparison with vintage cars. I always assumed that some crazy rich guy that is a collector would buy one of these rare pieces. And as he is a collector he most certainly puts the grail in a box and calls it a boxqueen. Maby he wears it at very special occations but thats about it. And thats why its quiet until he dies and the rare pieces are obtained by some random dude that happen to be a relative to the rich guy and has no interest in watches but loves cash so it ends up on auction again.

[Sogeha]

I think the watch market hasn’t been super heated for long enough. The car game definitely has a wave, you look at the forty to fifty year old guys and work out what cars were hot when they hit puberty, then buy them. A couple of years later you sell at a big profit. Not that I would know anything about that or hiding money. Georgia, the country, not the State, (cough!) I didn’t say that

[Mr Seamaster]

Funny. Was thinking about this today also during lunch. I think most go sit in safes and very private collections. Then they are appraised and insured to the max!!

If they appreciate. The. It’s a win. If they loose value. Then maybe they are a right off on their taxes and if the bubble pops. They go missing and receive an insurance payout. Win win win when you’re rolling in the dough.

Yes. It’s a generational thing. A lot of people wonder if the next generation will have appreciation for these items. Most likely not so I can’t imagine the market and bubble holding out for more than 10 years Probably a lot less.

When you got more money than you know what to do with. You gotta “ hide “ it somewhere. Not that I would know anything about those kinds of problems.

I do however have a gmt master without a bezel and a property fitting brown nato. It will hold me until I save my pennies for the next 6538 to come up to auction.




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You‘re a Brando fan aren’t u? Lol

[JSebWC]

1 hour ago, Mr Seamaster said:

 

You‘re a Brando fan aren’t u? Lol

 

Yup! haha   I did a double take of his pics from that movie to compare the case shape and strap choice..