RobbieG Posted August 24, 2008 Report Share Posted August 24, 2008 I was visting with a dear friend today who I have given a lot of business to over the years. He is a very astute collector himself and happens to be one of the largest Rolex AD's in the country, among other top brands. Anyway, we were having a typical visit and talking shop. I almost pulled the trigger on a ridiuclous platinum watch which I won't go into, but the gentleman in the story saved me in a way as I got distracted. he came in to pick up a Rolex piece he had ordered. One of the first 41MM Day-Date II's to arrive in country - and the flagship at that - a beautiful platinum piece with the glacier wave dial. Anyway, he joined in a chat about some behind the scenes stuff at Rolex, etc. and left. Seemed a very pleasant and knowledgeable older gentleman. So after he leaves my friend the AD tells me that he is one of the most astute collectors he has ever known. As it turns out, his style of collecting revolves around speculating on the success or failure of a brand or line within a brand by buying every watch from the maker or from within a range of the maker over a number of years. One such success I was told today was he had and sold the single highest auction price paid for a private Panerai collection in the history of the brand. I'm sorry but I didn't catch all the details and the store was closing so I had to leave, but I can give you the rough sketches. Apparently, this gentleman had bought an entire collection of new PAM's in one year before the brand got famous. My friend said he had not paid more that $300 for any one watch and he had stored them for many years in unworn mint condition. I need to find out the exact number of watches, but it wasn't many. Anyway, the entire collection recently sold for over $800,000. Pretty amazing for a bunch of steel tool watches. Wow. I always meet interesting fellow collectors in that store. Many of whom pay full price and wear them like all of us here. Sometimes it is hard to figure how much money some people have though. My best friend has a collection of over a hundred pieces totaling over 1M, but for some reason it seems kind of obvious to me in that of course it is worth that much. I mean a hundred gens many of which are complications adds up fast. Amazing but a little ridiculous to me. But here is something even more so. Talk about a fetish. But I met another guy in that store not so long ago that was a big Rolex collector with very refined taste buds. He told me he "likes" Rolex Date-Date Presidents so much that wanted to have one that went with everything. This guy HATES everything but DD's. I mean he just loves them and thinks there is no need for any other watch in the world. He goes on and on about Lyndon Johnson and all the other Presidents that have worn them and on and on. But get this - He owns a Day-Date in almost every dial and metal combo without diamonds - in YG, RG, WG, & Platinum!!! His goal is to get them all and whenever a new dial comes out he orders it immediately. He has over 30 so far. Do the math on that one. I mean even the gold ones are listing at 30K now and nearly 50K for the Platinum. So there is another coll mil or close to it right there. Crazy... Quote Link to comment Share on other sites More sharing options...
fotoman Posted August 24, 2008 Report Share Posted August 24, 2008 clearly we need to raise taxes on the rich Quote Link to comment Share on other sites More sharing options...
CY0811 Posted August 24, 2008 Report Share Posted August 24, 2008 I talk to my AD sometimes and hear of collectors like this who basically have no monetary limits when it comes to time pieces. Truly amazing. Hopefully by the time I am 30 or so I will have the same attitude and lack of limits. Quote Link to comment Share on other sites More sharing options...
peepshow Posted August 24, 2008 Report Share Posted August 24, 2008 ...My friend said he had not paid more that $300 for any one watch... When did this collector buy these? It's been a LONG time since any PAMs sold for $300, I'd wager. Even back when Sly "discovered" them while making Daylight, they were selling for ~$2K, IIRC. Quote Link to comment Share on other sites More sharing options...
AP Pete Posted August 24, 2008 Report Share Posted August 24, 2008 Thanks for sharing those stories. I think as Rep collectors we get the same thrill & joy as gen collectors without having to expend crazy amounts of money. The biggest problem I have with gens, & I have many of them, is the fact that they in general (9 out of 10 times) do not appreciate in value. I think its is foolish to view watches as investments, unless you are purchasing truely unique pieces, which will cost you an arm & a leg. I know you all will tell me that Panerais have increased in value. I think Panerai is the "current" exception given that they skillfully limit production to drive up prices. But I think the Panerai bubble will eventually burst. Remeber in the early 90s everyone one wanted a Franck Muller. Who do you know that recently purchased a FM? Just my thoughts, I hope I have not offeneded any purist. -APPete When did this collector buy these? It's been a LONG time since any PAMs sold for $300, I'd wager. Even back when Sly "discovered" them while making Daylight, they were selling for ~$2K, IIRC. Quote Link to comment Share on other sites More sharing options...
RobbieG Posted August 24, 2008 Author Report Share Posted August 24, 2008 Yeah, I gotta find out. he was a really old guy and I think they were from the 50's or something. Sorry, but I'm just not up on PAM's. I just caught the $300 number kinda half listening. When did this collector buy these? It's been a LONG time since any PAMs sold for $300, I'd wager. Even back when Sly "discovered" them while making Daylight, they were selling for ~$2K, IIRC. Quote Link to comment Share on other sites More sharing options...
milsub5517 Posted August 25, 2008 Report Share Posted August 25, 2008 (edited) Panerai became available to the "general public" in 1993 and i believe it was way more expensive than 300/piece back then. If the story is true - the old guy might have had a connection in the italian navy and he could have gotten the whole line of watches at millitary discounted prices... Yeah, I gotta find out. he was a really old guy and I think they were from the 50's or something. Sorry, but I'm just not up on PAM's. I just caught the $300 number kinda half listening. Edited August 25, 2008 by mil_sub Quote Link to comment Share on other sites More sharing options...
RobbieG Posted August 25, 2008 Author Report Share Posted August 25, 2008 Beats me, maybe I heard the number wrong. I'll call him today and ask him again about it. Panerai became available to the "general public" in 1993 and i believe it was way more expensive than 300/piece back then. If the story is true - the old guy might have had a connection in the italian navy and he could have gotten the whole line of watches at millitary discounted prices... Quote Link to comment Share on other sites More sharing options...
milsub5517 Posted August 25, 2008 Report Share Posted August 25, 2008 Rob, not a big deal. Who cares??? Beats me, maybe I heard the number wrong. I'll call him today and ask him again about it. Quote Link to comment Share on other sites More sharing options...
RobbieG Posted August 25, 2008 Author Report Share Posted August 25, 2008 Must say I'm interested myself. I know I got the total auction price right, but I would love to know what he paid for the watches. Rob, not a big deal. Who cares??? Quote Link to comment Share on other sites More sharing options...
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