While I hope you find it useful, this as much as anything a note-to-self. A place I can easily go back to when the next temptation hits me. As we know, there are always “good” reasons to buy a watch. And at least as many not to. Among them: the actual cost of ownership. Fratello did a good article on the topic earlier this year, which I stumbled upon doing a bit of research for this one. It simulates the cost of a four-watch collection over 50 years. My perspective here is a bit different. Less specific, but also factoring in a few other aspects to consider. I suggest reading both. Starting here of course!
Service
This is the obvious one. For a mechanical watch purchased new, every five or ten years, depending on the brand. Every twenty years, if even that, for a decent quartz. The cost will vary, depending on the brand and the complications. As a general rule of thumb, 5 to 15% of MSRP will usually give you a rough idea of the service cost from the company that made it. If the watch is in precious metal, it will be (relatively) less. You can also usually save about 20% if you go to an independent watchmaker. From a financial standpoint, this is all par for the course, part of the game. Standard cost of ownership, whether we like it or not.
When the watch is pre-owned, it’s a different story. With the initial excitement of the discovery and a potential good deal, it’s easy to overlook the service aspect altogether. Yet, unless the watch is near-new or with a documented recent service, the cost of having it serviced should be factored into the valuation. It doesn’t mean the watch isn’t running well. It doesn’t mean you need to get it serviced immediately. It’s not about cash flow, it’s about value.
In both cases, whether the watch was new or pre-owned, there’s another, non-financial cost involved with any service: time. Depending on the brand and where you’re located, it will take at least six weeks, up to double that. During that period, it’s frustrating not to have the watch with you. I remember once making a good deal on a pre-owned GMT, and taking it immediately in for service, before even wearing it. When I got it back, as new (although unpolished, as requested), I was delighted. But it required a level of discipline and patience that I’m usually terrible at applying to my watch hobby. Moreover, that period without the watch is also a period of “vulnerability”, during which other watches become even more tempting.
Repair
Now we’re entering the zone where things get really annoying. Imagine you’ve done it all right, purchasing the watch new, or having it diligently serviced, and yet it’s not functioning as intended. Running fast. Running slow. Not running at all. Chrono hand going wild. Chime not chiming. Those situations generally add insult to injury, especially if you’re outside of a warranty period.
Financial cost here will vary greatly depending on the nature of the issue. Replacing a crown is easier than understanding why the in-house flyback mechanism stops the chronograph after exactly three minutes. In both cases, you’ll end up for a certain amount of time without the watch. Sure, the complexity is part of the charm and we all know no one needs a mechanical watch in today’s world, but the annoyance can be real, especially when there’s a sense the brand is not rising to the occasion in terms of skills, speed and customer service.
Personally, I’ve become a lot more boring and conventional in my choices after a few very irritating experiences with “exotic” brands and / or movements. The kind of thing that makes you warm up to non-in-house movements again, because, turns out, not everyone can pull it off despite what the press release says. As a result, I try to make sure that whoever made the watch actually knew what they were up to and that their business is robust enough that it’ll still be around, in a meaningful way – not just a website – by the time a repair or service is needed.
Restoration
I’m not an expert here so won’t go into details, but will share a general word of caution. In fact, the reason I’m not an expert is precisely because of what I want to warn you about: there’s a massive cost difference between service and restoration, so I’ve stayed away from the latter as much as I could.
Sometimes, it’s obvious and makes total sense. If the dial needs to be manually redone using specific techniques, anyone can understand it won’t cost the same as just cleaning, adjusting and oiling the movement. Where things are more blurry is when the fine line between what brands consider a restoration and a service is only known to them. In other words, the watch itself can be of equal technical, aesthetic and historical value as another but if the brand no longer keeps the spare parts needed to service it, then it becomes a restoration. At Omega for instance, anything pre-1940 de facto goes to restoration, but some pieces from a later period still need to be handled by the restoration department – with the associated costs – even if it’s technically just a service.
Depreciation
Staying in the realm of the obvious, although slightly controversially, is depreciation. I mention controversy because this sparks a broader debate about whether or not watches are an investment. What is objectively true is that aside from certain specific models from certain specific brands, a new watch, like a car, loses a big chunk of its value once stickers are removed and you walk out of the store. And the watches that don’t depreciate usually imply other forms of cost – such as spending history – to be obtained. By the way, this is how life works. Things are usually cheaper second-hand, and that’s fine. Simply, in the case of watches, we’re sometimes misled to think that’s not the case.
While less true of second-hand watches, where acquisition and resell price are much closer, it’s also worth being cautious. If you buy a pre-owned piece at a certain price, it means no one else who saw it before you decided to buy it. It doesn’t mean no one would have eventually, or will in the future, but still worth keeping in mind. As a friend of mine always says “it’s easier to buy a watch than to sell it.” Beyond the money, the time and effort of selling also come at a cost.
Insurance
Some folks insure their watches specifically, others via their general home insurance. I’m actually launching a Time Files Insurance with a 10% discount for the first five to sign up. Just kidding, but as you know a large watch publication out there does just that. As it’s US-only, I haven’t had a chance to try it. Regardless of how you insure the watches, it is another cost of ownership to keep in mind. Depending on the plan and deductibles, the typical watch insurance will cost you about 1 to 2% of the insured value.
Straps
A leather strap will usually need replacement after a few years of regular wear. Beyond that, it’s often – rightly – said that when you get bored of a watch, a new strap is a lot cheaper than buying a different watch. The counterpoint here is that, well, watch straps don’t come for free either. There are super cheap options out there, but it’s also easy to get into three figures as soon as you want something nice, from the brand that made the watch or reputable after-market specialists like Hirsch, Horus, Delug or Molequin, to name jut a few. It gets even worse if you need a new buckle or – worst case scenario – deployant clasp to go with it.
Sometimes, it can be smarter to cut your losses and get rid of the watch altogether before spending hundreds of extra dollars on finding a strap to make you like it again for just a few more months. Especially that when you resell, no one really cares how much you spent on additional straps, they’ll just pay market value for the watch itself.
Storage
At home, in your socks or a safe, or at the bank vault, watches take up space. Their boxes even more, although those can be left in the attic or cellar, if you have one. Boxes for multiple watches or rolls can also easily cost a few hundred dollars, or more. Same with winders, for those who use them.
Just like pets, you generally end up with gear that’s a lot bigger, and more expensive, than what you initially expected. Between the physical space taken up and the equipment to store the watches in, I wouldn’t be surprised if each watch you owned cost you that much more than you think.
Stress
Last but not least. Personally, having too many objects drives me crazy. I’ve written here before about my minimalism at heart and how my attraction to watches conflicts with it. There have always been stages in my journey where I ended up feeling like one of those crazy old ladies with tons of cats, except that instead of cats, it was watches.
Even for those without such a sentiment, watch ownership inevitably results in adding some stress to one’s life. Just look at all of the above. Aside from the fear or having a watch stolen or losing it, all the steps to store, insure or resell are time-consuming and not particularly fun or relaxing. It may be par for the course, and part of the hobby. Still, in most cases, it’s a cost.
Concluding thoughts
When we want something, we tend to focus on the reward and not measure all the implications. Watches are no exception. It doesn’t mean we shouldn’t pull the trigger sometimes. All I’m saying – and trying to remind myself of – is that there is a real cost of owning a watch, beyond the price tag, and even beyond the financial amounts spent. That doesn’t mean no more watches. Just, not watches at any cost.
