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Patek owners tend to be extremely loyal to the brand. They are the type of collectors who are committed to making an emotional and financial investment in something they love.
Danny Pizzigoni
Someone to Watch Over You
Buying a pre-owned quality watch is not like buying a used car: it takes and expert to check authenticity and provenance. Thats why a reputable dealer is worth his weight in Rolexes.
The sharp rise in sales of new, high-quality wristwatches during recent years has had a knock-on effect on the secondhand market. To the potential benefit of both first-time buyers and insatiable collectors there is now an ample supply of desirable used models.
Many of these end up at auction, but more are to be found among reputable specialist dealers whose network of trade contacts enables them to source and sell ‘good as new’ examples at surprising discounts.
The secondhand wristwatch market can be divided into two areas: so-called ‘vintage’ (which refers to older, classic models dating back to the 1920s) and ‘pre-owned’ (current or recent models, usually on offer at less than retail price).
According to Danny Pizzigoni of Royal Arcade Watches in London, there are few more fanatical collectors tha the people that own exotic cars. He counts among his regular customers several owners of high-end machinery such as Ferrari GTOs and Lamborghini Miuras.
‘The vintage watch business has gone absolutely ballistic in recent years: some watches which would have cost £3000 in 1996 are £30,000 today,’ says Pizzigoni, who co-founded the business with the well-known dealer Frank Lord a decade ago.
‘We have noticed that car collectors are turning to watches, particularly Rolex sports models. It seems as though they are trying to out-do one another by having the best collection. They love rarities such as the orange-hand Explorer, the Military-issue Submariner and the Paul Newman Daytona. We make a point of only selling only genuine, original pieces – there are no restored dials or incorrect parts in our watches, and that has helped us build a good reputation with customers.’
The message is clear. If you want a good watch – a traditional dealer’s still the place to go.
Chrono, Issue 4
