The ABCs of starting a watch collection

Of the many horology experts and enthusiasts you could be getting beginner’s advice from, there are probably few better than Pascal Ravessoud, vice president of Fondation Haute Horlogerie based in Geneva. A city with deep roots in Swiss watchmaking, it is also the home ground of Watches and Wonders (WWG), where the horology educator and culture ambassador gave an enlightening presentation on this topic in April.

“In the last four years, we've seen a huge number of new customers and collectors enter the hobby, particularly young people under the age of 30,” said the expert to an auditorium packed with visitors, young and old, from near and far.

They showed up in full force on the first of the luxury watch fair’s three public days to seek guidance on navigating the fascinating world of horology.

Although this presentation, one of the many Conferences under the show’s public programme, was delivered in French, the audience was given a real-time English translation. Those who couldn’t make the trip or understand the video uploaded on the WWG platform need not fret, as we have crystallised Ravessoud’s pearls of wisdom into these handy pointers.

Passion over investment

He opened with the statement that watch collecting should be more about one’s personal journey through history, craftsmanship, and aesthetic appreciation — over investment value or the potential for financial gain. True joy, he added, comes from a deep appreciation for the watches themselves.

It matters not whether your interest is driven by a desire to connect with the past, a quest for rarity and the different, the search for family heirlooms, or simply the opportunity to indulge in luxury. 

Understand market dynamics

The watch market is subject to fluctuations, and recent years have seen significant volatility, especially in the secondary market. Prices peaked during the Covid-19 pandemic, creating a bubble that was followed by a contraction and then some stabilisation.

Collectors should be aware that, like any market, the value of watches can change based on economic factors and trends.

Your personal taste

Beginners are encouraged to start their collection based on individual preferences and how a watch resonates with their story. Whether drawn to the elegant complications of a Patek Philippe, the robust charm of an Omega Speedmaster, the timeless allure of a Rolex Submariner, the DNA of a specific brand, or the various types of jewellery craftsmanship, choosing models that strike a personal chord will enhance the experience.

“It’s your collection; it’s your adventure,” he asserted, adding, “If you buy a watch that makes you smile when you look at it, you've won.”

Educate yourself thoroughly

Understanding the nuances of different brands, the significance of watch movements, and the history behind iconic models will enrich the collecting process. Ravessoud highlighted, for instance, how the rarity of steel Patek Philippe pieces and the cult status of famous watches like the Rolex Daytona favoured by Paul Newman had driven up their covetability and value.

He cited Fondation Haute Horlogerie’s website and Instagram account, @watches_and_culture, as reliable starting points among the hundreds of online resources. As much as foundational knowledge is crucial, continuous learning is equally essential, as “what we think is right and definitive today is bound to change tomorrow.”

Connect with the community

Watch collecting is not an isolated hobby; it thrives on community interaction. Engaging with other enthusiasts and collectors, participating in forums, attending watch fairs and events, and following relevant news on social media can provide invaluable insights and opportunities to acquire rare and interesting pieces.

Fear not, but tread wisely

According to Ravessoud, there are an infinite number of watches for every budget, and there are as many collectors as there are collections. Not having adequate expertise or being able to keep up with the Joneses is no reason to avoid embarking on collecting. “You don't need to have incredible means to start a collection.

Build it up from very low levels, refine your tastes, and move upmarket. But don't let it cost you too much initially, or you might burn your wings,” he said. “As you go along, you'll evolve, make mistakes, learn from them, dream of other things, and question your decisions. That’s all part of the process.”

Patience and diligence

The horology universe offers a plethora of products, from vintage classics oozing with old-world charm that come with a unique patina to more reliable and precise modern masterpieces, which could be easier to find in the secondary market. Each requires a different approach to maintenance, acquisition, and appreciation. Doing diligent research on these matters requires time and patience.

Maintenance and care

Proper maintenance is essential, especially for vintage watches, which might require more care due to their age and mechanical nature. Understanding the maintenance needs and costs associated with different watches will ensure they continue to function beautifully and retain value.

Navigating purchases and valuations

When considering a purchase, especially in the secondary market, awareness of the valuation factors like the watch's condition, rarity, and provenance is key. Collectors should be wary of deals that seem too good to be true and always verify the authenticity of high-value pieces.

“Never skip steps and jump at the chance that's too good to be true because that usually turns out to be right.”

Ultimately, building a collection can be a long, difficult, and winding road, as Ravessoud called it. “You know when you start, but you don't really know where it ends. And it's this enduring quest to learn more and more that drives the collector's spirit. The investment may or may not come, but pleasure is important,” he emphasised. For a little more encouragement, he offered a quote from a friend: “The best watch is the next one.”