Saturday, March 21, 2009

“What's in the Name of a Watch?” Money - Daryle Lambert

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For its size the most valuable thing that I can think of is a diamond, but guess what? A watch may come in a close second. Why would watches be so valuable? Really I don't know, but maybe it is because we can't control time, even if we desire to. Old man time just keeps marching on regardless if we like it or not. So this piece of jewelry that we wear on our wrist is a constant reminder that time is passing and perhaps we should get in gear.

You may doubt what I have said but just a few years ago, a watch made for Henry Graves, Jr. in 1933, sold for $11,000,000 and since then, there have been even higher prices achieved for wrist watches at auction. When you get to the million dollar range they become quite common for the rich.

No, we may never even see one of these beauties but there are many examples of watches being found each day by folks just like us that would certainly make our day. Why do you think that companies place full page ads in the largest newspapers in the country wanting to buy watches? Sure, they are trying to take advantage of the unknowing customer but their attitude is let the seller beware.

The best places to buy watches that will bring great money is at garage and house sales or at an individual’s home. We must keep in mind, however, that we aren't there to steal but to purchase at a fair price. If the sellers don't ask us for a value but decide that on their own, then the price they set is perfectly okay and you should feel fine about paying their price.

I have shared this with you before but here is just a reminder. One of our members called me and asked about a watch. After some research, I discovered it was 24 Karat gold and designed by a French designer. I asked him the price he was being asked for the watch and his answer left me almost speechless. “$200 and they won't take less”. I very quickly told him not to put it down and to be sure they were aware that he was committed to the purchase. Not a bad start on the day by buying a $5000 or better watch for $200.

I could go to the auction sites and give you a long list of prices reached by the different watch manufacturers. But I will let you do that as well as check eBay completed sells where I think your appetite will be whetted by the prices. However, there are a few names that are worth remembering: Patek Phillippe, Rolex, Piguet, Panerai, Cartier, Girad and Breguet.

This plays right into our hands as members of the 31 Club because you remember what we always say “Time is on our side”.

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