Investing in luxury watches is now almost as popular as investing in classic cars. Most of us are looking for new and exciting ways to invest our money.
Luxury watches have become the new go to investment option for many people. They don’t take up a lot of room and you can quickly build up a nice collection.
When you don’t have any previous experience of investing in luxury watches, there are a few things that you need to know. Of course, it is important to buy the right brand. But, it is just as important to make sure that you look after your new investment in the right way.
Wearing Your Luxury Watch
Should you wear your luxury watch? Maybe you should not wear your luxury watch every day.
Most investors into luxury watches, only wear them on special occasions, or do not wear them at all. These kinds of watches are often put away somewhere safe and stored for at least 10 years.
When you do decide to wear your watch every day, make sure that you are very careful. Above all, you need to get your luxury watch insured. Contracting a specialist insurance policy is the best idea.
What About Changing The Wristband?
Changing the wristband is popular when you wear your luxury watch every day. What you must not do is to throw away the old wristband.
Instead you should keep it together with the box and the paperwork that came with the watch. When you go to sell the watch, it will be worth more when you have the original wristband.
Keeping all of the paperwork, the box, and even the bag your watch came in, is also worth its weight in gold. Small details add value to your luxury watch.
Also see: Better but simple watches to wear
Getting Your Watch Serviced And Cleaned
Looking after your watch is as important as looking after a classic car should you happen to one. Your watch needs to be serviced and cleaned on a regular basis.
Make sure that you take your watch to an authorised dealer when you need to have cleaned and serviced. An authorised dealer will give you a bill and stamp any service book that is available.
Paying attention to detail is essential when you have invested in luxury watches. Yes, it will cost you money, but just like the car, it is worth it in the long run.
How Long Should You Hang On To Your Watch?
You should try to hang on to your watch for at least 10 years. During that time, it should increase in value.
Most investors in luxury watches keep them for longer. Speak to an investor, and he will probably tell you that 20 years is a pretty good time scale.
Luxury watches can be used to pay for your children’s college education, pay off the mortgage, or contribute towards your retirement fund. They don’t take up a lot of space, and they are a fun item to invest in. Look out for special offers at your local dealer or visit specialist auctions. Never buy second hand luxury watches which do not have any provenance.