Our favorite collectors on why they love pre-owned watches and the best way to curate an impeccable collection
Watch collecting has never been an easy hobby. You need to be passionate, persistent and sometimes highly persuasive to acquire the watch of your dreams. Of course, money plays a huge role in getting one through those hoops with dealers and brands alike but given the current market, there’s a high chance, all these virtues and more might not be enough to get you the watch you have been obsessing over for months or even years. Fueled by a perpetual imbalance between demand and supply, the pre-owned luxury watch market has turned out to be the most sought-after alternative for such purchases in recent years. Right from storied vintage timepieces to recently discontinued modern icons from Patek Philippe and Audemars Piguet, there’s a plethora of options for watch enthusiasts on the pre-owned marketplace.
To understand what makes pre-owned watches so desirable, we spoke to five incredible collectors. Here’s what they had to say about their love for pre-owned and the best way to curate an impeccable collection.
H. Jane Chon
Over the last seven years, New York-based attorney H. Jane Chon, has curated a covetable collection of manually-wound chronographs, world timers and watches with exotic stone dials. Extremely focused and thorough with her research, Chon doesn’t believe in following ‘trends’. Her collecting journey so far has been pragmatic but highly impressive to even the most established collectors in the community.
Which was your first pre-owned watch?
My first pre-owned watch was a gift — a 1940's Chronographe Suisse, rose gold with a black gilt dial. It has great sentimental value and is lovely even today with its slightly bent lugs and caseback that loves to pop off. Good aesthetics and a Landeron 48 movement endure.
What draws you to pre-owned watches?
Since quarantine I have gone "whole-hog" into pre-owned, if you will. I'm attracted to neo-vintage and vintage because I believe many movements and design choices are better than what manufactures are creating today. Recent catalogs of houses I admire aren't speaking to me — and the older I get, the more I shy away from trends.
How has the market for pre-owned watches changed over the last five years?
The obvious answer is that it has exploded in popularity, in part due to the expanding watch market generally but also the loss of the "used" stigma. I think this is a good thing, as it drives home the point that there are worthwhile references beyond the current hyped pieces, especially for newer enthusiasts.
Which have been your most valuable pre-owned watch purchases so far?
Both objectively and subjectively, the Tank a Guichet and 2526J.
Your favorite watch hunt story?
Purchasing my Tank Á Vis from an established Cartier collector here in NYC. I hadn't expected someone with a museum-worthy collection to be so generous with his time and knowledge. Thanks to this individual, I now know significantly more about watch collecting and was able to see timepieces I’m never likely to see again. That’s worth something, and to deal with someone so gracious is an added bonus — an experience I won't forget.
What advice would you like to share with people just getting into pre-owned watches?
Research the references that catch your eye — it's worth learning about what came before and after, and where the reference fits in its lineage.
NYCWatchGuy
As popular for his tongue-in-cheek humour as his impeccable taste in watch collecting, the nycwatchguy owns some of the most desirable watches from the Indies and also horological gems from A. Lange & Söhne, Patek Philippe and Audemars Piguet. The New York based venture capitalist is always on point when it comes to market analysis. If you ever want to know what's hot in the business of collecting, just hit his super informative and entertaining feed on IG — you will always learn a new thing or two about watches.
Which was your first pre-owned watch?
My first pre-owned watch was the first mechanical watch I ever bought — a Zenith El Primero Chronomaster that I purchased back in 2011.
What draws you to pre-owned watches?
Nothing draws one to pre-owned watches in my opinion, it’s usually just a matter of necessity. Either the watch is significantly cheaper on the secondary market as compared to its retail price or it’s not available at retail / has been discontinued, and therefore you go looking for it on the secondary market.
How has the market for pre-owned watches changed over the last five years?
The pre-owned market used to primarily be a place you shopped because you got a better deal than you did buying it at a retail store. These days, every retail store looks like it has been robbed and the wait time to get anything can be years long. As a result, the secondary market has become one of the only places you can buy a watch if you want it in any sort of a timely manner or without playing the bundling game with authorized dealers.
Naturally, the prices have also skyrocketed as a result of the increased demand for watches. Although some of it has no doubt been artificially created by a handful of deep pocketed secondary market dealers, coupled with some brands themselves fueling the market as a way to keep prices high. The pre-owned market today really dictates how hot a brand is — if the watches are selling for 2-3X retail in the secondary market, then people are lined-up outside the retail store to buy anything at all that’s available. If the pre-owned market is weak, then nobody cares about what's in the retail stores either.
Which have been your most valuable pre-owned watch purchases so far?
An FP Journe Souverain Tourbillon, which I sadly turned down for $75K back in 2019, and ended up buying this year for many, many multiples of that price. That said, it's a great watch and they certainly aren't making any more of them, so you bite the bullet and buy what you love.
Your favorite watch hunt story?
Back in the very early days of my collecting journey when I knew almost nothing and had pretty awful taste, I was obsessed with a particular Ulysse Nardin that was only sold in Russia — a limited edition made for the figure skater Plushenko. I searched everywhere for this watch and the only one available was at a pre-owned store in Moscow. A friend of mine was traveling to Russia at the time and so I asked her if she could buy the watch for me. Turns out the whole deal was super sketchy. The guy wouldn't accent US Dollars, so she had to take out $10K worth of Rubles and do the deal in a back alley for some reason. Years later I sold that stupid watch for like $4K, just to get rid of it. You live, you learn.
What advice would you like to share with people just getting into pre-owned watches?
The watch market is obviously an inefficient one and so prices can vary dramatically. If you're buying on the secondary market, you want to make sure you've shopped around enough to know what the true market value of the watch is and that you aren't being taken for a ride.
Auro Montanari aka John Goldberger
Incredibly knowledgeable and prolific, Auro Montanari has been collecting vintage watches for 40 years now. Also known as John Goldberger within the collecting community, Montanari has authored nine books including 100 Superlative Rolex Watches, Longines: Legendary Watches and A Journey Into The Deep. A member of Fondation de la Haute Horlogierie’s Cultural Council and advisor with Phillips, Montanari spends many hours browsing through watch shops, old libraries, museums, flea markets and auctions.
Which was your first pre-owned watch?
In 1985, I bought an 18k gold Patek Philippe perpetual calendar and chronograph, Ref. 2499/100, from a dealer in L.A. The watch was discontinued by Patek Philippe and the price was USD 25K. Now the same piece is worth USD450K.
What draws you to pre-owned watches?
My personal style is grounded in the past, but I’m always looking forward to newer pieces – I love the research!
How has the market for pre-owned watches changed over the last five years?
A lot! More people are interested in buying watches as investment. Timepieces are tangible assets as compared to other financial products. No one can predict the future of watch collecting with 100%25 certainty but a smartly built collection of watches will at least do better than the current interest rates of your savings accounts. Vintage watches have proven to be a reliable investment, even during a recession.
Which have been your most valuable pre-owned watch purchases so far?
My first pre-owned Patek Philippe 2499/100!
What advice would you like to share with people just getting into pre-owned watches?
Buy the seller, not the watch! It’s very important to have a good relationship with a good dealer. The Internet is a good source to find pre-owned watches but sometimes social media tends to hype up certain watches just way too much.
Roni Madhvani
Over the last 30 years, Uganda-based Roni Madhvani has acquired the world’s greatest collection of Gilbert Albert watches besides the Patek Philippe Museum. Obsessed with asymmetrical, time-only watches from the mid 20th century, he collects pieces that speak to his heart more than his wallet. Besides unique ‘shaped’ watches, Madhvani’s treasure trove includes some custom made Cartiers and rare timepieces from Audemars Piguet, Jaeger-LeCoultre, Breguet and Vacheron Constantin.
Which was the first pre-owned in your vintage watch collection?
When I started collecting vintage watches, I didn’t have the means and it was restricted to watches on eBay available for a few hundred dollars. These included vintage LeCoultres, Bulovas etc that had amazing designs, which was the focus of my attention even then, as it is now.
What draws you to vintage watches?
Watches from the design genre, then as it is now.
However the choice was determined by affordability and my limited means then. Vintage watches of the past reflected and encapsulated the overriding trends prevalent in history at that moment in time and that’s beautiful to see, wear and enjoy on the wrist.
How has the market for pre-owned watches changed over the last five years?
More people have awakened to it in recent years and this has increased the demand and of course, the prices of pre-owned watches. People have also become more knowledgeable, thanks to the popularity of social media and the community of individuals who share their knowledge on various platforms.
Which have been your most valuable pre-owned watch purchases so far?
I don’t really look into the value. I consider watches in terms of the pleasure and enjoyment they give me. However, I’m very conscious of buying at a price, so that if I ever decide, I get my hard earned money back.
Your favorite watch hunt?
The focus of my hunts are always specific and it may take years or decades to find a particular watch. It gives me even more pleasure if a particular watch comes with a story, be it from its provenance or from an inscription on the caseback. To solve such mysteries, I often post watches on my Instagram and seek the help of fellow collectors to identify the original owners of a watch from the inscription. This is the most enjoyable aspect of vintage timepieces, for me.
What advice would you like to share with people just getting into pre-owned watches?
There is a difference as I see between pre-owned and vintage. I think it's important to do the homework properly, ask for help and advice and buy from the dealer, as they always say!
Ahmed Shary Rahman
London-based entrepreneur Ahmed “Shary” Rahman has a penchant for fine tailoring, cigars and, of course, watches. His extensive collection of timepieces is as diverse as his taste in fashion. Right from an FP Journe Chronomètre à Résonance to Patek Philippe’s Ref. 3733 and vintage chronographs from Longines, one can find all sorts of horological gems in his collection. Most importantly, Rahman is greatly admired not just for his exquisite watches but also for his kindness and humility.
Which was your first pre-owned watch?
A 1979 Heuer Monaco Chronograph.
What draws you to pre-owned watches?
Three things: 1. The watch tells a great story 2. The movement inside the watch is captivating 3. The watch is aesthetically very beautiful.
How has the market for pre-owned watches changed over the last five years?
It has changed in the sense that there are many more speculators and fewer collectors in the pre-owned watch market these days, especially for watches from popular brands. The advent of social media has also led to an acute disparity in pricing of these watches.
What advice would you like to share with people just getting into pre-owned watches?
Do a lot of research on the brand as well as the watch you are interested in and while you are at it, don’t forget to have some fun and enjoy your watch collecting journey.
Which have been your most valuable pre-owned watch purchases so far?
Most certainly my early 2000s Audemars Piguet Royal Oak perpetual calendar.
You are one of those rare collectors who appreciate Longines. What got you interested in the brand?
The brand’s rich heritage, specifically their chronographs. I also like the fact that they have continued to make watches in a segment where the design and value proposition are unrivaled.
