article to read

[ssangg]

Good read...

[Oceanklassik]

Today's Straits Times Life!

Luxury watches for less

The pre-owned luxury watch market is booming, thanks in part to the Internet and social media



A couple of years ago, Mr Mohamed Fazlon shelled out $30,000 for a mint-condition Hublot Big Bang 18k Rose Gold watch. It saved the 42-year-old gym owner more than $10,000 compared to if he had bought one brand new.

"If you are smart and you know your watches, you can save as much as 25 per cent on a piece," says the watch collector, who has bought and sold more than a dozen pre-owned timepieces - from a Panerai PAM 190 to a Rolex Daytona Paul Newman Solid Gold - in the last two decades.

Buyers like him are the reason why the market for pre-owned luxury watches in Singapore is hale and hearty. In addition to scores of pawnshops, there are more than 20 outfits selling such watches here. The choices become very dizzying when one includes specialist international websites such as chrono24 and JamesEdition.com, e-commerce giants such as Amazon as well as classified ads platforms such as Craiglist and eBay.

The boom is driven by several factors, chief among which is the Internet and the rise of social media. Facebook and Instagram have fuelled not just the visibility of such watches, but also fanned aspirations to own them.

There are two segments to the pre-owned luxury watch market: relatively new models and vintage watches - timepieces pre-dating 1990 or even earlier. Mr Sam Cheng, who runs Watchlink, which deals in new and pre-owned watches in Far East Plaza, said his clients come from all walks of life.

"They range from bankers and housing agents to hawkers and contractors," adds the 55-year-old, who has been in the trade for more than a decade. He declines to reveal sales figures, but says that business has increased at least 30 per cent compared to five years ago. Many of his customers are drawn by the savings, and do not mind that the timepieces have previous owners.

Over the last decade, Mr Ho Xiao Yen has bought a few pre-owned watches, including a Franck Muller Casablanca 10th anniversary edition and an IWC Big Pilot. The 43-year-old communications specialist said: "When the economy was buoyant, a lot of people bought luxury watches and seldom wore them. You can find quite a few on the resale market which are in mint condition."

Mr Cheng says: "Buying a pre-owned watch is like buying a second-hand car. You don't have to take the first knock, someone has taken it for you and you will be saving quite a bit of money."

In fact, many of his clients own several timepieces. When they see something new, they often sell a piece from their collection to help pay for the purchase. An added attraction is the buy-back guarantee offered by some dealers such as Chuan Watch at Golden Landmark. Its director Nick Lim, 26, tells The Straits Times: "Before customers commit to the purchase, they roughly know what they can expect back. For watches above $5,000, we guarantee 80 per cent of the purchase price if they sell it back to us within two years, provided it's in good condition, of course."

Not all watches depreciate in value. Several brands such as Rolex, Patek Philippe and Audemars Piguet hold their value well. Some, such as limited editions or out-of-production models, can be highly sought after and fetch even higher prices. In fact, many pre-owned watch enthusiasts are collectors on the hunt for hard-to-come-by pieces.

Mr Fazlon, for instance, buys only models he likes and which he knows will hold their value. "You have to do your homework. Some years back, I managed to get a Panerai PAM 1BT. I paid $12,000, now it's worth $17,000," said the fitness trainer and co-founder of Energia Fitness gym. That is because the 1BT used tritium - a radioactive isotope which changes colour over time - as a luminous marker for its dials. Because of its rarity and the changing patina of the dials, this model is now highly sought after.

But before rushing out to get a bargain, one must be mindful that the path to a pre-owned watch can be littered with pitfalls. It pays, for instance, to abide my the maxim "buy the seller".

"Buy only from authorized or reputable dealers or someone you know and trust," advises Mr Fazlon. He scrupulously reads all he can about pieces he is interested in, compares prices, studies the service history, looks out for dents and scratches and insists on proper boxes and papers.

"If you are not sure, tell the dealer you want to send the watch to a service centre and that the deal is on only if everything is in order," he says. It is sensible advice, especially if one is buying a vintage piece, since unscrupulous dealers have been known to replace parts with wrong, old or fake ones.

Mr Cheng says: "You don't want to end up with a Frankenstein of a watch, with too many modified parts."

Buyers should also bear in mind that authorized service centres have the right to compound their watch and call in the authorities if it is found to have been stolen or procured through illegal means. Many luxury watch brands keep a list of missing timepieces as a service to their customers.

Swiss watchmaker Montres Breguet states clearly on its website that it "does not take a position as to the proprietary rights of timepieces" on their list. These risks are reasons why some watch fans do not venture into the pre-owned market.

Mr Bernard Oh, 51, owns several luxury watches, including IWC and Graham models, which he purchased new from licensed retailers. The founder of AMC Asia!, a marketing and events group, says: "I'm a businessman and I'm superstitious. I don't like the idea of buying a watch which may have been worn by a bankrupt or someone in financial trouble.

"I also don't want to worry about authenticity and warranty, and whether there are scratches. Anyway, I always make sure I get a discount when I buy my watches." But whether one is buying a luxury watch brand new or pre-owned, Chuan Watch's Mr Lim says the purchase should not be driven by impulse or the hope that it will increase in value.

"Sure, you'd want one which has a resale value, but you should really buy a watch because you want it. And you should buy one that suits your character and your personality. You should buy a watch because you want to wear it. Buying it for any other reason is defeating the purpose."

- by Wong Kim Hoh

[triton]

​i dont agree with some of the points and mentioned in the article. the flow of points/comments creates misunderstanding


not all rolex, patek philippe and audemars piguet models hold their value well. hence buyers have to be aware.

as i have always mentioned, do your homework before buying especially preown pieces because one must be mindful that the path to a pre-owned watch can be littered with pitfalls as mentioned.

never never - abide my the maxim "buy the seller"

as buyers, one should always be worried about the authenticity and scratches. if you abide by "buy the seller" and bought a franken watch and want to sell later, you will be in trouble. scratches if light is acceptable but not deep scratches if buying from used pieces.

Not all watches depreciate in value. Several brands such as Rolex, Patek Philippe and Audemars Piguet hold their value well. Some, such as limited editions or out-of-production models, can be highly sought after and fetch even higher prices. In fact, many pre-owned watch enthusiasts are collectors on the hunt for hard-to-come-by pieces.

Mr Fazlon, for instance, buys only models he likes and which he knows will hold their value. "You have to do your homework. Some years back, I managed to get a Panerai PAM 1BT. I paid $12,000, now it's worth $17,000," said the fitness trainer and co-founder of Energia Fitness gym. That is because the 1BT used tritium - a radioactive isotope which changes colour over time - as a luminous marker for its dials. Because of its rarity and the changing patina of the dials, this model is now highly sought after.

Buy only from authorized or reputable dealers or someone you know and trust," advises Mr Fazlon. He scrupulously reads all he can about pieces he is interested in, compares prices, studies the service history, looks out for dents and scratches and insists on proper boxes and papers

But before rushing out to get a bargain, one must be mindful that the path to a pre-owned watch can be littered with pitfalls. It pays, for instance, to abide my the maxim "buy the seller".

"I also don't want to worry about authenticity and warranty, and whether there are scratches.


- by Wong Kim Hoh

[triton]

which brands appreciate in value, read it here

[Oceanklassik]

Today's Life! article in the Straits Times

Hot watches from Baselworld

New technology, re-issues and competitive prices take the spotlight

The luxury watch industry has not been thinking quite so smoothly in the last couple of years. Swiss watch exports, for instance, tumbled nearly 10 per cent last year compared with 2015.

Among the reasons for the sluggishness? Smart watches gaining ground in the battle of the wrists; China's clampdown on corruption putting a brake on exuberant and conspicuous gifting; and a generally less-than-perky global economy.

Watchmakers are starting to react to the threat to their survival. This was evident at this year's Baselworld, which took place in March. Many of the attention-grabbing pieces at the world's biggest and most important horological trade show boast good looks, muscular materials, practical functions, advanced technology and, more importantly, competitive prices.

Some pay homage to the past. Others celebrate the illustrious craft of watchmaking. All build the case that nothing defines personal style better than a solidly constructed timepiece.

Here is a selection of head-turners at this year's Baselworld.

[Courage]

I think it's not wise to buy any timepiece with the anticipation of value appreciation.

Most watches lose a chunk of their value as soon as you leave the boutique.

[Oceanklassik]

I think it's not wise to buy any timepiece with the anticipation of value appreciation.

Most watches lose a chunk of their value as soon as you leave the boutique.

Agree, especially so when it is a new watch.

[ed44]

Agree, especially so when it is a new watch.

But sometime, just sometime, when you know you gonna hold on to the watch for a very long time etc, the feeling when inside AD shop, looking and buying the watch is damn good!

[Oceanklassik]

But sometime, just sometime, when you know you gonna hold on to the watch for a very long time etc, the feeling when inside AD shop, looking and buying the watch is damn good!

Seriously, whenever I make a watch purchase, I would often (if not always) tell myself to "hold the watch for a very long time". Whether it happens or not, is another story. And of course, the feeling when you have the money and loitering inside a watch shop (AD or otherwise), would definitely be good.

[Courage]

I watched a Youtube video from Watchuwant, in which Josh recommended watch buyers to look at the current exit price of watch they are buying. Deduct this exit price from the purchase price to derive the "losses" buyers can "stomach" from buying this watch and then to live with it.

For instance, if a Rolex costs $10,000 after discount. The current price people are willing to buy in the 2nd hand market is $8,000 on average. Hence, $10,000 less $8,000 (=$2,000) is the amount you lose by buying this Rolex.

Josh decides to purchase his watches based on weighing the "loss" amount instead of the $10,000 cost $10,000. Anyone also buys in this manner too?

[WatchRUs]

My 2cents. No point worrying about making $ or losing $ when buying a watch. Buy one that you like. What's the point of buying a watch that you don't really like that much just because it depreciates less that another piece that you really adore? IMHO it is really silly buying & worrying about how much one might lose when (or "IF") selling

Just buy & enjoy the piece you like.

[Oceanklassik]

Now you know why you aren't getting the discount you ask for...

Tourist surge boosts April's non-auto retail sales by 4.9%




Singapore - Retail sales expanded in April from the same period last year as discretionary spending increased amid a surge in visitor arrivals in the first quarter. Data from the Department of Statistics yesterday showed that excluding vehicles, retail sales rose 4.9 per cent year-on-year. On a month-on-month and seasonally adjusted basis, non-auto retail sales rose 4.4 per cent.

Sales of watches and jewellery saw the biggest advancement, climbing 14.3 per cent from the same period last year. Department store takings also improved by 7.6 per cent, while receipts at petrol service stations went up 13 per cent. Similarly, retails sales of medical goods and toiletries, clothes and footwear, recreational goods, and computer and telecommunications equipment rose between 6.6 and 2.8 per cent over the same period.

Mr Francis Tan, an economist at UOB, expressed "surprise" at the robust retail sales data, as consumer spending in the first quarter remains muted amid weak labour market conditions. "Consumption has been down for two consecutive quarters, and consumer sentiment is still weak overall," he said. Redundancies and rising unemployment have dampened consumer spending.

Singapore's seasonally adjusted unemployment rate edged up to 2.3 per cent in the first quarter of 2017 from 2.2 per cent in the fourth quarter of 2016, preliminary estimates showed. It was the highest jobless rate since the December quarter of 2009. "Increased demand could be coming from overseas, with strong tourist arrivals driving sales," said Mr Tan.

There was a 4 per cent growth in visitor arrivals in the first three months of the year - with 1.478 million visitors in March this year, up from 1.4 million in the same period last year. Visitors from China increased by 13.7 per cent in the first quarter, overtaking Indonesia as the fastest growing market for tourist arrivals in Singapore.

The increase in discretionary spending for items like watches and jewellery in particular is significant. Adjusting for price increases, retails sales for this segment went up by 19 per cent in real terms, said Mr Tan. Moreover, department store sales are the strongest since January 2016, where takings rose by 12 per cent year-on-year, he added.

Ms Selena Ling, head of treasury research and strategy, OCBC Bank said: "With many brick-and-mortar retailers increasingly embracing the e-commerce route, I expect that credit card transactions and volumes for the e-channel will continue to grow."

Higher petrol prices at the pump are due to the increase in global oil prices since last year, when prices slumped to a low in February 2016. In contrast, retail sales of motor vehicles slumped 6.4 per cent, and spending at mini-marts and convenience stores fell by 5.7 per cent. Retail sales of food and beverage were also down 3 per cent overall compared with the same period last year, with restaurant takings down by 10.5 per cent.

Including vehicles, the overall retail sales index was up 2.6 per cent from the same period last year and higher 1.6 per cent compared with March. The total retail sales value in April was estimated at S$3.5 billion, higher than the S$3.4 billion in the same month last year.

[Oceanklassik]

Why you should always do due diligence...

HK duo jailed for selling fake luxury watches

They duped four shops here into paying them $18,900 for the six watches

Two Hong Kongers brought in imitation watches that looked so real, they even fooled several watch shops.

Delivery driver Cheung Siu Wa, 50, and his 33-year-old godson, Chow Chun Tung, eventually duped four shops into paying them $18,900 for six fake luxury watches.

Yesterday, the pair were each given 14 months' jail after they admitted to two of four counts of abetment by conspiracy to cheat. Deputy Public Prosecutor Jeslyn Chionh said Cheung and Chow had Chopard and Cartier watches in Japan and Hong Kong at a significantly lower price as they were high-grade imitation watches.

They arrived here on Feb 15 and sourced out watch shops where they could sell their pieces as genuine, and for the best price. They created a WhatsApp chat group with a third unknown person and shared information about the price each of them was offered and models the shops wanted. After deciding where they would get the best deals, Cheung and Chow split up and went to a shop in People's Park Complex and Lucky Plaza, and two at The Bencoolen between Feb 15 and 16.

On Feb 16, Chow went to Brightime Watch Shop in Bencoolen Street and said he wanted to sell his watches as he had gambled away all his money and needed some to gamble again. In reality, the duo had not been to any casinos in Singapore during the trip.

Chow presented one Cartier Ballom Bleu watch with an accompanying warranty booklet, and one Chopard Imperiale watch to the owner, who accepted them and paid him a total of $5,400 in cash.

The same day, Cheung went to Horological Restoration Centre at Lucky Plaza and said he wanted to sell a Cartier Santos watch. When asked for the watch certificate, Cheung left before returning with it. He sold the imitation Cartier for $4,100 in cash.

The other two cheating offences involving Watch Time at People's Park Complex and YG Watches at The Bencoolen were taken into consideration. Two victims later reported to the police that they had been sold fake watches and Cheung and Chow were arrested.

District Judge Mathew Joseph agreed with the prosecution that the offences were pre-meditated, involved a significant sum of money and there were aggravating factors.

"It is in the public interest that the court imposes a sentence that is not just a deterrent, but also sends a strong signal to potential offenders that Singapore is not a safe haven for them to come and commit their offences with impunity," he said. The maximum punishment for cheating is 10 years' jail and a fine per charge.

Article from the Straits Times, June 22, 2017 (Wed)

[triton]

how much will you pay to own a paul newman's rolex daytona

click here to read about the article to see how much one will pay for paul newman's daytona

[Oceanklassik]

Still thinking if you should get a chronograph watch?

From the Straits Times, Life! on Thursday, June 29, 2017

A watch that saved the Apollo crew

Astronauts used the chronograph to time move that guided troubled spacecraft back to Earth

On April 13, 1970, two days after the launch of the Apollo 13 lunar exploration mission, astronauts James Lovell, John Swigert and Fred Haise were alarmed by a big bang which rocked their spacecraft. The oxygen tank had exploded, prompting Swigert to radio ground control with that now immortal phrase: "Houston, we have a problem."

The craft was crippled. What was supposed to be the third attempt to land on the Moon was no longer possible. There were other resulting technical failures, which made returning to Earth, 322,000km away, a perilous exercise.

Luckily, Swigert's Omega Speedmaster - the only watch approved by the National Aeronautics and Space Administration (Nasa) for manned space flights - saved the day. The crew used it to time a 14-second manoeuvre to put the craft on a safe trajectory back to Earth. It worked. The Apollo crew landed safely in the South Pacific Ocean on April 17.

Even before that, however, the Speedmaster - rolled out by Omega in 1957 - had already made headlines. It had been on every piloted Nasa mission since 1965. Both Neil Armstrong and Buzz Aldrin wore Speedmasters when they became the first men to land on the Moon in the 1969 Apollo 11 space mission. Not surprisingly, the watch has achieved cult status in the world of chronographs.

Omega is celebrating the 60th anniversary of the Speedmaster with an exhibition which opens today and runs till July 9 at The Shoppes at Marina Bay Sands. Chronographs are watches with stopwatch capabilities. They have counters and mechanisms for measuring elapsed time, anywhere from 30 minutes to three hours.

Developed for King Louis XVIII of France to time racehorses in the early 1800s, the chronograph became a trailblazer in watchmaking in the early 20th century. It gained further traction when watchmakers began incorporating a rotating bezel tachymeter, which calculates speed over a specified distance, in the 1960s. It also became an indispensable tool for aviators, race-car drivers, sportsmen, soldiers and divers. Its popularity prompted watchmakers to beaver away at patenting an automatic version.

Breitling, Tag Heuer and Hamilton worked with movement expert Dubois Depraz in the late 1960s to come up with what is now known as the Calibre 11 movement. Not to be outdone, Zenith came up with its El Primero movement, while Seiko produced the 6139 Auto Chrono.

Naysayers predicted the death of the chronograph when Seiko unveiled the world's first quartz watch in 1969, but the chronograph has more than stood its ground. After all, the Speedmaster saved the lives of the Apollo 13 crew when no computer could. Once a feature in only high-end models, the chronograph is now ubiquitous.

Omega chief executive Raynald Aeschlimann says it is not difficult to understand its appeal. "It represents a unique echelon of watchmaking that embraces beauty, complexity, functionality and history. These are all powerful factors for collectors. When you have a combination of all those things, it makes a watch more than a watch."

Indeed, many people use their chronographs for a wide variety of functions, from timing their bakes in the oven to reminding them of their appointments. But an equal number either do not use the feature or know how to use it.

The main appeal for personal trainer Mohamed Fazlon, 42, who owns three Rolex Daytonas - a hugely popular chronograph inspired by race-car drivers and racing enthusiasts - is the design aesthetics. "They are really sporty. But I don't use the timer; the less I mess around with the mechanism, the better," he says with a laugh.

Mr Aeschlimann says it is all about the look. "A chronograph has symmetry and balance. It makes a watch stand out and gives it an added edge of style. There's also an appreciation for craftsmanship. There's mechanical complexity in a chronograph and, even if you don't use it, you can still admire the original purpose and historical significance."

Over the decades, many chronographs have become instant classics. Many models now cost a fortune, but watch companies have been issuing variations and updates as well as new releases. Here are some:

Omega Speedmaster Racing

https://www.google.com.sg/imgres?img...act=mrc&uact=8
Unveiled at Baselworld earlier this year, this Speedmaster harks back to a design from 1968 with a minute-track on the dial. Measuring 44.25mm in diameter, it also boasts features such as beveled arrow-head indexes filled with SuperLumiNova and expanded sub-dials.

There are models crafted from stainless steel, 18k Sedna gold and ceramic. The domed sapphire crystal has also been refashioned to make it thinner. Some models come with a sporty leather strap, with perforated holes revealing rubber in striking orange. Prices range from $11,850 for the steel-on-leather model to $34,100 for the gold-on-leather model.

Audemars Piguet Royal Oak Offshore Chronograph

https://www.google.com.sg/imgres?img...act=mrc&uact=8
The first Royal Oak was designed in 1972. This model is from a new collection targets at the young: a handsome 42mm piece with its stainless steel case, famous octagonal bezel, midnight blue counters and a black "Mega Tapisserie" dial with standout Arabic numerals. It comes with a handstitched large square scale alligator strap and has a power reserve of 50 hours. It retails at $36,400.

Zenith El Primero Chronomaster Heritage 146

https://www.google.com.sg/imgres?img...act=mrc&uact=8
This updated release pays homage to 1960s Zenith chronographs, with baton hour markers and a tachymeter scale on the edge of the dial. There are, however, new touches, including leaf-shaped hands and the El Primero calibre 4069 inside. At 38mm, it is slightly larger than the vintage originals. Available with blue or brown dials at $10,500.

Tag Heuer Carrera Calibre 18 Automatic Chronograph

https://www.google.com.sg/imgres?img...act=mrc&uact=8
Yet another nod to heritage, this is an updated version of the Carrera design, which is more than 50 years old. Instead of the Tag Heuer logo, the dial boasts a retro Heuer logo reminiscent of early Carrera models. The design is back-to-basics simple, with a Panda (black and silver/white) dial and 39mm case. It has a perforated strap, with the clasp bearing an engraved Heuer logo. It retails at $7,600.