Losing Money!

[ach5]

I sold 2 rolex till now and no loss at all .
Actually sold them with a bit of profit .

You're not allowed to admit to "making profit" around these parts!

[valleywatch]

I just sold my Max Bill for around £160 less than I paid for it in January, and it ended up costing me more than £50 per wear. Probably insignificant in comparison to others here, but I'll be very cautious about buy new in the future.

This is "probably"! why I didn't get a Longines Legend Diver yesterday.
I went into town, went into , W.O.S. Goldsmiths, Parkhouse..........."intending" to buy one (albeit on interest free credit!)........but ............I just thought...............Hmm I "probably" wont wear it that often. will take a hit (of course!) when I flip it..........................so I think I will probably get a used one sometime in the future.

Its not a mega (to some!) expensive watch .....sure....but my logic isn't the same as others on here or elsewhere!

[MartC]

it has suddenly struck me what a servicing liability I have taken on...

I normally try to flip before this becomes my concern, but in doing so I reckon the hobby as cost me at least £700 to date which isn't too bad compared to some.

[RobDad]

I went through about 10 years of flipping, usually keeping 1 watch for 6 months to a year then effectively swapping for another. Went through most of the Rolex sports models and Panerai Historic collections before the prices went stratospheric and now I don't have a single 'luxury brand' watch. To be honest I got the whole thing out if my system and every time I get that itch I look at the prices, wince and don't bother! - most of the watches I flipped were in the £1500 to £2k region which not long ago gave you access to most of the forum 'darlings' - now that gets you nowhere! - I lost a few thousand I reckon, but it was fun while it lasted (and I got to do it cheap by today's standards!) - happy with my current Sinn/Seiko/G shock stuff now!

[JackW]

I started this hobby by buying vintages in the 3-500 range, which I had serviced the moment they arrived, just for ease of mind. Problem is I turned out to enjoy flipping, which made this approach quite costly. Cost me 1000 to 2000 in five years I think (I hope).

[swanbourne]

You should try cars: in 1978 my boss lost more on trading cars than I was paid for the year.

Eddie

[Itsguy]

We'd better hope no one's other half sees this thread - the classic 'It's an investment' excuse would be toast!

[waiteu2]

Would dread to know the true figure.Ignorance is bliss in this case!

[JackW]

We'd better hope no one's other half sees this thread - the classic 'It's an investment' excuse would be toast!

My estimate is already adjusted for the 'wife acceptance factor'. :D

[Andyg]

My cunning plan to avoid this situation is to buy and never sell


If I buy something which I am not so sure about or have found a "grail" which requires a level of investment, I tend to PX my watches. My 1665 for example cost me my Ploprof and a 16600 SD, but I am very glad I did it.

Oh yes. I have only bought one watch new (from a dealer) and that was my PAM 002 for the princely sum of £1600 - in 2001. So I certainly have not lost money on that one.

[Si]

If I thought about it too much, this would cease to be a hobby.

Likewise.

While I am sure I have occasionally sold a watch for more than I paid for it, overall there has usually been a loss that is largely due to servicing costs. This is entirely my own choice of course.

Some of that servicing was done out of sheer fussiness over timekeeping and / or a wish to preserve a "keeper" (ha!) in as good a condition as possible. Some of the servicing was done when I wanted to defer some of the cost of a watch by buying an example that was known to need work, a rescue watch if you like. While that may allow costs to be spread, overall it is much more expensive.

Now, if possible, I look for watches that are either totally un-meddled with but running well, or watches that have a service history, i.e. a proper service receipt from a contactable and preferably known-to-me watchmaker. Costs can get really silly: with current parts and servicing prices it is easy to end up with a bill that approaches or exceeds the value of the watch (see SC for a current example).

[gray]

The "cost per wear" is pretty frightening. Some I've sold at a loss without leaving the house wearing the watch - so it's "cost per priviledge of trying on"! No doubt I've lost plenty but I have not kept count for years.

[rimajo]

I console personally with all the thought that We have dropped much more upon motorboats, cars along with a marriage; whatsoever We have dropped upon wrist watches is modest alcohol when compared

[forpetesake]

When I return home from a meal or a holiday, I don't go "Ouch! I've just lost a packet on that". To do so would be to miss the point, to negate the enjoyment.
My watch expenditure is written off, all of it - there is no investment to protect and it's quite liberating, no worries, just indulgence.
I take good care of my things though because I have worked hard for them, might not be able to afford them again and want them to keep on giving for a little while yet.

[GIB984]

When I return home from a meal or a holiday, I don't go "Ouch! I've just lost a packet on that". To do so would be to miss the point, to negate the enjoyment.
My watch expenditure is written off, all of it - there is no investment to protect and it's quite liberating, no worries, just indulgence.
I take good care of my things though because I have worked hard for them, might not be able to afford them again and want them to keep on giving for a little while yet.

I do try to think this way as it definitely 'lightens the mood'.

Reminds me of the saying, "you aren't what you think but what you think, you are"

[Topcat30093]

I realised a while ago that I never actually own a watch, I just rent them!

LOL oh how very true

I have lost more than I really care to admit or want to KNOW!!

But it's got to be in the realms of several thousand ££££'s

[Xantiagib]

i'd like to think the ones i've made money on will counterbalance the ones i've lost on - though I don't want to work it out I kind of know already which way that balance is shifting...

[Montybaber]

I have lost a lot more on shoes over the years, the return on those are terrible

[flugzeit]

I don't have an exact figure... but its definitely well into the red. But that's OK, I've never been so foolish as to delude myself into thinking I am not going to lose money on this caper.

-flugzeit

[Tahiti]

I don't tell to sell or flip (although a rebalancing is well overdue), and I don't tend to think about how much I'd lose if I did. That would take the shine off what is an enjoyable hobby to me.

I can tell you one thing though. I bought my most expensive watch, a black 42mm Explorer II, brand new as soon as they arrived at ADs (well technically before it had arrived with the AD). There is, in one watch, four figures lost if I did decide to sell it on. Luckily, I really like it...

I am off to bury my head in the sand again.

[Andyg]

I have lost a lot more on shoes over the years, the return on those are terrible

Don't forget food and toilet paper. Shocking!!

[Wallasey Runner]

You can't really compare to items that are consumables, bought to be used or eventually thrown away, including shoes. Even a good night out or a holiday is money that you will never see again. A watch, or indeed a car or boat will still have some value after you have bought it even if depreciation is likely to put you in a loss situation if you decided to sell.

[forpetesake]

You can't really compare to items that are consumables, bought to be used or eventually thrown away, including shoes. Even a good night out or a holiday is money that you will never see again. A watch, or indeed a car or boat will still have some value after you have bought it even if depreciation is likely to put you in a loss situation if you decided to sell.

So that's where I'm going wrong - I'm rubbish with money.

[dirboxden]

Iv only been collecting for

[Wallasey Runner]

So that's where I'm going wrong - I'm rubbish with money.

Based on the postings here and the amounts lost you are not alone.

[dirboxden]

Iv only been collecting around 6 months and I have four 70's Rolex oysters and 4 Tudors of the same age, im starting small and working my way up to the big boy Rolexes, what I never thought about was the cost of servicing them all if I keep on collecting the older models, it could end up costing more then the collection itself,

[patnmand]

I have, today, taken my biggest single loss. Rolex Sea-Dweller. Bought at the top of the price range, spent a fortune on service, sold for an overall loss in excess of £3,000. Need not to do that again.

[dougair]

Reassuring to know I'm not alone! Makes me wonder if just renting watches is the way to go! Like car leasing, no hassle just the enjoyment! Anyone know anywhere in London that will rent me a watch?! 😁

[Montybaber]

I have, today, taken my biggest single loss. Rolex Sea-Dweller. Bought at the top of the price range, spent a fortune on service, sold for an overall loss in excess of £3,000. Need not to do that again.

I thought Rolex were the safest investment in the watch world? i am not being sarcastic either

[patnmand]

I thought Rolex were the safest investment in the watch world? i am not being sarcastic either

So did I!

[Wallasey Runner]

I think the problem is the depreciation when you leave the AD and presumably 20% of the price is for George Osborne's pocket and nothing to do with the watch itself.

In addition, new watches are made in such numbers that you are always going to struggle.

At least with grey dealers selling new or buying a good quality second hand watch someone else has already taken a part of the hit.

Is vintage the answer ?

[Knisse]

I have, today, taken my biggest single loss. Rolex Sea-Dweller. Bought at the top of the price range, spent a fortune on service, sold for an overall loss in excess of £3,000. Need not to do that again.

Was it bought brand new from AD or used? And how long did you have it?

[scooter]

I lost £700 on selling a JLC Gran Sport which I had owned for 6 months.

Compared to losing all the equity in the unmortgaged marital home on divorce, it doesn't sound so bad.

Bitter, me?

scooter

[patnmand]

Was it bought brand new from AD or used? And how long did you have it?

Second hand. I had it for 2 years. I think what did for me was that I was naive when I bought it, the service cost was huge, and the values suffered a bit when Rolex relaunched it. Lesson learned - I can't really afford to play in that price bracket.

[Knisse]

Second hand. I had it for 2 years. I think what did for me was that I was naive when I bought it, the service cost was huge, and the values suffered a bit when Rolex relaunched it. Lesson learned - I can't really afford to play in that price bracket.

That is genuinely surprising to me, that service must had been really expensive. That is really unfortunately, most Rolex end up being 'good investments' - especially if you purchase a used one wisely.

[dirboxden]

One of the main reasons I started collecting vintage 70's & 80's Rolex's was because the watch has already lost any value it would lose and as hit it lowest limit already. As long as i don't pay silly money for them I shouldn't lose a penny. The hope is being vintage the longer I have them the price should only go up not down, not by a lot granted bit I shouldn't lose.....he says....lol

[Chinnock]

I would rather not know. Been a serial flipper ever since I joined, however I have slowed down dramatically of late. I guess ignorance is bliss

If we were in the hobby to make money we wouldn't be on this forum.

[forpetesake]

Maybe the solution is to make more meaningful purchases and so reduce the incidence of flipping.
Is it any wonder that we get bored with anodyne, safe, worn out copycat designs driven by nothing more than mass marketing?
Yes we want reliability, a pleasing standard of finishing and aftersales support, but to qualify as an enduring wrist companion additional qualities are required....like some element of originality, personality and integrity...oh and at a push, fun.

[seikopath]

I have, today, taken my biggest single loss. Rolex Sea-Dweller. Bought at the top of the price range, spent a fortune on service, sold for an overall loss in excess of £3,000. Need not to do that again.

ouch!
thats in sharp contrast to all the 'buy a rolex steel sports model, your money will be safe ' comments that we get on here.

[DB9yeti]

ouch!
thats in sharp contrast to all the 'buy a rolex steel sports model, your money will be safe ' comments that we get on here.

Maybe it should read 'buy well' rather than simply 'buy'.

Whoever bought the watch off him isn't going to lose any money...

[DB9yeti]

I have lost a lot more on shoes over the years, the return on those are terrible

Really? Get them on SC and 'just look to get back what you paid' as that's always fair.

[IVK]

The "cost per wear" is pretty frightening. Some I've sold at a loss without leaving the house wearing the watch - so it's "cost per priviledge of trying on"! No doubt I've lost plenty but I have not kept count for years.

A very good point and it's a number I try not to work out too often!

I've often paid the price of buying from SC in order to try, and ended up losing money, but I'm a big boy and know that's going to happen. It's a hobby and I expect it to cost me.

As others have mentioned on here it pales into insignificance when compared to cars....

[IVK]

........Whoever bought the watch off him isn't going to lose any money...

Ha! I'm sure that'll make him feel better!

[Mark020]

Compared to cars, watches are doing a lot better...

Had a classic 911 in the past so I can honestly say: you're right.

[Chris_in_the_UK]

TBH I never really consider this - I have an interest in watches and as such I accept that there are costs involved.

i am curious on how the hell can anybody loose £3k on. Sea Dweller!

[DB9yeti]

i am curious on how the hell can anybody loose £3k on. Sea Dweller!

At a guess; bought for £6k, £1k service if crystal and crown or bracelet needed, sell for £4k?

Either way, too much paid in the first place was the problem!

[Chris_in_the_UK]

At a guess; bought for £6k, £1k service if crystal and crown or bracelet needed, sell for £4k?

Either way, too much paid in the first place was the problem!

Indeed - not sure where or why I would hand £6k over for one!.

[pseunomis]

Quite a few £000 over about five years, I would guess. This seemed quite depressing until someone mentioned cars and I thought of a couple of (red) classics I sold over the least few years that are now worth multiples of what I sold them for. And then someone mentioned divorces ... I'm going down the pub.

[patnmand]

i am curious on how the hell can anybody loose £3k on. Sea Dweller!

It's really breathtakingly easy. All you need is the right combination of idiocy, gullibility and naivety. Replication steps below:

1. Don't do your research. It was the second watch I bought after embarking on this caper. The first was a Navitimer, which I bought new so that was easy - I knew what the price was. I think I'd been here but certainly hadn't amassed enough posts to get to SC to see what Sea-Dwellers were fetching. Chrono24 had prices all over the shop so that wasn't a lot of use, particularly as I didn't really know what the differences were between different Sea-Dwellers. I also hadn't really nailed down what comprised a 'full set' and what was merely box and papers. So I had no real idea what a Sea-Dweller should cost or what it should have.

2. Don't plan the purchase. It was a bit of an impulse after a good lunch to celebrate my birthday. The Memsahib was in indulgent mood and I was keen to make the most of it. This resulted in us ending up in one of the dreaded shops around Bond Street (not Vintage Watch Company - thankfully I knew enough even then to steer clear of them). In 2013 you could happily pay more than £6k for a Sea-Dweller (the highest I've seen for a 16600 was around £8k at the time on Chrono24) and I assumed they would continue to go up because they were out of production. So £6k it was

3. Tick all the boxes at service. As well as the standard service it had a new clasp (£400+), Crystal (around £100) Crown and Bezel. The Bezel is, of course, pertinent to the tale. Thinking (at the time) that I'd never sell it I didn't bother to request the original bezel back.

4. Limit your options when selling. I needed to get some money back, partly as I'd bought another watch, and partly because I had a big car bill. I'd seen a few lurking in SC, dropping below the £4k mark but if you need the money you need the money. Sold to a dealer, took a spanking because I'd changed the bezel, and there you go. £3k down.

On the plus side I'm actually relieved it's gone.

[Wallasey Runner]

Don't beat yourself up too much, you are absolutely right in your second paragraph, when the SDs went out of production and were replaced by the Deepsea there was a collectors surge, everyone trying to buy an untouched SD with the stickers still on. I recall the V series were especially expensive as they were the final ones made. At that time these SDs were heading off down the 1665 road and people wanted them.

Rolex burst the bubble by bringing them back, but I bet a few people are left sitting on watches that they overpaid for because of the market forces at that time.