Chinese brand Heimdallr, of the famous `Sharkey’ watch design has announced that due to another Covid related lockdown in Shenzen they are not shipping orders right now.
Hard to see this lockdown lasting more than a few weeks, as Covid19 has mutated into a weak virus – as they all do. Perhaps there are other reasons behind the lockdown, but we will never get a straight answer from the CCP, so why bother? It could affect other China brands, so check with an email before buying on Ali Express maybe?
VIRTUE SIGNALLING OF WATCH BRANDS OVER UKRAINE IS TEDIOUS, AND PURE HYPOCRISY
Watch brands are keen to distance themselves from Russia, which is fine, every company has the right to choose who to sell to. Although let’s not be naive, any Russian buyer can obtain a Swiss watch via China, or the Malls of the Gulf states, despite the boycott.
But the recent crop of Ukraine flag themed watches is a classic case of virtue signalling by brands, which goes all the way back to Live Aid and Children in Need in the 1980s. Anything to look good and sell more product.
Take Swiss luxury brand Linde Werbelin, who have a £5500 watch with a Ukraine flag dial on sale. Profits go to the Red Cross, which is admirable, but then people can just donate to the Red Cross. Other less woke charities are available too.
But here’s the nub of it. On Instagram Linde W wrote;
“We stand firmly on the side of democracy, peace, freedom of speech and freedom of choice. “
Reality Check: At the weekend Ukraine leader Zelensky banned all media outlets that were not controlled by State TV/Radio and banned several opposition political parties. Here’s a link to the Guardian coverage.
How is that anything to do with freedom of speech or choice exactly? It sounds like what it is; pure dictatorship.
In the UK Christopher Ward are also making a Ukraine flag watch, which they say will raise donations for the Red Cross. Again, we say to watch brands, just donate to the relief operation. Don’t make a song and dance about it, or view the war as a PR opportunity, where you take sides and try to impose your moral choices upon customers.
War is not goodies vs baddies, a simplistic comic book story. It’s complex and the reality is that ordinary people suffer, whilst the wealthy are shielded from most danger.
Watch brands need to grow up face the reality that Zelensky is not some romantic freedom fighter bringing democracy and freedom to the masses of Ukraine. He – and past leaders of Ukraine – have fought a war which has already cost 10,000 lives since 2014 in the Donetsk and other Russian speaking regions, whilst accepting weapons and training from the USA, who are keen to fight a proxy war, without risking Afghan style involvement.
DEAR WATCH BRANDS, DO YOU REALLY SUPPORT WW3?
Zelensky repeatedly calls for NATO involvement, which would risk WW3, possibly a nuclear conflict. Those who blindly follow such a dangerous populist warmonger, who seems to spend his days doing endless Zoom calls to Western leaders, should be asking tough questions, not cheerleading a dubiously funded politician, who would have us all vapourized in a nuclear holocaust to feed his ego.
Anyone who buys a Chinese watch or uses a smartphone, or drives a BMW 1 Series, is ultimately supporting a tyranny which treats people like expendable sheep. But you know what, most of us shrug and take the reasonable view that we are not responsible for the actions of political leaders – of any nation. Consumers buy what they like and can afford. That’s freedom.
Our message at NWC magazine is this; make watches, sell to the Chinese who murder people, sell them to the Saudis who murder people and if you want to ban sales to Russia then whoop-de-do, aren’t you taking the moral high ground? Here’s your gold badge for Virtue Signalling, jolly well done. But don’t insult our intelligence with Ukraine flag watches, because that country is as corrupt and rotten as almost every other nation on Earth. Google it. Do some research and spare us the woke bull**it.
VIDEO OF ROLEX HEIST
A jewellers shop in Beaconsfiled England was raided recently, with some discontinued Rolex models being targeted. The gang even had the presence of mind to steal some boxes too, as selling Rolexes without their boxes is a bit harder.
Police are appealing for dashcam footage of the getaway grey Audi.
NO, VOSTOK EUROPE IS NOT A RUSSIAN WATCH BRAND
The Vostok name is well known to many watch collectors and admired for their no-nonsense build quality and low prices in the past. There is a modern Vostok brand based in Lithuania, and their watches feature some design aspects, and names, associated with the old Soviet empire. But the brand wants to make things clear right now; they support Ukraine in the current war.
Vostok Europe posted recently on Facebook;
KERING SELLING LUXURY WATCH BRANDS
Just posted on Reuters today;
Kering (PRTP.PA) is shedding its watches division, with plans to sell high-end labels Girard-Perregaux and Ulysse Nardin to current management, a move that will allow the French luxury goods group to focus on activities in which it has scale.
The transaction fits the company’s strategy of prioritising labels “with the potential to become sizable assets within the group”, Kering said in a statement on Monday.
After being hit hard by the coronavirus pandemic, the high-end watches industry is showing signs of improvement, helping to fuel a 32% rise in sales of luxury group Richemont over the third quarter ending in December.
RICHEMONT ISSUES TRADING UPDATE
The Richemont Group has issued some sales figures data and the news is good.
Compared to the third quarter ended 31 December 2020:
- Strong sales, up by 32% at constant exchange rates and by 35% at actual exchange rates
- Double-digit sales growth across all regions, channels and business areas
- Strongest performance from the Americas and Europe, rebalancing regional sales mix
- Retail and online retail, a combined 78% of Group sales, driving growth
- Excellent performance from all three business areas:
– Jewellery Maisons, with sales growth of 38% at constant exchange rates (+41% at actual exchange rates)
– Fashion & Accessories Maisons, with sales growth of 37% at constant exchange rates(+40% at actual exchange rates), sustained by Chloé, Montblanc and Peter Millar
– Specialist Watchmakers, with sales growth of 25% at constant exchange rates (+29% at actual exchange rates)
Compared to the third quarter ended 31 December 2019:
- Continued sequential quarterly growth acceleration, with third quarter sales up by 38% at constant exchange rates and 36% at actual exchange rates
- Pre-pandemic levels substantially exceeded, with sales up double digits across all regions and business areas, as well as online and offline retail channels
- Outstanding performance of the Americas, Asia Pacific and Middle East and Africa; Europe and Japan resuming growth, up double digits
- Performance led by the Jewellery Maisons (+57% and +55% at constant and actual rates respectively) with other business areas growing at or close to 20%
Swiss railway enthusiasts can start the year off with a hearty cheer, as the Mondaine 25% off Sale is still on until the 16th, or until stocks run out.
Grab a wall clock, or wristwatch in the style of the Swiss SBB railway timekeeper. We spotted a 42mm gents model with around £56 off the £229 RRP. There’s also 25 percent off the 38mm square case gents watch, which is a unique looker. See the full Mondaine range here.
SWATCH GROUP’S COURT WIN IS BAD FOR WATCH COLLECTING
Cousins, the UK watch spares specialist posted an update over Christmas, which we just spotted, here’s the word;
On 28 December 2021, our Swiss lawyers received the long awaited judgement from the Bern Court.
“At the moment we do not have a full translation, but whilst the Court confirmed our position that Swatch are 100% market dominant in the supply of spare parts, it does not appear to have followed previous case law relating to companies with such monopolies, and has ruled that Swatch’s refusal to supply Cousins does not breach British and EU Competition Law.
Cousins has until the 1st of February 2022 to lodge an appeal at the Swiss Federal Supreme Court. Our legal teams in Switzerland and the UK will be studying the judgement over the next few days, and we will provide further information and updates as we are able.”
By finding that a monopoly on spare parts supply is fine and dandy, the Swiss court offers partisan support for Swiss manufacturers, who would argue that only authorised dealers and their expensively trained technicians should fit the replacement mainsprings, crowns, stems, crystals etc to prestige watches.
It does not take a great level of skill to fit a new winding crown or crystal, anyone, even this writer, can manage it with the right tools and some practice on older clunkers.
But that argument over `factory trained’ technicians and factory spares is exactly the same as the one car manufacturers used to play to support the main dealer network and their high spare parts prices. In reality, it doesn’t matter if your indicator lens is factory, or pattern, frankly and the same is true when replacing a 1970s Omega or Tissot crystal with a pattern one – only an expert with a loupe could tell the difference.
The EU rightly demolished that car servicing/parts cartel many years ago. Should the same thing happen with watches? Absolutely. If factories do not wish to refurb older watches, let the indie sector do that and keep enthusiasts interested in collecting watches.
Now Switzerland is not an EU country and can set it’s own trade laws, but by forcing independent watch repair shops out of business it damages the industry in the long term. An old Tudor, Breitling or Omega, bought for say £500-£1000 that cannot be repaired because sending it to Switzerland would cost £800-£1000 for an overhaul means one thing; the watch lives in a drawer. Not on the wrist.
The way that Swiss factories have sponsored watchmaking courses in UK colleges is to be admired, up to a point. For if the best watchmaking talent goes to Geneva, where does that leave British watchmaking?
The fact is that many older watches CAN be repaired at a reasonable cost, if the parts are made available. It is good for the environment and ticks the ESG box in corporate reporting too. Swiss brands should be reminded by green activists that they have a duty to offer econonic repair of older pieces, not simply offer a paltry discount on a new Rolex, Omega, Tudor etc.
We just spotted that Breitling UK has a special deal on the Navitimer, priced at just £3425. It’s the 41mm version, so not to huge on the wrist.
Limited to 500 pieces this blue and white dial design is also fairly restrained by Niva standards, which for us, is a good thing.
Timex has a Holiday Sale on right now, use the code JOLLY20 to get a very handy 20% off something like the Resissue 38mm quartz in root beer colours, which is £165 RRP.
There’s also 20% off the Marlin autos with peanuts and Woodstock cartoon characters on the dial. They currently retail at £240 so that’s a straight £48 off the price.
We spotted some watch auction price results online, just to keep you interested in those grail watches.
A Cartier Pasha minute repeater men’s watch made CA$64,900 in Miller & Miller Auctions’ bi-annual Watches & Jewels sale held November 20th in Canada.
An Omega Speedmaster with a lovely brown tropical dial made over 3 million Swiss francs at Philips Sale in Geneva. That’s about 2.5m sterling, a completely insane sum of money for a 1957 watch.
MARLOE SPECIAL DEALS
Marloe watches has a special discount deal on their Atlantic Spirit Chronoscope model.
The Spirit features sword-profile hands with high-contrast paints to maximise legibility and ease of time-telling. Each sub-dial features one of two hand styles – the running second hand matches the main hour and minute hand finish, whilst for the Chronoscope functions, the sub-dial and timed second hands are painted in a separate style to differentiate the two functions of the Atlantic timepiece.
The chunky cased delight was just shy of a grand, but is now on offer for £699.
More info here.
WATCHBOX AIMS FOR EXPANSION
Global luxury watch trading brand Watchbox has just raised $165m reposrts Reuters, so expect more Watchbox standalone stores, an increased TV channel output and more watch buying and refurbishing activity. Here’s the Reuters update;
Luxury watch marketplace WatchBox raised $165 million of equity capital in a funding round to continue its global expansion, it said on Tuesday. The Radcliff Companies and The Spruce House Partnership were lead investors and were joined by CMIA Capital Partners along with other existing investors, WatchBox said in a statement.
WatchBox, founded in 2017, said it will use the capital to extend its digital platform and expand into new locations in the United States and internationally while enhancing its inventory.
“WatchBox’s sales are up 40% year over year and we are on target to achieve $300 million in sales this year,” co-founder and CEO Justin Reis told Reuters.
The watch industry awards have been announced by the GPHG bigwigs over in Geneva, with some big wins for Grand Seiko, Zenith, Louis Vuitton and many others.
Full details here.
Updates on the Rolex thieves in the UK, courtesy of the Daily Mail which has added to an earlier story.
As regular readers know two women, possibly East European migrants are `hugging’ older men outside golf clubs and on High Streets, and then sliding their Rolex watches off their wrists.
You can read the latest news here, but to save time here are the key points to be aware of when wearing a Rolex in public.
They pretend to collect signatures for a deaf charity
One kisses and hugs, the other operates the clasp on the watch while the victim is distracted.
One may shout about Sex to embarrass the victim and make them think twice about pursuing them.
They wear caps and Covid masks to deter CCTV identification.
POLICE WARN ROLEX HUGGER THIEVES ARE STILL ACTIVE
The Mail Online carries a story recently about the women who like to hug older men, then steal their Rolex watches. No, not would-be Instagram influencers, but two scrawny witches targeting golf clubs and wealthy suburbs in the South of England, where the richer retired gentlemen of the UK often hang out.
The female robbers have been busy all through 2021 and show no signs of being caught anytime soon.
Here’s a link to the story;
Their method is simple; pretend to be doing charity work, please sign our petition etc. Then hug the victim and slip that Submariner or Oyster Perpetual off the wrist. Police have described them as looking and sounding Eastern European.
23.09.21 ROLEX MANIA WILL DAMAGE EVERY BRAND
Every Rolex fan knows that even before Covid19 there were waiting lists for models like Submariner, Daytona and Air King. Only joking, nobody is waiting for an Air King.
Rolex told Yahoo Finance this week that keeping people waiting was `not a Rolex strategy’ and basically blamed the authorised dealer network for keeping demand high. And it is high – in the UK Rolex probably accounts for about half of all watch sales above five grand. Now that is a big problem.
Why? Because we are in bubble territory, and it’s obvious that speculators now control the market price as regards pre-owned Rolex Subs, Sky Dwellers, Daytonas and to a lesser extent some Royal Oaks, Patek Nautilus and a handful of other investment pieces.
Watch collecting has moved so far away from the actual watch tech, that the luxury market may well drastically shrink in a few years’ time. Who buys a Hamilton, Tissot or Longines thinking it might appreciate in value over two or three years? Same story with Zenith, Junghans, Doxa, Bremont and dozens more.
There is a greater problem, which we could call the Honda Jazz Syndrome. For the last decade or two the average age of a new Honda car buyer has been about 53. Probably the same for mechanical watches, it’s become an old man’s hobby.
That is dangerous, because as Honda, or Harley has discovered the hard way, your ageing customers stop buying as they become ill, or fall off their perch. Younger consumers do not want to wear the same watch as their dad, or grandfather. They see smartwatches as way cooler, they may even have a Casio G-SHOCK collection, because yeah..it’s affordable and the watches last for decades with minimal maintenance, not a £700 service every five years.
CITIZEN TAKES THE SMARTWATCH PLUNGE
The new CZ from Citizen is a multi-function affair, just as you would expect. Customisable dials, Google OS system, and a huge 46mm case diameter. Big enough, or too big?
GARDINER HOULGAE AUCTION
GH have another watch auction coming up online. It starts tomorrow morning 6th May at 10am UK time. We spotted a very nice Chopard Mille Miglia, an IWC Da Vinci chrono plus a U-Boat Italo Fontana if you fancy something a bit different from the usual Rolex/Omega/Patek investment pieces.
If not, there are plenty of Rolex items on offer. Details here and you can register to logoin to bid too.
CHRISTIE’S RARE WATCHES AUCTION NYC
We browsed the auction results because poverty prevents us from bidding – what did we find?
A Rolex Batman Sub, 2016 model with box and papers made $20,000. Handsome 2001 Patek Philippe with a fold out 18K rear case cover went for just over $43,000. Don’t forget there are buyer’s premiums of 25% on top, so we are talking $54,500 in total on that one.
A Patek yellow gold Calatrava from 2008 made $16,250, which just shows how a typical classic dress watch still has collector appeal with the right name on the dial.
A 1958 Omega Speedmaster broad arrow made a huge $93,000, thanks to the sheer rarity of it, as the Speedmaster was only launched the year before. It was a big watch by the standards of the 50s and didn’t sell in high numbers, so vgc examples over 60 years old don’t come along that often.
More lots n results here by the way.
Patek Philippe Nautilus Stock Hits GameStop Levels
As Patek Philippe announce the end of the line for the Nautilus 5711 model, which already has a long waiting list, the price for new examples has leapt by 50-60%, according to watch trade magazines. That means a rare watch, that was already being `flipped’ at 50,000 quid, is now fetching 100K. Maybe. Well, it’s just an internet rumour, nobody has seen a sales receipt.
The cancel-the-Nautilus move is interesting as Patek has also discontinued several other models, which hints that some genuinely all-new models are in the pipeline. One of the classic watch case designs the Nautilus has been in production since 2006 and reportedly has a ten year waiting list.
One luxury watch trader described the boom in Nautilus prices as something similar to Tulip-mania and it’s pretty much the same game as the GameStop hedge fund battle that is going on in Wall AStreet right now. Speculators often quote crazy prices like 100K for a steel blue Nautilus but does anyone own up to paying that?
Expect a modern twist on the 5711 model later in 2021. And a waiting list.
NORTHAMPTON POLICE SELL WATCHES UNDER PROCEEDS OF CRIME LAW
Police have sold Rolex watches and jewellery seized from a jailed crime gang on eBay for £24,000, reports Yahoo News. The items were put up for auction using new powers under the Proceeds of Crime Act to raise funds from stolen items. The swag included a diamond ring which made £13,433 and two Rolex watches which went for £7,800 and £2,287 respectively. The cheaper Rolex was a ladies Datejust by the way.
Officers also recovered more than £9,000 in cash from the gang which included James Devlin, 51, his sons Jimmy, 20, Noel, 29, and 25-year-old Hughie Devlin. Local news media reports that the Devlin family, who resided at a caravan park, were believed to be behind over 100 robberies.
Watches of Knightsbridge have an online auction coming up in December, so entries are invited of course.
The next Watches of Knightsbridge main auction will be taking place on 5th Decemeber 2020. The deadline for entries is on 22nd October. If you would like to enter your watch(es) into this sale then please email us with details of the watch(es) or contact us to make an appointment to see one of the experts. The catalogue will be published on the 9th November.
See the website for more information:
UK Trade news site WatchPro is doing its own London show. Here’s the news below;
WatchPro is today firing the starting gun for a brand new event, WatchPro Market, which will bring watch enthusiasts directly together with watchmakers.
The Market is exactly what it sounds like: a relaxed and informal retail space where watchmakers will present their latest collections directly to the public.
“WatchPro Market is the opposite of the world’s oldest, elitist, shows. It is open to everybody, free to attend and aimed at younger people who are early in their journeys of discovery into the watchmaking world,” says WatchPro co-founder Rob Corder.
A maximum of 35 brands are taking part, with around one third of the Market pitches selling before WatchPro even went public with the concept.
WatchPro Market takes place on Saturday, November 7 to Sunday, November 8, at The Old Truman Brewery, a former industrial site in the heart of London’s achingly fashionable Shoreditch — the epicentre of the capital’s millennial hipster movement.
It’s hard to see how this event can comply with the ever-changing restrictions on indoor attendances, social distancing etc but good luck to them we say. Watch enthusiasts value the chance to ask questions face-to-face and actually handle a potential new purchase. This stuff matters.
You can register here.
07.05.2020 Organisers Cancel Baselworld 2021
The official news from MCH, as Baselworld is cancelled for Feb 2021 – will it ever return is the bigger question? Here’s the statement from the show organisers;
In collaboration with the Swiss Exhibitors’ Committee, an amicable solution has been drawn up, unanimously approved by the Comité Consultatif and also supported by industry associations.
“I welcome the constructive attitude of the representatives of the MCH Group, which has enabled us to find a balanced solution”, says Hubert J. du Plessix, President of the Swiss Exhibitors’ Committee. “I would also like to thank Patek Philippe, Rolex, Tudor, Chanel, Chopard, Hublot, Zenith and Tag Heuer, who, in a spirit of solidarity with the sector as a whole, have agreed to a lower refund so that the other exhibitors can benefit from better conditions.”
Bernd Stadlwieser, CEO of the MCH Group, stresses: “We are pleased to have worked together and, in just a short time, found a solution that is acceptable to everyone. In the light of the large loss of revenue due to COVID-19 and our responsibility to all our stakeholder groups, this solution marks the limit of what is possible for us. With the amicable settlement for Baselworld 2020, we can now concentrate fully on the future.”
The MCH Group has taken the decision not to hold Baselworld 2021 that had been planned for 28 January to 2 February 2021. “Together with the exhibitors and visitors, we are working intensively on clarifying and discussing the requirements and options for new platforms,” says Michel Loris-Melikoff, Managing Director of Baselworld. “We will be taking a decision on possible follow-up formats by the summer and will then provide information on the new concept and scheduling.”
Breitling has launched new range of retro heritage inspired SuperOcean models, which capture the dive watch styling of the 60s and 70s. There’s even a Rainbow edition of the Capsule 57 model, featuring yellow, blue, violet and orange markers, while the hour and minute hands are covered with glow-in-the-dark Super-LumiNova.
Prices for Rainbow edition Zenith El Primero watches are holding steady at about 3K or so, which suggests there may be some interest for a truly eye-catching design in the era of recession, even at £4000. Actually, one media outlet says the Rainbow edition has sold out – so yeah, what do we know?
We think the more traditional Capsule 57 models are going to sell very well too. The steel blue model at £3400 RRP is reasonable value for a COSC certifield movement, ceramic bezel, 42mm case and bi-directional bezel. You can choose a Milanese mesh type bracelet, or a trad leather strap if you have no intention of venturing into water with the SuperOcean Heritage 57 on your wrist.
Nice refresh we think, and the case size should suit most wrists – maybe the era of the big chunky Breitling is coming to an end?
22.04.2020 Swiss Watch Manufacturers See COVID-19 Downturn
The spread of COVID-19 a.k.a Coronavirus, has prompted the cancellation of the big industry watch fairs in Switzerland – Watches and Wonders, formerly known as SIHH, and Baselworld, and cut export volumes by 40%, says the Swiss industry association – noting that another big fall is expected when April’s grim stats are in. Hard times for Rolex, Swatch, Richemont and LVMH perhaps?
March saw a 34% drop in exports to the UK, although China bucked the trend and saw a boom in demand, as the wealthy there capitalised on the destructive power of Corona across Western economies and snapped up bargains. Maybe that was the masterplan all along – who knows?
As UK High Streets remain closed and many watch collectors will probably hang fire waiting for prices to drop, especially on less popular brands like Baume & Mercier, Panerai, IWC, Zenith, Rado and more, there is bound to be pressure on retailers in the UK to cut their losses come September to make way for new 2021 models in time for Christmas.
Now Baselworld has officially lost Rolex, Chanel, Patek Philippe, Zenith, Hublot and Tag Heuer from its 2021 line-up, questions must be asked about the show’s future. Big watch brands may reloacte to Geneva as regards showcasing new model ranges to the world’s press and dealers. It could be that more virtual launches and consumer events will be the way ahead – in theory, many celeb brand ambassadors could hold online sales, like an upmarket QVC. They may pull a face over it, but it’s hard to see asome watches being sold in volume this year without a serious re-think on marketing.
Interestingly, the Federation noted that the market segment least impacted is the uber expensive Swiss models. Obviously the super-rich are largely unaffected by Coronavirus and can self-isolate in luxury. They can have their staff shop online and get a courier to deliver to Chateau MeMeMe in California too. Nice.
The big drop in demand in March was for Swiss watches in the sub £500 category, mainly quartz models of course. Maybe consumers have rumbled that many of these fashion watches are not that bit different from a mainstream fashion brand watch, which tends to retail at £100-£150. Our take on it is that the mid-market is vanishing, as people either go full luxury-Kanye-blingfest, or choose a cheap watch from Matalan in the Sale if they’ve got no money.
Let’s be blunt, a Tissot quartz impresses very few people and that my friends is the root of the problem with entry level Swiss watches.
18.04.2020. Watches of Switzerland Sale Shows Recession is Well Underway.
OK, not every luxury Swiss watch is a great investment, and not every watch is a bargain, even with 25% off. But there are some excellent discounts on the Watches of Switzerland website today – and it highlights how the recession is already happening. We spotted an extra 10% code valid TODAY ONLY by the way.
An Omega Seamaster Planet Ocean at £6246 is very good value, although the black and orange combo is everyone’s cup of tea. Traditional Seamaster 300m Diver in blue, with a 44mm case is ideal for guys with a chunky wrist at £3523.
There are several Montblanc models in the Sale, which is understandable given that very few watch enthusiasts seem to want them – at any price. Will these watches ever be truly collectible? Given that they’re using modded Sellita/ETA movements and cost over 2K even with a Sale discount, I would say the answer is No.
A Tissot Tradition quartz chronograph is undoubtedly a fashion item – zero collectors interest – but at £247 it really is good value compared to fashion watches from the likes of Armani, Boss, Michael Kors or Daniel Wellington. Fact is, you’ll always find someone would like your pre-owned Tissot for say £70 or so, if you hang onto the box, papers and don’t scratch it to hell on a drunken night out.
The same cannot be said for many generic fashion chronographs from non-Swiss brands that cost over £250 new. Cash Converters will only offer you about £10 for it, otherwise try FB Marketplace.
Browse the Watches of Switzerland Sale here if you like. We aren’t on commission.
18.04.2020. Corona: Is Pulling Money Out of Stocks, Property or Other Investments and bying Luxury Watches a Good Idea?
As UK TV viewers will have noticed, Watchfinder is busy advertising right now, as more people with money look for safer investments that stocks – or even property. As the government effectively gives all tenants three months rent free accommodation, many buy-to-let landlords will seek to exit this business later this year. As yet, there is little real financial support for the 5 million self-employed in the UK and this is storing up rent and utility arrears for the remainder of 2020.
Of course investing in Swiss watches is a higher risk than property. There are still overheads; insurance and servicing on high value watches from Rolex, Audemars, Patek, Vacheron, Omega, Cartier etc. There is no monthly income, you gamble that a Royal Oak or Submariner will double in value in say five years. Fact is, some models HAVE done that, without a global pandemic.
You absolutely need a strong safe, anchored to the ground. If you own over 50K worth of watches we suggest a strong/panic room. You need to escape from pro thieves quickly, as they may well use brutal methods to extract the safe code from you. Same approach if you buy physical gold – people will want to steal it from you, and insurers dislike covering gold and diamonds worth over 30K, except within commercial premises.
NO GOLDIE LOOKING CHAINS, BUY VIRTUAL GOLD INSTEAD?
Alternative investment options are many of course, food distribution or food delivery being a hot one right now. But gold and watches might also offer some growth. Here’s the latest press info from Glint Pay Services Limited, the fintech company that makes gold an alternative global currency.
How? Well by enabling clients to buy, sell, save and spend their physical gold instantly through Glint’s prepaid debit card (Mastercard) and multi-currency app. Glint announced today that it has experienced a several hundred percent increase in its clients buying gold during the recent turmoil effecting global equity markets.
Glint’s clients have been the big winners as they flocked to gold, the traditional safe haven currency of last resort, as the markets swung violently over the last few weeks on fears of a global economic downturn.
HOW DOES GLINT WORK?
Glint offer an innovative multi-currency payments solution that provides instantaneous ownership of physically allocated gold and the ability to use it as money digitally through an app and prepaid debit Mastercard (gold is converted into e-money for transactions).
Physically allocated gold belongs outright to its owner, as opposed to unallocated gold, “exposure to gold” such as when the gold is owned by a FinTech company (e.g. Revolut) or a capital markets instrument such as an exchanged traded fund (“ETF”). By offering access to gold Glint helps shield clients them from the destructive effects of inflation and protects them from the systemic risk of future global financial crises
Glint enables you to save, spend, and exchange between USD, EUR, GBP and gold wallets. Glint’s clients know their gold is securely held in a Brinks Vault in Switzerland. Brinks is insured with Lloyds of London.
In the next few months, Glint will launch Person to Person (P2P) payments, giving clients the ability to send gold and currencies to fellow Glint clients as easily and instantly as you might send a text message.
Fees are transparent and simple with Glint when buying or selling gold or spending in foreign currencies. There are no hidden fees and Glint uses the best available market rates with no Glint margin added, when transacting in 150 currencies around the word.
You should be aware that Glint’s gold offering is not subject to regulation by the Financial Conduct Authority (“FCA”). Always speak to an independent financial adviser if you have any questions or concerns. Northern Watch Co certainly advises anyone to think carefully before investing in gold, as the price can fluctuate rapidly within the space of one week.