Panerai PAM 112 Twins

Hey, Josh here.

This doesn’t happen every day so I thought “let’s frame it”.

Two identical Panerai PAM 112 arrived to our workshop with the same problem: a broken main spring. 

Working on two watches simultaneously is great fun. And the job can be completed almost as fast as when you’re working on one piece. The Panerai were powered up by ETA 6497-2 movements.

The only thing that left me under-impressed was the Perlage finish of the main plate. The only finishing was done on the externally visible parts of the main plate, whereas the areas under the bridge were left raw and unfinished. This would be as if a painter painted your whole house, but not the areas covered by furniture. 

Obviously Panerai is not in the business of impressing watchmakers.

Happy collecting,
Josh

The last repair: job No. 2664478

If I were to print all the replies I received to yesterday's post then today's newsletter would be 70 pages long. The bottom line is, we are all on the same page on the issue of spare parts.

Let me just share with you a couple more details which will illustrate the points I wish to make. Please be patient with me because this post is not as much about my business as it is about yours.

My last job yesterday was a repair to a Panerai which belongs to Rob. Rob is about my age, a polite gentleman and my customer. The watch is worth around $7000. The problem: all 3 screws which hold the automatic winding unit came loose which prevented the watch from being wound.

Since this particular watch comes with a see through case back and since Rob is an intelligent and curious person, he was actually able to diagnose the problem himself. While he wasn't really sure what steps are required to rectify the problem, I am very much convinced that he was expecting the repair to be a simple one, and that it shouldn't take long to fix it. Which was exactly the case: I quickly explained what I would do, and if the were no surprises, Rob could have his Panerai ready for collection by tomorrow. I also quoted him $100.

Of course I could easily charge him twice that amount, and I am sure he would be equally happy, but that would be both disrespectful and unnecessary because I can fix his watch in less than 15 minutes.

So as predicted the repair was straight forward: after removing the strap and unscrewing the case back with the help of a special tool, all 3 screws were tightened and the rotor was working fine. I also refreshed the case seal, checked the watch for timekeeping and gave it a water pressure test.

Now allow me to pause here for a moment by asking you who is the winner in this case?

Obviously, Rob is over the moon: he got his watch back quickly and cheaply. He is also happy because he knows that if anything ever goes wrong with his Panerai, I am the one who can help him. He feels respected and appreciated.

The other clear winner is the tax office. Out of $100, the tax office is getting an easy $10 in GST. Also, my company profit is taxed at a rate of 30%, PLUS there will be more money going their way once my wages are taxed as well. I guess this is a total of $40 give or take. Not really a bad deal taking into consideration that the Government invested precisely $0 in my education or business.

The third winner is me. Even after paying taxes, I still made a handsome profit for something that was a relatively easy job. Also, I now have Rob as a repeat customer who will spend more money with me in yeas to come, so the value of my business has gone up.

The fourth winner is probably least obvious: it is the Panerai Corporation.

Not only have I restored Rob's watch but I have restored his TRUST in Panerai products. After all, he is a happy PANERAI OWNER and most likely he will buy another watch from Panerai or recommend it to his friends.

Now, Panerai gets this benefit without investing any money into my service or my reputation, yet I am investing all my skills, expertise and reputation into Panerai. Hardly a fair deal as far as I'm concerned.

However - and this is my punch line - the only reason why this fine balance of trust, expertise and respect exists is this: I was able to fix Rob's watch because I actually didn't need any spare parts.

If for example that Panerai needed a new gasket, which is a petty $1 rubber seal, I would not be able to help him at all. If I needed just a simple screw which costs 1cent to make, the outcome would be FAILURE. So by restricting the availability of the supply of spare parts to me, Panerai has full control over Rob, myself and the tax office. Restriction is easy to implement and long-standing and powerful in action.

Now, if you are new to watches, you may ask: but WHY would Panerai or Rolex or any other Swiss brand want an independent Australian watchmaker out of the picture, and ultimately, out of business?

The reason is simple: an independent watchmaker is an extreme pain in the bum for a brand and extremely powerful competitor. I can do my job faster, cheaper and better. I can work on variety of brands so I can provide my customer with much more objective insight. As a mature and far more versatile watchmaker and I personally take pride in my workmanship which ultimately leads to a personal relationship with customers and better repair results.

If Rob took his Swiss watch to a Swiss brand's service centre, his experience and overall satisfaction could have been very different. For big brands, there is no such thing as small repair. 'Quick and cheap fix' does not exist because they don't offer partial repairs. In most cases, additional and unrequested repairs are bundled in so the repair bill is commonly in the vicinity of $1000 or more.

The turnaround time is months! A three to four month wait is common. And these are not my words but yours- often, they will treat you as though you are a complete idiot, someone who will be grateful for being allowed to wear their fine timepiece.

The ultimate outcome: your dissatisfaction with the brand which will never be restored. So the ultimate loser are the brands themselves who in their myopic greed are killing it for everyone.

And here is my second and final punch line: the monopoly on the supply of spare parts is allowed to continue because the Australian Competition and Consumers Commission is incapable of assessing this simple matter adequately. For years, the ACCC's approach to this matter has been pathetic and incompetent: when you, or I, or a group of watchmakers submits a case, the ACCC goes to the brands and simply asks them: are you restricting supply of spare parts? The answer is "No, we are not, we have selected a few independent retailers who have access to our parts". And in cases where the ban is total - which is now the case with almost all Swiss brands- the response is: "the independent watchmakers are not capable of repairing our watches so we are actually doing a big favour to our customers by cutting them out"! And in every case, the ACCC finds this infantile reply - a complete lie- valid enough to close the investigation.

The question the ACCC should be asking the brands is this: how do you actually know that independent Australian Watchmakers are not capable of providing a service to your brand standard, when you have never assessed any of them?

Where is it stated, in black and white, what the requirements to get accredited are? Do you provide any training to independent Watchmakers? If a Watchmaker wishes to invest in tools and equipment, to setup a workshop, and if he passes your test, would you then unconditionally allow access to spare parts? What are the financial commitments that you would expect an independent watchmaker to undertake to meet your brands expectations? Are you pleased to recommend an independent authorized service to your customers?

Personally, I have been told that even if the ACCC ever breaks the monopoly of Swiss brands that I will never get access to spare parts. My sins are beyond redemption.

I have been told by the most well known brand that even if I send my son, who would be then fourth generation watchmaker to Swiss watch school (3+3 years, then a training with specific brand, all at my cost) that even my son will never have access to spare parts. "Never, ever" were the exact words.

Which is fine, and I can live with that. But if that is the case, why are those Swiss brands lying to you? Telling you that we are incompetent when true reason for the restriction is a pure commercial greed?

And why should I continue to prostitute myself by sourcing the watch parts from indirect sources, paying ridiculous amounts of money for a screw, spring or wheel - just to do the 'right thing'?

Make no mistake: the ban on original spares will result in ever increasing number of inferior aftermarket parts. Both small and reputable watchmakers already use those parts exposing themselves to both legal action and customers dissatisfaction. Their customers are not happy, and brands, rightly can finally say: "Well, we told you that independent watchmakers are shonky and not to be trusted".

I for one am out. I am not going to be part of this silly game, trying to juggle my loyalty to customers, love for fine mechanical watches, endless abuse by Swiss brands and the impotent and incompetent ACCC.

I am not going to tell you what to do, what to collect or where to fix your watches, or to write to ACCC, but for the time being, taking your watch to brand service centres is the only option. There is no second choice, second opinion, second quote or second option. You will be charged top dollar so you better like it and enjoy it.

(Although I just interrupted this email for a quick fix of a broken Rolex bracelet, for a lady who lives in country; I actually fixed the bracelet so quickly that she didn't even have time to ask me 'do I owe you something for it?' which is clearly not her fault. Sorry tax office!)

Our government must focus on the most obvious thing: making YOU happy by giving you the opportunity to exercise your consumer rights, of which the fundamental one is the right to a second opinion. Where brute market forces will always prevail, it is government's role to provide at lease some degree of competition because we know that big corporations are very good at abusing the power of monopoly. Don't crush us, don't cut us out: instead, train us, equip us, supply us with whatever we need to show you what we are capable of - and then watch us work for you and your customers.

The only permanent solution is one of mutual respect between brands, watchmakers, government's regulators and watch owners. We are all 'into it'. We owe it to each other.

And we owe it to the next generation of young bright people who one day will look back at the past and ask themselves: why they couldn't fix it before it all fell apart?

California dial (agian!)

*** Hey, we got more online 'press'

Thanks to a quick 'selfie' of Craig Gilbert's I 69/75, our rebelde appeared at Facebook page of Watch Time magazine. Apparently, the Watch Time is America's #1 watch magazine. Craig's photo was published and got over 1,000 likes and 40 shares!

You can check it out here (and add your rebelde photo if you wish)

https://www.facebook.com/watchtimemagazine?ref=br_tf

Of course, few commentators were quick to label rebelde as a Panerai tribute, copy and even Panerai fake. I guess those naive and misinformed comments stem from California-style dial which is now associated with watches made by Panerai.

The truth is, Panerai was just one of MANY brands who in 1930s made watches with mix of Roman and Arabic numerals and there is nothing to suggest that California dial is an exclusive Panerai style. (Panerai actually never made such claim).

Here is just one example of Rolex Cal dial, as featured on the cover of soon to be released Rolex Story book:

Happy collecting!

Nick

Your watch is a PRECISION INSTRUMENT

He arrived last Thursday, well dressed, wearing a $12,800 Rolex. "I would like to buy a Panerai Destro with 56 hours power reserve". Obviously money was not an issue and he appeared to be reasonably sure about his choice.

I sensed that something was unusual even before the transaction was completed: while I was doing my best to explain how to wind the watch and set the time he was taking photos of the watch with his mobile device, uploading them on what appeared to be a social networking website, counting the number of "likes".

Yesterday morning, precisely at 8:29 I received a distressed email from the new Panerai owner: the watch was dead. Attached, was a 27 seconds video clip which should have helped me pinpoint the problem and provide an instant solution.

The video was both graphic and deeply disturbing.

A few years ago we ran a small survey titled: "If you are to select one 'crown' reason for purchasing a high quality mechanical watch, what would that be?" To our surprise, the top answer was 'sophistication'.

But sophistication cannot be bought or inherited. It is the result of a painful effort which "machines" our entire being, turning us from the Neanderthal to the Homosapien in a matter of one short lifetime. And ironically, the bulk of machining is done by us.

A fine mechanical watch is foremost and above all a PRECISION INSTRUMENT. Not an accessory to enhance your beauty or device which just tells the time. And this simple statement is the foundation, a corner stone on which you will build your watch appreciation and, if you want it, sophistication.

To his credit, the owner of the Panerai allowed me to share the video publicly, for educational purpose.

While you may find the opening moments intense, I find the last 5 seconds the most challenging.

The bottom line: there is a good reason why watches come with an instruction manual. And paying attention to the 'how to use it' instructions at the time of purchase is absolutely essential.

*** Before we go any further: this is what we call sophistication

Can you imagine the quality of a tool capable of cutting into a solid block of steel with such power that it looks like it's cutting a block of cheddar cheese? Can you comprehend, just for a moment, the precision required to turn that block of steel into a V8 engine? The forces required to flick the 500kg piece, turn it around, maneuver it and then bring it to the exact position, to one hundredth of millimeter? The heat, the finishes, the stream of coolant? Countless hours to write the piece of software? And the years of designing, improvement and engineering which went into the building of the Matsuura Maxia MAM72-63V 5-axis CNC mill?

Believe it or not, the challenges in the manufacturing of YOUR wrist watches are no less dramatic. Respect!

Hublot: Cool and uber-cool

Cool and uber-cool

When Ferrari signed a partnership program with Hublot last year, it clearly signaled that putting a red horse sticker on a watch dial is no longer the only requirement for a successful partnership.

Quite frankly - and rightly so - Ferrari was sick of Omega's lack of imagination and Girard Perregaux's laziness. Panerai went a bit further: they actually designed a watch which had some potential but this effort too lacked the most important ingredient: a true avant-garde look and high-tech guts that would leave us all speechless.

In just a few months, Hublot turned the watch-concept world upside down.

Image source: www.hublot.com

A Ferrari watch is everything and more you would expect it to be: a representation of uber-cool, limited and out of reach for even those who could (almost) afford it.

The LaFerrari MP05 is no longer a watch the Ferrari dealer could throw after the deal was closed or wrap it up as a gift for a new car owner's kid. It is a $300.000 limited edition of 50 Masterpieces which will humble even a new Ferrari owner and make him drool for the next one.

"Ah, if THAT is what they wanted... why the hell didn't they tell us?" said three Swiss makers banging their heads.

As they say in marketing: there is nothing worse than underestimating your client's advertising budget....

Obviously if you are a watch collector on a budget, MP05 will remain on your wish list for a few more months.

But here comes the good news: for a smart and savvy collector, snatching a Pre-Ferrari Hublot back form the times when the brand was still struggling to sell $5K watches (insert here the YEAR 2000) the piece below will provide a load of enjoyment.

Hublot MDM Super Professional 400m is one of those pieces which will one day be a highlight of your collection. In my books: a never to be repeated offer. This 13 years old watch is in mint, 10/10 appears to be unworn. Automatic, of course. On a rubber strap - of course! Otherwise, it would not be a Hublot!

Check it out at www.clockmaker.com.au

The California dial

"California dial" is a watch dial featuring Roman hour markers on the top half and Arabic markers on the bottom half of the dial.

While the origin of the name is unknown, the style of the dial has been around from the early 1930s.

The earliest example I've come across was on a Rolex Oyster bubbleback, from 1938, and the latest dates from 1966, fitted to an Oyster Precision Ref 6424.

The style and logotype itself are typical of the Art Deco period: bold and provocative, yet perfectly balanced.

Nowadays, California dial, is a hallmark of Panerai Radiomir watches, especially models which pay 'tribute' to the original 1938 Radiomir Brevettato Ref 3646.

Here is a sketch of Panerai PAM 249 a highly collectable and sought after piece by any serious Panerai collector.

PAM 217 Marina Militare Destro: Heidi's choice?

For many, the 217 is the Holy Grail of Panerai watches. Yes, it is an uber-cool, rare, stunning head turner.

A piece designed for a real man. I am talking here about you or Matt Damon. Oh yes, in that order.

I can't think of any other Panerai out there that would give you so much 'exposure'. Quite frankly it is difficult to describe 217 as anything but the ultimate attention seeker.

Now, make no mistake: I am *not* crazy about Panerai watches in general. I find them too precious to be worn, not water proof enough for what you would expect from a 'military' grade watch. For someone who still prefers inner beauty than external appearance, ETA movements leaves very little room for excitement. After all, I started my apprenticeship on this very same calibre - except it was called the Unitas pocket watch back then. Yeah, kind of like expecting Mat Moran to get excited about the new McChicken Burger.

And for all the above reasons (and a few more) I just could not put this watch for sale before giving it a test ride.

To accommodate my butcher's size wrist, the 217 was fitted with a custom made military style strap (comfortable 22cm!) and I've promised myself to give it a "fair go".


Then I took it "for a walk".

My first point of stop was a local news agent. Then a couple of food vendors at the local food court. While I was not trying to hide it, neither was I pushing it in people's faces. Yet the effect was very much the same: a curious, puzzled look of disbelief.

A fellow passenger on the bus home could not resist to comment. "Nice watch!" he said. Getting a compliment from a busy Sydneysider on a Friday afternoon bus is as cool and as difficult as getting an autographed picture from Heidi Klum. In the year 2012 people just don't care. And even when they do, they mind their own business. Or talk on their mobile phone, or whatever.

Trying to impress my only friend with the PAM217 was more challenging than I thought. Yet even he - a guy totally not into watches - could not help himself but to notice my large Militare.

"What do you think it's worth?" I asked.
"Five thousand? Maybe six?" he said.
"OK, guess again - and here is your 'call a friend' tip: less than twenty".
"Are you kidding me - he said - take it off, let me have a closer look."

So I did. After an agonizing 30 seconds of inspection, he said: "I really hate you. But even I can see why this Pammmeriii is worth $20K."

And that is exactly what is so special with the 217: anyone, including my best friend
who is totally NOT into watches can appreciate all the reasons why the Militare Destro is such a great piece.

Yes, some watchmakers are completely blind for external beauty, me included.

In one word: elitist, exclusive, rare and snobbish. But not over the top, not vulgar and never inappropriate.

In case you are still unsure about it, ask yourself this question: if you were invited to dinner with Heidi, which one would you wear?

Exactly!

PS: Now here is the most extraordinary fact about the 217 - despite the large size of 47mm, it is probably one of the most comfortable Panerai watches! Thanks to the destro" design (designed for people who wear watches on their right hand) and thick saddle leather strap, the watch sits very comfortably on the wrist. I am wearing it now, as I type, and I've been wearing it all day today without the slightest discomfort. Priceless feeling! I just wish they made it in 49mm.

PAM 1938: Media-magnet

Fine watches are magnet for media.

When things are slow and there is nothing to report or speculate about, you can bet your last dollar that tomorrow's top news is going to be "A Kitten Saved by Hero Fireman" or "Grandpa's junk watch sold for $100,000 on eBay".

In that order.

And yes, we get our share of calls from young (and seasoned) journalists wanting to "feature" our watches. Our usual reply is "Sorry, we are not interested, thanks for calling." In all fairness, would you hand over your finest piece to a total stranger
just because he claims to work for Channel 9 or In Style magazine? Yeah, sure.

This week was not out of the ordinary. I can't remember who he said he wrote for - BRW, Piping Australia, Melbourne Living or Dumbo Feather. ("Behind extraordinary ideas there are extraordinary people. Dumbo Feather is a magazine about these people.") It would not matter anyway - the guy on the phone was as enthusiastic as they get.

What did set him apart, however, was his boldness.

After the 5 minute breathless monologue he finally got to the point:

"We are working on a special issue dedicated to fine watches and we would like to offer you a chance to supply a watch for a photo shoot. I can send my assistant straight away to collect it."

"Yeah, sure. Which one would be suitable" - I asked.

"I am very particular with this project and there is only one watch on your website that
would suit my requirements. Panerai Radiomir 1938."

"Good pick mate- you really got me excited now! There is only one small problem: the watch comes with a very peculiar price tag: it's called 'price available upon request'.
Which means it is worth a few dollars."

"Oh, we are not buying it, so for us, the price is irrelevant"

"Cool. But with all due respect, the price is very relevant to me because this beauty
owes me big bucks. It is what we call a liability. I mean, if it goes missing, the loss is mine, isn't it?"

"Yes, but I'll take special care and I'll wear it personally until it's returned to you".

"Now that you mentioned it, the watch is UNWORN, still in full plastic wrap so I guess this could be a problem when taking photos?"

"We will unwrap it. No problem."

"Sounds like you've got it all covered and planned. And am I going to be mentioned as
a watch supplier to the photo shoot?"

"Well this is not really a common practice, but if you insist, we can do that as well.
Mind you, we are not in the business of promoting other businesses; we are primarily interested in artistic / design side of the watch."

At that point I realized we went too far. He has obviously mistaken my cynicism for naivety so I had no choice but to break his heart.

"Sorry mate, I think I'll pass on your offer. I was just pulling your leg a bit; we are nothing but ordinary second hand dealers and you would be better off if you call an Authorized Panerai dealer to arrange for a similar watch."

"Thanks for wasting my time" he said. "You should have told me so straight away".

And he was right. I should have told him so - if he would only care to listen.

An absolute entry level - or thereabouts...

The second most commonly asked question is "Nick, which one should I go for?" The short answer is - go for what you like and can afford.

And here is the longer version:

$10 - $200

The absolute entry level range in mechanical watches. Heaps to chose from - if you are not worried about external condition, resale value, water resistance, time keeping and... everything else! The name of the game here is go for what you like - and lower your expectations to avoid disappointment. You can still snatch a bargain: a smart Seiko 5 or some obscure Swiss made brand form 1970s in NOS (new old stock) condition. Unfortunately any money you'll spend on restoration or repair would really be just throwing good money after a bad watch. Not wise. Avoid anything that is not in working order - if it does not keep time, it's not a watch!

$200 - $500

Again, there is so much to choose from - especially on eBay or at an auction. Despite large offers, you would barely be entering the Swiss watch market so be extra careful: buying just for the look is no longer recommended. Most of the stock in this price bracket is unrestored and non-functional: "Bargains" in need of major repair - or at least complete overhaul. Overall condition rarely rises above 5/10, which means virtually no resale value. However if you are looking for
a nice 'beach special' and don't mind scratches or an out-of-trend size, then you should be able to find a decent pre-loved 'ticker'.

$500 - $1000

For five hundred bucks you should be able to pick a fairly decent Swiss watch. Or even a waterproof one - if you stretch it to a thousand ;-) Best buys are pre-owned Longines, Oris, or TAG in 8/10 condition. Don't settle for discoloured dial or hands, chipped or scratched crystals or worn / damaged bezel. A short bracelet is acceptable (you can always find a few extra links) but don't expect it to come with box or papers. Great price bracket if you are on a hunt for a nice, well-made pocket watch! Many pocket watches like railroad open face in steel/nickel or silver case still represent the best value for money in mechanical time keeping!

Tip: Buy only pocket watches with original balance staff, winding stem in perfect condition and no damage on case/hinge.

$1000 - $2000

Great place to be - especially for a first time buyer! In this price range, there is plenty of quality stock on offer. Best buys in pre-loved: Omega Seamaster and Speedmaster in 'as is' condition.
If you are not in a hurry, snatching a 9/10 piece should not be that difficult. And spending a few extra dollars on an overhaul is a wise investment- you'll have a watch which will last you for many years to come!

Tip: If you intend to own more than one timepiece don't overspend! One or two watches will do you just fine because the resale value is still under 50% at the best. Be picky: go for good provenance, box, papers, or recently overhauled stock. Take your time to learn about watches and watch collecting - investing in ‘knowledge’ is priceless!

$2000 - $3000

Welcome to the world of fine mass produced watches! Well, you've just arrived so don't get too cocky :-) This is really a 'wearer's market' - you are buying watch to wear, enjoy and be proud of. Smart choice: fine pre-owned stock in 9.5/10 condition or better. Unwanted gifts. Demonstrators. Overhauled stock - maybe a last year’s model, but still in like new condition.
This is Omega's territory: Moon watches, limited editions, Seamaster chronographs, smart Aqua Terras, dress, casual, sporty - plenty to chose from. A kind of stuff you would wear in office or with an Armani suit. Stuff that will impress any Holden or Ford owner, stuff that makes your boss (who still wears a 20 year old plastic Qantas el-chipo) look like a character from Summer Heights High.

Of course, if you are only buying a watch to impress yourself (as you should!) then feel free to explore other options: Baume and Mercier, TAG Carrera, Chopard, Mont Blanc, Fortis. Remember, you are taking advantage of other people's extravagance (previous owner made a wrong pick - wrong size or model, or simply wants to upgrade too quickly and need your liquid funds) so make sure to take as much advantage as you possibly can! Have no mercy, take no prisoners: ask to see that original receipt!

Vintage market: again, plenty of choices. Go for overhauled and restored - you can finally afford it! Avoid all battery operated and gold plated stock. Holy grail: a nice 1940s military chronograph in steel with black dial restored by an experienced watchmaker.

Tip: Don't even think of Rolex - in this price range you'll get nothing but a headache.

$3000 - $5000

Heaven for a first time buyer: You can finally buy them all :-) Or one good piece at least. Arriving at the Rolex level is fun: strong brand name, good re-sale value, water resistance, classic look. Plus all the Breitlings, top of the range Omegas – even the odd Panerai. You can have it all: the look, the quality. Each and every watch you try on feels good and appears as an excellent value for money!

Unfortunately for an enthusiastic and aspiring buyer, this is probably the most difficult price range. Such buyer is faced with a bitter paradox: While he was happy to double his or her spending budget, it looks like he really halved choices. He realizes that there is no such thing as a waterproof Navitimer, large Datejust or cheap Submariner. That dream 5513 with cream dial and original hands is nowhere to be found. Why is picking the right one so difficult now?
Confused, he spends more time researching, talking to dealers and reading watch magazines. Online watch forums no longer offer clear direction and eBay is no more Las Vegas.

$5000 - $10000

For those who've reached the 5-10K price range, life is good again. Finally, everything makes sense: You get what you pay for! Most importantly, you no longer need help choosing the right stock. As an experienced buyer, you know the difference between in-house movement and ETA,
and you no longer judge the watch by its appearance, brand or size. You are very picky (which is a good thing) have refined taste (still more a result of previous mistakes than in depth knowledge) and you are confident talking to fellow collectors and dealers - who finally take you seriously :-) Jaeger LeCoultre is king, and so is the IWC. Limited editions Panerai are tempting.
That black dial Daytona really looks cool :-) You've also realized that your pile of Omegas and two Datejusts is not really a serious collection. You are grateful to local dealers who exchange the whole lot for a nice pile of cash. Dealers are your best friend, collecting is fun - and you are ready to move on!

$10 - $20K

We are now talking serious money so let's get serious.

Best buy: Like new condition Rolex President. A mint condition Patek. IWC Big Pilot. Anything Lange (but not Glashutte!)

Now here is my tip: $15K is a mental barrier for even serious watch collectors so there is hardly any competition for fine stock. Cash is king so don't be surprised to see dealers bending backwards for your business. Finally, you are buying for enjoyment, not to impress.
And thanks to GFC, that double red Seadweller with box and papers is no longer out of reach.
You hate dealers, but that's OK.

$20K - $50K

Patek 5146 or 5110? Why not 5135? Maybe 1970s Daytona? Platinum Portugueser? Go for it, have fun :-) Watches are fun - as much as your newly acquired VIP buyer status is. You no longer have 'watch friends’ - neither real nor imaginary. After being banned from most watch forums you again talk to dealers.

$50 - $100K

Tourbillon. IW 177. JLC Master Grand T. Panerai PAM 276.
You have received a Christmas card from Angelo Bonati.
That dealer in Hong Kong now knows you by your first name.

$200K+

More tourbillon: Lange Cabaret.
You are invited to October Fest and Richemont pays for your beer and wurst.
Harry Winston Opus Eleven? Can't wait to see it finished!

$500K to 1 mil.

Finally, you are ready to let go all machine made stuff. Intrigued by haute horology, you now spend both summer and winter holidays lurking around Geneva. Can a watch be regarded as a Super fund? Self managed, of course! Too much to chose, but sitting on a waiting list for 5 years is not fun.

2.5mil +

Jaeger LeCoultre Hybris Mechanica Grande Sonnerie.
Single at 62 - and you enjoy every moment.

3-5 mil

You are back to Patek military chronographs.
Flying on Tuesday to Geneva for Christie's auction preview,
then flying on Saturday to bid on it in person.
Bidding over the phone is so not cool.

5mil +

Watch collecting is no longer fun - and playing all day with that Patek 1527 ($5.6 mil) has gotten a bit boring… You've got them all and you want some more - but there is hardly anything out there to quench your thirst!

Flying to Switzerland is no longer practical either so you've bought a stunning thirteenth-century chateau overlooking Lake Geneva.

Nice people from Christie's left a message that you may be interested in a small portrait by Picasso - great piece - with an estimate of just $9mil - absolute entry level in fine art...

Small restoration project: Panerai case polishing

This Panerai Daylight belongs to a fellow watch collector and was brought in last Friday.

As you can see it had a nasty dent right on the edge of middle case.

I made a promise to publish photos of the watch before and after polishing, so here they are, for your enjoyment.

The entire polishing of the middle case (body) was done by hand using a metal file and various grades of sand paper and took less than 15 minutes, including bezel polishing.
Panerai watches are made of quality steel and respond well to both machine and hand polish.

Watch case half way through polishing

Final touch: photo of bezel after polishing on a buff wheel.

The Number One Watch Enemy - Water (again)

I have dealt with numerous cases of watches with severe water damage and I have to admit by experience that this is by far the most frustrating part of running a watch repair business.
The photos below show the extent of water damage penetrating to the case of this poorly-treated Swiss beauty.







The watch owner swore on stacks of Bibles that he always locks the winding crown before washing his hands. From the amount of rust in the case, I seriously doubted the veracity of his words.

According to him, the authorised service quoted $6,500 for repair (I did believe in this part of his confession), but I am afraid I do not have good news either...

Will keep you posted on this one. Stay tuned.