Old for New
The watches that I deal in will hold a value new, second-hand, or antique. So approximately 80 – 100% of your money is protected. I encourage my clients to return to change the watches. Proven over the years, there are clients that have bought 50 or 60 watches from me, but some of them still only own one watch.
The key point about my business is about building relationships. A client is going to write out a cheque of hard earned money on my recommendation. This trust is often put to the test when they want a new toy in six months time, what is the value now? So by virtue of this guaranteed buyback, it is very exciting for guys who are not going to buy a beautiful piece and throw it in the back of the cupboard. The worst scenario is that they will trade it back to me and buy a new one.
The incredible thing is that over the years, as these watches have increased in value, instead of my normal 80% buy back value, there have been some instances where I have bought watches back for 150 or even 200%. In other words, they have in Rand terms made great profits on the watch. My clients aren’t all necessarily wealthy and it is not always the domain of the rich. There are some guys who collect beautiful and interesting watches that do not run into eight figures – this pastime can be started quite reasonably. The watches are tradable not just to me but can be sold in London, New York, Bombay or Baghdad.
Come and have a cup of coffee with me. There are magazines, there are books but basically it is a very tactile business. You can crawl around on the Internet all day and look at pictures of watches but there is nothing like feeling the quality of a watch.