Earlier this month, the Horological Society of New York welcomed Watches of Switzerland Director of Client Relations Kelly Yoch to present a lecture on Collecting for Passion, Not Investment.
With more than 800 RSVPs and tune-ins from 16 countries, there were bound to be some questions left to discuss. Below, Yoch has graciously taken the time to continue the conversation on why collecting for passion is the way to go.
Video recordings of lectures are available to members immediately (using your membership password), and to the general public with a two-month delay.
Q: Would you put more responsibility on the brands to come to market and advertise more unique designs or on the collectors to expand their horizons and look to purchase outside of "what everyone wants"? Eric A
A: The brands definitely need to be more creative. In saying that…if you are a collector of anything, you should be open to all things that encompass your "passion".
Q: Watch enthusiasts are focused on buying, selling, wearing and enjoying watches, and the appetite for owning luxury mechanical watches will continue to grow, but looking forward 10-20 years, do you see a problem where there will be an insufficient number of qualified watchmakers to service the industry? And if you see this as a potential problem facing the industry, what are the major retail ADs, such as Watches of Switzerland and others, doing to promote the interest in watchmaking as a career? M. Russell
A: It's ultimately not up to the retailers…..it's up to Societies like HSNY and the brands themselves to ensure their product continues to be serviced appropriately. WoS can support HSNY (which they do). Patek, for instance, has their own school here in the United States. Hopefully, more brands will follow.
Q: What are your thoughts about micro brands and the resurgence of American watchmaking? M. Macdonald
A: The more the merrier.
Q: Kelly, thank you for telling people to buy what they love! Have you ever purchased a watch that you didn’t end up loving? Can you explain why? A. Moore
A: Yes. I did recently. I'm really into the history of the piece. I found out the watch didn't belong to a good person - someone who had done me wrong in the past. Didn't want any part of it at that point even though I loved the watch. I have also purchased things a long time ago that currently don't fit with my style or life currently. We are allowed to evolve and change (thank god). ;)
Q: Kelly, what are a few of the watch brands and what specific pieces that we should keep an eye on that are under-appreciated? R. Sufi
A: I love independents…Moser, Armin Strom, Laurent Ferrier. BUT BUY WHAT YOU LOVE!
Q: What would you say is the best way to bring back passion and get away from the re-sale value craze that has affected the watch collecting world? Can brands do anything to help? J. Veliz
A: Get off Instagram and go have a conversation with an AD, auction house, or other collectors. The brands can do better with monitoring the secondary market and hold the retailers accountable.
Q: How do you recommend we get comfortable with condition, fit, and other physical factors of watches while relying on the internet to purchase watches remotely during this pandemic? Is it a matter of trusting the dealer, or taking advantage of return policies, or something else? D. Herer
A: Finding a legit second-hand dealer is ultimately the goal. Making sure they have a return policy is important. And ACTUALLY speaking to a human should be important as well.
Q: Retail is becoming focused on just a few brands as well, with many collectors unable to find much variety beyond Rolex, Omega, TAG, Breitling, etc. How can the retail industry encourage variety when most sales counters look the same? S. Foskett
A: To the little guy - say in the middle of the country - those brands are what pays his bills. Finding larger retailers with extensive selection can help steer variety in a personal watch collection.
Q: Hi Kelly! What’s on your wrist tonight and why did you choose to wear it for your lecture? E. Gonzalez
A: Patek Philippe Ellipse 5028G. This watch encompasses exactly the theme of the lecture. This is something I coveted since I started in 1997. The fact that I now own it is still a shock to me. I love it every time I look down at my wrist. Not a popular piece by any means…but I bought it because I loved it and has special meaning to me.
Q: What is more important to you - collecting vintage or modern? R. Houde
A: My heart is with vintage. But there are so many modern pieces in my collection. To me, the fun is having a collection that includes both. It shows that you are open to all possibilities. :)
Q: Are the popularity of dial sizes more driven by consumers or manufacturers? I.e. are manufactures making watches in sizes they feel are appropriate, or are they stretching the design to satisfy what they feel consumers want? M. Russell
A: I wish more brands would actually listen to the client. The end user is ultimately the biggest critic and assistant. I wish there were more "round table" discussions so that we could get more of a feel for the market.
Q: Thank you for the lecture. How would you advise a new watch collector to choose an AD? How do you develop a "relationship"? J. Molina
A: Find the dealer that has everything you are looking for…go in, have discussions, touch and feel product. I'm still a "brick and mortar" gal…I know that's not the way of the world right now. Retailers are specifically asked to put brand ambassadors in place so that a client's questions can be answered totally. I know that at WoS, each brand is represented wholly.
Q: Many of the leading brands today are owned by one of three or four Private Equity groups whose primary motivation is financial, not horological. This entices the brands to pool the purchase of watch parts, case and dial manufactures among themselves in order to manage manufacturing costs very similar to how the automobile manufacturers work. Is this trend eventually going to negatively impact the uniqueness of individual brands? K. Lobo
A: It's ultimately the responsibility for these Private Equity groups to put the proper people in place to guide the growth of the brands. That’s if they are interested in actually making a profit. :)
Q: How do you suggest young or new collectors begin collecting when their price point is a little lower? It seems building a relationship with an AD is key in the long run but it can be hard to justify when the grey market provides lower prices for the same products. C. Kowalczyk
A: If price is the only driving force behind a watch purchase, then the secondary market is fine. To me, there are so many more factors involved - servicing, future purchases, security in that purchase, etc.
Q: As mentioned, HODINKEE, social media, etc. have led to an increased interest in horology amongst younger people - what do you feel has been the most important factor/biggest selling point for mechanical watches particularly for this demographic, and how do you think we can ensure that future generations remain engaged? B.Darling
A: As long as the watch community stays current with all the platforms offered in today's changing world, we should always be fine.
Q: Sometimes I think of watch collecting in "wine" terms...for example, I know I can spend $250+ and get a bottle of wine I'll love...the challenge is how to find a $30 bottle of wine that may not have "the label", but will rock...similarly, I know that I can spend 5-6 figures on a watch and get a killer piece...but how do you compare and judge watches in the under $10k range? Or, even sub $5k? H. Lichtig
A: Plenty of great brands - Doxa, Grand Seiko, etc. Look at the finishing of a Grand Seiko dial. It rivals Patek any day of the week. Always looking for that $30 bottle of wine. When I do, it's usually Italian. :)
Q: When you describe your collection, I hear a love of watches that remind you of specific times in your life. So when you listen to clients, how do you help them identify the "current time in their life" and the watch that will become as meaningful to them in the future as your older special watches? M. Datta
A: That's how I collect…that may not remotely be important to the person in front of me. I think everyone approaches collecting differently. It's more important to discover what is important to that person.
Q: Who is the new average buyer? How do you see women changing this industry? S. Roberts
A: New average is young…under 35. Women need to become more confident selling timepieces. Women have the creativity, the heart and the confidence to change anything.