The Wrist Game: Should You Invest When Buying a Watch?

Should investment be a consideration when buying a watch? Two seasoned collectors sound off and share their respective collecting journeys.

Jackie Ho
Collector and founder of Watch Ho & Co 

My passion for watch collecting began when I was young – I have fond memories of wearing Swatches and G-Shocks as a kid. This hobby took on a more serious dimension about 10 years ago when I rewarded myself with my first luxury watch – a Panerai – after a career milestone. Since then, I’ve fallen deep into the rabbit hole of horology, inspired in part by my Dad’s love of watches. He was a local watchmaker who owned a small watch repair and service shop in To Kwa Wan in the 1970s. 

“Buy what you like” is at the core of my collecting philosophy. Although it can be tempting to chase the latest hype or succumb to peer pressure, I believe it’s essential to acquire watches that speak to you personally. Aesthetics, brand resonance and craftsmanship are the key factors that drive my purchases. As a fan of hand-finished timepieces, I’m drawn to the transparency of skeletonised watches, which allow me to appreciate the watchmaker’s skill and artistry. 

Recently, I’ve found been increasingly drawn to independent brands. The avant-garde designs and the opportunity to connect directly with the people behind the watches hold a strong appeal. These human connections are what I value most, as they imbue the timepieces I own with a deeper sense of meaning and personal significance. 

When evaluating a potential addition to my collection, thorough research is paramount. I strive to understand the brand’s vision, the design philosophy behind each model and the level of craftsmanship. Seeking feedback from fellow collectors also provides invaluable insights. Ultimately, though, nothing can replace the experience of seeing and handling the watch in person, as photographs and videos often fail to capture the true essence of a watch. 

While I don’t closely track secondary market prices, I’ve noticed the watch market has plateaued somewhat since its peak. Some models that were once prohibitively expensive have now come down to more reasonable levels, making them worth considering. For instance, early FP Journe models are now available at more attractive prices compared to a couple of years ago.

That said, I don’t view watches primarily as an asset class. While liquidity and resale value may be a consideration for some collectors, my focus is on the personal connection and meaning I find in each timepiece. Watches are so much more than just timekeepers – they can represent milestones, achievements, fond memories and the people who’ve touched our lives. If we approach them solely as an investment, we risk losing the passion, joy and romance that comes with wearing and appreciating a watch. 

If we approach them solely as an investment, we risk losing the passion, joy and romance that comes with wearing a watch

Jackie Ho

As we evolve as collectors, our tastes and preferences naturally change over time. It’s perfectly normal that certain watches in our collections see less wrist time or no longer align with our tastes. In those cases, I believe it’s better to find new homes for those pieces, where they can be enjoyed by others, rather than letting them languish in a safe. After all, what might be our “grail” watch today may not hold that same importance a few years down the line, barring those pieces that carry deep sentimental value. 

The joy of collecting is in the journey of discovery, the appreciation of craftsmanship and the personal connections we form with our timepieces. While financial considerations may play a role, it’s important to maintain that emotional – almost romantic – relationship with our watches, rather than treating them purely as investments.

Mark Cho
Collector and founder of The Armoury

I’ve liked watches since my parents got me one when I turned 16. And then in 2006, I bought my first vintage watch. It was an Omega Chronostop with a grey dial. Vintage watches were just “second-hand watches” back then and everything was so cheap. It was amazing for me, fresh out of university, to be able to buy something so beautiful for so little. 

When deciding to buy a watch, initially my criteria were good deals for interesting watches. And then it became chasing famous watches like the Nautilus – when it was still affordable – and trying to accumulate sets of them. I collected Nautiluses before they were hot and Langes before they were cool, with a view that they’d become even more important later. There was satisfaction in being proved right by the market. These days, I just buy whatever moves me. I’d describe my collection today as being very personal with a lot of rare but unpopular things. I like obscure references of vintage Pateks, fancy-dial Tank Louis Cartiers, Japanese watches, some independents – it’s a mish-mash. Wearability is a must, though, and I do try to wear them all. 

My collection is very personal with a lot of rare but unpopular things. I like obscure references … wearability is a must though

Mark Cho

In terms of importance, I’d rank, quality and craftsmanship, rarity, heritage and investment value – in that order. I probably have a subconscious minimum expectation for quality and craftsmanship. Rarity is interesting, but I won’t buy something I don’t like just because it’s rare. Heritage isn’t that interesting, unless it’s enabling something special today. For instance, I like Patek Philippe’s strong heritage in perpetual calendars and perpetual-calendar chronographs. Having the lineage of the references 1526, 1518, 2499 and 3940 makes the 3970 feel that much more special, as if they were building up to it. As for investment value, most of the things I choose for myself don’t have a very stable price and so I’d be hard-pressed to regard that as a huge considering factor.  

I firmly believe that taste and appreciation is developed through ownership. While researching a brand or a model, you should go deep enough to have some vague impressions, but not enough to have formed any opinions. Save your opinions for when the watch is finally in your possession and don’t be influenced by others. You should look for a spark of joy.

The secondary market for watches has been quite strong in the last few years, but it’s returned to a more normal level in recent months. I don’t think of watches as investments – it seems very easy for it all to go wrong.  

But selling is another thing. With the exception of some watches with very strong sentimental value, such as my father’s old watch, I think nothing needs to be in a collection forever. I don’t like it when my watches sit in the safe. If I’m not wearing them, then I’d want to sell them. I did that 2022, when I sold 66 of my watches in an online auction with Phillips called The Beauty in Everything to fund the next expansion of The Armoury. Selling the collection was quite enjoyable, because it forced a reckoning of what was worth keeping and what wasn’t. It’s very interesting to have to make these decisions. Also, creating and marketing a collection of items to sell that has some sort of coherent theme to it is part of my day-to-day work in clothing. So it was fun to apply some of these skills to the Phillips sale.  

I have a few watches that were specially made for me and someone once asked me, “Given that the watch was made for you, shouldn’t you keep it forever? Wouldn’t the craftsman be offended if you sold it?” My response is that you should respect the craftsman’s efforts and do your best to understand and appreciate the watch, but when the time comes that it no longer interests you, you should try and find a new owner for the piece. The craftsman would be much happier with the watch being enjoyed by someone else rather than as a silent burden in a safe for the original owner. 

(Header image: Jackie Ho (left) and Mark Cho)