Expensive watches seem like a highly effective way of disposing of wealth.
But smart collectors can profit from the rising values of vintage collectible watches – as long as they follow certain rules.
Gordon Bethune is one of the most prominent – and best regarded – watch collectors in America. The former CEO of Continental Airlines, Bethune is selling 50 of his prized watches at auction at Christie’s on Friday. The pieces could fetch more than $3 million, with one watch alone selling for up to $1 million or more.
Vintage watches have soared in value over the past decade, as the wealthy put more money into collectibles. Auction houses now sell more than $100 million worth of watches a year”
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Bethune declines to talk about the appreciation of specific watches. But many of them rose so much in value in recent years that he had to start keeping them in a safe deposit box. In fact, one of the main reasons he’s selling them is because they became too valuable to wear.
“I enjoyed them when I bought them 20 years ago and right now the money’s just sitting there,” he said. “They’re sitting in safe deposit boxes. They’re wonderful, but you don’t wear them because they cost too much money. I want to put the money to use. If I’m not going to wear them, let somebody else wear them and [I’ll] do something else with the money.”
Vintage watches have soared in value over the past decade, as the wealthy put more money into collectibles. Auction houses now sell more than $100 million worth of watches a year, and the numbers are growing in the double digits.
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