Reply to "Fine Watches"

irwin posted:

Quote from Reuters:

"(AAPL) sold more watches in 2019 than the entire Swiss watch industry, according to new data from the research firm Strategy Analytics. For the year, Apple (ticker: AAPL) sold an estimated 30.7 million watches, up 36% from the previous year, while the entire legendary Swiss watch industry sold 21.1 million watches, down 13%. It was the first year that Apple’s watch sales topped the Swiss watch sector."

I am not sure I've ever seen an Apple Watch.

Irwin, I’m sure you have. They look like an iPhone tied to their wrist. 

The Apple “watch” is not a watch per se in my opinion. It is a lifestyle device and a computer that can also tell you the time. I also have a similar opinion about the iPhone. I like most people use my iPhone for hours a day and actually talking on the phone is not the primary purpose I use it. It too is a computer that I can use as a phone. 

As for the Swiss watch industry, their competition is not smart devices. While there are people that collect fine watches that also own a smart device, it isn’t their concern. Their competition is a growing German industry of excellence timepieces, Grand Seiko’s growing market share and praise by horology experts, the fervor for vintage timepieces continues and what hurt them deeply last year were the issues in Hong Kong and China. Hong Kong has been the biggest marketplace for fine Swiss watches for over a decade now. 

In my opinion, the Apple watch someone is wearing today will be at the bottom of their drawer next to their other outdated phones, fitnesses devices and such in a few years. Conversely, fine watches say from $5000 to six figures will be worn, collected, given to family members or sold as an asset or traded for other fine timepieces.

On a side note, I just last week had to update my insurance on my collection since I bought four new pieces recently. My agent said there was a time I was one of only a handful of his clients that insured their watches. He said such insurance is now a growing part of his overall business.  

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