As with any significant
investment, the research
beforehand is crucial.
By Miriam Tucker and Sarah Churgin

Men love watches. We know this from the interest level at our auctions and the number of foreign spam merchants selling fakes in fractured English. (“Enhance your peculiarity with a designer watch!”) A fine watch is likely to be the most expensive, significant piece of jewelry a man will buy for himself.
Note that we said “jewelry.” It used to be that finely crafted mechanical timepieces were needed for accurate timekeeping. Today, you can get a perfectly precise watch for $20. Does this mean you should wear a watch that looks like it came in a Happy Meal?  Certainly not. Refined details, precious metal and the hallmark of a famous maker are all about aesthetic enjoyment and emotional satisfaction, which is the joy of fine jewelry. A piece of jewelry that gives you pleasure and serves a useful purpose can only be a good thing.
So let’s go shopping.

Your needs and wants
What’s really important to you in owning a fine watch: a name that impresses, a statement, unusual functions, exclusivity, low maintenance?
If status is important, face up to this now. Buy yourself that Rolex or IWC or Patek Philippe. Don’t spend a lot of money on a runner-up watch because the one you really want is out of your price range. Get something classic or cool and cheap and save up for the watch that will make you happy. How much of a relationship do you want with your watch? Digital watches are powered by a battery that you’ll only need to change out occasionally. Quartz watches are analog timepieces that run on a tiny, vibrating, electrified crystal. They keep extremely accurate time (within a minute each year). Like digital, you can set them and forget them until the battery runs out. Mechanical watches, on the other hand, are needy little machines powered by gears and springs. Complex and quirky, they lose about an hour a year and must be wound. If you want to work at love, as so many do, go ahead and choose mechanical. A search of your local horological society will connect you to a competent watchmaker who can properly oversee your watch’s care and maintenance. What’s your wardrobe when you plan to wear the watch — dress, casual, recreational, sports? An analog watch is the classic watch type, appropriate for business, dates and formal occasions. An analog watch can also be casual. A digital watch can’t be formal. Whatever its type, your watch should fit snugly without leaving an imprint on your wrist.

What’s important
Many people get caught up in the wrong details when choosing a watch, misguided by advertising or salespeople or both. Forget about the cost of components. Forget about the touted value of precious metal, which is likely to be less than billed. Forget about the jewels inside, which are worth only pennies. Be aware that many fine watchmakers want to create the impression that their expensive products are handcrafted. The truth is that very few watches under five figures are. Still, the reputation of the watch manufacturer matters. Ask people who already own the types and brands of watches you are considering if the watch performs to expectations. Read opinions online from people who are not selling what they are evaluating. Ask a good jewelry repairperson.  How about the metal? It all depends on your wallet and your taste. Getting a watch with a case (and band) made from gold, silver or platinum is going to cost you. Not only is the metal itself pricier, but watchmakers charge inflated prices for premium metals. On the other hand, many watchmakers mix these metals with less valuable alloys for a more affordable timepiece. We don’t recommend a gold-plated watch because the plating wears off. Stainless holds up really well. And titanium watches are both corrosion-proof and a lot less expensive than they used to be. If you’re attracted to watches from Tiffany and Cartier, it might interest you to know that all their new and most of their vintage watches contain movements from the world’s leading watch manufacturers. Tiffany created movements only from 1874 to 1879. Patek Philippe, Jaeger-Le Coulter, Vacheron Constantin, Audemars Piguet, Baum & Mercier and Movado have all made movements for either Tiffany or Cartier or both.

Where to shop
Not to be a snob, but if you are spending a lot of money on a watch, think twice about shopping at general department stores or stores that sell mainly low- to mid-price jewelry. Their best brand is not necessarily your best choice or value. A fine jewelry store will provide a fuller understanding of the spectrum of watches available. Understand the difference between buying new from an authorized dealer versus an unauthorized one. In general, manufacturers have no control over or influence with unauthorized dealers, and the warranty from an unauthorized dealer will only be honored by that specific dealer. The factory warranty you get through an authorized dealer should be honored by any other authorized dealer as well as the manufacturer’s service center. On the other hand, unauthorized dealers often offer deeper discounts. If you are going vintage, the least risky and easiest way to buy is from a known dealer who offers a money-back guarantee in writing should the piece be other than as claimed. This will also, in all likelihood, be the priciest option. An auction house or even a general line antique dealer is usually the best place to get a bargain. But they invariably won’t authenticate — they’re not likely to have the specialized knowledge to do this. It doesn’t mean the watch isn’t right. It does mean you’ll have to take your chances or get it authenticated by an outside expert before you buy. (Insider’s tip: Ask the auction house representative if any major watch dealers are bidding on the watch you want. They won’t give you names, but they might feel comfortable imparting such general information. If the answer is yes, that’s a good sign. And you’ll have the advantage: dealers need to stop bidding when there’s still profit to be made. You can bid a bit higher and still buy for less than retail.)

Resale and collecting
There are certainly watches that are worth much more now than they were years ago. But that doesn’t make most watches a good investment. You have to be lucky, knowledgeable or ready to invest in rare, high-demand models.
Rolex and Patek Philippe watches have the best resale values overall. In general, stainless-steel timepieces have held their value best. That’s because the precious metal in watches, which carry inflated prices when new, reflects market value at resale. The same holds true for diamonds on dials, bezels and other parts of a watch. Think about this, too: Men who are now in their thirties may like the historic value or looks of a fine watch from the mid-20th century, but they aren’t going to be nostalgic for one. Nor will the generations to follow. That’s bound to thin the market. If you want to be a player, a serious collector for resale, go for the best. Avoid watches that show evidence of past or present rust, scratches or gouges, or highly polished casebacks — all signs of heavy or rough use. On the other hand, if this is your timepiece, buy it as you would fine art or antiques. Purchase what you love from a reputable source and it’s hard to go wrong.

Knock-offs and Frankenwatches
The easiest way to assure yourself you’ve got the genuine article when buying new is to buy from an authorized dealer. If you want the deeper discounts you can get elsewhere, know what you’re buying. Images of the face, the case and markings are available from the Web sites of the manufacturers.  If you are buying a vintage watch, make sure that the serial number on the movement matches that on the case and that the movement fits snugly within. If not, it’s been switched out at some point. Collectors know these as “Frankenwatches.” As we said, if the seller is a known and reputable watch dealer, he should be willing to authenticate in writing. Vintage watches that contain replacement, but original, spare parts are perfectly acceptable. They just aren’t pristine and shouldn’t be sold as such. Any aftermarket add-ons (such as diamond bezels and markers) or part replacements should be noted in writing, too.

Miriam Tucker is the C.E.O. and a partner of Rago Arts and Auction Center. Sarah Churgin is Rago’s resident expert in fine and antique jewelry.