Why are watches the most popular passion investment for Singaporeans?
These days, luxury timepieces run the gamut from the archetype and contemporary to the downright baroque. These lilliputian wrist machines have come up a long mode since they were mere tools to tell the time.
More than and more, they are being appreciated for their history, exclusivity, applied science and adroitness.
A survey conducted by Knight Frank uncovered that in Singapore, watches are the most pop form of passion investment amid wealthy families.
Equally part of its Attitudes Survey 2021, Knight Frank surveyed over 600 private bankers, wealth advisors, intermediaries and family unit offices managing approximately US$3.three trillion (Due south$4.4 trillion) on behalf of ultra-loftier-cyberspace-worth individuals (UHNWIs) across the globe.
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In Singapore, 79 per cent of families indicated that they are most probable to collect watches. Art and wine (57 per cent) both placed second, while jewellery (l per cent) came in 3rd.
Indeed, responding to queries from CNA Luxury, Sotheby'due south indicated that in recent years, the auction firm has witnessed increasing interest in lookout man-ownership among Singaporeans.
"From 2022 to 2020, the number of Singaporean sentry buyers accept increased by over three times, the number of lots purchased increased by about four times, contributing an average of US$3 million per twelvemonth on our lookout man sales," said Sam Hines, global caput of watches at Sotheby's.
"The Singapore market is very mature and Singaporean buyers remain a very vital pillar in our business organisation. Their ownership contribution over the past five years (from 2022 to 2020) has been very steady," said Alexandre Bigler, vice-president and head of watches at Christie's Asia-Pacific.
While Christie's declined to disclose exact sales figures for the Singapore marketplace, it said that Asia-Pacific buying in its global watch live and online auctions contributed over 50 per cent in value in 2020. "We recollect the Singaporean watch customs is very knowledgeable and up to speed with international watch collecting trends," Bigler divulged.
But what's driving this tendency? "Lookout collecting has been a very popular hobby amidst European aristocrats and Chinese royals since the 19th century. Watches are non but a reflection of social status, but also a representation of art, technology, science and adroitness. They besides hold an artful value that no electronic watch could compare with," said Bigler.
"While we do not encourage our clients to buy for investment, exceptional, unique and limited edition timepieces do have good incremental value, making them another possible asset for buyers to own. Hence, Singaporean and international clients are getting increasingly keen on lookout man-collecting."
Sharing his insights, Tom Chng, founder of Singapore Watch Club, said, "A few factors take contributed to the transparency and robustness of the current sentinel market place. With the advent of online marketplaces, prices have become much more transparent, especially for commodity pieces that a big sector of the market seeks to buy into.
"We are currently seeing a huge surge in market demand for timepieces, which has driven many iconic watches to achieve market valuations above their original retail prices when bought new. As a result, the increased demand serves to drive even more demand, as new consumers become increasingly drawn towards watches as an investable asset course with depression volatility, and loftier enjoyment."
"While we do not encourage our clients to buy for investment, exceptional, unique and limited edition timepieces do have good incremental value, making them another possible asset for buyers to ain." – Alexandre Bigler
Nigh POPULAR WATCH BRANDS
Despite the growing interest in spotter-collecting among Singaporeans, buyers are still mostly male, Sotheby'southward revealed. The customs, still, "is getting younger in age", Hines shared. "In 2017, 12 per cent of Singaporean buyers were aged nether 40. In 2020, this effigy has increased to 29 per cent."
When it comes to the about popular watch brands among local collectors, Sotheby'southward shared that Singapore is one of the leading markets in the world for independent brands, such every bit MB&F, Ludovic Ballouard and F P Journe. "The wealth of noesis among collectors in Singapore rivals all other markets," said Hines.
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Christie'south echoed like sentiments. "While legendary brands similar Patek Philippe and Rolex are still amongst the first choices of Singaporean buyers, nosotros accept besides witnessed a surge in buying in emerging brands and contained watchmakers like F P Journe, Audemars Piguet, and Richard Mille," said Bigler.
At an upcoming Christie's watch sale scheduled for May 22 in Hong Kong, a unique Patek Philippe Ref 3448J yellowish aureate timepiece, peculiarly made for Alan Banbery, has garnered significant interest among Singaporean and Asian watch collectors. The timepiece is considered an icon of mid-century watchmaking.
Alan Banbery, who joined Patek Philippe in 1965 as the manager of sales for English-speaking territories, played a key function in helping the Stern family – which owns the make – put together a collection of historic timepieces that culminated in the opening of the Patek Philippe Museum in Geneva in 2001.
Other timepieces that have garnered Singaporean involvement include a rare F P Journe Chronometre Souverain in platinum, a personal gift from founder Francois-Paul Journe to legendary watchmaker George Daniels.
Singaporean collectors have also demonstrated a growing ambition for vintage timepieces, Bigler added. Vintage timepieces that will go under the hammer at the Christie'south watch sale include the Rolex Daytona Ref 6239 "Solo" from the 1960s, and the Patek Philippe Ref 1579R chronograph wristwatch in 18K pinkish gold manufactured in 1950.
"The wealth of cognition among collectors in Singapore rivals all other markets." – Sam Hines
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ENJOYMENT, NOT INVESTMENT
Picket collectors may have different motivations when it comes to acquiring a timepiece. It may be a love for horology, a personal or emotional connectedness to a timepiece, or fifty-fifty for investment purposes.
However, Peter Chong, co-founder and editorial director of influential lookout blog Deployant, believes that luxury watches do not make for skillful investments."Watches are luxury commodities, meant to exist used, and enjoyed. In most instances, they depreciate in value. But some watches retain their value over time, only this is a highly speculative environment," he said.
Chong advises watch collectors to purchase timepieces simply if "you dearest the looks, appreciate the fine mechanics and superb finishing, or detect the history and traditions of the brand to be of interest".
While Chng of Singapore Watch Club believes that the right timepieces can very often turn out to exist great investments, "to approach the hobby with a pure investment perspective would very quickly lose its charm and significant".
"The joy and satisfaction of building a remarkable collection are very often driven by the collector's passion. The luxury watch manufacture is one that'due south largely driven by emotions and stories, to distill them away and leave backside merely monetary motivations would be a shame," he cautioned.
In a market that's constantly evolving, Chng too added that it is difficult to spot the best investment watches. "Watches that turned out to be great investments in the by might not continue on that same trajectory. We accept seen that yesterday'southward undesirables often turn out to be tomorrow's unicorns."
Instead, "railroad train your eyes to identify interesting watches, of good quality and condition," he advised. And last simply not least, "hone your own unique sense of taste, and savor the journey!"
"Watches are luxury commodities, meant to exist used, and enjoyed." – Peter Chong
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Source: https://cnalifestyle.channelnewsasia.com/obsessions/watch-collecting-passion-investment-singapore-240376
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