Father time, confessions of a watch flipper...
Confessions Of a Watch Flipper.
My love for watches started way back in the early 2000s; the world was much different then. Financially, I was beginning to do well; I was young, married, and had two children and another on the way, but I was not at a point in my life where I could justify spending extra cash on a new luxury timepiece. Regardless, I started researching watches. I wanted to mark this period; life was good. I was able to take care of my family, and I wanted a watch to remind me of this time. My research was primarily done by reading magazines such as Dupont Registry. No one in my family had ever bought an expensive watch, nor did I have a smartphone, Instagram, or Hodinkee to read and research. YouTube was not yet an available platform to just search "insert watch name here" for a review.
So, I mostly looked at the photos in magazines. Names like Rolex and Omega were the usual suspects at the time, but I wanted something unique. As a dad of young children, spending north of $10K was not something I could do or justify. I wanted a nice watch to mark a point in time, and not just something to "invest" in. I knew I wanted something special, so I obsessed over looking at these magazines. My wife has always been, and still is to this day, there to listen to me talk about my interest, like the raving lunatic I am. I showed her photos of cool luxury watches I was interested in. We took a trip to Vegas, and I made her visit watch stores with me. I wanted a watch of high quality, under the radar, and non-flashy. I recall telling her I don't want a Rolex, but here are some watch names. And as the mid 00's turned, so did our finances.
We started doing well, very well, our business was flourishing and in August of 2006 we welcomed our third child. It was a great year, and the chef’s kiss, on Christmas 2006, my wife surprised me with an incredible gift. A Ulysse Nardin Marine Chronograph Annual on a rubber & titanium strap (Reference 513-22). I was blown away; it was perfect. I wore that watch for the next 15 years, nearly every day. I wore it when my fourth child and youngest son was born. I wore it on vacations, birthdays, and during job interviews. I swapped watch straps and learned more about watches with it. It was perfect. I still love wearing this watch; it always conjures up great memories. Although UN is not a watch most talk about, this watch has immeasurable sentimental value, and I am still happy to have it, today.
Unfortunately, a couple of years later, our family experienced a significant change in our finances in 2008; it was a tough time for us, like many Americans. Still, when things got financially terrible, I knew the UN would never be sold. I loved this gift. It meant a lot to me and selling it was not something I was prepared to do. Fortunately, a couple of years later, we were on the rebound and no longer struggling. I’ve worn this watch to work. From board rooms to when I worked at UPS stacking boxes and getting paid minimum wage during the recession, back to board rooms. It reminds me of how lucky I was when I strapped it to my wrist. It was a reminder of what our hard work gifted us.
My UN mostly sits in my safe today, but every time I put it on, I know this watch was given to me with love, and one day, I will hand it down. I recently updated the strap, and it now has new shoes and more life ahead. Although It's overdue for a service (the first service it will ever receive.) The ETA movement is incredibly robust in this watch, and after years of abuse, it still ticks just like it did when I first got it. Hopefully, when I am gone, the new owner will understand this watch's significance to me. It means a lot, has history and, whichever child gets it, will inherit something very special.
Watches and this hobby have turned into big business over the last 20 years. The culture has evolved, and sharing the love of watch collecting is now widespread and easily shared through social media. However, when my wife gifted this watch, it was when those who knew, knew. Watch geekery was not in the masses' conversation. Most people were unaware of luxury watches aside from Rolex. I recall talking about watches with co-workers then. Watches were not purchased to stunt on the gram. SOTC was not a term. Unavailability of a watch in an actual brick and mortar store was unheard of, and if it wasn't in stock, an act of God was not needed to buy said watch. They weren't commodities or investment strategies. Hype was not a thing, watch culture, week on the wrist, Hodinkees interviews, and discussion with watch collectors on YouTube was not something people aspired to. They were watches and I would like to imagine the world of watch buying was done to mark special accomplishments and were meant to be handed down or purchased as tools for a task. Obviously, the state of collecting has changed but I still cling to the romantic side of this hobby.
I've honestly enjoyed watching this hobby evolve; it's something I share with my boys and a select few friends. This hobby triggered something within me, and like most who are into this, I dove deep into this hobby and history, I pretty much obsessively read and look at photos of watches every day. This leads me to John Mayer and his article about the Tudor Black Bay (Reference 79220N) watch. What was this? It was incredible. This watch was affordable, looked the part, and sparked motivation to pick up a new watch for me. It was an opportunity to mark a new chapter in my life. I received a promotion at work and this was the perfect stamp for the occasion. The slippery slope of the Black Bay caused me to look back at the watch on my wrist and say to myself, I have four kids. After I add this next one, I will need two more to hand down. As you can see, I am quite the critical thinker.
I wore the Black Bay consistently for the next five years, and a couple of years in, I told my wife we needed two more watches in my collection. Finances aside, getting into debt was a non-starter for me. I wanted two more watches to hand down. It’s funny how hobbies are justified, but I was serious. I had my eyes set on a Rolex this time. I know the brand well and have spent countless hours researching. What was a rich man’s watch in my early years became more to me in my mind, today? I recall having conversations with friends back in 2004 before the UN gift on how I wanted a high-end watch but not a Rolex. Why? Because when you think of luxury timepieces, Rolex always comes to mind. This time, my mindset changed. I heard the stories, loved looking at the vintage advertisements and learned about the history and provenance. Say what you will about Rolex, but they know how to sell the dream, and I wanted a Rolex now. Maybe it was the hype, or perhaps it was just the watches. I was leaning towards an Explorer (reference 214270 MKII). I recall being on a business trip, and the man sitting in the aisle across from me wearing an elegant Explorer. It looked the part and really sparked something in me and I wanted one.
At this point in time, Rolex was beginning to struggle to keep inventory, and getting on a list was needed. But the Explorer was the one to get, and I knew I felt I could quickly get one. So, I went to my local AD and asked to be put on the "list." The sales rep happened to be the same gentlemen that sold me my Tudor Black Bay almost three years earlier.
The caveat to this story is that I have two kids in college and two kids on the way to college and although we were doing well financially, the idea of spending almost $8k on a new watch felt selfish. So, the deal I made with my wife was to get on the list, I told my wife it would open the door to buying, and I could start buying and flipping watches until those funds equal a "free watch." A few months passed, and I got the call. A Rolex Explorer 39MM at retail; wow, it was beautiful. It didn't just open a door; it busted the door wide open for me. I told the sales rep I wanted another one upon picking it up. He obliged and put me on the list for something else. The Explorer was the watch I wanted, but I had a goal. So, when I got the following "call," I was told to come in and collect my next watch, a Submariner date, the new 41MM model (M126610LN-001). Although impressed, the Submariner was not a watch that resonated with me. It felt big and flashy, and I had no issues selling it. No emotional attachment. It was a widget I needed to sell, and I did so quickly, within a couple of days to a local dealer.
I was hooked. I felt as if I had tapped into the matrix and saw what was possible. Selling a few of these would net a “free” watch. So, I asked to be put on the list again. This time, I wanted the newly announced 36MM Explorer (124270). Hype is a helluva drug. The watch returned to its former form factor. I knew this one would get a nice premium over MSRP once I got it in hand, and I did. Within a couple of months, I got the call for the new 36MM. Initially, I felt a “meh” attitude towards this watch, and when I compared it to my 39mm, I thought it was too small; I was wrong.
I held onto it for a few weeks until I sold it. I realized this watch was exceptional, holding it in my hand and putting it on my wrist. After owning both, the Explorer is meant to be a 36mm watch. The proportions, how it sits on your wrist. It's a very low-key kind of cool. Unnoticeably remarkable. It was exactly what I wanted to get out of my 39MM version. Although the 39MM version is beautiful, it felt too big, and the dial's spacing bothered me. Something I didn’t realize until I had both in my hands. When people say 36MM is too small, I remember Tony Soprano wore a yellow gold 36MM Day-Date just fine, and at 5’6” I’m certain I can pull off a “smaller” watch.
Unfortunately, I committed to selling every watch I purchased until I was whole. And so, the new 36MM Explorer moved quickly and at a nice profit. I sold it to a kid who had recently graduated from Boston College, and his father agreed to pay for it as a gift. I was close to equaling what I had paid for the 39MM Explorer from my profits.
Happenstance, a friend who regularly wears very nice watches, her and I were having a conversation; her husband was in town and showed me his new Rolex GMT II - Batman. I recall telling them I wanted to buy another Rolex and asked if they knew a Rolex AD. As luck would have it, they did; and put me in contact with their sales rep here in my state.
At this point, I was like, wow, this’ll work. I can accomplish my goal and fulfill my promise. The new AD I connected with was able to get me a sub-no-date (reference 124060) within a couple of days of reaching out. I was blown away and couldn't believe my luck. The only issue, she mentioned during pick-up was that their watch sales had a “no flipping” policy; and their store tracked sales. Oh well. Rules are rules, so I had to hold it.
I still had a watch to flip to cover my initial investment, so a few months passed, and I got another call from AD #2, a 36MM Explorer. She once again mentioned their “no flipping” policy. This forced me to sell the 39MM Explorer. Although reluctant, it was my first Rolex, but it didn't carry the same weight as my UN. I sold it and felt indifferent about the whole transaction. I had bigger plans, and so it went. Sold! Leaving me with the 36MM version, one I initially did not want but ultimately the one that I truly fell for. And let me tell you, this watch is perfect, but that’s a story for another time.
So, with too much inventory: Sub no Date 41MM, 39MM Explorer, and a 36MM Explorer. I sell the 39MM, making a considerable profit, capitalizing on a rise in value because the watch has recently been discontinued; the profit helps me achieve my goal. However, I now have a Sub that I am not really in love with, but I can't sell, and a 36MM explorer that I hold dearly.
A couple of months pass, and I get one more call from another AD, one I have not yet purchased from but had inquired about buying. He asked if I was interested in the new 36MM Explorer Two-Tone (Reference 124273) now available. Yes, of course! Another watch to flip. Maybe I can end up in the green. I buy it, and the only issue: no heat! No one wants this watch. It sits, and I can't move it without losing money on the transaction. Although it's cool and holding it in the metal changes my opinion of this version. I can't justify keeping it. I have the stainless-steel version, which fits my aesthetic and style. So, I decide to sell it locally again to a dealer and basically break even.
The sale of that watch marked a tide change. My original sales rep receives a nice promotion. He is no longer at the store I started this journey with. The man who helped me buy four watches was now gone and on to bigger and better things, congratulations and well deserved. My other contact threw in the towel as well. She leaves her job dissatisfied, working at a store to sell watches with no inventory to sell as the demand is more than the store can handle. Remember, she explicitly said I couldn't flip; it would "blacklist me." Well, her departure opens the door to selling the 41MM no-date sub. I was able to wear the Sub-no-date for a year, went on vacation with it, snorkeled in the Gulf of Mexico with it, and
wore it to my mother’s 60th birthday dinner. But in all this time, I was just never able to connect with it. And even more, I still think it's too big for my wrist. I risk getting blacklisted and decide to list it and sell it; my biggest score to date, the woman who purchased the watch bought it for her husband's 40th birthday. This sale brought me back to nearly 18 years prior when my wife gifted me my very first "nice" watch. I hoped he can love it as much as I love my first “nice” watch. She was over the moon and very appreciative. She was not concerned about paying above retail. She just wanted to get her husband a gift, that he wanted, and I was happy to help. It reminded me of why watches are important; to some they should mark special events in our lives.
Left with no more contacts, I add up my pennies, and with the profits made over the last two years, I am left with two “free” watches, “two” free Rolexes. One that belongs to my wife, a yellow OP (Reference 126000), (yet again a story for another time) and my beloved Explorer.
I saw a real opportunity to accomplish a goal and add a watch or two to my collection. This exercise allowed me to work towards a goal, grow my collection without sacrificing our finances or putting us into debt. It's taken almost two years to earn these watches; my sweat equity made this happen. Timing and the market demand were there. I’m reminded some have deeper pockets and less patience but want to buy their dream watch, let them. I'm fortunate to have a supportive partner, who believed in my idea and had time on my side.
I'm still on the list for a GMT or Daytona, and maybe I get the call, maybe I don't. It doesn't matter; I set out to accomplish a goal, met it, and grew a collection. My hustle allowed me to return the favor of gifting my wife her first “nice” watch, her own Rolex. As I finish writing this, I’m getting an opportunity to reminisce, put pen to paper on this journey. When my kids read this, I hope they see the value in the exercise of goal setting, patience and follow through. I am happy with the result. I’m also, reminded to enjoy the ride and don't take this hobby too seriously, they are only watches, and truthfully, you only get 70 years in a life (if you're lucky) and can only wear/should one at a time. A lot of changes in twenty years. Watches allow us to track the time and their stories humanize us.
One more thing. I recently took my wife to see John Mayer at a concert; damn you, John! He wore a white ceramic AP – I guess I need to continue working towards a new goal. This one may require me tapping into a 401k, selling a kidney, or living out of our car.
Anyone interested in hearing about my “free” 1971 Porsche 911, Bahia Red? 😊