Navigating Watch Collecting in 2024
What will change in collecting in 2024?
Watch collecting has undergone major transformations in the last decade. Influenced by the lasting impacts of the Covid-19 pandemic, the rise of social media, and shifts in business models due to supply chain constraints, watch collecting is changing in six distinct areas. In speaking with collectors, watchmakers, and brands, there is an emerging pattern of where collecting is headed in 2024. These shifts will not only impact collectors, but will have a significant impact on secondary markets, and provide access to a larger group of consumers in 2024.
Curated Collections
Collectors are embracing a more focused approach to their collecting, opting for fewer watches with deeper personal significance. The era of speculative purchasing, just to make a few points on the backside of a transaction, is fading, giving way to a much more tailored and passionate approach to collecting. There will be a shift of investing in timepieces that collectors truly love and want to own. This change was highlighted to me by a collector I spoke with. “Now that everything you buy doesn’t go up in value, you take the financial speculation out of the market. People will buy only what they really like. People aren’t going to take risks, they’re going to deliberate their purchases for longer. The result is a more passionate collector, rather than a speculative collector.”
Speaking with collectors, I get the sense that they seem more willing to let go of watches that they no longer love, or were purchased simply because they were made available to them. This curated approach has a downstream effect: giving access and purchase opportunities to collectors searching for watches that other collectors are letting go of as they streamline their collections. In short it’s a win-win.
Emphasis on Significance
More than ever, collectors want their collection to be significant. Whether that means iconic design references, historical provenance, or watches made by watchmakers with whom they have a personal connection, collectors will focus on watches that carry a unique and noteworthy story.
Indie Collecting is Now
Authenticity, connection, and the opportunity to spend time with the artisan and own something they have imbued with their soul has given rise to the love and adoration collectors have for independent watchmaking. There is a hunger for true artisanal independent watchmaking that represents the spirit of building a watch from scratch, using few suppliers and original designs. One collector commented “quality independent watchmakers will have to watch their quality control, ensure that their product is perfect before leaving the atelier, and that small shift will put them in a position to build massive success.”
Enduring Hype
For better or worse, hype will always be a part of the watch industry. A certain amount of hype is good for the industry - it pushes brands, it keeps mechanical watchmaking relevant, it creates new ideas and generates new complications, and it gets people excited about the industry. Excitement over minor changes diminishes, but for industry cornerstones Rolex and Patek Philippe, who remain in a stratosphere of their own, their appeal is unmatched, with collectors eagerly awaiting their new releases.
Direct Collector Relationships with Brands
Collectors have been going direct to brands for some time. For bigger brands, they need their retailers, they need someone to advocate for them, to put in applications and to advocate for an allocation. But with the rise of social media and the rise of indies, social media enabled collectors to establish direct connections with brands, often interacting with the watchmakers themselves. The direct relationship allows for a more personal and fulfilling experience, bypassing conditional purchasing and market pricing. This shift allows for a more personal and fulfilling experience, a collector can go visit the workshop, have lunch with the person who made your watch, and develop a rapport, fostering genuine connections and relationships between collectors and creators.
A Collection That Makes Sense for You
The clichéd refrain of “buy what you love” has taken on new meaning as collectors move away from speculative purchasing. Buying for personal satisfaction, connection to brands, and to satisfy personal tastes will define 2024 as collectors commit only to watches they genuinely love. This shift cultivates a more passionate collector community, who want to meet the watchmaker, learn about watchmaking, and fosters a robust and engaged community.
Speaking to Christopher Daaboul from Esperluxe, it’s clear he sees this force in action. “What will change, with the times, with the softening in the market, with more product available in the secondary market, is that collectors will really only commit to a purchase on a watch they 100% want and love.”
As we begin 2024, with Watches & Wonders still three months away, the excitement for new releases abounds. The evolving landscape of the watch market is leading towards a community that is not just engaged, but deeply passionate about their collections, and well informed about the brands they care about. Informed collectors who make purchase decisions on their values and only buy what they love will lead to better outcomes for both the collector and the brands, and make more watches available in the secondary market. There is a lot to love about this evolution in collecting, and I am excited to navigate my personal collection in 2024, and see where the industry is headed after Watches & Wonders.
Ready to redefine your watch collection? Dive into the future of your watch collection in 2024, and discover how our custom curation reports can help to redefine your collection and build a more personal connection with your watches in 2024. Start your journey here.
