Your editor has been a bit slack lately, and apologises profusely – but hopefully this little recession datapoint will make up for things.
Passions is a terrific little second-hand watch store in downtown Singapore; I can’t recommend them highly enough, whether you’re looking to buy a watch or just stickybeak at what $150,000 will buy you.
They’ve just closed their books until September, because there are too many sellers and no buyers.
Even better, they’ve posted this slightly wounded news item:
As you know that the economy has taken a fall recently, values for watches from new to old are naturally affected with retailers giving deep discounts on even traditionally strong brands.
But you still can’t have an Urwerk 202.
We have always told you never to speculate & invest in watches but take it as a hobby to enjoy. A hobby is meant to be fun, to past time, to enrich yourself with reading and understanding about it. It is not meant to increase your wealth & be greedy.
Do they know what country they’re in?
We have seen some dealers lose half a million dollars on a single watch model alone.
This sounds too good to be true. How do you lose half a million dollars on a single watch? (Oh, wait…)
If given a chance to start a business, I wouldn’t want to be involved in watches again. The returns are just not worth it & we’re doing it purely out of passion & simply because we’re so deeply invloved in this.
Translation: the “going out of business” sale starts on Monday.