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Some things possess magnetism and an irresistible charm being an embodiment of skills unattainable for most. They are a concentration of the critical mass of talent and the time put by masterful hands in making them.
Da Vinci and Michelangelo’s masterpieces that reached us through centuries are unique and beyond compare; Antonio Stradivari’s violins made in the 17th and 18th centuries produce sounds so perfect no other violin made before and after can reproduce.
Vintage luxury watches, some of which can be priced well north of a million dollars, are of the same stock. Some of them are timeless timepieces.
Having grown up in Queens, New York, Avi Hiaeve fell in love with watches in his teens. He may have become a jeweler as his family has always been in the jewelry business but what started as a hobby turned into a lifetime business.
Avi started his own watch trading company Avi&Co. when he was 16. Now, twenty years later, he is a renowned expert in high-end timepieces, and his clients, mainly high-net-worth individuals from the world of entertainment and professional sport, treasure him and pass him on by word of mouth.
Avi’s company has become a go-to source of vintage luxury watches with such names as Jamie Foxx, Nicki Minaj, Justin Bieber among his elite customers.
Given the shortage of investment ideas, people are constantly looking for ways to preserve and increase their savings. Avi discovered early on that luxury watches hold value and appreciate with time because this market segment is ruled by the law of scarcity. He’s seen some watches go from $100,000 to $120,000 in just a few months.
Yet, according to Avi, “in the market, there are watches for everybody. So if you want to spend US$5,000, you’re going to find yourself a US$5,000 watch.” The same is true of a much pricier category of timepieces well north of $100,000; it just takes more time to find one.
Vintage watches may well occupy a place among art, wine, and classic cars as enticing investment alternatives. There is the Oldtimer Index for classic cars since 2010, and the Porsche 911 jumped 600 percent from 2005 to 2019. So, if you own a Rolex, an Audemars Piguet, or Patek Philippe, hold on to them—those are investment assets as sound as a classic 911.
There exist much pricier timepieces; Richard Mille, according to Avi, is the ‘Hermes of watches,’ comparing it to the sought-after Birkin bag. He once sold a Richard Mille for a staggering $3MM.“It’s the most expensive,” Hiaeve says. “It‘s not just the craftsmanship; it’s the supply and demand. They only make maybe four or five thousand watches a year. So you can’t really get them.”
In keeping with the human nature to crave what is beautiful and hard to come by, the demand for luxury vintage timepieces on the part of wealthy clients has been growing regardless of the general slowdown caused by the pandemic, with Sotheby’s selling more watch classics in April 2021 than a year earlier. There are no signs that this demand and the upward trend will subside. Riding the wave of high demand, Avi&Co. will continue to hold the position of the connoisseur of watches and that of your best guide in a watch-buying adventure, be it a $12,000 Rolex or a $440,000 Audemar Piguet.
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