Seen At 11: High-End Watch Collectors Say 'Time Is Money'
NEW YORK(CBSNewYork) -- There are few things that are sure-fire investments, but there is one that might be very close at hand.
As CBS2's Alice Gainer reported, certain wrist watches have appreciated so much in value that they've given their owners financial peace of mind, and proven once again that time is money.
There were some outstanding returns at a recent Christie's auction, and it wasn't fine art, but wristwatches that collectors were selling at big profits.
John Reardon is the head of Christie's Watches and said one Patek Philippe is an example of how profitable a watch can be.
"It originally retailed for $275 in the 1950s," he said.
It later sold for more than $50,000.
"It started with me with a very cheap watch that my grandfather bought when I was 8-years-old. A Casio where you push the button and a little light came on," watch collector, Adam Craniotes said.
Craniotes said he now owns about 20 valuable watches.
"One day you wake up and say, 'I have a lot of watches and they might be worth something,'" he said.
He's currently leveraging some of his collection for financial gain.
"I'm in the process of selling a couple of watches right now to help further a business venture I'm involved in," he said, "I have these assets that are liquid and I can move them."
Steve Kivel and his family have been in the watch business for more than 60 years.
"The staple watch that you should own in your portfolio, the Rolex submariner was something that James Bond, Sean Connery wore," Kivel said.
The original price in the 1960s was $300 to $400, today it's worth upwards of $8,000.
"I've seen artwork being traded for watches. I have seen somebody trade a very rare Patek Philippe for a down payment on an apartment," Benjamin Clymer, Founder and Editorial Director, Hodinkee.com said.
The online magazine Hodinkee is a favorite for watch enthusiasts, its founder Benjamin Clymer said it's not only the brand that's important when it comes to investing.
"You want something that is not only rare, you want it in absolutely pristine fantastic condition," Clymer said.
"You could be looking at a college tuition, a new house, or in some cases a large boat for the value of these pieces when they reach the auction block," Reardon said.
Experts said you can start a collection with just two or three watches for under $10,000, and while gains in the watch market have been steadily increasing, just like stocks or any other collectible always be aware that it is an economic bubble that can also burst too.
