Had a fun idea today
Discussion
After having bought and sold watches for a while now i had a strange idea.
What about a company like P1 supercars who had a membership fee and then when you joined you had access to a range of expensive watches.
Rolex, omega, IWC, patek phillipe, Breitling, audemars piguet, vacheron constantin ETC
Would anyone be interested in such a club.
You would have the watches for 1 month at a time with the membership being a maximum of 50 people and a range of upto 100 watches with the ability to have more than one watch at a time respective of membership level ETC
All watches sent in generic boxes with full liability insurance including theft cover and damage cover.
All watches serviced after every six months and new models available every calendar year.
Any interest, just to see if it is worth me getting the figures put together.
What about a company like P1 supercars who had a membership fee and then when you joined you had access to a range of expensive watches.
Rolex, omega, IWC, patek phillipe, Breitling, audemars piguet, vacheron constantin ETC
Would anyone be interested in such a club.
You would have the watches for 1 month at a time with the membership being a maximum of 50 people and a range of upto 100 watches with the ability to have more than one watch at a time respective of membership level ETC
All watches sent in generic boxes with full liability insurance including theft cover and damage cover.
All watches serviced after every six months and new models available every calendar year.
Any interest, just to see if it is worth me getting the figures put together.
Sounds quite cool. Guess it would depend on the annual subscription, but it might be interesting. Would be difficult to deal with "damage" that can easily happen to everyday watches, but isnt really "damage" so to speak. ie light scratching/scuffs etc. I guess if the subscription was right you could afford to have them sorted regularly. I guess you would also need to have the watches altered for every member - how would that be dealt with etc?
That sounds like a great idea. My wife is a avid watcher of Spendaholics and I remember on one programme the woman was a handbag fan, and she didn't realise that you could rent them for a fraction of the price of a new one. Also, if you are thinking of splashing the cash for a really nice watch, you could test drive it (so to speak) before parting with the dough.
I have scoured the interweb for something similar with watches and could not find anything, so I for one would be in (depending on the subscription costs etc).
Will be very interested to see how many people would be interested and to know if the idea is developed into a working business venture.
Keep me in the loop
Regards
Chris
I have scoured the interweb for something similar with watches and could not find anything, so I for one would be in (depending on the subscription costs etc).
Will be very interested to see how many people would be interested and to know if the idea is developed into a working business venture.
Keep me in the loop
Regards
Chris
CmdrBond said:
That sounds like a great idea. My wife is a avid watcher of Spendaholics and I remember on one programme the woman was a handbag fan, and she didn't realise that you could rent them for a fraction of the price of a new one. Also, if you are thinking of splashing the cash for a really nice watch, you could test drive it (so to speak) before parting with the dough.
I have scoured the interweb for something similar with watches and could not find anything, so I for one would be in (depending on the subscription costs etc).
Will be very interested to see how many people would be interested and to know if the idea is developed into a working business venture.
Keep me in the loop
Regards
Chris
And me.I have scoured the interweb for something similar with watches and could not find anything, so I for one would be in (depending on the subscription costs etc).
Will be very interested to see how many people would be interested and to know if the idea is developed into a working business venture.
Keep me in the loop
Regards
Chris
I'd happily put in a decent sum a month to wear twelve nice watches a year.
I end up buying, getting bored, trading in and buying another.
So you're idea will work.
I'm in.
GruntHead said:
I see where you're trying to come from, but I think that if a person can afford a decent watch, they'll tend to buy one (or maybe two) and just wear that/them
I don't see the market being there
Inclined to agree.I don't see the market being there
I reckon the insurance costs alone would be staggering (if, indeed, you could get cover).
Be a better idea to do it amongst mates I would think (though I'm unlikely ever to want to borrow any of my mates' watches!).
Just in the early stages at the moment, but if i took it further i would expect that the membership per year would have to be at least £1,000 with some sort of insurance that the watch was going to come back, kind of like a secured loan.
Also damage would be dealt with on a strict basis, with photos taken of the watch before it left and a very stringent check of the watch when it returned.
with servicing every 6 months general wear and tear should be kept to a minimum.
Although an independent watch maker would be used to ensure the polished bracelets and cases remained as new and were re-buffed before it was sent out to the customer.
Also was thinking of having the option to buy the watch you rented at a much reduced price if the watch was over 12 months old.
All ideas subject to input as it would be you guys renting the watches so it would have to be as you wanted it.
Also thought of perhaps having an option of requesting models for future purchases so that the client would be the one choosing the watches they wanted for the future.
Thanks for the responses
Also damage would be dealt with on a strict basis, with photos taken of the watch before it left and a very stringent check of the watch when it returned.
with servicing every 6 months general wear and tear should be kept to a minimum.
Although an independent watch maker would be used to ensure the polished bracelets and cases remained as new and were re-buffed before it was sent out to the customer.
Also was thinking of having the option to buy the watch you rented at a much reduced price if the watch was over 12 months old.
All ideas subject to input as it would be you guys renting the watches so it would have to be as you wanted it.
Also thought of perhaps having an option of requesting models for future purchases so that the client would be the one choosing the watches they wanted for the future.
Thanks for the responses
I think it's quite a good idea. I know a couple of people who buy expensive watches, keep them in a safe and only wear them on 'special occasions', they have cheaper watches for every day. I could see this kind of thing appealing to them as their every day option. I could also see it appealing to those who trade and change their watch regularly.
Draw up a proper business plan, get some proper insurance and servicing quotes, speak to suppliers about getting your hands on limited editions etc and I think you could have a valid business. I'm sure there would be more than a few people on here willing to 'help out' if needed.
Draw up a proper business plan, get some proper insurance and servicing quotes, speak to suppliers about getting your hands on limited editions etc and I think you could have a valid business. I'm sure there would be more than a few people on here willing to 'help out' if needed.
I can't see how you'd make the numbers work, from either side.
50 members gives you £50K start up capital. You say you'll have 100 watches available. They'd have to be £2K minimum to make this even slightly attractive, so you are going to need £200,000 to kick things off. Or, you are going to be starting with 25 pieces, bought from the £50K, and half the members will have to sit on a waiting list?
From a member point of view, I'd rather throw a grand at a lightly used Speedmaster or the like to keep, than pay it to wear someone elses watches for a year and have nothing to show for it. One of the reasons my OH tolerates me and my watch obsession is because I have demonstrated repeatedly that if you buy well, you can always get a goodly proportion of what you paid back, and even a profit on some trades.
Car clubs can work because ypou are paying 15K or so to play with £200K toys. The differential here isn't in the same league. Someone who could afford £1000 to rent a watch for 12mths is probably going to be able to afford to buy, surely?
Not trying to be difficult, just curious.
50 members gives you £50K start up capital. You say you'll have 100 watches available. They'd have to be £2K minimum to make this even slightly attractive, so you are going to need £200,000 to kick things off. Or, you are going to be starting with 25 pieces, bought from the £50K, and half the members will have to sit on a waiting list?
From a member point of view, I'd rather throw a grand at a lightly used Speedmaster or the like to keep, than pay it to wear someone elses watches for a year and have nothing to show for it. One of the reasons my OH tolerates me and my watch obsession is because I have demonstrated repeatedly that if you buy well, you can always get a goodly proportion of what you paid back, and even a profit on some trades.
Car clubs can work because ypou are paying 15K or so to play with £200K toys. The differential here isn't in the same league. Someone who could afford £1000 to rent a watch for 12mths is probably going to be able to afford to buy, surely?
Not trying to be difficult, just curious.
That is totally perfect yellow, this is the feedback i need.
Is it worth doing or not.
I need both opinions to be able to make a truly informed decision about whether or not to go ahead.
i myself would love to join such a club, as i spend on average £8,000 a year on watches, and therefore would only be able to afford perhaps one very exciting watc.
Wereas if i pay £8,000 i can enjoy 96 watches over an 8 year period, only downside as you said being that i have nothing to show for it.
But as you said also people pay £15k for £200k supercars over certain periods in the year, but by my calcu;ations you would pay £1,000 for £24,000 (minimum) of watches so it is about the same (Percentage wise) really.
Is it worth doing or not.
I need both opinions to be able to make a truly informed decision about whether or not to go ahead.
i myself would love to join such a club, as i spend on average £8,000 a year on watches, and therefore would only be able to afford perhaps one very exciting watc.
Wereas if i pay £8,000 i can enjoy 96 watches over an 8 year period, only downside as you said being that i have nothing to show for it.
But as you said also people pay £15k for £200k supercars over certain periods in the year, but by my calcu;ations you would pay £1,000 for £24,000 (minimum) of watches so it is about the same (Percentage wise) really.
Justayellowbadge said:
I can't see how you'd make the numbers work, from either side.
50 members gives you £50K start up capital. You say you'll have 100 watches available. They'd have to be £2K minimum to make this even slightly attractive, so you are going to need £200,000 to kick things off. Or, you are going to be starting with 25 pieces, bought from the £50K, and half the members will have to sit on a waiting list?
From a member point of view, I'd rather throw a grand at a lightly used Speedmaster or the like to keep, than pay it to wear someone elses watches for a year and have nothing to show for it. One of the reasons my OH tolerates me and my watch obsession is because I have demonstrated repeatedly that if you buy well, you can always get a goodly proportion of what you paid back, and even a profit on some trades.
Car clubs can work because ypou are paying 15K or so to play with £200K toys. The differential here isn't in the same league. Someone who could afford £1000 to rent a watch for 12mths is probably going to be able to afford to buy, surely?
Not trying to be difficult, just curious.
The start-up capital issue is valid, however I do think there is a market amongst those that change their watch regularly. Sure the people that would use this kind of club would be able to afford a new watch, but would they want to afford 12 new watches a year that they could choose from?50 members gives you £50K start up capital. You say you'll have 100 watches available. They'd have to be £2K minimum to make this even slightly attractive, so you are going to need £200,000 to kick things off. Or, you are going to be starting with 25 pieces, bought from the £50K, and half the members will have to sit on a waiting list?
From a member point of view, I'd rather throw a grand at a lightly used Speedmaster or the like to keep, than pay it to wear someone elses watches for a year and have nothing to show for it. One of the reasons my OH tolerates me and my watch obsession is because I have demonstrated repeatedly that if you buy well, you can always get a goodly proportion of what you paid back, and even a profit on some trades.
Car clubs can work because ypou are paying 15K or so to play with £200K toys. The differential here isn't in the same league. Someone who could afford £1000 to rent a watch for 12mths is probably going to be able to afford to buy, surely?
Not trying to be difficult, just curious.
Don't forget that the key to this kind of thing is to get your mitts on exclusive models that most people would not have access to. That would come with time (pardon the pun) as you build up a relationship with suppliers. That's what makes the supercar clubs so interesting. You can drive a Zonda for a weekend without having to wait 2 years to get one.
I feel also there is the matter of residual values afer say 2-3 years.Your going to get certain models which will be more popular than others and the overall wear and tear no matter how well you clean , service the watches wil show , devaluing the watches in my opinion considerably.
Also I think your estimation of what people will expect is a little tame! I think you`ll have far too much demand for high end diserable Models like Daytona , Royal Oak , Complications, etc etc and people will get fed up waiting 6-8 months to wear the watch they want and having to settle for a Submariner , Seamaster , will curb their enthusiasm pretty quickly.
I reckon you`ll need to invest around 500K to do it properly just to start, then there is advertising costs and other initial set up costs.
I think its a good idea to organise as a sort of non profit making Club but nothing more.
Watch-collector
Also I think your estimation of what people will expect is a little tame! I think you`ll have far too much demand for high end diserable Models like Daytona , Royal Oak , Complications, etc etc and people will get fed up waiting 6-8 months to wear the watch they want and having to settle for a Submariner , Seamaster , will curb their enthusiasm pretty quickly.
I reckon you`ll need to invest around 500K to do it properly just to start, then there is advertising costs and other initial set up costs.
I think its a good idea to organise as a sort of non profit making Club but nothing more.
Watch-collector
Edited by Watch-Collector on Monday 11th February 15:42
the watches would be highly maintained and granted would definatley show wear, but as soon as they did they would be sold and then replaced with a new model.
Basing the fact that there would be higher intrest in the rolex and breitling mark i would probably have different membership structures.
perhaps mainstream watches such as rolex, iwc, breitling at £1000 a year then prestige watches such as audemars piguet, frank mller and patek philipe at maybe £2-3000 per year
what do you guys think.
Funding is also a huge issue but as said before it is just in it's infantile phase.
Basing the fact that there would be higher intrest in the rolex and breitling mark i would probably have different membership structures.
perhaps mainstream watches such as rolex, iwc, breitling at £1000 a year then prestige watches such as audemars piguet, frank mller and patek philipe at maybe £2-3000 per year
what do you guys think.
Funding is also a huge issue but as said before it is just in it's infantile phase.
A watch is very rarely available in just one combination of face bracelet strap etc.
How often do you see someone buy a watch that you like but with the wrong strap or bracelet on it for you. It's O.K. for something like a submariner where there are no combinations except gold bi-metal and SS.
What do you do, just get all bracelets? Buy one of each type and colour of strap? How will the strap look after different people have worn it? Some people like Bimetal watches others hate them. Some may even want gold.
I'd wear some watches with some combinations but certainly not in others. Even more affordable watches like Omega Planet Oceans come with orange faces or black ones chrono and non chrono, bracelet, croc strap, normal leather and rubber. Which combinations would we have available?
How often do you see someone buy a watch that you like but with the wrong strap or bracelet on it for you. It's O.K. for something like a submariner where there are no combinations except gold bi-metal and SS.
What do you do, just get all bracelets? Buy one of each type and colour of strap? How will the strap look after different people have worn it? Some people like Bimetal watches others hate them. Some may even want gold.
I'd wear some watches with some combinations but certainly not in others. Even more affordable watches like Omega Planet Oceans come with orange faces or black ones chrono and non chrono, bracelet, croc strap, normal leather and rubber. Which combinations would we have available?
There has been a slight problem with this idea.
I have overseen one small thing which in turn creates a huge problem.
After speaking with a few reatailers and finally just now john from watches.co.uk (who was extremely helpful) the general concensous is wether or not i can trust that the watches will come back totally original.
I.E. wether it comes back with a copied crown or even bracelet.
I have an insurance broker looking at wether we can underwrite against fraud, and forgery but it does not look promising.
Thanks to nick from pistonheads for doing the insurance for me, i hope it goes well.
I would love this to work but there just seems to be so many problems, and so many ways to lose £100k
of someone elses money.
Not looking good im afraid chaps.
Thanks,
andrew
I have overseen one small thing which in turn creates a huge problem.
After speaking with a few reatailers and finally just now john from watches.co.uk (who was extremely helpful) the general concensous is wether or not i can trust that the watches will come back totally original.
I.E. wether it comes back with a copied crown or even bracelet.
I have an insurance broker looking at wether we can underwrite against fraud, and forgery but it does not look promising.
Thanks to nick from pistonheads for doing the insurance for me, i hope it goes well.
I would love this to work but there just seems to be so many problems, and so many ways to lose £100k
of someone elses money.
Not looking good im afraid chaps.
Thanks,
andrew
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