Patek Philippe Collection: Storage & Security

Watches_passion · 2022-03-25T06:43:39Z

Watches_passion moves his Patek Philippe collection to a bank locker. Explore collector insights on security, insurance, and the changing landscape of luxury watch ownership.

Watches_passion's recent decision to move his cherished Patek Philippe collection into a bank locker for the first time sparks a vital discussion among collectors. This shift, driven by evolving travel habits and security concerns, highlights a growing tension between the joy of ownership and the practicalities of safeguarding high-value assets. His experience resonates with many who find themselves re-evaluating how they interact with their collections in an increasingly complex world.

In the past, many of those watches would travel with me and i never had an issue keeping the rest at home. Nowadays, things changed. Travel is back and i dont feel comfortable taking any of them… and i cant keep at home when i am not there… so after 14 years of colletcing, i am moving this collection (even putting some plastic on some😢) to the bank locker (never had a bank locker before)… i am not happy with it as i dont see it is as practical, but at least it is safe. Not sure what is your experience with bank lockers… will try it now and then see in few months how it goes… this hobby is losing its charm…

Key Points from the Discussion

The rising asset prices of luxury watches, influenced by macroeconomic factors like inflation, contribute to collectors' heightened security concerns and the need for off-site storage.
Some collectors prioritize wearing their watches over mere ownership, suggesting they would rather slim down their collections or sell high-value pieces if reasonable safety and insurance become unfeasible.
Utilizing both a home safe for a small subset of frequently worn watches and a bank locker for the rest can be an effective strategy for managing insurance and reducing at-home risk, potentially leading to collection consolidation.
Bank safe deposit boxes often have minimal insurance coverage from the bank itself, typically around $1,000 USD, making it crucial for collectors to secure independent insurance and regularly update contact information to prevent forced openings.
Collectors should be aware of potential vulnerabilities even with bank safe deposit boxes, as documented incidents suggest they are not entirely impervious to theft or loss.
For those in regions with low residential crime, investing in a high-security home safe with a UL TL-30 rating or higher, weighing over 1 tonne, could be an alternative for a portion of the collection, depending on local insurance requirements.

The Discussion

amanico

Mar 25, 2022

You don't have the choice. It is mandatory for your safety, the safety of yours and the safety of your watches. Yes, you are right, it is not practical at all, it limits the pleasure of the ownership a lot, but at least you won't loose your watches.

aperna

Mar 25, 2022

It’s a pain in the a$$.

amanico

Mar 25, 2022

Absolutely. At the point it ruins the pleasure of collecting.

aperna

Mar 25, 2022

I keep a modest few at home but the rest are sleeping a few kilometers away

Jp75

Mar 25, 2022

Same same

First of all, thanks for mentioning this difficult topic which is sometimes forgotten/unvoiced. I have a much more modest collection, follow however the same approach here - with both a safe at home for a couple of watches (~1 roll) and the others at the bank. It is easier (insurance wise), but especially limits the risk at home. It also also lead to a consolidation in my collection/collecting: now I really try to think what is the small subset I love and wear regularly 🤔 Br. Jérôme

Epilogue

Mar 25, 2022

Beware to still insure them. Some banks "have the right" to move bank lockers around and if anything goes missing it's considered "YOU'RE own responsibility"...so you also need insurance. (they must be colluding!)

Patek Philippe Collection: Storage & Security

Key Points from the Discussion

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