Douglas
417
Parallel Market
I have worked in and followed the art market for many years. Thomas' observations are far more in depth than mine regarding watches, but the same pattern is now being seen in the art market: A grade pieces continue to sell at excellent prices, and will; B work by even A artist is declining by more than half in 'market value' (even that market value as defined by serious, long-standing collectors); lesser work has virtually no market at the moment. The number of pieces on the auction market or through consultant/brokers (the secondary market for art) is at a near high, and there are some extraordinary pieces being offered, even several by exquisite artists, at very special prices (read: very low).
I have lived through some of the market readjustments before, and I always find it a beneficial time for serious collectors and enthusiasts alike, and a very large disappointment for those who bought only for the perceived 'value' of work hanging on the wall.
In New York, private sales of watches has increased (I'm being offered steep discounts on some first-rate pieces), but I have heard more than a few folks who bought on the 'investment principal' carping about how the value is half of what they had thought.
Excellence survives tough economics and it will survive this horrific market as well. Should be interesting to observe.
Best to all,
Douglas
State of the industry and timepiece market.
The market has changed significantly even in just the last month or so.
AD inventories are way up . . . and they are dealing . . .
