Horological Meandering

vitalsigns
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Previous post was apparently truncated...

Interesting that you go so far, but then add this qualification (emphasis below). I do get what you are saying, though, and it's a point I try to hammer home in all walks of life. All value is subjective because, by definition, value requires and implies a being who values. Lots of philosophical implications there... 

BUT...wait, to connoisseurs, and those who value pride of ownership and enjoyment, who receive their "returns" not in what a watch will sell for when they want to liquidate, but rather in the wearing and appreciation of the beauty, history, design, craftsmanship; to these, the GP Three Golden Bridges Tourbillon, bought used, is a GREAT bargain and one that should be aggressively sought after and scooped up at every opportunity.

In any event, I think your analysis immediately above also gets to the foundation of many of the questions seeking clarity regarding value. We look to understand value from multiple perspectives. Perhaps I'm in fact willing to pay $Y for a watch, but if its not a good deal (i.e., it can generally--or with some waiting--be found for $Y-X), then maybe I'd pass and wait for a less expensive offer to come along. Nothing wrong with that. A stock can be a good value at $25, but if you think you can purchase shares within a month for $20, then what you probably won't be doing is buying shares for $25 even though it otherwise meets your value criteria. Another value perspective is whether the value of a piece is comparable to other available pieces in the market. The perceived value of the used GP tourbillon is in large part due to its comparables. Our subjective value of one piece often increases or decreases as the cost of other pieces rises and falls.

So in my mind the question of value is perhaps more nuanced than your giving it credit for; but in truth, I'm not privy to the communications to which you refer, so perhaps that's simply not the case. Oh, and I'll definitely agree on one important point:  there is way too much attention on cost and money and not enough attention placed on the timepieces themselves. But the curious thing about that is...the people who emphasize cost and money derive value from viewing their timepieces as denominated in dollars (or yen, pounds sterling, etc.) to the partial exclusion of viewing them as pieces of art. Yet another testament to subjective value...

Cheers,
John