Horological Meandering

ThomasM
[PuristS]
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The market has changed significantly even in just the last month or so.

Hi, Fred,

I've been travelling around the world since Aug/Sept and much of it has been to get a pulse on what is really happening "on the ground."

I'll try to share in a bit more detail when I can (still traveling) but basically, the speculators, like most "hot money" that chases an overheated market, is abandoning the market in droves.

Those who have been industry watchers have been predicting this for a few years now, so it comes as no surprise to some.

Those who are true collectors (here defined as someone buying for themselves/their collections, not to "invest" or flip or make a quick buck or...) will find these pretty interesting times, and not necessarily in a bad way.

prices for overheated models and brands are already coming down, so relatively, there is a little return of sanity and again, relatively, more "reasonable" prices.

There will be some pieces that would otherwise never see the light of public sales; they may not be "cheap" but just the fact that they are available and being offered is a blessing to true collectors.

So for the true watch aficionado, who are not otherwise financially devastated, these can be very good times...

Things were still humming along for some brands and in some regions until about mid Nov, and there were those who hoped they would escape unscathed. But it seems nearly everyone hit a brick wall in the last 2-4 weeks (Nov/Dec) - dealers postponing deliveries, if not outright cancelling, order; fewer spur of the moment and casual buyer.

High and ultra high end pieces seem to still be moving; mid range is slow; lower middle and the "aspirational" markets are nearly dead.

Best,

TM