When it comes to valuing and insuring your watch collection, it’s so important to make sure your valuation is accurate. The watch market is volatile and always will be – values change from year to year, so you need to make sure your valuation is always up to date in case of an emergency.
At Rossborough Private Clients, we provide expert risk advice and management and flexible insurance policies for high-value contents, such as watch collections. Having up to date valuations helps to ensure accuracy of sums insured.
This year, we are proud to be supporting Brilliance – Jersey’s Jewellery and Watch Festival – and, in partnership with Doerr Dallas Valuations, are pleased to be offering a complimentary jewellery and watch valuations service.
To give an example of how important it is to keep valuations up to date, Doerr Dallas Valuations takes a look at the Patek Phillippe Nautilus 5711. The timeline of this watch is probably the most extreme – in November 2019 these watches were in demand and trading above their retail price, flexing around the £50,000 mark with occasional spikes and troughs.
Then, after Covid-19 hit, Patek announced they would be ‘discontinuing’ the watch and, 12 months on in November 2020, they had pretty much doubled in price to a £100,000 watch.
In March 2021, things got to a stage where asking prices were up to nearly £200,000 for what is a stainless-steel sports watch, and some were trading around the £180,000 for sealed examples.
Today’s market has changed and, in the summer of 2022, the 5711 took a retreat and is currently sitting at around the £150,000 mark. There are fluctuations and deals being done, so this is a fairly liberal figure, and it has lost some value, but ultimately those prices could not carry on rising. At one stage, people were tipping the Patek to be a £250,000 watch, which quite frankly would have been amazing.
This just shows how the value of watches can fluctuate over a short period of time and underinsurance of these precious items can be very damaging if you need to make a claim.
A watch is a luxury item that is not just a watch, but a collectible, a piece of jewellery, a statement, a piece of art. At Rossborough Private Clients, we can provide expert risk advice and management, ensuring that you’re always fully protected if the worst should happen to your collection.
To find out more, or to arrange a confidential review, please click here.
R A Rossborough (Insurance Brokers) Limited is registered in Jersey No. 1944 at Liberation House, St Helier and regulated by the Jersey Financial Services Commission No. GIMB0042