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Luxury watches are increasingly evolving from status symbols into fully fledged investment assets, almost on a par with works of art and other collectibles. Goldman Sachs has published its first dedicated guide to buying and collecting high-end watches and jewelry, effectively acknowledging the growing interest in these categories among wealthy clients, according to Robb Report.

The guide was prepared by Monica Heslington, head of Art and Collectibles Strategy at Goldman Sachs Family Office. According to Heslington, the bank previously focused primarily on the art market, but in recent years it has seen growing interest in jewelry and watches — particularly among younger members of wealthy families.

During the pandemic, Goldman Sachs observed especially strong interest in alternative assets, ranging from wine, musical instruments and classic cars to Pokémon trading cards and Hermès handbags. Even after the pandemic-driven frenzy subsided, clients’ interest in watches remained strong.

Watches Are More Than Just an Investment

Watches have one characteristic that sets them apart from many other investment assets: people buy them not only with their heads, but with their hearts.

A watch can be a gift, a family heirloom, something a person has dreamed of wearing, or simply an object that perfectly fits their lifestyle. As a result, buyers do not always approach such purchases with the same analytical mindset they might apply to stocks or real estate.

That changes, however, when a significant amount of money is involved, when buying on the secondary market, or when purchasing a watch at auction.

“If you’re going to spend that kind of money, you want to know that the object is going to retain its value over time,” Heslington says.

That is precisely the type of buyer Goldman Sachs had in mind when preparing its guide.

The first piece of advice may seem obvious, but it remains fundamental: before buying a watch, you need to understand why you want it.

Will it be an everyday watch? The foundation of a future collection? A family heirloom that will one day be passed on to the next generation?

The answer determines the level of due diligence required before making the purchase.

A Famous Name Alone Is Not Enough

Goldman Sachs cautions collectors against relying on a simple formula: a prestigious brand does not automatically guarantee investment appeal.

Every watch needs to be assessed individually. Even a model from a highly respected brand can be a questionable purchase from a value-preservation standpoint if it is in poor condition.

“If you’re buying a watch that isn’t the highest quality simply because you love it, and you don’t care at all whether its value goes up or down, that may very well be the right purchase for you,” Heslington explains.

But if the goal is specifically investment, the condition of the watch becomes critical.

At the same time, Goldman Sachs deliberately avoids compiling lists of “right” or recommended brands. In the experts’ view, such lists can give novice collectors a false sense of security.

Instead, the bank identifies five key factors that can influence a watch’s long-term investment value:

Rarity — whether the watch is unique or was produced in an extremely limited edition.

Historical significance — whether the model has a compelling history, documented provenance or a connection to an important event.

Craftsmanship — how exceptional the design, mechanics and quality of execution are.

Condition — whether the original parts and components have been preserved.

Authenticity — whether reliable documentation exists to establish the watch’s provenance and originality.

When Grandfather’s Watch Becomes Part of an Inheritance

A separate section of the guide focuses on passing collections down to the next generation.

For Heslington, this is a particularly relevant issue: her clients include both first-time collectors and owners of family watches that will eventually need to be divided among heirs.

And that creates a problem: watches cannot be divided as easily as an investment portfolio.

“You can’t divide a watch the way you can divide a portfolio of stocks,” she says. “No one argues over who gets the California municipal bonds and who gets the New York ones.”

That is why a collection needs to be carefully incorporated into estate planning well in advance.

Goldman Sachs recommends keeping all original documentation, maintaining a detailed and regularly updated inventory of the collection, reviewing insurance arrangements and, where necessary, taking out a specialized policy or additional coverage.

It is equally important to update the appraised value of the watches regularly.

A current valuation helps not only determine the market value of a collection, but also provides a more accurate basis for assessing potential taxes, liquidity and other aspects of future estate planning.

Even Servicing Can Affect Millions

The bank also advises collectors to pay close attention to the storage and servicing of their watches.

During repairs or routine maintenance, original exterior components should not be replaced without the owner’s consent. In certain cases, such replacements can significantly diminish a watch’s collectible value.

In other words, even an attempt to “improve” a beloved timepiece could ultimately result in a loss of value.

From Hermès to Picasso

At Goldman Sachs, experts emphasize that the principles applied to watches and jewelry also extend to other “passion assets”: works of art, handbags, wine, classic cars and collectibles.

A rare Hermès handbag, a Picasso painting or an F.P. Journe watch all require roughly the same approach from a buyer: assessing quality, authenticity, condition, provenance and potential investment value.

Heslington does, however, point to one important difference between watches and art.

“Almost everyone has a watch,” she says.

Watches take up less space, their market is considerably broader, and the barrier to entry for collecting is often lower. To evaluate a work of art, you need an understanding of its history, symbolism and context. Watches, by contrast, can be understood and appreciated simply by examining their movement, design and quality of craftsmanship.

“The barrier to entry is a little lower. Watches don’t evoke the same feeling as a museum or gallery,” the expert says.

$100 Million for a Single Watch?

There is another reason watches still occupy a somewhat different league from art — the scale of prices.

“For a very long time, works of art have sold for $50 million, $100 million, $450 million,” Heslington notes.

There has yet to be a $100 million watch sale. And that, in her view, is where high-end watches still lag behind the art market.

Perhaps, however, the emergence of such price records could ultimately change the way watches are perceived as investment assets.

For now, collectors would do well to look beyond the prestigious name on the dial and focus on rarity, history, condition, craftsmanship and authenticity — the five criteria that, according to Goldman Sachs, can turn a beautiful object into a valuable asset capable of being passed down to the next generation.

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