Watch Market Collapse! Why Did Secondary Market Prices Fall So Much?

[@PBoyle]

To try everything Brilliant has to offer for free for a full 30 days, visit brilliant.org/patrick/. You’ll also get 20% off an annual premium subscription.

[@MaxRuso]

Brilliant will not help you with the Rolex come on bro

[@kiprutos]

@@MaxRusoatleast they gonna let you try virtual rolex for free for 30 days

[@MarcoMasseria]

Proud Ulsterman (by descent) residing in Uruguay who loved your bit on the accent. Thank you.

[@Civilianmusic]

@@MaxRuso casio

[@gagamba9198]

I have to know. @6:36, how are smart mobiles replacing cigarettes? Is there a vape phone I don't know about?

[@davyse]

this is why I stick to safe investments like beanie babies

[@Samstrainsofficially]

I go for those limited edition coke glasses mcdonalds offers, and a happy meal. I'm the happiest investor. 😊

[@PotsandPansWhatsPotsandPans]

My mom is really sad no one wants her vast Boyd Bear collection but has come to accept it and take comfort of the amazing vacation we can take once we sell them! I've seen half of her same collection week after week at Goodwill so.......

[@desmondhughes9143]

Lol

[@HarveyDangerLurker]

I invest in Yu Gi Oh Trading Cards. Way more stable so long as Konami doesn't hit Snake Eyes

[@shumandaniele]

Don't laugh, I put 3 kids through college with my storage unit of rare beanie babies. /s

[@neuvocastezero1838]

At first I was scared, thought we were going to watch the market collapse.

[@thealkymyst]

That's next month.

[@PonziZombieKiller]

A wasn't scart. But hopeful

[@abizarthahir3613]

they're on borrowed time

[@Jorge-np3tq]

You could say the clock is ticking

[@PonziZombieKiller]

@@thealkymyst maybe Black Monday...

[@Khrazegaming]

"It makes you wonder what the employees did all day" Well put. Been to the rolex shop in Santorini and the two dudes there were on their phone and very rude. Would not even answer any question. Meanwhile the Omega store down the rode were so amazing. Showed every piece, answered every question and genuinely seemed like they were very enthusiastic about watches.

[@toffeetonic5001]

Funny enough, I've had the same experience, the Rolex shopkeeper was rude and really wanted me out. At the Omega shop we had a long conversation about space and the type of watches that the astronauts wore. I know what I spent my money on that day

[@sebastian3004]

Ah probably they don't get enough business? It's like hot girl VS ugly girl? common sense to understand.

[@s902kk1ll1kh]

Same here in S.Korea. Rolex employees are very disrespectful to customers. They feel proud of themselves when they let down their customers.

[@FWCaptain-kv6sm]

rolex sucks timex is goat

[@williamgomez5876]

presidents wear rolex not omega. nuff said

[@OG_McLovin]

Disregard watches. Acquire tulip bulbs.

[@sauceinmyface9302]

This cannot possibly go tits up

[@_holy__ghost]

sold me house for a bulb. wife and kids left me over it but imo they just dont understand the bloomset

[@emmagunnerblad6264]

No, no! Go for nutmeg!

[@hitest8925]

Soil and pots. Go deep. Timing is everything.

[@mikatu]

Tulip bulbs were real. The bubble was caused by partional investment options. That cannot happen with Watches. you always have a full watch.

[@emmac1398]

I work in whisky and always tell people who want to invest in luxury whisky that if they never want to lose out, then only spend as much on a whisky as you would be happy to drink it at that price. That way, if the value goes up, amazing. But if the value doesnt change, you still have a great consumable item to enjoy.

[@KenjaTimu]

If you're buying luxury whiskey you can afford to lose money.

[@vinaypatel8578]

The idea of buying top shelf with the intention of never drinking it is insane. At that point they're just buying a fancy bottle with some liquid in it.

[@GSimpsonOAM]

Same with any collectable including cars. You will still have to enjoy driving it occasionally, otherwise what is the point?

[@rokhamler3352]

A luxury, foul tasting, addicting neurotoxin. Humanity is so cooked

[@godfreyberry1599]

@vinaypatel 100% spot on. Tried unsuccessfully to get my head around insane prices being paid for a 'suspect' liquid in a bottle which will remain in the bottle as an investment and never perform as intended - CRAZY one upmanship - an insane human trait. Watches the same: No one worth anything cares what brand you wear - the market is simply flooded with excellent watches and knock offs. Vintage watches only have that desirable rarity value which can NEVER be duplicated.

[@lanierosenberg]

When I was a little girl, I once asked my dad how much a particular thing was worth. He told me that a thing is worth whatever somebody is willing to give you for it. At my tender age, I could not understand this basic concept. It seems that lots of rich adults can't understand it either.

[@yankinwaoz]

Yup. Thats what cracks me up about people who about the value of their house. Or worse, are on an HOA board and justify every decision by claiming it is to maintain property values. Your house is worth what you decide to sell it for the day you sell it. And that’s driven by what someone else thinks it is worth. In the meantime, live your life. Enjoy your home. Keep it livable, safe, and comfortable. And you will be fine. No buyer is going to notice or care about your tile choice, except to remove it if it is very garish.

[@Callsign-Blade_RunnerSG]

@@yankinwaoz Agreed to a certain point but Renovations are expensive and if done well, will certainly increase the property value.

[@_matis_]

Exactly, I think that around the world, this is a famous saying... For example, when you die of thirst in the desert, a glass of water is worth much more than diamonds. In every other situation, it is the opposite

[@TripleD303]

Words of wisdom!

[@spiderbootsy]

As soon as an asset gets sold to regular people as an "investment oppertunity" you know it a bubble. See late stage crypto.

[@j3i2i2yl7]

Mechanical watches, cryptocurrency, fashion sneakers, NFTs; all pasee collectable "investments" of the last 20 years, but there might be a few people gullible enough to still buy into them in 2024 if repackaged properly.

[@aajohnsoutube]

Housing, cars, yeah…

[@AROAH]

Graded retro video games and trading cards are another example of this. The game thing makes preservation of particularly rare finds much more difficult than it should be, because some greedy douche would rather pretend their sealed copy of a prototype game is immune to bit rot and will only go up in value than let someone actually copy it to keep it safe forever.

[@mabusestestament]

Sealed VHS-tapes Red Letter Media made a nice youtube video about that.

[@mabusestestament]

@@j3i2i2yl7 So how is NFT “art” that sold for thousands of dollars doing these days?

[@Afterglow.Studios]

I can’t even begin to explain how good your timing is

[@victor7777]

How dare you make a dad joke on my watch.

[@Kane0123]

These are distracting me from watching the video

[@gdawg51]

Lol

[@cmnhl1329]

These comments are like clockwork

[@Bear_Arms]

​@@cmnhl1329show up like clockwork.*

[@I_like_YT_lots]

As a watch collector for over 30 yrs this vid sums up very nicely what had happened. Patrick should do one for sneakers but it is almost direct parallel to watches except small value but bigger market.

[@lolilollolilol7773]

Plus sneakers are a perfect subject for a rap channel.

[@zoutewand]

Sneakers have one big issue and that is their material deteriorates, in watches this will only be true of a few things like gaskets which are relatively easy to replace

[@Col_Panic]

It's kinda like how older people invested in antique furniture, but then when they got around to offloading them, the market was saturated and the people with homes to put them in were not interested in such furniture.

[@panamericaco]

My wife's aunt collected crystal rocks during the 90's to sell at retirement. Absolutely worthless today

[@KEAHON]

This is so true….I knew antiques dealers who netted $1mm in the 1980s.

[@reddevil6585]

@@jasonb4770they tell time !

[@Tyler-Woody]

@@jasonb4770I don’t think you understand the word “function” friend.

[@carpediem4512]

There are still plenty of people willing to pay for overpriced watches. Remember there’s a sucka born everyday.

[@morkzorckerborg5000]

'they're so highly crafted with such rare materials like stainless steel we advertise wait lists being multiple years, unless you have cash, we'll sell any quantity of any model right now for cash.' - all luxury brands

[@bobkerman9818]

Yep, the most ridiculous are people trying to buy a purse and being forced to buy a wardrobe of unrelated shit to "build a relationship".

[@Sthuont]

You can't really compare Swiss luxury watch makers with luxury fashion brands, the Swiss watch makers are actually high quality even if currently overvalued/priced, the luxury fashion brands on the other hand use really poor quality materials and the build quality is dire... it's jaw dropping that anyone pays for that shit honestly. Maybe it's different for their haute couture stuff, but I'm not rich enough or in the right social circles to know.

[@felixhirt9284]

@@Sthuont For the Job they are doing (Telling the Time) they are essentially Rube Goldberg machines. Using the high Build quality of this Rube-Goldberg machine to justify its high price is kind of misleading. For the Simple reason that you can get more durable, and more accurate time telling machines for a lot less money. A Watch Crystal with guaranteed 5 ppm accuracy (and 3ppm / yr drift) costs like 50 cents. For a singular Crystal. From Authorized Distributor. Thats like 0.5 seconds per day. You are not buying a mechanical watch for the higher build quality, or amazing accuracy. You do it, because you like mechanical watches. Just like any other Luxury good.

[@450AHX]

@@felixhirt9284 No, you do it because you think other people care about your watch.

[@LiterallyJustAnActualPotato]

Many of the most amazing luxury watch brands only produce a small number of watches every year. These are watches that have every piece made by hand. You can’t take any amount of cash anywhere to buy one, cause they just don’t make enough to have one for you to buy.

[@bryancook3233]

If you can afford it? Buy it. If you buy it? Use it and enjoy the experience. Very well said, thank you for the video.

[@CSpottsGaming]

My exact thoughts on watches. I wear a watch daily and I like it. In the not-so-distant future I plan to buy an Omega I've been eyeing for some time, but not because I think it will appreciate in value. In fact, I expect it to depreciate significantly. But I want it and I can (or rather, will be able to) afford it, so I'll buy it regardless.

[@jerryakbar6147]

Wear your watch in Los Angeles and you might end up in a funeral home.

[@CSpottsGaming]

@@jerryakbar6147 You're wrong but go off I guess. As long as you're not wearing a Rolex in the hood you're fine.

[@jerryakbar6147]

@@CSpottsGaming I’m taking Beverly Hills, they have cars. I’m not wrong.happens on rodeo drive.

[@CSpottsGaming]

@@jerryakbar6147 Crimes happens sometimes no matter where you go. I grew up in a pretty safe town and someone got murdered in my neighborhood once. Acting like someone's going to be a victim of random crimes in places where random crimes happen rarely is just stupid.

[@mikepodorski4272]

I'm a car guy. The advent of televised auctions has driven the car market to ridiculous levels. Cars became less of an enthusiast hobby and more of an investment, which has totally changed the hobby for the worse. Everyone sees the '70 Chevelle SS LS6 sell for $500k, and everyone thinks their rust bucket is worth at least half that.

[@rxklastz1770]

i agree, last year i was looking for a 1st gen mustang coupe and people on facebook kept asking $5k+ for a rolling rusted shell with no title, long story short I ended up with a 74' dodge dart swinger rolling shell with a clean title for $800.

[@Snocone333]

keep strong and keep lowballing these idiots 👉👉

[@HarveyDangerLurker]

This is what gun broker did to the used firearm market.

[@28704joe]

I resemble that remark.

[@BatkoNashBandera774]

don't remind me, how the same '70 Chevelle SS became utterly unreachable because of the "collector's market'.

[@ubergeekian]

One of Swatch's successes was in promoting the idea that people might own more than one watch. When they were expensive, people generally bought the best watch they could and stuck with it. When accuracy became cheap, Swatch said "What not have a watch to go with each outfit?"

[@brutallyremastered4255]

Also very successful in making people forget the rapid and near terminal aesthetic disintegration of plastic.

[@goodiegoodie1000]

That trent was earlier with cheap Timex mechanical watches kzbin.info/www/bejne/aWSTXpyueZ6Jg9U

[@LordVarkson]

@@brutallyremastered4255 Not entirely true, but functionally. I have a few older Swatch models from the 90s and while the body is still in excellent condition, the adhesives used in the band and the coatings have degraded extensively. LCD displays from the 80s are prone to having the adhesives on the polariser degrade too, resulting in a very ugly look.

[@robertplatt643]

My friend bought a Grey Memphis Swatch when it came out because she liked it. Many years later she saw a price guide and realized it was worth hundreds of dollars. She tore her apartment apart trying to find it. When she did she realized she had replaced the band, tanking the value.

[@hoilst265]

Yup. This is why when you see those old - but incredibly valuable now - watches get wheeled out on Antiques Roadshow it's like "This is my dad's Omega, he bought this when he was stationed in Germany in 1962, and he wore it every day until he gave it to me in 2005." They bought a watch. One watch. It was their watch - the only watch. And they wore it with everything, from old shorts when mowing the lawn to their suit in the boardroom. It's why James Bond has a Rolex Submariner, and wears that with everything from commando gear to a dinner jacket. Now? You'd better have a watch for day-to-day wear, for business meetings inside the company, another with external clients, one you wear when driving, one you wear when swimming, one when you're out drinking, another when you're out having dinner, another when you're attending weddings...

[@hitsquad2149]

I’m a Casio guy. The cool thing is if you wear it upside down, it’s a Oisac. Like getting two watches for one.

[@beetlegeuse2170]

Fun fact, the soldier pocket knife does not have a corkscrew. Only the officer version does.

[@marcdc6809]

so the conclusion could be: common people drink beer, not wine, for the simple reason that they have no easy way to open these silly bottles.

[@adherry8142]

@@marcdc6809 Or they want you to keep your officer alive because otherwise you won't be able to open the wine bottle for supper.

[@peterkatow3718]

So Swiss officers have to do it themselves? Communism!

[@deeznoots6241]

@@adherry8142actually its because Soldiers have bayonets and officers don’t, a bayonet works perfectly well as a cork opener

[@marcdc6809]

@@adherry8142 good thinking

[@Spencer481]

Unfortunately a lot of people get into classic car ownership thinking it’s a gold mine instead of actual interest in the hobby. Very few cars will out strip the cost of properly maintaining them. I love car collecting but it’s best to come into it with open eyes.

[@jabezhane]

I worked in car insurance and was eye rolling when guys bought an old classic, then spent £20000 restoring it, then crashed it or burnt it out to only be offered £4000 in payout. "But I spent £20000 restoring it!" Yes but your policy states we will reimburse the on the road market value of your car! Not what you spent on it!

[@Spencer481]

@@jabezhane jeeze that’s rough spendy 5x the road value of the car is pretty bad. What car was it?

[@jabezhane]

@@Spencer481 There is a slight exag in there but yeah big sums spent on cars that are still worth jack when made roadworthy. 60's Triumphs and Reliant Scimitars in the mid 90's this was.

[@EthanFulwood]

The same seems like it might be true of mechanical watches too. They have to be serviced at regular intervals (5-10 years) and sometimes repaired if something goes wrong. All of that cost of ownership would eat into any increase in value.

[@stermindelves4251]

I have worked in Bullion/Jewellery for 40 years. Believe me everyone thinks it’s easy money and it’s not. The watch market was riding for a fall and it’s now here.

[@fullclipaudio]

I watched the market for guitars go insane during the lockdowns. I mean, it was ridiculous before, but once the free money started flowing and the 22 trillion dollars were created out of thin air and given to the rich, guitars went to the Moon. Now that it has fully collapsed, I'm picking up my favorite guitars at a discount.

[@robdevine69]

I wish it would fully collapse, try to purchase a PRS Custom 24 10-top or Gibson Les Paul Custom in the configuration you want….. Still just ridiculous prices.

[@fullclipaudio]

@@robdevine69 Gibson, Fender, and PRS raised their prices to match what was happening in the used market. It is rare that a company goes backwards on price. Try to find the guitar you want used as the prices have come down a lot since the height of the insanity.

[@virgil_kane]

The Chinese are building the finest guitars at the best prices period at the moment . Even many great guitar players like Joe Perry say so .

[@fullclipaudio]

@@virgil_kane I agree that the fit and finish are perfect in these Chinese guitars. I'd prefer Premier Wood though.

[@Lollerlol12]

Reminds me of the following quote: "We are all at a wonderful ball where the champagne sparkles in every glass and soft laughter falls upon the summer air. We know, by the rules, that at some moment the Black Horsemen will come shattering through the great terrace doors, wreaking vengeance and scattering the survivors. Those who leave early are saved, but the ball is so splendid no one wants to leave while there is still time, so that everyone keeps asking “What time is it? What time is it?” but none of the clocks have any hands."

[@JB-yb4wn]

Beautiful poem, thanks for sharing.

[@oneoranota]

Sounds like many of my evening parties !

[@ethanbennis]

For some reason I read Bojack Horseman instead of the Black Horsemen… I guess it still works

[@RichHomieGon]

What is this from?

[@shreedhar333]

It’s an illustration by Adam Smith.

[@Devpatflacon08]

Patrick mentioning fashion changes while wearing a 3 piece suit with tie and pocket square, accompanied with what looks like a classic omega or vacheron 😂

[@vulpo]

Patrick should win the Best Dressed Man on KZbin Award, if there were such a thing.

[@HRM.H]

Just because "fashion" changes, doesnt mean you have to!

[@RpMcMurphy_]

I’ve been trying to identify the watch.

[@Pillboxing]

He knew what he was doing

[@Ciborium]

This is why I can't take Patrick seriously. Every other Financial KZbinr shows off his Lambo, his mansion (while dressing like a ghetto teenager), and many visible tattoos. Oh, and they gesticulate like an Italian man in an argument. Patrick's hands are firmly planted on the table.

[@harper-rosewright4843]

Just learnt few ways productivity can be managed, Appreciate the sense of detailed content...Everything can be made easier although a lot of ways to gamble on productivity has made it tough, It's so common that to some extent you have to participate at least attempt to get ahead and hopefully secure a comfortable retirement. Money sitting in the bank does not grow, money not invested well can be unproductive

[@chrisschules9943]

How do you know what to invest in? How can you know if it is the right choice

[@harper-rosewright4843]

You could get more insights in real estates, stocks, bonds, anything and you just don't buy anything but something you've looked into properly and objectively... If you need proper guidance, you could use an F.A or realtor or any expert there... For me, it was increased productivity through digital assets evolution. I have made up to 400,000 in profits with my guide, There are more options these days..

[@monicamoore4329]

Totally agree on using a guide, but where do one even find a proper guide ? I'm ready to get serious about expending, but the options out there are overwhelming

[@harper-rosewright4843]

Consistent results aren't luck. Research was the challenge however it led to Lisa Michelle Pacillas, a top CFA well known with an impressive strategy'

[@harper-rosewright4843]

She might be worth checking out online

[@MattBarnes-r3c]

Glad to see Elvis' time as the Beatles frontman recognized on this show. It's not rap history but still influential.

[@GirlWhoCriedAardvark]

Ultimately, ALL history is rap history.

[@yossi1410]

It's interesting that there was a similar bubble selling sneakers during this same time period.

[@JonJon-kx6xl]

Interesting it happened when everyone got free money

[@HatelivesNextDoor]

Interesting that the people who abused that system took it for millions, while working people didn't get a payment for their lost job for 6 months. I guess I see where to press the blade, thanks for making a target.

[@PaulVerhoeven2]

Not everyone. Good people got shafted.

[@christinaapplesauce2459]

The "free" money printed during the coof, low interest created and supply chain disruptions (low offer) created lots of bubbles. In the collectors space things like mtg cards, vintage games, other spaces like ntfs, meme stocks, even tech jobs can be considered a bubble. Now everything is popping at the same time.

[@lljw7151]

Isnt it kinda funny sneakers went up in price when everyone was supposed to stay inside😂

[@kenfenske5002]

I liked the mention of James Bond. It wasn't ridiculous for James to wear an expensive diving watch in the suit because he's a secret agent so an hour from now he'll probably need exactly that to defeat the bad guys. Every bored executive watching this dreamed they were secret agents so they needed that watch or car or suit.

[@PavelCS]

Love the history part behind Luxury watches and Switzerland. You're one of the few channels where you get both history and current events analysis. Very well done.

[@marcdc6809]

There's also the famous brand IWC, they sold to both the Germans and the Allies, both to be used by soldiers who needed accurate timetelling, like bomber aviators...

[@scottyee707]

That's literally like every KZbinrs videos these days, even simple tutorials on basics things. The first part is the history on the thing, and then after a 10 mini history lesson they talk about the thing, I miss the days when people just got to the point. If I wanted a history lesson, I would've searched for that.

[@ivanlagrossemoule]

Before the 'quartz crisis', cheaper watches were made by hand. They used cheap movements and antiquated production methods. Japan didn't just adopt the quartz better, they also moved production to China and adopted very modern production methods. They essentially killed the handmade for normal customers. Switzerland caught up and moved a lot of the production to China, and increased the price and perceived value of anything produced in Switzerland.

[@marcdc6809]

@@ivanlagrossemoule perceived value, I see what you did there, I agree, when I bought my Longines the salesperson told me that the movement was handmade, I knew it's just an ETA movement, mostly made in China, with some extra polishing done by a machine too... they love to sell you their bs.

[@ForSquirel]

If I'm spending 77 grand on a watch.. well. I'm an idiot.

[@nandi123]

That might not be the only indicator. Just saying ...🙄

[@gillsejusbates6938]

or poor

[@Rsmvbizz]

@@gillsejusbates6938 you can’t shame someone for a finical choice, especially something worth 1/3rd a modern home lol. I can guarantee you don’t have anything close to that

[@lostthelasaccount]

That's..not how things work. If you spend 2 dollars on a coffee you are moron? No you like good coffee. I spend 20c making it home. For you 77 grand is a stretch. For some people, it's a 2 dollar item.

[@fioredeutchmark]

@@Rsmvbizzyeah you definitely can shame someone for rank materialism like that. It’s completely immoral. Who dragged you up?

[@Angelinacortez495]

At this moment, things appear to be odd. Inflation is reducing the value of the US dollar, but it is strengthening in comparison to other currencies and commodities like real estate and gold. People are switching to the dollar because they believe it is safer. I worry that the rising cost of living may cause the value of my retirement savings to decline.

[@danieltaylor--65]

Safest approach i feel to go about it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert

[@JenniferDavis7630]

Several individuals minimize the importance of counsel until their own feelings become overwhelming. A few summers ago, following a protracted divorce, I needed a significant push to keep my firm afloat. I looked for licensed advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $275k to $850k despite inflation.

[@Angelinacortez495]

You seem to know the market better than we do, so that makes great sense. Who is the guide?

[@JenniferDavis7630]

'Laurelyn Gross Pohlmeier' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@EthanBrown_23]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@thorin01]

That old saying applies: If you want to make a small fortune in collectibles, start with a large fortune. Collectibles markets are extremely volatile. The comic book market in the 90s. The car market has gone through multiple ups and downs. The fad markets like Beanie Babies.

[@PorkChopAChunky]

True but a few stable markets like art are more or less always strong. You just need to pick timeless collectibles. I collect gold coins and while it has ups and downs, its fairly stable.

[@zoutewand]

​@@PorkChopAChunky art is kinda like gold coins as theyre rare. Van gogh eill not create any more pieces so its unlikely their price will go down. Due to freeports they are also easy to trade and lose no money to taxes

[@MaggieD0123]

There’s a fascinating market in Magic the Gathering and other collectible card games that I’ve recently started following. Collectibles are bloated across the board in my opinion, too much cheap cash floating around, but at some point someone is left holding the bag.

[@manuelaguilartirado8674]

Just recently there was a heavy hit in mtg with the banning on some cards, a lot of people lost money, but it shows how those taking the risk of investing on non productive assets would blame anyone but themselves

[@MaggieD0123]

@@manuelaguilartirado8674 I played and collected back in the 90s and early 2000s, I had no idea those cards are worth so much now! But it’s all just speculative, and I think a lot is just nostalgic buying from people in my age group. I agree with Patrick, you should buy collectibles for the enjoyment of owning them.

[@UlshaRS]

Any kind of 'limited' items can be a bigger idiot scam. Comics and gaming cards are a massive example of that as they have their own collection subculture.

[@verraque]

The Pokemon TCG is getting hit with a lot more reprints, diluting the value in a ton of cards considered "safe" investments, with regard to high-graded copies.

[@ribbonsofnight]

@@manuelaguilartirado8674 Barely a blip

[@IstanbulBlue]

True story. Watched a friend spend over $3 million during a twenty year period buying watches on the secondary market (many of them hype watches) several decades back. It was not an investment but a shopping addiction. Their mental illness was knowingly exploited by a well-known watch trader with a US storefront . For other reasons, the friend went bankrupt. But it boggles the mind to consider their portfolio from context presented herein. These were all Pateks, Audemar, Rolex, others, etc. Yet another life lesson in dumb money.

[@mallardcutter7209]

The best lesson is always the most expensive.

[@cpm1003]

When I was younger, I drooled over fancy cars and expensive watches. Now that I see these things owned and flaunted by the most horrible people in the world (influencers), I am repelled by them.

[@JRRob3wn]

I’m not a car person, but it would be cool to have a cool car like a vintage Land Rover or a little vintage sports car. But where would I drive it in the US? To the grocery store? To drop my kid off at school? Maybe if I lived in europe…

[@josefwitt9772]

Same. I've come to appreciate the fancy stuff that nobody recognizes. It's nice to have a Swiss chronometer on your wrist that doesn't attract attention - purely to enjoy and not to be seen. Everyone else probably thinks it's a cheapo because it isn't an overpriced quartz with a fashion brand name slapped on it.

[@JamieFaux-qi6ip]

@@josefwitt9772what brand

[@ed7384]

Uhhhh influencers

[@travissharon1536]

I still like cool cars and watches. Influencers buy them for different reasons than I do, I also buy less expensive items.

[@thelastone5457]

The whole watch thing is endemic of the collector market as a whole. People are seeing them as an investment rather than what they are, a watch. While the price is justified for initial buy in, the secondary market is speculator driven. Almost like a Ponzi scheme, fueled by FOMO, the money will only keep coming in while new investors keep joining, and longer-term collectors keep throwing money at it. People also keep forgetting that these watches are not leaving or disappearing. They are not rare. Just being bought up by people and left in a dresser drawer, or by people who are trying to make a quick dollar.

[@Uruz2012]

Comic books were this way in the 90s.

[@JRRob3wn]

It’s also “new money” types of people that think that these goods buy them respectability and social status. These are the same types of people that pay thousands for anything luxury branded regardless of quality - Gucci sneakers etc.

[@nerychristian]

These watches or overpriced, even when new. People who buy Rolex's think of the watches as investments, because historically, the prices of the watches always remain relatively high, compared to other watches. The casual watch collector who buys a Rolex, buys it for the brand name recognition.

[@JosephByrne]

Absolutely. Buyers got angry with Porsche for producing an additional manual car after it was believed the previous model would be the last with a manual transmission. Porsche said, "We make cars, not investments."

[@Watersbill89]

Buying Stocks or Gold are the absolute best hedges against hyperinflation.

[@Dylanchris8048]

People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.

[@Watersbill89]

Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.

[@Dylanchris8048]

I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such execution are usually carried out by investment experts or advisors with experience since the 08' crash

[@lillyvazgueztk1410]

I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!

[@Watersbill89]

A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

[@Miata822]

If you want a luxury good and can afford it, buy it and use it. Derive enjoyment in it without expecting it to gain value. Wise words. I often see people complaining today about luxury cars, especially luxury EVs, falling in value in the used car market. Throughout history this has generally been true and it only becomes an issue if the seller still owes a considerable amount on the car. That only happens if they couldn't really afford the car when they bought it. A good rule of thumb about luxury goods purchases is that if you cannot pay in full for the item without disrupting how you live then you really shouldn't buy it.

[@davo2225]

One day spending money to make money will mean buying capital equipment to produce goods and services again

[@emmanuelbeaucage4461]

you're really optimistic

[@garrenosborne9623]

🤣🤣🤣🤣

[@bazooka712]

When a large proportion of the population believes in investing in things like gold, that fall imho believe fall in the same investment category as the watches, I doubt there will ever be that realization.

[@sarikagoode1505]

@@bazooka712 Gold is money, a watch is a watch.

[@TehMadCow]

@@sarikagoode1505 gold is a shiny pretty color rock, one of the only real uses of gold is to make a gold watch lol

[@dylananderson7658]

Love the closing sentiment, buy what you love (if you can afford it) but high caution if the goal if to profit; especially today.

[@tottiemitchell6737]

Patrick looks very chic here. Great glasses. Tie. Hanky.

[@maifantasia3650]

And vest. I wouldn't trust a lesser dressed man to deliver trustworthy rap news. Edit to add: and strategically exposed watch.

[@josephmassaro]

Gold watch, diamond ring I ain't missin' not a single thing Cufflinks, stick pin When I step out, I'm gonna do you in

[@jayb0g]

I actually want that tie.

[@georgehart8179]

Yeah, but is that a Rolex on his left wrist?

[@maifantasia3650]

@@georgehart8179 - a Rolex? If it was anything less than a Patek Philippe, I'd be disappointed.

[@Georgggg]

Natural diamonds too 💎💍! Sales and prices of natural diamonds plummeted to historic lows, and now its less than lab-grown diamonds! Wine and cars next.

[@christinaapplesauce2459]

Luxory vintage cars price already crash some months ago

[@asmadiliao2917]

Imho diamonds business is heavy burden on the jewellers which in turn killed the business. They advertise it as "forever", the diamond is the hardest things. Insinuating it's immune to most damage. It's NOT. Then They sell it as investment, but the things itself is used by being put into jewellery. Now here is the problem Usually if the customer want to sell back and get their "investment"money back. Usually they are being told the price cannot be that high because it's scratched BUT the diamond is forever. which it means the jewellers are being careless. Because it's impossible for customers to blame themselves for being careless. They say they don't use it that often. They store it in deposit box etc. AND they DO lose money on their "investment". Now I don't know if it's really scratched or not. But I know they are losing money and blame the jewellers. Really wish the things is being marketed honestly according to its use. But well it is what it is.

[@WWZenaDo]

As a science nerd I jumped at the chance to buy a pair of lab-created diamonds. Now I'm seeking moissanite!

[@Hasanaljadid]

Gold prices are at record high

[@jeffstrand601]

Gold about to crash

[@talbotd27]

This guys dry humor and delivery reminds me of Dr. Grande. I love these videos, especially the historical ones

[@CoolHand273]

Patrick Boyle you are a humble genius. This is one of the most pertinent and timely economics video on youtube right now. In depth yet relatable.

[@higaditos]

😂😂😂😂😂 I love how 15 minutes in the video, he throws a joke with a perfect straight face. Patrick is hilarious

[@MikeytheSnowdog]

geez man, that was a great articulate perspective....very comprehensive, thank you Patrick!

[@gikigill788]

Anyone expecting prices to go higher and higher doesn't realise that the market is limited and even more limited by what people like. This is not a needs based market but a wants based market. Not to mention that scalpers got hammered by the interest rate rises. Considering Rolex makes over a million watches per year, similar to Mercedes making a miilion cars per year its stupid for someone to hold on to an S Class expecting its value will go up. No matter how expensive the average S Class might be, it's not gonna hold value unless it's a special piece or has some story behind it.

[@victortaveira8271]

Excess money found some goodies to buy. I still maintain Covid-like times sparing habits, so my bank accounts grows faster than I expected. NFT and watches were the dumbest thing to buy expecting price appreciation.

[@emenesu]

I don't know how people don't understand this simple thing.

[@233kosta]

But... but... NUMBER GO BIGGER!

[@errorunknown2717]

Only stupid money buys watch from second market for overpriced value at the end of the day it’s watch 😂😂

[@LachskoenigIV]

The difference being that a newly purchased S-class will never sell above listing price. Many Rolex models do.

[@ironmantooltime]

Excellent. One more bubble I missed 👍 "This is a Rochefoucauld,” he says, “the thinnest water-resistant watch in the world. Singularly unique, sculptured in design, hand-crafted in Switzerland, and water resistant to three atmospheres. This is the sports watch of the 1980s. Six thousand, nine hundred and fifty-five dollars retail! It tells time simultaneously in Monte Carlo, Beverly Hills, London, Paris, Rome, and Gstaad!"

[@here_be_dragons9184]

I mean not all people are buying into those trends naively. Many people identify these as bubbles but hope to profit from them... But not everyone can be a winner and in the end someone will be holding the bag... So many of those wannabe profiteers end up being victims themselves. Everybody thinks they are smarter than everyone else, it's part of the hustle.

[@johnmf6096]

​@@here_be_dragons9184 dawg. You missed the joke.

[@rkc62]

The point of this is that Louis Winthorpe III would have assumed his peers *knew* these facts, so wearing the watch created immense prestige, but to a pawn dealer it was worth $50.

[@ironmantooltime]

@@johnmf6096 Louis famously also ran a sweet downtown hip-hop night and was known colloquially as "Louis from the Bronx", hence the relevance to this channel 👍

[@Wlad-v2w]

Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.

[@DanielNoahD3w]

People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.

[@JosephGodwill9h]

Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.

[@AngellLevey]

I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!

[@JosephGodwill9h]

My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..

[@AngellLevey]

I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.

[@julieta203]

I sold all my watches between 2021-22. The prices were just too good to resist considering there is noting rare or even collectable about these modern sports watches with new supply hitting the market every year. The only rolex i would buy now is a solid gold day date for obvious reasons

[@paxdriver]

Over 20 years ago I bought a Seiko with my first full time job. I still wear it daily, while I realize $200 isn't luxury to most people lol

[@Sams911]

I picked up a Patek 5711/1R Rose Gold Nautilus at 3% off from an AD in 2017... when it hit $250,000 in 2021 I HAD to sell it... I've since bought two solid gold Rolex, including a Meteorite dial GMT and an AP with the proceeds and put the $49K back in my bank account.

[@danielsimmonds4913]

​@@paxdriver Everyone should have a Rolex and a Casio. The Rolex you wear, the Casio you use to sync your Rolex to the correct time everyday.

[@supertuscans9512]

i thought that wearing black face had become a bit non PC?😂

[@someguy-somehow]

True, I have a Rolex Oyster from the 80s that I had factory serviced for $1k. After a couple of years it started slipping up to 5 minutes a day.

[@cmsane5120]

"Not everything you buy is investment". Excellent !!

[@chomik751]

This guy actually explained it so that it can be understood, nice and calm..thx

[@shumandaniele]

Regarding your final comments: I'm always amused by people (like on antiques roadshow) who take such pride in what something is worth but insist they'll never sell it due to sentimental value. Which means its monetary value is completely irrelevant.

[@Asdayasman]

I get where you're coming from but there's a difference between keeping your Grandfather's war medal that's worth $5, and keeping your Grandfather's war medal that's worth $50,000,000. If you're turning down life-changing money for your Grandfather's memory, there's evidence to back up your dedication. It's not to say you can't be sentimental about something cheap, but it's a lot harder to fake if you don't know how you're making next month's rent.

[@perfectallycromulent]

It's not irrelevant if you want to insure it. Even if you don't plan on selling it, if it gets stolen or burns in a fire you might want some money for it.

[@matthewmorgan7103]

I wonder how many of those people actually did keep their memories after the cameras stopped rolling.

[@LittleNala]

When I was young in the UK, we had The Antiques Roadshow, and they talked about the history of the items, and then said the price at the end as a little teaser. The most famous presenter was called Arthur Negus. I'm going back a long time - he died in 1985! Last time I looked, it had morphed into something called Cash in the Attic, which was entirely focussed on the price, and any history was just an excuse to talk about the money. They don't even pretend any more - it is all in the name of the show.

[@vez3834]

@@matthewmorgan7103 Human emotions are just there for businessmen to exploit them... right?

[@JamesPawson]

That weird brief subplot thing in _Succession_ when Kendall hooks Greg up with a watch connection-- makes a lot more sense to me after watching this video.

[@davidoldboy5425]

With investments such as watches timing is everything

[@nflynn]

We do speak perfect English in Ireland, it is about time someone called this out

[@geoffwiddowson4945]

The funny thing about his comment about Ireland is until now I'd not worked out what Patricks accent was Irish. Now its obvious.

[@hotmess9640]

As an American I’ve never heard people trash Irish English, is it due to attempting to insult the accent? Also, love your country! My grandmother lives in Dublin and I’ve been and absolutely loved it. Wish I could move 😅

[@spoddie]

I'm so glad this rap music channel is finally covering branded goods.

[@guachingman]

I can see iced pieces cpming next, we the rap community deserve red pills too

[@WorlowZilnicki]

Picked up a AMZWATCH's watch as my first watch last month and I’m absolutely in love with it. Perfect size, looks elegant, very comfortable. Now my only problem is holding off from buying more watches so quickly!

[@jerrykreutzer4326]

1:06 They still had customers, they just had to keep telling them that there are no watches (unless you want some two tone golden model that no one else wanted) and that the waitlist is 3 years long. They also got a lot of phone calls from all around the world asking if they had any watches, someone had to tell them "no". I had a few honest conversations with them, they hated it too.

[@paxdriver]

I love how throughout the video Patrick has his watch prominently on screen, but I can't even tell if he got it from a corner store as a silent gag or if it's once of the rare Rolex watches mentioned in the video 😂

[@j3i2i2yl7]

Probab.y not a joke. A digital watch would have been funnier.

[@grmpf]

He has worn this watch in many other videos. It appears to be some kind of vintage small seconds mechanical, probably 50s/60s. There were lots of watches in that style that looked extremely similar, so I haven't been able to pinpoint it exactly. I have clocked one of his other ones as a Frederique Constant though, which shows that, even if he isn't a "watch guy", he has done some research on watches at some point.

[@TheJase8566]

@@j3i2i2yl7F91W would have been lulz. After all, it is an icon

[@nialldoyle8206]

Looks like a vintage j le c or Vacheron. Class.

[@Markusx26]

This is the same thing like with Lego. I would estimate that Lego sells now in a year as much products as in the whole 90´s together. Lego and Rolex have the same disadvantage that both will last for a long time. Both markets are totally overflowed with products and many people start to ask "Is the price worth it, or is it overpriced?" Also when the actual generation starts selling the huge amount of watches on the market, you still have a production of 100000 new watches which need to be sold. So the hype in the last years will come back as a boomerang and the market has a high chance for collapse. More money involved, more risk to fail.

[@KonpeitoKoil]

at least when Lego collapses you can still play with it in (at least in theory) lol.

[@FlashyVic]

I never had these concerns for my flashy new Rollox. Though the hour hand did fall off last week, which is a bit of a pain. But its sooo shiny! The finest craftsmanship that Nicaragua can produce.

[@lauriepenner350]

My dad and his buddies have these fishing tournaments and one year, one guy went to Hong Kong and brought back "genuine" Rolexes for prizes. I think my dad still has his. The extra dials are just printed on 😂

[@Sneedstein]

I can’t wait for Patrick to talk about Pokémon or Magic the gathering cards

[@Joherandez-jz4jn]

Sneakers and nfts too😂.

[@jameshwang6423]

"irish accent - chich isn't acutally an accent. It is well known that irish people speak perfect english - and people in other countries have strange accents that no one can understand..." I gave a thumbs up for that one.... lol.. said it with a straight face.... nice delivery

[@Chris-oz9qx]

Daytona's were going for almost 3 x the RRP here in Thailand......crazy that some people would pay almost 3 times what Rolex themselves value their watch.

[@riggaden4248]

Luxury watch market collapses? About time! I mean on the face of it, its time was ticking.

[@violenceandpoetry]

It does seem to be winding down.

[@todorkolev7565]

the market for luxury watch repair parts is still booming, especially the second hand!

[@Daijyobanai]

Strap in for a date and time with Boyle's market evaluation. I clocked in the YT recommendations, and watched it right then. I feel dirty.

[@JohnJones-k9d]

Well played

[@nathanbackner8742]

Ha ha ha😂

[@Sergeantcruz1216]

Patrick, glad you are alive and doing these great entertaining videos!

[@zg-it]

I have a watch that's priceless to me,it's my grandpa's Omega pocket watch from the 1920s. I'm pretty sure he bought it in Baghdad Still works great, just wind it up and watch it go

[@maifantasia3650]

Does it have a similar history to the watch in the movie "Pulp Fiction?"

[@zg-it]

​@@maifantasia3650lol, I hope not

[@abhilashyadav2274]

@@maifantasia3650 it is the same watch

[@YusriVanna]

This is super good for actual watch enthusiasts who like wearing nice watches instead of traders and collectors.

[@BetaBuxDelux]

I’ve never sold any of my pieces. I just like them.

[@buzios999]

Excellent economics tutorial PB. Only someone as eloquent as you could do this without mentioning fear and greed 👏🏻👏🏻

[@p.s.8949]

I have to say it: that countdown is WAY too epic for a video about used watch prices.

[@goobfilmcast4239]

Thank you, Patrick.....My succinct analysis of the watch market in general: ALL of that ticking metal is just a bit overpriced. I ultimately decided on a Tim Cook timepiece and my watch now can communicate with satellites, unobtrusively monitor my health and summon help if I am incapacitated. This has allowed me to downsize my staff considerably.

[@Mordecrox]

How much full staff it takes to wind up a Rolex?

[@epbrown01]

Ironic, isn't it? Lose your Apple watch and technology will find it; lose your Rolex Daytona worth 20 times the price and it's gone for good.

[@goobfilmcast4239]

@@Mordecrox Funny.....BTW, you do realize that super-rich folks back in the 18th and 19th Century used to have servants dedicated to winding and "synchronizing" clocks and pocket watches...everyday

[@Mordecrox]

@@goobfilmcast4239 wasn't much of a joke because of that but now I'm curious... Sync with what? Watched videos about notorious timepieces used in the age of sail, to the point the clock being a Captain's most important item, and this particular piece was said to be extremely accurate a century ahead of its time... Against what they checked it besides the desynchronization of two clocks of the same make?

[@garymckissick2621]

@@Mordecrox ships chronometers are in pairs and part of the 12 O'clock reports to the captain - "All chronometers have been wound and compared." Way back when if they lost time I can only think of one method that they could use. The sextant can be used to determine 12:00 and chronometers could be reset. On land there were some sundials that are far more elaborate than the normal garden sundial. Again - 12:00 can be determined and that towns clock could be adjusted as needed. A lot of old movies show people adjusting their clocks with the town clock at noon. Of course its not down to the second like an atomic clock but you could get to work and school on time.

[@josh22920killer]

Not a watch person. This was very enlightening and really educational. Thank you so much for doing this! Im looking at the grand Seiko birch series right now!

[@rdapigleo]

The perfect storm of COVID drove the watch price higher, with no travel or cars competing for the money.

[@billywilson1368]

Obscene luxury goods are always a dumb bet

[@samsonsoturian6013]

Fun fact: During the Roman Republic the faminist movement of the day protested restrictions on jewelry and nice clothes

[@Kai...999]

You're hating because you're poor.

[@float32]

@@Kai...999no, they’re based entirely on whim. When they’re based on “I’ll make so much money if I buy this” it’s doomed. That’s not how markets work.

[@mothra__13]

I think it goes back to what he said at the end: If you like something and can afford it, buy it and enjoy it. But don't delude yourself into thinks it's a smart financial decision.

[@neodym5809]

Rolex is not obscene luxury, but affordable luxury. You do not have to be a millionaire to afford one

[@Adrian_Nel]

The dummy watches in the window are a security measure that has little to do with availability.

[@Mark_Kiwi]

Outstanding Swiss rap. This is such an awesome rap channel

[@ChosenOne6666]

The value of the watch is in the box and papers. If you wanted to liquidate watch collection in a financial crunch a Pawn shop would offer a fraction of what you paid.

[@BeastOfMetal1989]

It's funny that you looped back to Newman's Rolex AFTER dipping your toes into the luxury car scene, since that watch represents an intersection of the two markets...

[@Tony-ib2vm]

I'm a mechanic. I enjoy automatic skeleton pieces. I doubt I will ever own a high end piece. I like the reminder expensive timepieces offer, "Time is more valuable than money." Snobbery is something I dislike, but I like seeing it, just so I know who to avoid...

[@Skawagon]

These days there are incredible watches from various microbrands that realisticly offer much more than many established names. Also an incredible value is reperesented in vintage soviet and eastern european watches. Briliant engineering of Glasshute or intricate if crude Poljot chronograps or incredibly lovely 60s deressers from Prim can still be boght for (offten) well under 200.

[@clint2295760]

I have not been able to listen to videos like this but your chosen topics and delivery just work for me. I have been listening while I work on building my house.

[@jbtc-zn9ih]

Hochinteressant! Vielen Dank für Ihre Erläuterungen.

[@Evanturar]

Thank you Patrick! FINALLY someone shoots holes in this ridiculous market. No pity for anyone who fell for over-hyped Swiss toy market.

[@ilikmlow6900]

“Its an investment, it will only go up in value” was the sales tactic dodge dealers were using to push the Last Call chargers and challengers…..that didnt work out to well

[@AndreaGG-i8t]

On the positive side, true collection watches prices did not implode but stayed steady.

[@jimpanse1638]

Prices are dropping because they are going back to fair value from absurdly high prices. There is still a very long way down...

[@williamlloyd3769]

Yes, a great example of the “greater fool” theory which suggests that one can sometimes make money through speculation on overvalued assets - items with a purchase price drastically exceeding the intrinsic value - if those assets can later be resold at an even higher price.

[@mattanderson6672]

Patrick is a total legend! He's a major scholar and a gentleman Fantastic analysis !! Thank you Sir

[@randylee7888]

Maybe it's just me, but i will never trust my fellow man enough to walk around with a whole year worth of mortgage/rent payment on my wrist. Seems like it's just asking for trouble.

[@owen5640]

I love watches, but even if I won the lottery I can't imagine spending more than 15k on a watch

[@LittleNala]

@@owen5640 I wouldn't spend more than £15.00! My Casio tells the time, and has done for years!

[@-DC-]

Depends where you live not everywhere is a crime ridden hell hole.

[@klapsigaarenbasgitaar1931]

My wife's dentist wears a Rolex. My concern is that he knows exactly how many implants make a Rolex.

[@noonecaresaboutgoogle3219]

Everyone I know who owns expensive watches has been violently mugged at some point.

[@mariobaic6180]

If Patrick knows this much about watches, something rappers usually buy to "flex their wealth," just imagine how truly vast his rap industry knowledge is.

[@BkDelta]

That is a nice suit Patrick's wearing. Very dapper

[@realmoa]

The smartphone replacement graphic with the cigarette is A+ comedy.

[@moth.monster]

I have a $20 casio. Keeps time great and love the look. Don't care about the hype.

[@coldlakealta4043]

Casio - king of practical time keeping. All else is show.

[@bluedeskfan2754]

Casio are God tier in the watch world

[@huyhuynh9523]

The Omega De Ville Prestige small second in 18k is a classic; great taste in watch collecting, Patrick.

[@kilotangosierra]

a famous youtuber once said that people who buy watches for investment, arent watch enthusiasts.... they are are money enthusiasts. that fact is solid

[@minormunitions]

I had to stop selling watches in the shop about 7 years ago, nobody bought them anymore.

[@macrolosses]

Do you remember the ads from Mark Cuban about watch collecting? I do. I had to talk some young apprentices out of it. I told them to spend 1k usd on a watch and buy a plane ticket to any country. I haven't had a complaint yet.

[@patty109109]

$1k is still insane. Most expensive watch I ever bought was about $120 for my smart watch. I have a nice retirement fund and house. Until that smart watch all I used were timex Ironmans.

[@chefnyc]

Overpriced items are a ponzi scheme. You hope that you can dump it on another suckerr.

[@bestprice1776]

Yeah sell it for dollars which is a bigger Ponzi than the item

[@mikatu]

Not sure if you understand what a ponzi scheme means. Overpriced items are not a ponzi scheme for sure. The name overpriced should tell you right away that it is just.... overpriced. Which is very different from needing to bring new people in order to profit from it. People were making serious money when luxury watches were a niche, not they don't make money because it became mainstream.... the exactly opposite of a ponzi scheme.

[@GaryGoals]

Ponzi schemes have a strict definition. That isn’t a Ponzi scheme.

[@chefnyc]

The strict definition is a scheme done by Charles Ponzi. But people are tricked by buying into stuff hoping that they will stick it to the latecomers. Because it is not organized by Charles Ponzi, they fail to notice it. That’s why it keeps happening over and over.

[@chefnyc]

I wish I was able to reply. YT keeps deleting my comment although there is nothing offensive in it. So yeah, I cannot answer.

[@Mark-ec3lp]

In the UK classic cars are experiencing similar problems, and the classic music production equipment too, synthesizers that are from the 70s and early 80s have dropped of the charts compared to 2021. I used to sell both classic cars and studio equipment, and got out of there when I could almost hear the bubble burst. I wouldn't go near either of those markets now, even property is dodgy at the moment.

[@planesandbikes7353]

I should have sold mine. I bought rolexes for wife and I 15 years ago. Enjoyed them a few years but got fed up with the costly maintenance, and the fact that as I age I cannot read the time without reading glasses. I wasn't collecting and would have been delighted to dump them for a few thousand. I guess I missed out on a few dollars, and will just ignore them another 15 years. We wear Apple watches.

[@neodym5809]

If they are in good shape, and a desired model, you can still sell them for a decent price. Maybe even with a little profit compared to retail.

[@getdealtwithquick]

Thank you for this comment. My eyesight is excellent, but I needed a reminder of the maintenance costs just as this video title lured me back into thinking that now might be a good time to pick up a Yachtmaster.

[@palisadenhonko4962]

I miss the wrist check in the beginning of the video. It's common practice for watch influencers nowadays.

[@rickymherbert2899]

I must admit I was waiting for Patrick to do that. 😀

[@I_Am_Your_Problem]

Couple of losers here...

[@mshickey7162]

Your videos just make me happy. I know nothing about economics (as evidenced by my undergrad grades in Intro to Micro and Macro, or financial markets. So, if I have enough general knowledge to generally follow you, I always learn something. I've watched enough of your videos now (and am subscribed) that I find myself also waiting for your funny comments, which have made me laugh aloud, heard only by my 2 cats. Of course, as to the humor, it helps that I'm Irish.

[@Velereonics]

that statement at the end should be broadcast to the nation on like an emergency alert. not every purchase needs to be an investment you can actually buy things just because you want them and because they bring you some kind of satisfaction or joy.