Here's an short but interesting article in Forbes, about how the ultra high-end watches seem to do OK during a recession. [The three watches profiled in the article range from $200,000 to $1.1 million.]
http://www.forbes.com/forbes/2009/1019/life-luxury-watches-patek-vintage-vacheron-time-well-spent.html
- "As the recession set in, [collectors] began searching for more and more unique items. Their knowledge has increased to the point that the small details matter," says Schaerer. "They're willing to pay more for something that is one of a kind."
- . . . when wealthy collectors pulled back after the economy cratered, the avid and really rich buyers focused on ultra-high-end pieces. "The cheaper the watch, the more accessible it is," says Rich. "People don't want something that there is a lot of; they want something that their friend isn't going to be able to get."
We know that the retailers are getting killed with watches in the $3,000 to $5,000 range, with people saying that volume in this sector is off as much as 40% . . . it's nice to see that the very top of the market is holding up well!!
Jeff
