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Reviewed by Matthew Ashton
Are you considering investing in a luxury item instead of traditional stock or bond portfolios? In our dedicated series of mini blogs, we explore the most popular types of luxury investments – also known as passion assets – and why you might want to consider them. In the first blog of this series, the team at Stanhope focuses on luxury watches, what makes them a great investment and how to keep them safe.
Luxury watches
Watches are a popular choice for investments as they are wearable, portable, make a strong statement, and – if you take good care of them – they can last a lifetime or even longer. There are many brands to consider, including the “The Big Three”: Patek Philippe, Audemars Piguet, and Vacheron Constantin, as well as more widely known luxury staples like Rolex. Their value is often based on their vintage appeal, provenance, and of course their overall condition.
Buying on the secondary market
You can often find watches on the secondary market as they tend to appreciate based on these factors. However, be cautious when buying as counterfeit models are common. Some luxury watches command eye-watering prices – for example, a solid gold Daytona “Paul Newman” Rolex once went for $4.18 million and is particularly notable as there are only three specimens of it in existence.
Why luxury watch prices are climbing
If the idea of investing in watches has caught your interest, this blog offers a fascinating look at why prices are rising and what’s shaping the market.
Keeping your investment safe
When you’re not wearing your watch, make sure it’s stored securely, such as in a Grade A safe. And whether you keep it locked away or you wear your watch daily, it’s worth considering specialist watch insurance. It’s also a good idea to get professional, regular valuations from approved specialists to ensure that your insurance policy covers the true current replacement cost, not just the original purchase price.
At Stanhope, our watch insurance policies cover global travel, so you can be assured that wherever you go, your investment is protected. We also offer accidental loss, damage, theft and fire cover as standard, and there’s no limit on the individual watch value. Got more than one luxury watch? We cover collections too.
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First time using Stanhope, extremely easy to get it up and running, also very reasonable, I believe I shall be very happy using them and will definitely insure any other valuables with them, highly recommend
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Written by William Cooper
I started insurance broking in 2009. I followed my great-grandfather, grandfather, and father into the world of insurance. In 2019, I decided I wanted to do things differently. I formed Stanhope in 2019 with Matthew Ashton and Rachel Living. We want to shake up the industry! Let's make insurance cool and useful for our customers. Let's improve the customer journey and get them to trust us as their insurance company. Let's pay claims quickly; let's be excellent and honest in all that we do!