I recently watched a TED Talk by Professor Jamil Zaki, a Stanford neuroscientist. Worth watching the talk, but I wanted to explore a few of the concepts he discussed. In particular he talked about the learnings from a study of two Brazilian fishing villages which I found particularly fascinating, and which I wanted to connect with watch collecting.
As we collect, we find ourselves seeking advice and opinions from those around us. Inevitably, we might receive so much positive external input about a watch that the idea of owning it seems too good to ignore… and against our own better judgement, we fall into the trap of succumbing to this idea of owning that particular watch… only to find we don’t really enjoy owning it at all.
The winner’s curse is not a new concept, and it came up recently in an online newsletter, and got me thinking about how it applies to watches. As always, I look forward to your feedback on the topic.
Authorised dealers can sometimes act like you owe them something more than the retail price of a watch, simply for being allocated the watch. I figured we could talk about this in more detail, and consider how the reciprocation bias comes into play.
In a recent post, I discussed the notion that the “retail price” of a hyped watch is pretty irrelevant when it comes to your purchase decision on that watch. This got me thinking… perhaps there is a way for brands to capitalise on this, and approach the pricing and selling of hyped watches differently.
Bring a Trailer has become one of the major destinations for car enthusiasts to find the next classic or cult machine to add to their garage. With this in mind, I wanted to talk about Doublewrist; a platform taking the same auction model and applying it to watches. The founder is a California-based lawyer who I met via Instagram, and we’ve grown to become friends over time. Since I think the concept is actually awesome, I thought it deserved some attention.