Let’s not kid ourselves; life is hectic enough as it is. So the thought of having to get an updated valuation of your watch probably doesn’t seem overly pressing. You most likely had it valued a few years ago; it’s on your insurance, so you’ll be fine, right? Realistically, no, you probably wouldn’t be. Values of watches do not move linearly, and in some cases, the replacement value can increase sharply in a very short period.
Let’s take the Rolex Datejust in the picture as an example. It is a relatively standard watch that is twenty-plus years old, and three to four years ago, the replacement value was around £3,500. It’s not gold; there are no diamonds, certainly no waiting list, and you won’t find it on the wrist of a TV chef. So it couldn’t have gone up that much, could it?
Well, it has gone up, but probably more than you expect. Today this watch will cost you between £4,500 and £5,000. That’s an increase of between 28-42% and one hell of a shortfall that you’d have to make up on a settlement.
The simple fact is watch values are unpredictable, and any increase will not be linear. The only way you can ensure that you have sufficient insurance cover is to have your watch valued regularly.