Watch Industry Secrets…REVEALED! (ft. Federico Iossa)

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In the world of watches, there are things that only experts and sellers know, like why some timepieces are so expensive, are Swiss-made watches really the best in the world, and more! Today, we sit down with Federico Iossa, whose 14-year experience as a watch seller can shed light on some secrets behind watches!

YouTube video

Video Transcript [Lightly Edited for Clarity]:

Welcome back to the Gentleman’s Gazette. In today’s video, we’re going to put a watch retailer on the spot and hope that he’s going to tell us some interesting things and maybe some secrets about the watch industry.

Nathan Price: So, regular viewers will know that our friend Federico over at Delray Watch sends us watches from time to time that we can wear, style, and check out. And we featured them many times on the channel. Oh man, that was a great day at the office. And aside from sending us some awesome watches, Federico has visited us previously, and you can check out all those videos with him and with us talking about watches in style down in the description below.

So, Federico, it’s great to welcome you back here today. We’re going to talk, and I want to ask you some questions to better understand the watch industry.

Federico Iossa

FEDERICO IOSSA

The Host of the Federico Talks Watches YouTube channel and Co-Founder of @delraywatches. A man with extensive knowledge of the watch industry.

Federico Iossa: Absolutely, Nathan. It’s my pleasure to be here. Thank you for having me, and if there’s one thing I’m relatively known for in the YouTube watch base is I don’t hold my tongue. I say it how it is, so lay it on me.

Nathan Price: Also, Raphael and Federico are going to be going head-to-head when it comes to discussing watches in an upcoming video, so please stay tuned for that.

But today, we want to give our viewers a bit of a behind the scenes on the watch industry, and ask some questions, so that way, we can learn some new things, and so can you. And since Federico is someone who’s been in the watch game for over 14 years, we thought, hey, there’s no one better to bring on the channel.

A variety of wrist watches.
Individuals today want a variety of Rolex watches.

So, let’s get started. So, the first question is kind of a layup, but explain: why are these things so expensive?

Federico Iossa: Well, there are a few reasons for it, Nathan. Um, a lot of it is quality craftsmanship, uh, labor, you know, Switzerland, the main watchmaking country of super premium watches, isn’t exactly a cheap place to employ people.

But there’s the other side. It’s a lot of demand, marketing fluff, and it’s a Veblen good, you know. It’s, it’s good that it’s positioned in a certain way, at a certain price point, on purpose. It’s a luxury good, so a lot of it has to do with the product, but a lot of it really has just got to do with fluff. 

Expensive Marketing Campaigns
Expensive marketing campaigns also add up to the price of the watches.

Nathan Price: Yeah, that was my follow-up question, which is, how much of it is really good marketing, and how much of it is actually the actual product itself?

Federico Iossa: Well, it’s not cheap for Rolex to sponsor the Masters or for Richard Mille to sponsor Formula 1. Uh, so you know, let’s be honest. A lot of it is marketing, but, you know, you gotta pay to play, and a lot of high quality watches cost a certain price, and people are willing to pay that price.

Do I think it’s wrong? No, not necessarily. Like any business, there’s overhead, and there’s marketing costs, but I don’t know the exact spread between product and marketing, but it’s fair for me to say a lot of it is marketing.

Both the precious metals and the movement affects  the value of the watch.
Both the precious metals and the movement affects the value of the watch.

Nathan Price: So, when it comes down to, like, the technical details, what part of a wristwatch actually brings the highest value? Is it the precious metal in the case? Is it the movement? What is the most expensive to actually make?

Federico Iossa: So, it depends a lot on the specific watch. Precious metal cost is up there. However, you’d be surprised at how much it’s marked up, compared to what the weight is on the case. There’s like a rule of thumb that goes to say that the research and development of a new watch movement, time only, is a minimum of one million dollars– significantly more for bigger brands, and for more complicated movements. But a million dollars, ultimately, is not a ton of money, especially if the movement is going to be used for a decade or so.

Watch Movements Explained

But I would say, for super-premium watches like a Nautilus, Patek Philippe Nautilus or something complicated, most of the value is in the actual mechanism; the watch movement. But if you have something with an ETA off-the-shelf movement that’s been around for decades, but it’s in a solid gold case, well then, the value is in the solid gold case.

Patek Philippe Nautilus
Patek Philippe Nautilus

Nathan Price: Yeah, great to know. It’s, it’s something to consider, and there’s certainly a balance between, you know, poor logical quality, and you know, the actual, you know, materials that go into the watch.

I wanted to follow up and say, what do you see, like, when people are buying a watch? What are they putting the wrong value in, or what are people valuing in a watch that they shouldn’t or that makes them overpay for it?

Federico Iossa: So, unfortunately, when it comes to stuff like that, it’s just hype. So, Rolex–top selling brand, fantastic watch, truly a good watch; sturdy, very well made, but no hand-finishing made on an assembly line. There’s no reason a Submariner should bring in the aftermarket $12,000.

Most people would buy a watch that is the hot trend rather than looking at the craftsmanship.
Most people would buy a watch that is the hot trend rather than looking at the craftsmanship.

So, I think to think people are valuing too much is buying something that everybody else wants. They value status and prestige a little too much. They should spend more time looking at craftsmanship and buying something unique than spending a five-figure amount of money just to fit in with everybody else and keeping up with the Joneses.

Nathan Price: Yeah, I think that’s often sort of the downside of it, is just that “Keeping Up With the Jones,” the chase. Having to have you know what everyone else has rather than cultivating and understanding what you actually want.

Okay, so I’ve heard all over the place that there’s this thing called a “waitlist,” and if you walk into a store and you want a Rolex Submariner or you want a Daytona, you’re told that you’re going to be put on the waitlist. So, what’s all that about?

A Rolex boutique where you can ask to be put on a waitlist.
A Rolex boutique where you can ask to be put on a waitlist. [Image Credit: Luxury Bazaar]

Federico Iossa: So, these watches are perpetually sold out. Particularly the Daytona – hardest watch to get at retail. I mean, I’m sure there’s harder watches, but the hardest common watch to get at retail.

Waitlists are real. But depending on the store, you’re actually getting put on a list or not. I know when I worked at a retailer in New York; people would walk in asking for a Daytona. I’d say, “They didn’t have any.” Mind you, I had 30 downstairs. It wasn’t my… You know, the reason I told them I didn’t have any is that’s what I was trained to do, and they look at customer expenditure. Because if you’re buying a $12,000 watch that’s worth $30,000, the minute you walk out, they’re giving you an eighteen thousand dollar gift. So, they only give these very sought-after watches to people that spend a lot of money.

A Wild Ride: The Rolex Daytona

Now, if they look at you on the computer and you have a purchase history with them, generally, they’ll put you on a list, ranked by how much you’ve spent in comparison to everybody else, and after a few months of waiting, even though they probably have the watch, to make you feel special, they’ll call you and tell, you know, it’s ready for you.

Two Rolex Daytonas side by side
Two Rolex Daytonas side by side

If you walk in and you forget a Daytona, even a Submariner, and this changes by city, city to city, but in New York, where they get asked for a Submariner 100 times a day, you don’t have a purchase history, yeah, they’ll put your name on a waiting list and then your personal information gets thrown directly into the garbage. Because no one’s gonna sell you one of the world’s hottest watches if you haven’t done business with them first.

Now, don’t take this the wrong way, guys, but this is a business. You know, you want to reward your repeat customers. There’s no incentive for a watch dealer, an authorized dealer – I’m not an authorized dealer – but there’s no incentive for an authorized dealer to give you one of the world’s most sought-after watches if you haven’t scratched their back first. Don’t blame the authorized dealer; blame Rolex.

They should make more watches, but that is the truth. Waiting lists can exist in more premium markets. It’s based off how much you’ve spent. That’s how long you wait. And if you haven’t spent anything, they’re going to be nice, put you on a list. But there’s no real list, they’re just never gonna call you.

Rolex GMT Master II Pepsi
Rolex GMT Master II Pepsi [Image Credit: Chrono24]

Nathan Price: So, a personal anecdote: I went and did this, and I played the AD game or, at least, I tried to. I went into my local AD in Chicago, and I wanted the Rolex GMT Master II Pepsi because my son was going to be born, and I kind of knew that you had to play some games. And the guy, the sales rep told me sort of, you know, “Hey, you know, you aren’t a customer. But, we can take care of you if you are a customer.” So, I bought some diamond earrings for my wife as a gift when my son was born and I never got a phone call.

Federico Iossa: Chances are that AD in Chicago had a lot of big spenders. And not to belittle your gift, I’m sure there were beautiful diamond earrings.

If you spent five thousand, ten thousand, twenty thousand dollars, and they only got thirty of those watches a year, chances are there were more than 30 people who spent more than you did. And that’s the reality of it. It might be easier in smaller markets, but that’s just the unfortunate truth. These watches are allocated to people who spend money. It’s unfortunate, but it is the way it is.

Nathan Price: So, I remember when I got into watches in like 2016, 2017, I could walk into my authorized dealer in St. Louis, and there were Submariners in the case; there were Yacht-Masters; there were, you know, Datejusts and Oyster Perpetual; are you, you know, if you were a betting man, would you say the days of walking in and seeing a Submariner in the case are gone?

Classic pieces that make up the Rolex bulk collections.
Classic pieces that make up the Rolex bulk collections.

Federico Iossa: No, I don’t think they’re gone, but I do think we have a little bit to wait. COVID shut down production for a while, and even though productions back, people got a lot of excess money. You know, they, instead of traveling and doing things like that, they spent it on “watch investments.”

Now, the watch market is, you know pretty, sharp decline. Price-wise, things are coming back to normal. While I can’t tell you if you go to an AD today, you’re going to see a Sub in the case, if I were a betting man and I have been wrong before, I do think, in a couple of years, you know, maybe not in the case, but it should be significantly easier to pick one up.

Nathan Price: So, following up from that, with this whole watch market craze, there seems to be, you know, you mentioned during 2020, 2021, where there was a big boom.

Are we still in a boom? Is this the new normal? Do you see things… I mean, you worked many years in retail, are we going to go back to where things were, you know, eight, ten years ago?

Federico shares his insights of people investing their money to luxury items such as watches.
Federico shares his insights into people investing their money in luxury items such as watches.

Federico Iossa: That’s a great question. So, no, I don’t think this is normal. I think there’s been a decline, but we’re still above where we should be. A lot of people are calling this a “market crash.” It’s not a crash, guys. It’s a correction.

We’re going back to normal. I mean, we had a worldwide pandemic, and you know, this is in no way political, but a lot of people got money and didn’t have means to spend money on things such as travel, so they put it into luxury goods. Just like cars are coming back down to earth, watches are coming back down to earth, and something can’t be crashed if it was artificially inflated.

We are just going back to normal, and if you want my opinion of what is normal, you know, I say, just look at the market at the end of 2019, you know? Where was it then? Watches were still pretty hot in 2019. But, in 2021, 2020, it was nuts. I just think we’re going to 2019 levels.

How long is that gonna take? I don’t know, but we’re it’s definitely happening right now.

Swiss Made Label
Swiss Made Label

Nathan Price: Okay, switching gears a little bit. Are Swiss-made watches the best watches in the world?

Federico Iossa: So, yes and no. Yes and no. So, essentially, there are three countries that make premium watches. Well, there’s more than three countries. There are also American-made watches. But, three countries that make them at scale.

The Swiss Watch Primer

There’s Japan with Grand Seiko and some of their higher-end Citizen lines; there’s Germany that still has a watchmaking industry, A. Lange & Sohne, Glashutte Original; and then, there’s Switzerland. You know everybody else, basically.

A watchmaker or repair man in action, viewing very closely a swiss watch.
Switzerland makes the most of the world’s premium watches.

Are they the best in the world? Well, they make about 99% of the world’s premium watches. But, I wouldn’t use the word “best.” I think Grand Seiko makes a fantastic product. I think A. Lange & Sohne and Glashutte make a fantastic product. But, chances are: if you’re buying a premium mechanical luxury watch, chances are it’s gonna be from Switzerland.

Nathan Price: So, you mentioned a couple brands there, with Grand Seiko and A. Lange & Sohne, Germany, Japan, are there things that are done differently in watchmaking in those parts of the world, or is it pretty much the same thing other than design?

Federico Iossa: Eventually, in a macro sense, it’s very similar, but there are differences. Of course, there are.

Spring drive watch technology
Spring drive watch technology
three-quarter plate watch movement
three-quarter plate watch movement

Germany has movement differences. They’re famous for their three-quarter plate movements. You know, movements that where you can’t see the gears. There’s a big plate covering them. Japan has done things with technology such as spring drive, and they are known for their special dials.

While this isn’t something that, say, they can’t do in Switzerland. You know, of course, you can make a three-quarter plate movement in Switzerland – and the Swiss Piaget, in particular, had a version of the spring Ddrive – it is stylistic differences in the regions of watchmaking.

So, yeah, if I looked at a watch, if you covered it, and you showed me a movement, there’s a good chance I’d be able to tell you, “Oh! That is Swiss or that’s a German watch.” But it’s not a guarantee.

Nathan Price: So, Federico you own delraywatch.com. You are a watch retailer of watches and you sell online. Talk about brands. What are some brands that you love to work with, that have good relationships with dealers? Brands that you love to sell? Brands that customers really love, and maybe some of the ones that aren’t so fun to work with?

Federico Iossa: Sure, so I own delraywatch.com, as you mentioned. I’m a pre-owned dealer, so I’m not an authorized dealer. So, think of me as like a luxury, used car salesperson, right? As opposed to a Mercedes-Benz dealership.

We don’t deal with brands a lot. Brands tend to dislike us because, obviously, we’re competing in some sort of way. So, the best brands to work with are the ones that leave you alone. But there are other brands that will mess with pre-owned dealers. Rolex has. Grand Seiko has a little bit. Then, other brands, such as Panerai.

Omega Speedmaster Black Ceramic The Dark Side of the Moon
Omega is one of Federico’s favorite brands to deal with.

But I would say my favorite brands to deal with are the ones that just work. So, that sell well, they have very few warranty claims, and I don’t have to worry about them when they leave the door. And a few good examples of that are Omega.

Omega is extremely reliable, generally. These are generalizations. Rolex is generally extremely reliable in dress watches. JLC, very reliable. Glashutte, never had a problem with a Glashutte. And these brands, enthusiasts really like. You know, they really like, so they’re not hard to sell. And then, once they’re sold, you know, we warranty everything because we’re all about customer service.

They’re brands that are very unlikely to come back for warranty claims. You know, because even though something’s fully inspected, you have to understand: watches are 200 plus moving parts. Some of them as thin as human hair. So, that’s why you warranty things because things can happen. And while I’ve had a Rolex come back – of course, I have – it’s much smaller likelihood compared to some other things that, when I buy, I know, “Oh boy! I know this has a pretty big comeback rate!” But, it is what it is. It was just designed that way.

Glashutte Original Senator Chronometer Regulator
Glashutte is one of the watch brands that is not hard to sell and is unlikely to come back for warranty claims.

Nathan Price: So, when it comes to brands, are you able to disclose, like the top three best-selling brands that you constantly find that people love?

Federico Iossa: Absolutely! I’m an open book. I love to share these numbers. I’d say, in no particular order, our three best-selling brands are Omega, which is by far number one, actually; then Tudor sells very well; and then I think the third one, it’s a little bit of a toss-up, but it might be Breitling.

Now, you might be wondering, “Hey, Federico, how is Rolex not number one? Let alone not in the top three?” It’s because we don’t tend to stock a lot of Rolex. People can buy Rolex anywhere, you know? You can buy a Rolex anywhere. We like to sell more unique things at Delray Watch. However, if we focused on Rolex, I can pretty much guarantee you, it would have made that list, bumping Breitling off.

Top 16 Rolex Alternatives – Less Expensive, Just as Stylish!

Omega Rattrapante
Omega Rattrapante
Tudor watch
Tudor Black Bay Bronze
Breitling Superocean Chronograph M2000
Breitling Superocean Chronograph M2000

Nathan Price: Yeah, I agree. Small plug for Delray Watch. One of the reasons why we like working with them and why I personally, as a watch enthusiast, like what Federico stocks are he stocks watches that are not just mainstream.

If you are a particular gentleman who has a specific taste in dress watches or vintage, odds are you’re going to find something that you’ll like on his site. So, what makes a watch a quality watch? Does it have to be gold or luxurious materials? Does it have to be automatic? What makes it an actual quality watch and not just trash?

Federico Iossa: Well, it’s a great question. “Quality watch” is a very broad term, you know, because you could have a $300 quality watch or a three-million-dollar quality watch. So, let’s stick to a quality watch around the five-thousand-dollar price point.

Raphael dressed up in different wardrobe styles matched with the effortlessly timeless design of the Patek Philippe watch.
Raphael dressed up in different wardrobe styles matched with the effortlessly timeless design of the Patek Philippe watch.

So, most likely, you’re not going to get gold at that price point. And that’s okay because you can have a great stainless steel watch, but it has a lot to do with the fit and the finish, right? What movement is in there?

If it’s just an off-the-shelf, basic Swiss out-of-movement, that’s fine. But, how’s the finishing? How’s the case finishing? The polishing? The chamfers? How much detail and workmanship went into producing that watch, right? So, that’s a big part of it.

But, another big part of it, which is just the truth, even though you may not like it: is what brand is it? You know, because you’re buying a little bit into the history of the brand. You know, Brand A, IWC might have a deeper history than a smaller brand, such as – I don’t know – Davosa, which is a small brand that makes a very nice watch. That affects the price as well.

If you want a new watch, you're gonna new some serious cash and patience.
If you want a quality watch, pay attention to its history and craftsmanship.

So, I think it’s an amalgamation of many things. It is materials. But more than materials, it’s attention to detail and history. That really defines the quality of a watch.

Now, while you can have a very high quality watch without the history, that’s totally, totally possible. You know, you just have to pay attention to things such as blued screws, polishing, dial detail, quality of the strap, things like that. Just like a luxury garment.

Nathan Price: Okay, since this is the Gentleman’s Gazette, and we care about dressing up and looking nice. Let’s talk about the experience when you’re in a watch boutique. Does dressing up help you to maybe save money, get a discount? And then, let’s build off of that, when you’re in an AD or you’re shopping online? What’s a way to act polite, or some tips and tricks that you can give our audience to maybe save a little bit of cash?

Watch Store
Outward appearance can be deceiving. You can sell a thousand-dollar watch to a gentleman in his pajamas.

Federico Iossa: So, when I worked at an authorized dealer, you know, brick and mortar store, I didn’t really pay attention to clothing. I didn’t profile like that because I’ve sold 100,000 plus watches to people on sweatpants. Then again, this was New York where being a little bit more casual is the norm. And I’ve had people in Brioni three-piece suits come in and buy a small gift for for their son, a thousand dollar watch. I don’t think clothing matters.

What I think does matter, which is something you talk about here at the Gentleman’s Gazette, is manners and decorum. You know, the salesperson is there to serve you, yes, but he’s also there to help you, and you should be treated with respect. This goes in every transaction in life.

You know, good manners go a long way because, at the end of the day, if I get treated well, I’m more likely to want to help you, right? I’m more likely to want to help you out if it’s someone I like and someone, you know, that I feel is treating me properly; whereas, if you walk in, you know, you’re brusque, you don’t say hello, you’re pointing over at things, then, you know, you better believe I’m gonna charge you full price. Because, you know, being nice should be, you know, standard. But, it really is that simple.

Reprimanding a visitor for not dressing appropriately can be considered bad manners.
It is important to treat each and every customer nicely and with respect.

Now, if you want something a little bit more specific, a few things that will help you save money is if you offer to pay by wire transfer. Usually, that saves three, four percent because there’s no credit card fees. Never offer cash. No one wants cash. This isn’t 1985. You have to go to the bank and deposit cash. No one wants to deal in cash. But, a wire transfer should save you three, four percent right off the bat.

Next thing is, one of my favorite lines is: “You don’t ask, you don’t get.” There’s nothing wrong with asking for a discount. There’s nothing wrong. But there’s also nothing wrong in the salesperson refusing to give you a discount. You have to remember that.

It’s a give-and-take. Somebody wants a discount from a Sub or pretty much any Rolex, I’m not going to do it because it’ll sell itself and the margin is very small anyway. But, if somebody says, “Hey, I’m ready to buy it today, and I’d like to buy this other brand,” there’s a very good chance I will sweeten the deal.

There's no shame in asking for a discount when purchasing the watch that you want.
There’s no shame in asking for a discount when purchasing the watch that you want.

But, another thing that’s important to remember is you don’t negotiate in the future. You don’t say, “I’m wanting to buy this watch in two weeks, what’s the best price you can do for me?” You know, a lot of people say, “Well, you know, price has a lot to do with it.” Sure, but I don’t want to commit to something in two weeks.

You know, the best way to realistically get a discount is walk in, state your intention, “I want to buy this watch right now, today, if we can make a deal,” and then, try and make a deal.

Also, expectations are realistic. You know, you want 50% off something. It’s never going to happen. You want 20% off something. It’s never going to happen most likely. I’d say in the current watch market, anywhere between five to fifteen percent. Fifteen percent for the oldest dog that’s been in the showcase. Five percent for a reasonably in-demand Omega is what you should expect.

Discounts vary depends on the markets demand just like this Omega Seamaster.
Discounts vary depending on the market demand just like this Omega Seamaster.

But, if you treat your salesperson with respect, you’re committed to buy that watch right then and you don’t use negotiation as a sport, then you know there’s a very good chance you’ll be walking out of that store, you know, paying less than what is on the tag. Throw in a wire transfer as well, you’ve saved yourself a tidy little sum of cash, my friends.

Nathan Price: And what goes along with that? Does it score you any points if you really impress the salesperson with your knowledge of that particular piece, or at the end of the day, does it just, you know, making the deal matter?

Federico Iossa: So, this is an unfortunate thing for me to say because I spend a lot of time making educational videos on YouTube. A lot of my customers are my viewers, you know? A lot of my viewers are my customers, goes both ways. But, unfortunately, impressing me or any salesperson has nothing to do with it. It’s about making a deal.

Federico's official Youtube channel.
Federico’s passion for watches and to educate his customers are what his content talks more about.

In fact, I might even get a give a bigger discount if we can move things along quicker, you know? Because I’m here to work. I’ve got work to do. I want to move on to the next one.

So, while I will spend hours talking to customers and and viewers and I enjoy it. I really do. This is my passion. It does not help when negotiating. Negotiations should be short, sweet, on to the next one. And I think if you guys treat it that way, even in other areas – cars, for example – you’ll notice improved results.

Nathan Price: Let’s talk a bit about protecting people’s money. How do you safeguard against getting a fake?

Federico Iossa: This is it’s a great question. It actually happens way less than you may think because the first thing is: selling a fake watch is a felony. I mean, you can get in a lot of trouble. 

A real vs. fake Rolex [Image Credit: Watchfinder & Co.]
A real vs. fake Rolex [Image Credit: Watchfinder & Co.]

So, a business will never do it because it’s pretty easy to get caught, especially someone like me. I’m all over the internet. My office address, I’m licensed watch dealer, but as a buyer, I would say, buy from someone with a reputation. Google reviews, someone public, you know? Someone that’s in good standing and then, listen.

If you’re really that worried about it, you can always bring your pre-owned watch to an authorized dealer of that brand and have them open it up for you. If you did indeed buy a fake – which I guess can happen but it’s rare – just get something in writing. You know, “This watch is not genuine.” If you bring it back to an honest dealer, you should get a refund, no questions asked.

I’ve never had to deal with that situation. We open up all our watches. We inspect every watch, but we have policies in place. What would we do if this were to happen to us, right? And I know someone comes back with something in writing from the brand that says there’s anything wrong with the watch, then obviously, would give a refund in full.

Some websites selling fake watches will show pictures of the actual watch or replicas better than what they sell
Some websites selling fake watches will show pictures of the actual watch or replicas better than what they sell.

But, the key thing for the buyer is to just buy from a trustworthy source. Sure, you buy from Craigslist, you might get burned. You buy from Joe Schmoe’s watches on OfferUp, you might get burned. But, big business like Delray Watch or Luxury Bazaar or any of the other big guys, they don’t want we don’t want to ruin our reputations and do something illegal by selling a fake watch. It’s not worth it over, you know, what is ten thousand dollars.

Nathan Price: Going back to that buy-and-selling dynamic, can you talk about the pros and cons for our viewers because someone might say, “Hey, I can go on a forum, and I can save six hundred dollars, you know, more than your cheapest price.” So, what’s the pros and cons with buying and selling with a trusted dealer?

Federico Iossa: So, there’s a few of them. The pros to buying, first is security. You know, you’re actually going to get the watch. You know, I process the credit card, you’re gonna get the watch. If something happens in transit, it’s fully insured.

Knowing the gains and losses in buying from established traders.
Knowing the gains and losses in buying from established traders.

You’re also buying from someone who offers a warranty. So, even if you get the watch, what if it breaks in two weeks? That could be a few thousand dollars to fix, so there’s that as well. And also, it’s just… What are the protections you have buying from a business versus buying from an individual? You know, the business is incentivized to do well, you know? I’m not gonna take your money and run away. You know, I’ve been around for seven years; whereas someone on the forum very well might. 

I’m not saying all forum buyers or sellers are bad. I’m not saying that at all. I’ve done a lot of great transactions on the forums. But, for buying from a dealer, you get the convenience, you get the security, you get the warranty, you get your questions answered, and you get customer service, and you know, that is worth a little bit of a premium.

Nathan Price: Yeah, I totally agree. Early in my watch journey, I did a lot of forum flipping. I’ve never gotten burned, but I will say it is much easier and much more reassuring to go through an actual dealer because, when you send them send them your money or if you’re selling them a watch, if you send them your watch, you know that you’ll get payment, you know, or the watch, if you’re buying it, very quickly.

Okay, let’s wrap this up with two very open-ended questions: What is the best part of the watch industry and the absolute worst?

Watch industry thrives mainly because of the product itself.
The watch industry thrives mainly because of the product itself.

Federico Iossa: The best part of the watch industry are watches. I mean, I love watches. I play with them every day as my job. This is a dream come true for someone like me. You know, just thousands of watches across my desk every year. I mean, listen, it’s like a kid in a candy store. I’m sure that’s how you feel working here at the Gentleman’s Gazette. That’s by far the best. 

The worst part of the watch industry, I can tell you there’s not a lot of bad parts about it in my opinion, but I would say the worst is probably… This is a tough one. It’s really tough. I mean, it’s a mixture of dealing with banks. You know, for issues like chargebacks, which do happen from time to time. You know, dealing… You know, banking institutions are just awful to deal with, and then, very occasionally, you get bad customers.

And what does that mean? I get a lot of extremely friendly customers every day, and I appreciate it, and I love you guys. But, when I have one of those great transactions, for some reason, you know, I remember it, but then, it’s on to the next one. But, when I do get the one really mean person, who is unreasonable or shouts at one of my staff, you know, that stays with me a lot longer for some reason. I mean, that could ruin my day. It can ruin a couple of days.

So, I think, even though, for every one bad transaction, there are 5,000 good ones, that one bad one does have the power to just kind of put me in a bad mood for a little bit of time because I truly, I want to do the best I can.

You know, I strive to give everybody the experience they want, and when I fail at it, not only does it feel bad because I failed at something, but then, on top of that, sometimes, it’s not even my fault. Sometimes people are just unreasonable. But, you still feel like… If they’re unhappy, I still feel like I did something wrong. And, you know, I think it’s more of a personal issue than anything, but it’s the worst part of the job, I’d say.

Conclusion

Nathan Price: So, now that we’ve exposed some potential secrets or some things you might not have known about the watch industry, we’re going to wrap this one up before we get Federico put on a hit list.

Did any of today’s secrets or news from Federico surprise you? Let us know down in the comments below, and if we were to do a part two of this video, what are some of the questions that you would want to ask Federico? Please let us know as well.

Also, remember, to stay tuned as you will see Federico and Raphael go head-to-head. Be on the lookout for that video. But, if you want more watch talk and watch coverage, check out Federico over at Delray Watch and at Federico Talks Watches on YouTube.

Outfit Rundown – Federico Iossa

Today, I’m wearing a sports coat and trouser combination. My sport coat is a linen and cotton mix, made-to-measure by my tailor in Hong Kong. I’m wearing an Oxford cloth white shirt, also made-to-measure by the same tailor. I am wearing Navy chinos by Brooks Brothers. And some shell cordovan Allen Edmonds in my size ten-and-a-half, triple-E.

Federico wearing a orange sports coat and navy trouser combination.
Federico wearing a orange sports coat and navy trouser combination.

On my wrist is my H Moser Aventurine dial Perpetual Moon; my favorite watch and the hardest watch to get in my collection.

Outfit Rundown – Nathan Price

In today’s outfit, I’m wearing a combination of a sports jacket and trousers which is great for the warm weather here in Minneapolis. I’m wearing a blue, micro houndstooth sports jacket. This was made-to-measure for me by Beckett & Robb.

My shirt is a Oxford cloth button down, and it was made a measure by Proper Cloth. My trousers are in a cream Huddersfield cotton. They were made-to-measure by the Singapore online brand, Collaro.

Since it’s warm out I’m not wearing socks. But, my shoes are the Yanko and Skolyx travel loafers.

Nathan's Outfit Rundown
Nathan’s sports jacket and trouser outfit combination; perfect for the warm weather
Silk Pocket Square in Orange with Green, Pink and Purple Large Paisley Pattern

Fort Belvedere

Silk Pocket Square in Orange with Green, Pink and Purple Large Paisley Pattern

On my wrist, courtesy of delraywatch.com, is this awesome, gray dial, Omega Seamaster Aquaterra, which is a watch that is underrated no longer.

My pocket square is from Fort Belvedere. It is our orange, large, paisley pocket square. It has light greens and purples perfect for the warm weather months.

If you want to check out this pocket square, some socks, some ties, or anything else that you need for these warm weather months, check out the Fort Belvedere shop.

Reader Comments

  1. Is Horology a dying profession? No body is interested in doing repair work. They say (typical jewelry story) “send it back to the factory”

  2. Small world!
    I’m a subscriber to both of your channels.
    Both, great information on styling and reliable, trustworthy content.
    I enjoy the collaborations!

    1. Thank you, Thomas! Glad to hear you enjoyed the collaboration between us and Federico.

Comments are closed.