NEW YORK, NY / ACCESSWIRE / June 11, 2019 / Chief executive and owner Erik
Boneta of Boneta Inc., a New York-based luxury watch wholesaling enterprise specialized in the procurement and sale of exclusive high end timepieces, observes a sustained preference for Swiss brands amongst buyers seeking vintage additions to their collections. Swiss-engineered wristwatches such as Rolex, Audemars Piguet, Patek Philippe, Longines and Jaeger-LeCoultre continue to fetch record-setting prices at auction; a 1968 Rolex ‘Daytona’ once owned by world famous actor and race car driver Paul Newman recently sold for a whopping sum of USD$17.8 million, surpassing a previous record set by Patek Philippe for a 1941 ‘Reference 1518’ that brought in a respectable USD$11.1 million. The auction, hosted at Phillips New York, was emblematic for the industry, not only for the stunning sale pricing, but also with respect to attendance at over 700 attendees vs a norm of 50-100. Fortune Magazine reports a boom in the vintage watch market, underpinned not only through headline generating auctions but also through a surge in online communities and organic marketplaces.
As an independent retailer with varied clientele whose budgets range from four to seven figure price tags, Erik Boneta confirms one constant-the prevalence of demand for vintage timepieces with provenance in Switzerland, due to the perceived and proven standards of excellence Swiss watchmakers have cultivated over 400 years and perhaps more importantly, their positive investment potential. In a discussion with the New York Times, prominent collector Dave Terry confirms that based on his market research, keystone Swiss trademarks Rolex, Audemars Piguet, Patek Philippe and F.P. Journe are certain to retain their value. Similarly, Omega is a brand to follow and is performing strongly, as collectors dedicated to the Biel/Bienne-based manufacturer have surged in recent times.
Luxury-lifestyle magazine The Robb Report illustrates a marked uptick in price appreciation for vintage watches, especially over the recent decade. This growth is not only evident in the successes of auction houses but can be readily tracked through high visibility buyer seller communities operating via social media platforms such as Instagram and across blogs defined by an evaluation of market trends by Gear Patrol. It is noted that e commerce has played an important role in the rapid development from a relatively limited economy of hobbyists to a heavily scrutinized, fluid investment level marketplace. The amount of accurate and insightful information that is now readily available online has certainly emboldened buyers who otherwise might have diverted funds into more commonly-understood and talked-about assets.
Erik Boneta is a multi-faceted entrepreneur based out of New York City, primarily focused on the continued success of his luxury timepiece distribution company – Boneta Inc. With a degree in Finance from St. John’s University, Boneta leverages his years of business development experience in the identification and implementation of new investment strategies, with a focus on start-up enterprises.
Erik Boneta – Founder of Boneta Inc. in New York City: http://erikbonetanews.com/
Erik Boneta of Boneta Inc. Explores Factors Supporting the Growth of the Fine Timepieces Market: https://www.bloomberg.com/press-releases/2019-06-04/erik-boneta-of-boneta-inc-explores-factors-supporting-the-growth-of-the-fine-timepieces-market
The Erik Boneta Collection – YouTube: https://www.youtube.com/watch?v=45idF4_K-3k
SOURCE: Boneta Inc.
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