5 ms·

What kind of idiot spends half a million dollars on a watch? Or even $100k?

by shiroiushi 2y ago

sealeck 2y ago
The kind with a lot of money, enough that $500k doesn't really register.
- shiroiushi 2y ago
  Probably the kind that won't have a lot of money for long. Warren Buffet would never spend such a ridiculous amount of money on a watch.
  - blackwateragent 2y ago
    > Warren Buffet would never spend such a ridiculous amount of money on a watch. He has apparently at least a 40k+ watch. [1] [1] https://www.scmp.com/magazines/style/luxury/article/3215841/most-expensive-watches-worlds-7-richest-billionaires-ranked-warren-buffetts-rolex-and-elon-musks https://www.scmp.com/magazines/style/luxury/article/3215841/...
  - sfn42 2y ago
    The thing with a $500k watch is it keeps its value. It might even increase in value. So it's not a frivolous waste of money, you can get most of it back unless you break or lose it.
schmidtleonard 2y ago
Rich people exist. If you think spending a million bucks on a watch makes someone an idiot, you have failed to internalize how rich a large number of rich people actually are.
- mschuster91 2y ago
  Nevertheless it's one of the weirdest, most niche ways possible to flex wealth. Only true watch aficionados will be able to spot just how much money you had spent on that watch, but everyone can see how much the car you ride, your villa or private jet is worth.
  - llamaimperative 2y ago
    > Only true watch aficionados will be able to spot just how much money you had spent on that watch ... that's the point
  - djbusby 2y ago
    The watch is to flaunt your wealth at a small table of other folk, with wealth, who would envy said watch. Like how Josh could beat SF2 on one quarter.
  - majormajor 2y ago
    When you're that rich you are going to be surrounded by people with crazy expensive stuff, and exposed to media about crazy expensive stuff, so much, that it will be more obvious. Like how you don't have to be a watch aficionado to know that an Omega is more expensive than a Casio; you just have to have heard people talking about "regular" vs "expensive" watches and seen some commercials and such. Same deal, just now talking about "regular" watches is a much higher baseline. (I think this is related to how "a million dollars" still sounds impressive because of the change from 6 to 7 digits even though it's not nearly as much money as it used to be. A lot of people have super-dated signifiers for what "really rich" means because of the persistent anchoring of the terms.)
  - _DeadFred_ 2y ago
    It's very much a, I guess dog whistle? Hidden in plain sight secret handshake? I have one expensive watch left after my divorce/finance crash. When I wear that watch in certain circles it instantly elevates me to being considered legitimate. Poor example but we had a sister company VP (but more a reports directly to the owner type roll) in the office from the UK and he keyed in on my watch instantly. Which led him to inquire my background and find out I hadn't always been a lowly IT Director, and he had a lot of conversations you wouldn't normally have with IT and trusted what I said way more than my boss the CFO (I know IT shouldn't be under a CFO), all because he saw my watch. Instant change for my standing in the company. It's lame but it's the world we live in. A good watch can be a worthwhile investment. I recommend a non-trendy somewhat off name used one. Doesn't even need to be all that much. The one I got to keep is just a TAG and still is enough that they notice. Lawyers have treated me better. Heck even cops notice and treat me better. A good watch and a pair of good shoes (like some nice Italian boots) can make a world of difference in how interactions go. Lots of rich dudes wear Levi's so they aren't a tell you're a normie. But shoes and watch are. Just don't get something that gets dated quick because then you instantly have give them the ick. I've also had random women I've had drinks with straight up ask about it, that gives me the ick, even though I wore it specifically for them to notice, which is again ick. We're funny monkeys.
- tonyedgecombe 2y ago
  You can be rich and an idiot, they aren't exclusive.
iambateman 2y ago
It’s $500k in investment, not consumption. These folks expect to be able to resell the object later.
- shiroiushi 2y ago
  That makes just as much sense as buying a diamond as an "investment".
  - tasuki 2y ago
    Or, really, any other collectible. Old cars are the same thing. They're not practical to get around...
    - defrost 2y ago
      Oddly enough I live in a very small town where it's a point of pride to drive in and about with cars from the 1920s, 30s and 40s .. tractors from the 1950s are in use on back market garden paddocks, etc. It's a state "founders" town and there's a lot of generational wealth being flexed keeping old stuff running and in use. It's modern John Deere's etc on the 4,000 acre farms of course, but still driving a "classic" farm truck to town because it was Granddad's first truck and renno'd when it was found at the back of the old barn.
    - shiroiushi 2y ago
      Not necessarily. They have old car auctions for wealthy people (like Barrett-Jackson) where certain models really do fetch as much as owners paid for them, or more. It's still a gamble, but I think your odds of at least holding your value with a classic car are much better than with a watch. I could be wrong of course; I know a lot more about cars than I do overpriced luxury watches, after all. But I suspect the watches are much more like diamonds: only "valuable" to the initial buyer (and mainly for sentimental reasons), and largely worthless to everyone else. (Yes, a resale market for used Rolexes and the like exists, but you're not going to get the same price for your 20-year-old Rolex as you paid for it.)
nl 2y ago
In Singapore it's not uncommon. Cars are taxed enough[1] to mean most people who'd drive a Porsche find other ways to display their wealth. [1] "For example, a new standard Toyota Camry Hybrid costs around S$250,000 in Singapore, which includes the cost of a COE and taxes. That is about six times more expensive than in the US." .... "The lowest COE for a car costs S$104,000" https://www.bbc.com/news/business-67014420 https://www.bbc.com/news/business-67014420

What kind of idiot spends half a million dollars on a watch? Or even $100k?

sealeck 2y ago

The kind with a lot of money, enough that $500k doesn't really register.

shiroiushi 2y ago
Probably the kind that won't have a lot of money for long. Warren Buffet would never spend such a ridiculous amount of money on a watch.
- blackwateragent 2y ago
  > Warren Buffet would never spend such a ridiculous amount of money on a watch. He has apparently at least a 40k+ watch. [1] [1] https://www.scmp.com/magazines/style/luxury/article/3215841/most-expensive-watches-worlds-7-richest-billionaires-ranked-warren-buffetts-rolex-and-elon-musks https://www.scmp.com/magazines/style/luxury/article/3215841/...
- sfn42 2y ago
  The thing with a $500k watch is it keeps its value. It might even increase in value. So it's not a frivolous waste of money, you can get most of it back unless you break or lose it.

schmidtleonard 2y ago

Rich people exist. If you think spending a million bucks on a watch makes someone an idiot, you have failed to internalize how rich a large number of rich people actually are.

mschuster91 2y ago
Nevertheless it's one of the weirdest, most niche ways possible to flex wealth. Only true watch aficionados will be able to spot just how much money you had spent on that watch, but everyone can see how much the car you ride, your villa or private jet is worth.
- llamaimperative 2y ago
  > Only true watch aficionados will be able to spot just how much money you had spent on that watch ... that's the point
- djbusby 2y ago
  The watch is to flaunt your wealth at a small table of other folk, with wealth, who would envy said watch. Like how Josh could beat SF2 on one quarter.
- majormajor 2y ago
  When you're that rich you are going to be surrounded by people with crazy expensive stuff, and exposed to media about crazy expensive stuff, so much, that it will be more obvious. Like how you don't have to be a watch aficionado to know that an Omega is more expensive than a Casio; you just have to have heard people talking about "regular" vs "expensive" watches and seen some commercials and such. Same deal, just now talking about "regular" watches is a much higher baseline. (I think this is related to how "a million dollars" still sounds impressive because of the change from 6 to 7 digits even though it's not nearly as much money as it used to be. A lot of people have super-dated signifiers for what "really rich" means because of the persistent anchoring of the terms.)
- _DeadFred_ 2y ago
  It's very much a, I guess dog whistle? Hidden in plain sight secret handshake? I have one expensive watch left after my divorce/finance crash. When I wear that watch in certain circles it instantly elevates me to being considered legitimate. Poor example but we had a sister company VP (but more a reports directly to the owner type roll) in the office from the UK and he keyed in on my watch instantly. Which led him to inquire my background and find out I hadn't always been a lowly IT Director, and he had a lot of conversations you wouldn't normally have with IT and trusted what I said way more than my boss the CFO (I know IT shouldn't be under a CFO), all because he saw my watch. Instant change for my standing in the company. It's lame but it's the world we live in. A good watch can be a worthwhile investment. I recommend a non-trendy somewhat off name used one. Doesn't even need to be all that much. The one I got to keep is just a TAG and still is enough that they notice. Lawyers have treated me better. Heck even cops notice and treat me better. A good watch and a pair of good shoes (like some nice Italian boots) can make a world of difference in how interactions go. Lots of rich dudes wear Levi's so they aren't a tell you're a normie. But shoes and watch are. Just don't get something that gets dated quick because then you instantly have give them the ick. I've also had random women I've had drinks with straight up ask about it, that gives me the ick, even though I wore it specifically for them to notice, which is again ick. We're funny monkeys.
tonyedgecombe 2y ago
You can be rich and an idiot, they aren't exclusive.

iambateman 2y ago

It’s $500k in investment, not consumption. These folks expect to be able to resell the object later.

shiroiushi 2y ago
That makes just as much sense as buying a diamond as an "investment".
- tasuki 2y ago
  Or, really, any other collectible. Old cars are the same thing. They're not practical to get around...
  - defrost 2y ago
    Oddly enough I live in a very small town where it's a point of pride to drive in and about with cars from the 1920s, 30s and 40s .. tractors from the 1950s are in use on back market garden paddocks, etc. It's a state "founders" town and there's a lot of generational wealth being flexed keeping old stuff running and in use. It's modern John Deere's etc on the 4,000 acre farms of course, but still driving a "classic" farm truck to town because it was Granddad's first truck and renno'd when it was found at the back of the old barn.
  - shiroiushi 2y ago
    Not necessarily. They have old car auctions for wealthy people (like Barrett-Jackson) where certain models really do fetch as much as owners paid for them, or more. It's still a gamble, but I think your odds of at least holding your value with a classic car are much better than with a watch. I could be wrong of course; I know a lot more about cars than I do overpriced luxury watches, after all. But I suspect the watches are much more like diamonds: only "valuable" to the initial buyer (and mainly for sentimental reasons), and largely worthless to everyone else. (Yes, a resale market for used Rolexes and the like exists, but you're not going to get the same price for your 20-year-old Rolex as you paid for it.)

nl 2y ago

In Singapore it's not uncommon. Cars are taxed enough[1] to mean most people who'd drive a Porsche find other ways to display their wealth. [1] "For example, a new standard Toyota Camry Hybrid costs around S$250,000 in Singapore, which includes the cost of a COE and taxes. That is about six times more expensive than in the US." .... "The lowest COE for a car costs S$104,000" https://www.bbc.com/news/business-67014420 https://www.bbc.com/news/business-67014420