My recent post about the effect of marketing contained a hypothesis about serious watch collectors: they will buy the recently released Furlan Marri (FM) watches but won’t wear them much. This post is about the brand, and why it represents a masterclass in product launches and marketing.
Yesterday, over lunch with the infamous @nycwatchguy and @f1ptb… … we discussed the concept of purchases under pressure. In the current environment this issue is far more pronounced, due to the rise of limited editions, the increased popularity of independent watchmaking (who have lower supply inherently) and because of general hype with any popular watches – often fuelled by the influx of profiteers into the watch game, who tend to pose as genuine enthusiasts or collectors. This also raised the question of what defines a “genuine” enthusiast anyway; and when is it ok to sell a watch without being labelled a flipper? Thoroughly enjoyed the conversation, and thought I would share a bit here.
A post about the state of watch collecting, and a discussion about ways in which people collect watches, along with the impact of these choices.
As I began seeing more Furlan Marri watches shared on Instagram, I asked myself why someone would choose this watch in the morning, when looking at their watch box. I won’t go into the background story of the brand and the reasons this is an enormously popular release; Wei Koh wrote all about it here and you can read that if you want some background.
I just had a conversation with my buddy Ben (@koreahasseoul1) and I felt like the topic was worthy of a post. Incidentally he’s a pretty interesting collector, and I would urge you to chat to him too if you feel like you want some advice about your collection, or just to talk watches. I always appreciate his perspectives, and I am sure you will too. Ben and I spoke about how collecting has evolved, especially in the last two to three years.
Richard Thaler, Daniel Kahneman and Amos Tversky are the pioneers of the field called “behavioural economics”, two of them even won Nobel prizes for their work and the third would have too, if he was alive to receive it. The trio uncovered numerous ways in which people make poor decisions without knowing it. Here’s a short podcast where Thaler tells a number of stories that bring behavioural economics to life. I wanted to talk about some of their findings (again) and apply it to watch collecting in some way.
Most collectors of independent watch brands will tell you that they love the watches, but more often than not, they deeply value the close connection or relationship they can build with the brand and the founders.
I recently shared a video from “Daily_stoic” talking about the concept of “enough” – this post is building on this idea, since the video resonated with many folks.
The term ‘imposter syndrome’ was first coined in 1978 by two US psychologists who called it the ‘imposter phenomenon’. They defined it as feeling like a fraud despite obvious successes and high achievements. Although this concept is mostly applied to workplaces and working professionals in various fields, it absolutely does apply in watch collecting, and I believe it signals a loss of one’s perspective – which just needs some recalibration.
The “Front Page Test” is an easy ethics standard which requires asking yourself: “How would I feel if the course of action I am considering were reported on the front page of the local newspaper or in a popular blog?”. The idea is, if you feel this would be uncomfortable or create problems for you, then the best course of action is to change the intended course of action. Simple as that.