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Framing a purchase decision

Framing a purchase decision

Feb 01, 2023

So as not to ruin the surprise, please bear with me until the conclusion! As you read this post, think about the framing of each question, and the structure of the reasoning as it relates to each section. Clearly, facts do not change, but all purchase decisions will depend on your initial bias, if any. What actually matters when buying a watch? Hold all these thoughts until the end, to see how this relates in any way to the recent watch announcement by Xhevdet Rexhepi.

Part 1: How to convince yourself not to buy a watch you love

Purchasing a watch can be a difficult decision, especially when it is one that you truly love. The allure of a beautiful and well-crafted watch can be hard to resist, but it is important to consider the long-term financial implications of such a purchase. Let's explore some strategies for convincing yourself not to buy a watch that you love.

Firstly, it is important to consider the cost of the watch. While it may be tempting to justify the purchase by telling yourself that you deserve it, or that you will use it for years to come, it is important to remember that the cost of the watch is not just the price tag. The cost also includes the opportunity cost of not using that money for something else, such as saving for a down payment on a house, or investing in a retirement fund. By considering the long-term financial implications of the purchase, you may be able to convince yourself to hold off on buying the watch.

Secondly, it is important to consider the practicality of the watch. While a watch may be beautiful and well-crafted, it may not be practical for your daily life. For example, if you work in an office and spend most of your day at a computer, a watch may not be necessary. Additionally, if you already have a number of watches in your collection, it may be unnecessary to add another one. By considering the practicality of the watch, you may be able to convince yourself that it is not a necessary purchase.

Thirdly, it is important to consider the emotional implications of the purchase. While a watch may be a symbol of success or status, it is important to remember that true happiness and fulfillment do not come from material possessions. By considering the emotional implications of the purchase, you may be able to convince yourself that the watch is not worth the potential negative impact on your emotional well-being.

Fourthly, it is important to consider the environmental impact of the purchase. The watch industry is known for its high environmental impact, from the mining of materials, to the production, and disposal of watches. By considering the environmental impact of the purchase, you may be able to convince yourself that the watch is not worth the harm it may cause to the planet.

Fifthly, it is important to remember that a watch is not an investment. While some watches may appreciate in value over time, the vast majority of watches do not. By considering that a watch is not an investment, you may be able to convince yourself that it is not worth the cost.

Lastly, it is important to remember that a watch is not a necessity. While a watch can be a useful tool, it is not essential for survival. By considering that a watch is not a necessity, you may be able to convince yourself that it is not worth the cost.

In conclusion, while a watch may be beautiful and well-crafted, it is important to consider the long-term financial implications, practicality, emotional implications, environmental impact, and that it is not an investment or a necessity before making a purchase. By considering these factors, you may be able to convince yourself not to buy a watch that you love. Remember that true happiness and fulfillment do not come from material possessions, and that there are other ways to invest your money and time that may bring you more satisfaction in the long run.

Part 2: How to convince yourself to buy a watch you love

Purchasing a watch can be a difficult decision, especially when it is one that you truly love. The allure of a beautiful and well-crafted watch can be hard to resist, but it is important to consider the long-term benefits of such a purchase. Let's explore some strategies for convincing yourself to buy a watch that you love.

Firstly, it is important to consider the cost of the watch. While it may seem like a large expense, it is important to remember that a high-quality watch is an investment. A well-crafted and durable watch can last for decades, or even a lifetime, with proper care. Additionally, some watches may even appreciate in value over time. By considering the long-term value of the purchase, you may be able to convince yourself that the watch is worth the cost.

Secondly, it is important to consider the practicality of the watch. While a watch may not be necessary for daily life, it can be a useful tool for keeping track of time and appointments. Additionally, a watch can be a stylish accessory that can complement any outfit. By considering the practicality of the watch, you may be able to convince yourself that it is a worthwhile purchase.

Thirdly, it is important to consider the emotional implications of the purchase. A watch can be more than just a timepiece; it can be a symbol of success, status, or even a meaningful memory. By considering the emotional value of the watch, you may be able to convince yourself that it is worth the cost.

Fourthly, it is important to consider the environmental impact of the purchase. While the watch industry has a high environmental impact, it is possible to find brands and companies that are conscious about their environmental footprint and contribute to sustainable practices. By considering the environmental impact of the purchase and looking for sustainable options, you may be able to convince yourself that the watch is a responsible purchase.

Fifthly, it is important to remember that a watch can be an investment. While not all watches will appreciate in value, some watches can be considered a good investment if the brand or design is considered rare, collectible or in high demand. By considering that a watch can be an investment, you may be able to convince yourself that it is a worthwhile purchase.

Lastly, it is important to remember that a watch is a personal choice. While a watch may not be a necessity, it can be something that brings joy and fulfillment. By considering that a watch is a personal choice, you may be able to convince yourself that it is worth the cost.

In conclusion, while a watch may seem like a large expense, it is important to consider the long-term value, practicality, emotional value, environmental impact, and the fact that it can be an investment or a personal choice. By considering these factors, you may be able to convince yourself to buy a watch that you love. Remember that a watch is not just a timepiece, but it can be a symbol of success, status, or even a meaningful memory. A watch can be a small but powerful reminder of the moment you decided to invest in something you love.

It's important to make a well-informed decision and weigh the pros and cons before making a purchase. However, sometimes in life, we need to treat ourselves and buy something that brings us joy and happiness. A watch can be a small but powerful reminder of the moment you decided to invest in something you love.

Part 3: How to make a watch purchase decision

Making a watch purchase decision can be a daunting task, especially when there are so many options available. From luxury watches to more affordable options, the choices are endless. However, by considering certain factors, you can make an informed decision and find the perfect watch for your needs. In this essay, we will explore some key factors to consider when making a watch purchase decision.

Firstly, it is important to consider the purpose of the watch. Are you looking for a watch to wear for special occasions, or do you need a watch for daily wear? Are you looking for a watch to use for specific activities, such as diving or running? By considering the purpose of the watch, you can narrow down your options and find a watch that is best suited to your needs.

Secondly, it is important to consider the style of the watch. Watches come in many different styles, from classic and elegant to sporty and modern. Consider what style of watch you prefer, and look for watches that match your personal style. Additionally, consider what type of activities you will be doing with the watch and the clothing you’ll be wearing. A watch that looks great with a suit may not be the best option for a watch you plan to wear while working out.

Thirdly, it is important to consider the movement of the watch. Watches come in different movements, including quartz, mechanical, and automatic. Quartz watches are powered by batteries and are often the most accurate, but they don't have the same charm as a mechanical or automatic watch. Mechanical watches are powered by a spring, and require manual winding, while automatic watches are powered by the movement of the wearer's wrist. By considering the movement of the watch, you can make a decision based on your personal preferences and needs.

Fourthly, it is important to consider the features of the watch. Watches come with a variety of features, such as chronographs, date displays, and water resistance. Think about what features you need in a watch and look for watches that have those features. If you are looking for a watch that can be worn while swimming or diving, for example, you will need a watch with a high water resistance rating.

Fifthly, it is important to consider the brand of the watch. While there are many unknown brands out there, some are more reputable than others. Consider what brand you prefer, and look for watches that are made by that brand. Additionally, consider the warranty and customer service offered by the brand. This will ensure that you will be able to get your watch serviced in case of any issues.

Sixthly, it is important to consider the price of the watch. Watches come in a wide range of prices, from a few hundred dollars to tens of thousands of dollars. Consider your budget and look for watches that are within your price range. Remember that a higher price does not necessarily mean a better watch. Some luxury watches are more expensive due to the materials and craftsmanship used, while others are priced high due to the brand name.

Seventhly, it is important to consider the environmental impact of the watch. Watches are often manufactured in a way that is not environmentally friendly. Consider the materials used, the manufacturing process and the brand reputation for sustainability. By considering the environmental impact of the watch, you can make a decision based on your personal values and beliefs.

Finally, it is important to consider the resale value of the watch. While not all watches will appreciate in value, some watches can be considered a good investment if the brand or design is considered rare, collectible or in high demand. By considering the resale value of the watch, you can make a decision based on your personal preferences and future plans.

Conclusion

If it isn't already clear to you, I wrote none of the above 'parts'! Each heading is what I asked ChatGPT, and the response has been copied into this post, verbatim - and I resisted the urge to make any edits or add commentary. In particular, I don't fully agree that 'mechanical' and 'automatic' are two different types of watches - I think that automatic mechanical watches are a subset of the mechanical watch genre. Anyway, I digress!

What strikes me might seem rather obvious, but it is relevant to any collector's journey too. Clearly, the framing of the question dictates how the response will unfold. It is like conversing with a child who is extremely knowledgeable but also highly susceptible to leading questions when asking for their opinion. Of course, when you ask ChatGPT about rankings or to comment on existing biases such as "why is Hublot disliked by many watch collectors", it simply will not answer - it will respond saying the question is subjective, and not universally true - which is of course, the honest truth about most opinions!

The same is true about the recent announcement of a new watch by Xhevdet Rexhepi on his Instagram page - couldn't find any English news articles talking about the release, but here's a Norwegian article you can translate in your browser. There's also a video by Steve Hallock on YouTube here (09:25 in), talking about his thoughts on the new release. I believe this watch will cost 83,000 CHF, but I stand corrected as this was not information received from an official source. I also posted the following on my Instagram story:

You're probably wondering what ChatGPT has to do with this release... well, its about framing. Clearly, even Steve Hallock says in his video: "the brothers use Hagmann for their cases, so this watch will probably have a Hagmann case" or "AkriviA is known for their finishing so we can expect this watch to be well-finished". What is happening here, is that AkriviA and Rxxhep are being used to frame this release, and I think that is quite unfortunate. Xhevdet left AkriviA to create his own legacy, but looking at the reception this watch has received, all the narrative relies heavily on the Rexhepi name and the man's previous ties to AkriviA.

When Rexhep started out, he toiled for years before anyone decided to pay serious attention to his work. Nearly two decades have been spent creating the AkriviA atelier, with support of people like Mike Tay (and to a degree, perhaps Silas Walton) in the early days, to the coaxing of J.P. Hagmann out of retirement. This was an arduous journey undertaken, to get AkriviA to a place where it now commands the respect and credibility of serious collectors around the world. Separately, here's a shameless plug for a previous post I did on Rexhep - read that later if you have time to kill.

There’s a lot of pressure as an entrepreneur, when it’s your own name, your own brand,” ... “I considered shutting things down every two or three months, to be honest. When I started the atelier I was still working on the AK-01 and also taking commissions from other brands. I had to in order to have an income. The atelier was at home, so it was really difficult. In fact, for the first two years, I did work for other brands so I could keep the business going. It was exhausting. As things were picking up, it became more difficult to juggle both so finally I decided to stop the commissions and focus fully on my own brand.

Rexhep Rexhepi in a interview with Revolution - linked here

So if we contrast this with any other new watch brand, it becomes clear how collectors are not framing this release with the appropriate level of skepticism - and that's because of the Rexhepi name. What remains to be seen is a working prototype, with the intended level of finishing, and for people to start placing orders which involves putting their money where their mouth is.

The AkriviA atelier has ~20 people working there, and even then, it takes a few years to deliver watches in runs of 25 and 50 per-series. Even if Xhevdet has 25% of that, 5 people, I don't see how anyone sensible would be prepared to front this kind of money to bankroll the start-up of a new watch brand based on nothing more than a rendering and a big brother who has an established brand. Do they think AkriviA will underwrite the risk? I very much doubt that. Which means, Xhevdet probably needs someone to back him - maybe Mike Tay will do it again? Mike?

Beyond the human resource constraints, the price of 83k CHF is extremely audacious for a new, unproven brand and in particular, for a watch that has yet to be proven to work correctly! I watched a video by F. P. Journe who was describing his own testing of new innovations, and he sometimes takes years to get a new innovation to work (like adding a deadbeat seconds) - let alone a whole new concept (this deadbeat minutes with a 58 second rotation). How does one put up a deposit or pay in full for a watch when there is no working prototype? Maybe buyers will see it as "an investment in the man himself", effectively providing seed capital because they believe in his ability to deliver. Fair enough. The point I want to drive home here, is that most people reacting to the watch right now, are NOT seeing it this way!

Either way... I hope you enjoyed the ChatGPT responses, and trust that you see the new launch more objectively now. I am not at all suggesting that Xhevdet will not be a success, or that he won't deliver a good product. NOT AT ALL. I absolutely wish the man every possible success, and truly hope that he goes on to build another successful atelier. We can never get enough of awesome independent watchmakers, and this would be an amazing addition to the line up. Just remember that Xhevdet is not Rexhep, and AkriviA isn't making this watch - then (re)act accordingly!

F

Originally published by ScrewDownCrown on 1 Feb 2023

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