•   
  •   

World A millennial entrepreneur who runs a high-end watch retailer explains why now is the time to invest in watches — and which timepieces are the most valuable

23:50  03 june  2020
23:50  03 june  2020 Source:   businessinsider.com.au

City Chic Collective reopening its stores

  City Chic Collective reopening its stores Plus-sized women's retailer City Chic Collective says it is re-opening its 107 stores in Australia and New Zealand as the coronavirus lockdowns ease. The apparel retailer said it had already reopened some stores over the past two weeks, but did not say how many.With online already contributing two-thirds of City Chic's sales before the pandemic, the company said it had traded profitably through the lockdowns although its gross margins were lower because of promotions.City Chic said sales of intimates, casual and streetwear had increased while there had been weak demand for its more premium apparel.

a person wearing a white shirt: Wealthy people are buying expensive items to park their cash in goods with high resale potential amid market volatility. Wealthy people are buying expensive items to park their cash in goods with high resale potential amid market volatility.
  • Avi Hiaeve, a millennial who owns the high-end watch retailer Avi & Co., spoke with Business Insider about the future of the watch industry and the value of investing in luxury watches.
  • Wealthy people are increasingly placing their money into "real assets" such as artwork, real estate, and luxury items.
  • The luxury industry is expected to go through a major shakeup, though some sectors are already showing signs of recovery.
  • Visit Business Insider's homepage for more stories.

It was a Wednesday night in February when Business Insider first met Avi Hiaeve at his luxury watch party in New York City's Midtown Manhattan. Jamie Foxx was the host, while Moët & Chandon was passed around; appetizers that included both caviar and chicken wings were served on small dishes. A rare Tiffany blue Rolex was situated not far from a Patek Philippe, and diamonds - lots of diamonds - lined the back walls of the room.

Tax Advice: Spouses benefit from partner expenses

 Tax Advice: Spouses benefit from partner expenses Spouses can choose whether they want to submit their income tax returns together or individually. However, even with a single assessment, the other spouse is not completely disregarded. © Photo: Andrea Warnecke / dpa-tmn Married couples can have their income tax returns invested together or separately. Anyone who decides to invest individually may still benefit from the other's pension expenses.

The shindig's environment (and the young crowd it drew) was proof positive that people still love luxury watches - and love splashing out major cash on them. If anyone thought the pandemic would hit the watch sector hard, they were right. But despite widespread market downturn, people are still buying watches. And if anything, they are just as popular (and as expensive) as ever before.

"In the market, there are watches for everybody. If you want to spend $US5,000, you're going to find yourself a $US5,000 watch," Hiaeve told Business Insider. "The celebrities and the artists and all of them, they're not wearing watches under $US100,000 anymore, everything they want is over $US100,000. It's really gone through the roof."

Birkin bags, Basquiat paintings, and Richard Mille watches

Born in Israel, Hiaeve, 35, grew up in Queens, New York. At 16 years old, he opened Avi & Co., an exclusive high-end retailer that now caters to some of the notable names in the world - Foxx, Nicki Minaj, and Justin Bieber, to name only a few. His family has always been in the jewellery business, he says, but the watch industry is where he truly found his calling.

The state of the US sport is in crisis

 The state of the US sport is in crisis © dpa Leverkusen star Kai Havertz Real Madrid is said to have given his first bid to Bayer Leverkusen for media coverage of Kai Havertz. As the "Bild" reports, the Spaniards had offered around 80 million euros for the courting midfield star. In addition, according to the newspaper, the royal want to loan 20-year-old Havertz to the Werkself for another year before moving to Madrid in 2021.

"Jewellery was something my family was doing, so it was easier to learn it. But watches, this is something that came from a hobby," Hiaeve said. "I used to love watches and play around with them. And you know what? I just felt like they were good investments. After a while, it became my main business."

a man wearing a suit and tie: Avi Hiaeve opened his business, Avi and Co., in Midtown, New York City in 2009. The store is located in the Diamond District. Avi Hiaeve opened his business, Avi and Co., in Midtown, New York City in 2009. The store is located in the Diamond District.

Most of Hiaeve's clients come from word of mouth - basketball players, rappers, and football players flock to him because they're referred by existing customers. In addition to the hype around owning a Rolex or Richard Mille, he says, most understand that many luxury watches hold good investment value, like a Birkin, or a Basquiat. These are all high-end, quality goods that have historically proven to retain the value paid for them or even become more valuable over time, often significantly.

She is the highest paid celebrity: where do Kylie Jenner's millions come from?

 She is the highest paid celebrity: where do Kylie Jenner's millions come from? © Xavier Collin / Image Press Agency / ImageCollect Kylie Jenner has made millions with her cosmetic empire. Nobody makes as much money as Kylie Jenner. At 22, the entrepreneur is at the top of this year's "Forbes" list of famous high earners. That is their secret. Kylie Jenner is at the top: According to the US business magazine "Forbes", the entrepreneur is the highest paid celebrity 2020 . The past twelve months are said to have earned her a total of $ 590 million.

"A lot of people turn from a hobby to a business in the watch game," he said. "A lot of collectors that I know that used to buy from me, after a while they started buying for investments - buying, selling, and trading."

a room with a wooden floor: The Avi & Co. Showroom, filled with rare and expensive watches. The Avi & Co. Showroom, filled with rare and expensive watches.

Though fashion and luxury expect to see a $US600 billion decline in sales this year, very expensive items such as Hermes bags have repeatedly proven to have a timeless quality, relatively untouched by financial discord and market downturns. And people love the brand as much as they ever have: When Hermes reopened some stores in mid-April after months of widespread closures amid the region's coronavirus lockdown, the brand brought in a whopping $US2.7 million in just one day at its flagship store in China alone.

Hiaeve says Richard Mille is the Hermes of watches. On the resale market, Mille consistently goes up in value. He told Business Insider he's seen some go from $US100,000 to $US120,000, up 20% to 30%, every few months. Celebrity watch collectors clearly agree: Drake has one that costs at least $US750,000.

Gazprom vs. Henkel: I would now rather invest € 3,000 in this share!

 Gazprom vs. Henkel: I would now rather invest € 3,000 in this share! © Provided by The Motley Fool, Inc If you want to look for cheap and high-dividend stocks, you better hurry up. The DAX, our leading domestic index, has finally started to rebound in the past few days and weeks. As well as cracked the counter of 12,800 points in the meantime. A strong performance in this volatile time. But there could still be cheaper shakes.

The next best investment, he says, is a Rolex. Not just because they are beautiful, but because they also retain their value. From there,Audemars Piguet- Bieber bought one in 2019 for $US50,000 as a "lil wedding gift" to himself. Patek Philippe is also a solid choice - Jay-Z owns one worth at least $US2.2 million.

"[Richard Mille is] the most expensive," Hiaeve says, before revealing that he sold one for almost $US3 million. "It's not just the craftsmanship, it's the supply and demand. They only make maybe four or five thousand watches a year. So you can't really get them."

Many are turning toward watch investing right now to avoid the stock market

Before the coronavirus pandemic hit and destabilized global financial markets, the luxury sector was still recovering from the impact of the Hong Kong Protests, which saw Swiss watch imports to the region decline by 26.8% in comparison to 2018. Now, amid the coronavirus pandemic, the luxury watch industry is preparing for its worst year yet.

Rolex shut down all of its Swiss factories, while Richemont, the luxury conglomerate that owns Cartier, has discounted secondhand pieces on its vintage resale site, Bloomberg's Corinne Gretler reported in March. Watch fairs throughout the world have been called off, while smaller and newer brands brace for impact to their bottom lines.

Survey - Every seventh company invests in Artificial Intelligence

 Survey - Every seventh company invests in Artificial Intelligence Berlin, Jun 8th (Reuters) - According to a survey, German companies are very reluctant to invest in the key technology of Artificial Intelligence (AI). Only every seventh company plans to spend, according to a study published on Monday by the industry association Bitkom. "It is about dealing with the topic as early as possible, otherwise there is no experience," said Bitkom President Achim Berg. Last year, only six percent of companies took money in hand to use AI.

a clock sitting in the middle of a watch But early data suggests that the industry might not be as hard hit as expected, at least not for some categories. Digital watch marketplace Chrono24 released two reports on the state of the global watch industry in light of the coronavirus crisis - one in March and one in April - which found that, though there has been a quick drop-off rate in luxury goods, there has also been a quick recovery time in some regions and for some sectors.

The vintage watch market, in particular, is still thriving for some despite the coronavirus, GQ's Cam Wolf reported in April. Wolf noted that Sotheby's has been selling more classic watches, even as major brands call off their plans to release new models.

Adam Golden, the owner of Menta Watches, told Wolf that while his overall watch sales had declined, the pandemic has brought new opportunities his way - like a German client who wants to "park some money" in a $US300,000 portfolio of watches instead of in the stock market and requested Golden's help putting that portfolio of "stable watches" together.

COMPANY VIEW Ford recalls more than two million vehicles to workshops .
Jun 10 (Reuters) - This is followed by a Reuters look at important developments in the corporate world beyond the top issues of the day: FORD - New York : The second largest US automaker calls 2.15 million vehicles back to the workshops. The reason may be defective door latches, the company said. Models that were built between 2011 and 2015 are affected. The doors could open accidentally when driving. Ford is not aware of any accidents or injuries related to the problem.

—   Share news in the SOC. Networks
usr: 2
This is interesting!