What to do with an expensive watch

[Dynasty]

Here's the rub. The decision is ultimately mine.

I inherited a Rolex from my father when he passed. The watch has been in my possession for the past 10 or 12 years. I used to wear it quite a bit.  And I pretty soon learned it attracted the wrong type of woman... Which I used to my advantage at first for fun... Now.. its hidden away where no one will  be able to find it, and I cannot even access it easily if I wanted to wear it.

Several years ago, I spent probably close to four or five hundred dollars having it serviced and appraised. I don't recall the exact appraisal amount back in 2007, but it was around five thousand dollars.

1) My thoughts are, first I would never buy a Rolex (unless I had just so much money that I had nothing better to do) So because of that, part of me thinks to keep it. Because I would never buy something like it again.

2) It was my dad's. And other than his old Coast Guard ID from the 1960s it is all I have from him.

3) I don't like wearing watches or jewelry for that matter. And I wouldn't even spend 10 dollars on a watch not because I'm just that cheap, but because I don't like having watches and rings on my body.

4) I do think though, my mom's heart would be broken if I sold it.

5) The money generated from selling it (assuming I can find a buyer who is going to give me at least $7500, and investing the proceeds would eventually be a large sum. 

Occasionally Ben Bridge Jewelers will send me advertisements on new Rolexes, and my jaw hits the floor when I see how much new ones are that look just like the one I have.  Which brings me back to point 1...

What ye all think?

[Bearblastbeats]

Keep it and pass it down to you son/daughter.

[Erica/NWEdible]

Agreed. Keep it.

[KC]

Keep it.

[Jimbo]

One vote to sell...

I am not the sentimental type. I don't believe in keeping objects that don't serve purpose...

This is not something that you would put in a backpack if you were leaving for a deserted island, I am afraid. You even admit that you don't have easy access to it. I mean, besides not hurting your mom's feelings, why do you keep it exactly?

I don't know... The less stuff I own, the happier I am. That definitely impacts my decisions. This is a case for it right there.

[Jamesqf]

If it would break your mom's heart, and you aren't in desperate need of money, I would say keep it for now.  Also, the value may appreciate with time as it becomes more of a "collectable".

[Richard3]

It sounds like you should sell, but there are some solid emotional reasons not to sell. That said, would your mother even find out if you never wear it and can't really access it?

[MountainMan]

If it is one of only two things of your father's that you have, obviously a lot of thought should go into your decision.

Once you sell it, you're not getting it back.

You might consider taking good photos of it.  Maybe that would satisfy your sentimental feelings about it.

There is a watch of my father's that I regret losing.  To this day, I don't know what happened to it.  It was given to him when he went to college.  It was not an expensive watch though.

[plantingourpennies]

Keep it.

What on earth are you thinking about, selling your father's watch?

If your family is starving, I'll buy it from you and keep it till you're back on your feet.

Best,
Mr. PoP

[Baylor3217]

For $5,000?

No fn way. Unless one is starving and then I'd just pawn it for a bit.

[NumberJohnny5]

Be careful getting an older serviced. They're concerned with how it looks and functions, not its worth. For example, replacing old hands may make it look nicer/newer, but could seriously depreciate the value.

I'd keep it for now. If you need a "fancy" watch for anything, you're covered. Wind it up once a month; like a car it needs to be run occasionally. Sell once no one's feelings would be hurt, or pass it down (and let that person know it's fine to sell it).

[Rayzer]

Since you sound like you are on the fence about whether or not to sell it and your mother would be heartbroken if you did, how about giving the watch to your mother to keep. That way she would feel good about having it and you both agree that when something happens to your mother that you get the watch back. Just a thought. Good luck with your decision.

[pbkmaine]

Keep the watch, but do not hide it. Wear it when you feel like it, lightly and with love in your heart for your father. If you lose it or it it is stolen, then you are rid of a burden you did not really want anyway.

[Bearblastbeats]

The only thing I have left from my father is his 1970's Ludwig Octa-Plus drum set. Originally bought in the 70's for 5k-6k. I refurbished it last year for him for father's day, and after putting so much time and work into it he let me keep it before he passed away.

The set now can easily go for more than 10k now if I were to put all originally vintage ludwig hardware onto it. Will I ever do it? No.
The drums are older than I am and they are the only thing I have from my him.

Keep the watch.

[kkbmustang]

If that's the only thing of my father's I had, I'd keep it. But I'm a sentimental person.

[fpacx]

I'm sentimental, too. I'd most definitely keep the watch. It's no longer a thing, an item to be considered as part of your net worth or debt reduction plans: it's a precious memento.

And bearblast ... I will likely be in a similar situation one day. Dad's aren't Octa+, but they're still nice Ludwigs in red pearl from 1964.

[Dynasty]

Thanks everyone.

I've tallied 9 votes to keep it, two to sell it, and four hold it for now/other advice.

What prompted this post was two fold. First, I have recently gotten something from Ben Bridge in the mail that they have partnered with some jewelry and watch buying company and would give me an appraisal in a store and offer good for two weeks.

I was not seriously thinking about selling it, really just wanted to see what other people on here would do in a similar situation.

I could never justify buying a Rolex, so this will be one of those cool things I pass on one day. And whoever gets better not sell it either!

 

 

[jp]

take a picture of it (or buy a knock off to fool your mom) and sell it. 

[I Love Cake]

For $5,000?

No fn way. Unless one is starving and then I'd just pawn it for a bit.

+1

[Starstuff]

Honestly, I think you're asking because you don't want to sell it. It's the right financial choice, yes, and lots of people here will remind you of that. But life isn't all about money, and if keeping it makes you and your mom feel a little happier, then keep it until it doesn't.