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Airhead-
Was it ever? Only Rolex and PP and a small number of AP references are depreciation-proof. What about all the other brands?
I think in the US, GS prices have always been lower. Dealers give bigger discounts than in Europe and second hand prices have definitely been lower especially for quartz pieces but I think that's changed a bit. Limited edition Grand Seikos that are in demand definitely appreciate. Eg the "Whirlpool" is at least 50% over list these days, as is the "Peacock" GMT, and the Ryusendo to name a few.
Vintage prices for the best pieces have also kicked up.
Regal
They do scarcity via the Hublot model, the way Omega also used to do it - limited and special editions (and lots of them).
I think the craftsmanship stuff is aimed at least as much at relative newcomers as it is the traditional watch collectors. I think it particularly resonates with people who don’t want their dad’s Omega/Rolex. They discover the waiting list nonsense and think “fuck that”. They make a judgement on the quality and if they can be confident that a GS is on a par with Rolex/Omega - which is the line that it suits Watchfinder, Hoodwinkee, TB etc to be running - then I do think we’ll see a shift from buying a GS after you already own at least one big Swiss brand to GS being a first luxury watch purchase. It's not common yet but I have seen it happen.
Having said that, there's still that stat that a large majority of buyers still know very little and do no research, and just buy what they like the look of in the AD. Which seems crazy given the sums involved, but is apparently the case.