Our January/February 2003 Interview is with Ken Jacobs (KJ) of WannaBuyaWatch?. Ken started off in Los Angeles almost 20 years ago with his store, offering antiques and watches. Since then, WannaBuyaWatch? has become a leading vintage watch dealer, and has also become an authorized dealer for many fine watch brands. With the launch of his web site a couple of years ago, Ken gives us an insightful perspective between the world of in store watch sales versus Internet sales. Ken also offers Watchfinder visitors the opportunity to trade in their unwanted fine watches toward credit for any and all of his many watches. He also promises to give Watchfinder visitors very competitve prices on his authorized brands.
We are proud to present Ken in this eDealer Interview.
WF:
You
are located in Los Angeles. Do you do much business
with people from Hollywood?
KJ: I am as star stuck as the next person, and
it is always a kick to have a celebrity come in
the store. Jeff Goldblum was in the store recently
and I brought to his attention that the designer
who created his Hollywood Hills backyard and pool,
featured a while ago in inStyle magazine, also
designed the interior of our store. His attention
shifted briefly to the details of our 1920's style
California Mission store as he connected more
personally to the interior store design. Jeff
was intrigued with the vintage sport Rolex models,
and also our Dubey & Schaldenbrand collection.
but unfortunately he only bought a battery that
day. Still he was engaging, down to earth, and
like so many people who come in, celebrities or
not, was eager to hear our opinion of what's cool
in watches, and what looks good on them. Eric
Lasalle from ER on the other hand knew exactly
what he wanted. He spotted the Dubey limited edition
jump hour model in steel with white dial; we told
him the story about the watch, and it was a done
deal!
Many people from the TV, Radio, Music, Film, Recording
industries live and work in LA, as well as visit
here, so we certainly benefit from that. We have
a list posted on our web site of better known
celebrities who have shopped in our store over
the years. Your readers might find it fun to check
out that list.
I don't watch that much TV, (as I am on the internet
like everyone else come evening) so I don't always
know the TV actors and actresses. But one of our
employees seems quite current with everyone who
has been or will ever be in People, Us, or iNstyle
or on Oprah, and she keeps the rest of us abreast
of the who's who that is shopping at Wanna Buy
A Watch.
WF:
Your business encompasses more than watches. Tell
us what else you sell
KJ: In some way paralleling our vintage wristwatch
business, is our collection of antique platinum
diamond rings. We have a huge collection of antique
solitaire diamond rings, eternity bands, and specialized
mens and womens wedding bands. We have also begun
to produce finely crafted and hand engraved platinum
and white gold mountings and bands as well. Many
customers love the fine craftsmanship and detail
of our mountings and we custom fit them for their
own diamonds. As busy as our watch business is,
on Saturdays and Sundays it is not unusual to
have the store with customers crowding the jewelry
showcases searching for that special ring or band.
Sometimes we're a specialty watch store, often
we are a specialty jewelry store; and then sometimes
we're both!
WF:
Unlike many of our dealers, you also operate a
store. What are the differences between operating
a store and operating a web site?
KJ: Well, we used to operate only a store, and
now we operate a store as well as a comprehensive
web site, which shows all the items that you would
find in the store. That is a great deal of work,
I can assure you, but I think there are rewards.
Many retailers offer a site that is primarily
promotional, featuring only examples of their
inventory. We on the other hand, showcase all
of our products; each watch, each ring, so our
site reflects the actual inventory that you would
find if you walked in the store that day. You
can order on line, or you can come to the store
7 days a week and receive full service and attention
from our sales staff and our own in house watchmaker.
We have found that the store and the web site
work hand in hand, because it is the same merchandise,
and the same staff, the customer is dealing with
on the web or in the store. Many customers in
the greater LA area "pre shop" the web site, to
see what's new or what's interesting, and then
come in to see the items in person. Saves them
time by pre shopping at home, and they are more
focused and informed when they arrive at the store.
Having a store also makes it easy for people to
trade in watches they no longer wear. Customers
trade, sell, or consign watches to us either that
they purchased from us or elsewhere. We get a
constant flow of product from our old customers.
They appreciate the "liquidity" of their purchase,
and know from dealing with us before, that they
are going to get a fair price from us.
I have had the store for almost 20 years, long
before there was an internet. I used to be a clinical
psychologist. I recognized that I had the collecting
gene, as I like to put it, and that I loved the
hunt for treasure and beautiful things. This business
taps into my visual aesthetic as well my entrepreneurial
side. I enjoy having the store and the recognition
that comes from having a high profile and popular
showplace. It is my theater, though these days
I am more the director and less one of the featured
actors. We have a great staff who love the merchandise
and enjoy the rapport with customers.
But of course there are trade offs. It is a big
job managing the store and the web site. Locating
desirable merchandise, overseeing the restoration,
marketing and promoting the specific items, as
well as the store and web site as a whole in the
media and on the internet, and doing that for
both the vintage watches, the modern watches,
and for our antique diamond ring collection...
It's a lot of work!
The store is very expensive to operate and a very
high percentage of our sales go to just meeting
our operating expenses. A business in an office
setting would be much less expensive, but I think
nowhere as much fun or interesting for me.
The internet business model that seems to have
taken hold is the so called "click and mortar"
model. This refers to physical stores that offer
the convenience of on line product selection and
ordering, but also a physical store where you
can shop, view, handle, buy at the last minute,
and take returns. That is our model as well. I
know that we couldn't survive if we were not aggressively
participating in the internet, but on the other
hand, I don't really know if we could survive
if we did not have the store and were only on
the internet.
WF:
What is your business/sales mix between the watches
that you sell in the store versus your web site?
More from the store or from the web?
KJ: We sell a lot more in the store than on the
web site, but the percentage of sales from the
web site has been steadily growing. We can see
that people are becoming more comfortable shopping
for high ticket items on the web, and as our web
site becomes more and more well known, we draw
more of those sales. However, our internet and
store sales often can be hard to distinguish.
Because we are in such a huge metropolis in Los
Angeles, many of our customers have found us through
a posting on the web, but then have the luxury
and convenience of coming in to the store to see
and handle the item in person before committing
to a purchase. So is that a web site sale or an
in store sale? For us, it is not that important
to distinguish. Given the enormous draw of Los
Angeles as a travel and business destination,
people find us on the web, then come see us in
person when their travels bring them to LA.
WF:
WannaBuyaWatch? is an authorized dealer for Dubey
& Schaldenbrand, Longines and Hamilton --
what are the "Pros & Cons" of being
an authorized dealer?
No cons for us; only benefits. We have all the
support in terms of product, service, from the
manufacturer/U.S. distributor. We can stock the
models we like, can quickly acquire special orders
from the company,and don't have to inventory slow
movers or watches that don't fit our business
model. Granted we cannot advertise discounted
prices, but the companies we deal with are not
in the dark about the realities of the competitive
watch market.
Dubey & Schaldenbrand is certainly the brand that
we are most enthused about. We have a great relationship
with the rep as well as the U.S. distributor whom
I have been friends with since the "Swatch days."
We get great support from the company, talk to
them regularly, get word about new items, and
often are in a favored position in terms of obtaining
limited edition pieces. They appreciate how hard
we are working for the brand, and they support
us.
By the way, the January issue of International
Wristwatch recently on the newsstands, has a feature
article on Dubey & Schaldenbrand watches, with
the new limited edition Vintage Caprice model
featured on the cover.
WF:
Authorized dealers are usually prohibited from
advertising discount prices for their watches.
However, if our visitors are interested in buying
one of your authorized watches, will you provide
them with a discount? If so, should they email
you or call you?
KJ: We are well aware of the competitive nature
of the new watch business, and the plethora of
new product available through authorized and non
authorized dealers, both in the USA and throughout
the world. We absolutely will be price competitive,
even compared to non authorized dealers. Your
readers can call or email
us for price quotes. But please, contact
us last, not first. We
will offer Watchfinder customers good pricing,
good service, and good value on high quality
products. Additionally
we would be happy to trade, buy, or consign their
unwanted pieces.
We want your readers' business, and will work
hard to get it. And if there is ever a problem
with a watch or an order, there is a live person
there to take care of you. We have been around
for 20 years. We have ethics and integrity, and
we're nice. That's not always the case in business
today!
WF:
You see a lot of watches coming through. What
are some of your favorite brands/models?
KJ: I was around in the late 70's and early 80's
as the vintage watch market in the U.S. was taking
off. The vintage watches offered great aesthetics,
design, as well as nostalgia. At that time, contemporary
watches, by and large, were boring and uninteresting
in terms of fashion and style. Now on the other
hand, watch designers have drawn heavily from
the retro influences, from the 20's 30's 40's
50's, and now the 60's and 70's, and are offering
a plethora of and stunning timepieces inspired
by those eras.
Consequently there are a lot of watches that I
love, most retro inspired, but also some modern.
Of course, I love the Dubeys, and that is why
we carry them. I love the Roger Dubuis, Blancpain
Air Command, Panerais (who doesn't?). Alain Silverstein
watches are so playful! We carried them 15 years
ago, back when Swatch was on fire. By the way,
do you ever go to a Swatch store? Their designs
are so fanciful and amazing. I get such a kick
out of them! Don't worry, we don't sell Swatch,
so this is not a self serving promotion. Finally,
turning to the more classic, what's not to like
about most everything from Cartier, the always
stunning Breguets, or the new Bedats?
WF:
What watches do you wear often?
KJ:
I wear both vintage and modern. Most often these
days I have been wearing my Dubey & Schaldenbrand
Vintage Caprice Stainless Steel on bracelet with
white dial. It's gorgeous as well as functional
and convenient, and I have never received as much
notice and compliments even from non watch enthusiasts
as when I wear any of my Dubeys. I have many vintage
watches, a Pink & Steel Hooded Rolex bubbleback,
an early mini hand pointed crown guard GMT, 1940's
2 tone Gruen Pan American, a mint calatrava style
waterproof 1940's Wittnauer Chronograph, the big
Longines Weems aviator, and a 1970's exotic dial
Tudor Chronograph to name a few.
My collection is not based on high value or even
rarity. They are special in terms of being exceptional
examples in terms of design and condition. Personally,
I love watches when the dial or the luminous has
patina'd. I wear an Omega Constellation pie pan
dial that is so patina'd a golden rust color,
that it has prompted ridicule from some other
watch snobs; that is until they studied it more
closely, and started to appreciate the richness
and warmth of the dial. Other watches I keep are
just odd; 2 time zone Ardath, one movement mechanical,
the other automatic, A Vietnam era Tudor sub w/
a custom wartime bracelet, and Seiko Bellmatic
alarm with a unique chartreuse color dial.
WF: You carry
a huge assortment of Rolex -- with an impressive
selection of vintage Rolex -- do you guaranty
authenticity?
KJ: We are quite proud of our vintage Rolex collection
and are always eager to acquire additional examples.
We guarantee the genuineness of our Rolex watches
as well as of all the watches we sell. Additionally
all our preowned and vintage watches are sold
w/ a 1 year warrantee of accurate timekeeping.
The issue of authentication and establishing not
only genuineness but also correctness, is becoming
a greater and greater challenge as the faking
and alteration of vintage Rolex watches proliferates.
The interchanging of dials and movements from
one case to another certainly complicates the
matter. We are offered so many "bad" watches and
see so many brought to us by our customers who
bought them online, or on ebay! There are a lot
of good, honest, and knowledgeable sellers out
there. But there are a lot of opportunists and
thieves!
When I started in the vintage watch business,
even reference numbers were not commonly used
to refer to the various Rolex models. Now there
is so much more information available that we
all need to keep abreast of.
As an example of how the industry has evolved,
your readers might find it interesting and frankly
amazing that in the Christies and Sotheby's auctions
of the early 80's, Paul Newman daytonas were not
described any differently in the listings than
the non Paul Newmans. And the Paul Newmans didn't
bring any higher prices than the regular dial
Daytonas. You won't see that happening today.
WF: How do you
see the future of the watch industry online?
KJ: I don't claim to be a visionary, but there
is no question the web has transformed how the
watch business can be done. Sellers and buyers
of vintage and preowned watches can now connect
directly with one another, through eBay and the
various watch aficionados site, including Watchfinder.
Intermediaries like Wanna Buy A Watch? still have
a function and provide a service to the buyers
and sellers.
If watch companies try to sell directly to the
public, and cut out the retailer, then this is
going to kill the retailer which hurts the consumer.
I don't want my suppliers competing with me. We
used to carry Fossil watches as an inexpensive
and fun retro style line. But then the company
began selling directly on line and opening up
their own stores. Goodbye Fossil!
The increased competition from web will continue
to force either sellers or manufacturers out of
business. In my opinion, there is entirely too
much product out there. More and more manufacturers
are seeking to enter the U.S. market and distribute
their lines in the U.S. But even if they are beautiful,
and well made...who needs them? I can't keep up.
Who can?
WF: Thanks for
all your time Ken. This has been a great learning
experience!
KJ: Thanks Rob
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Zeetan from Collector's Time Gallery
Richard Guerreiro from PaladinLtd