First, in reference to the story, I find it a pretty accurate description of doing business with a sort of unknown dealer. Mr. Clymer hits the nail right on the head when he says...

"It's a battle of who knows more about the particular desirability of the watch, who can suss out the over all condition relative to others, and who can play the game better."

More simply put the more specific knowledge you have about an item the better the chance that you will not make a mistake. The second point that Mr Clymer makes is that you have to be willing to stick your neck out and make a mistake from time to time. If you are completely risk averse buying vintage watches is not for you.

I don't consider that I am in a war with the people from whom I buy watches or with the people to whom I sell watches. It is reasonable to want a good deal and also to make a profit. Ultimately everything that happens to me in the watch business is either my fault or an act of God. If I get screwed by a crook it is ultimately my own fault and if I screw somebody my name is tarnished.

I have a few rules that I learned from my father and other collectors and dealers. I try to follow these rules.

First, don't buy any watch before you know a lot about that particular watch. If you crave an early Speedy 321 2998-3 you need to know the dial, the hands the case, the serial number range. If you don't know all of this...and you can't know everything, only buy the watch if it is a great deal no matter what. Watches are too easy to cobble together into nice looking Frankenwatches.

Second, in the consideration of a particular vintage watch condition (including originality) is everything. As a sub-heading to this, perfect or NOS or Mint watches are so rare that it is almost better simply not to believe that they exist. When someones describes a watch as NOS and wants all of the money for it you should be really suspicious. All old watches have issues including those which have sat around in boxes since new. You need to be able to suss out these faults better than anyone else and you need to know how much it will cost to fix them or you need to be able to live with them. You need to know how much the market will subtract from value for these faults.

Third, build relationships of trust with watch people. I probably buy over 500 watches a year and most come from people I know and have known for a while. I sell most of these watches and I sell most of them to people I know and have known for a while.

Fourth, don't ever believe what someone tells you they paid for a watch (even when you have a relationship of trust with the person). Whether true or not it makes no difference. What matters is how much the watch is worth.

Fifth, next to being able to hold a watch in your hand, I at least prefer to be able to speak to a seller on the phone while he is holding the watch in his hand. This is particularly true for dealers you don't know or haven't dealt with before. If you can't talk on the phone get detailed photos of every aspect of the watch you would want to see if you had the watch in your hand. If you can't do this get return privileges in writing. If you can't get any of this be very suspicious.

Sixth, and related to the all of the above do not let emotion filter your view or change how you apply your rules. If you do let emotion rule you need to be prepared to be disappointed.

Seventh, and last, when you are done with a deal forget about the deal part and enjoy, live with, or get rid of the watch. Move on and learn from your successes and mistakes. If you make a mistake and have to get rid of it don't try to get your money back by being as dishonest as the bum you did the deal with in the first place.

Sorry for the long reply...

Best,

JohnCote