Going Vintage

26 june 2004

Going Vintage
What strikes the well-heeled when the collecting bug hits them? GEOFFREY EU
checks out the watches, pens and cars that catch their fancy, with focus on
those from the vintage era

WHAT makes a collector tick - or more precisely, what is it about the
human condition that drives someone to possess an object of desire?
Depending on the collectible in question, its perceived value to society and
the lengths to which a person will go to acquire something, collections are
liable to be much admired (Impressionist Masters and Chinese Imperial
porcelain), strongly encouraged (your child's first stamp album) or better
ignored (like FHM magazine covers).

While some collectors may choose to display the fruits of a lifelong passion - or a more
recently-developed habit - in an appropriate environment such as a glass showcase at
home or perhaps even on loan at a museum gallery, others prefer to squirrel their loot
away in tatty cardboard boxes or (if required), industrial-quality vaults with timing
mechanisms, content to view it only on special occasions.

Whatever the case, Singaporeans are just as prone to the collecting bug as anyone else
living in a relatively evolved society. There are no doubt nearly as many collectors and
different types of collections as there are people, but we focus here on items in three
categories that never fail to capture the public imagination: watches, pens and cars, with
emphasis on those from the vintage era.

'The more you collect, the more you want to have,' says May Tan, echoing a common
feeling among anyone with an affinity for collecting. 'It's just like women who buy shoes
or handbags - they have so many but they still buy more.' Ms Tan, who has accumulated
about 60 antique timepieces, acquired her first watch at 13 and has barely looked back.
Her oldest watch is a Rolex from around 1910, but most of her collection dates back to
the 1930s.

Her buying policy is based on watch brands - she prefers Rolex - and on the aesthetics of
a watch. 'In the early days, I didn't know about movements and mechanicals, I just went
for the individual models,' says Ms Tan, a partner in Bezel, a club that helps collectors to
source and exchange watches. She adds: 'The thrill is to find an authentic piece at a
good price. It is difficult to find antique watches here, so I started to buy new ones.' She
now has an equally extensive non-vintage collection.

One of the first things to do when seeking out an antique watch - after finding one that
appeals to your personal taste - is to check if it has a consistent movement, or heartbeat,
says Ms Tan. 'In the old days, most of the parts were handmade, and many watches
don't have their original parts. It's the same as old cars - you want it to have as many
original parts as possible.'

As for prices, new watches usually cost more than their vintage counterparts. 'It's very
difficult to evaluate the price of an old watch,' says Ms Tan. Exceptional pieces, of course,
will command steep prices - a vintage Patek Philippe was auctioned for US$1 million,
while the first Vacheron Constantin watch ever made (1755) was purchased for US$ 2.2
million.

The two golden periods for vintage watches were the 1930s, and the 1950s and 60s,
says Jonathan Tee, owner of Passions, a dealer in vintage watches. In Singapore,
though, the market for antique watches has almost collapsed, he says. 'I tell clients to
keep it as a hobby, not as a money-making investment tool.'

He adds: 'Generally, they are not for daily use, but there's more charm in old watches.
When they have that patina of age - the real collectors like that.' Most people buy on a
small scale and many women buy men's pieces, because ladies' watches in the vintage
period were restricted primarily to jewellery pieces.

As for price range, Mr Tee says it is possible to buy some interesting watches for a few
hundred dollars, while a $1,000 budget will get you an Omega or a low-end Rolex from
the 1920s. Going up a notch, $3,000 to $5,000 will buy ownership of 'a very nice piece'
while anything above $10,000 is moving into serious collector territory.

The most influential markets for vintage timepieces are in Italy and Japan, says Mr Tee,
who also deals in vintage pens. 'Singaporeans change too fast in the way they collect
things - we are always followers of the overseas markets.' He says that we may now be
nearing the end of a cycle. 'Vintage watches will come back again.'

Lawyer Lawrence Wee has been an inveterate collector for over 20 years, with a
cultivated eye for functional objects of extreme rarity and exquisite beauty. Naturally,
watches and pens are among his wide-ranging list of collectibles. 'Men don't have that
many things to collect when it comes to things that can be used daily - it boils down to
pens, watches or cars.'

Most of his watch collection consists of modern pieces, but he does have several vintage
items made by Cartier, including an antique belt watch, a ladies' dress watch and a small
and unusual 1930s prism clock made from crystal and gold. From one angle, the
movement cannot be seen, while it is clearly visible when seen from a different angle.

Among his pen collection is a fully functioning miniature fountain pen, or 'doll' pen, made
by the American company Waterman in the early 1900s, measuring about 39 millimetres
when capped. It was thought to be used as a marketing tool (as the 'World's smallest
pen'). Mr Wee also has an antique Japanese-made silver pen in the shape of an elaborate
weapon and a 'skeleton' pen issued by Montblanc on the occasion of the 75th anniversary
of its classic Meisterstuck, first produced in 1924.

'Unlike many collectors, I don't buy with a view to trading the items,' says Mr Wee. 'I've
used every one of them - I get personal satisfaction out of collecting things that have a
daily function. Time is invaluable and writing is power - these are objects of beauty that
are still applicable in the 21st century.'

Another collector with a penchant for pens, as it were, is Peter Knipp, publisher and co
organiser of the annual World Gourmet Summit food festival. He has an impressive
collection of over a hundred beautifully crafted, limited edition Montblanc pens, each of
which is named after individuals or designed to suit a specific theme. The Writers series,
for instance, has pens named for Hemingway, Wilde, Dumas, Voltaire and Agatha
Christie, among others.

Mr Knipp has an original Meisterstuck from 1954 - his birth year - but the bulk of his
collection consists of boxed sets and individually numbered pens. 'Everyone has a
passion,' he says. 'Collecting is collecting - it doesn't matter what it is. In a way, it's an
investment game, but for me it is mostly about appreciation - you could also call it an
heirloom for my kids.'

Like most avid collectors, he derives immense satisfaction from the simple things, like
spending an hour or two examining the collection, polishing the pens and finding out
more about them on the internet. It's a form a therapy, he says. 'As you get older, you
have an appreciation of older things. There's more to collecting than just watches and
paintings.' Collecting pens even has some unexpected benefits, he says. 'Funnily enough,
ever since I started collecting, I take more care with my handwriting.'

According to vintage enthusiast and car restorer David Baylis, who has owned and driven
some of the greatest vintage cars in the world, including Alfa Romeos, Bugattis and
early-Ferraris, there are over a hundred vintage (pre-1940) cars in Singapore, but the
main threat to collecting - and driving - them concerns the regulations that prevent them
from being used on an impromptu basis.

Vintage cars, which enjoy tax breaks, can only be driven on the road for 28 days a year
but the main problem is each time an owner intends to use his vehicle, he must apply for
a road usage label the day before. If it rains or the owner changes his mind, the he is
considered to have used up one of his allotted 28 days. The result is that many users
don't make full use of their cars.

'The engineering aspect of these cars is very important,' says Mr Baylis, who was working
with auction house Christie's in the late-1980s when it sold a 1931 Bugatti Type 41
Royale for a world record price the equivalent of US$10 million. 'I'm against collectors
who don't use them - but it is becoming increasingly difficult in Singapore.'

Khoo Kay Hong is one Singaporean who does drive the vintage cars in his collection. His
father, Khoo Yeow Khim, is an ardent collector who passed on the love of cars to his son
at an early age. The family collection currently includes several cars (including a concours
condition 1939 MG VA) dating from 1936 to 1970.

Drawbacks include the aforementioned restrictions and difficulty in obtaining insurance,
but Mr Khoo is determined to continue running his cars - and collecting more of them.
High on his list of priorities is a supercharged MG and a pre-World War II BMW 328
roadster. 'If you have a major component failure, though, it's difficult to have it done
here - we've shipped engines back to the UK before.'

'When I was young, I followed my father around visiting workshops,' says Mr Khoo, who
runs a car services company. 'When you drive an old car, you're quite amazed at how
technology has advanced. Can you imagine driving these cars up to Malaysia 40 years
ago? You can appreciate how people used to do things in those days - there's just an
undeniable charm to doing things the old-fashioned way.'

Article by: (BUSSINESSTIMES online edition - Singapore)