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   Inside the ‘Super Bowl of the Watch World’
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   Last week, dealers from across the world set up shop in Miami for the most important vintage watch show in the world. I spoke with three dealers on the ground about how it's shaping the watch market.
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                    <img alt="An assortment of different luxury watches" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Ffss%252Ffbht11%252F43b71f4e-8d6f-41d9-8c2a-72c8f633b4f0%252Fsachadavidoff%252B.jpeg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCIsInRpbWUiOjE3NzUyMTc3NjguMDAyNDMxfQ:1w8dEe:0_DFoEWkUzX_OaO7TuyGo_RJRK0ke_OQe6OEfIyKypc" style="display:block;height:auto;border:0;width:100%" title="An assortment of different luxury watches" width="560"/>
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                  <p style="margin:0">
                   A vintage Audemars Piguet Starwheel with a rare purple dial / Courtesy Sacha Davidoff
                  </p>
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                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <em>
                      Hey friends, it’s me, Cam. I’m back and excited to be defrosting my fingers after paternity leave. Many thanks to Jeremy Freed for holding it down while I was away. Let’s get to it.
                     </em>
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     The watch world is prone to finding hyperbole in anything. Check any auction result, and you’ll find records even Guinness wouldn’t be inventive enough to come up with, say, the highest-selling watch of such and such brand with this
                     <em>
                      very
                     </em>
                     <em>
                      particular
                     </em>
                     detail that Gérald Genta once sneezed on. So, when I gathered with a group of dealers to discuss last week’s Original Miami Beach Antique Show, I made sure to clarify: This isn’t the most important vintage watch show in March, in Miami, or even just the United States, right? “It's the most important show in the world as a dealer,” replied
                     <a rel="noopener" style="text-decoration: underline; color: #000000;" target="_blank">
                      Mike Nouveau
                     </a>
                     ,
                     <a style="text-decoration: underline; color: #000000;">
                      the dealer and King of Watch TikTok
                     </a>
                     .
                     <a rel="noopener" style="text-decoration: underline; color: #000000;" target="_blank">
                      Adam Golden, the dealer behind Menta Watches
                     </a>
                     , added, “It's become the Super Bowl of the watch world,” he says.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     The show has grown into a destination not just to sell mid-tier pieces, but to put the best of the best on display;
                     <a rel="noopener" style="text-decoration: underline; color: #000000;" target="_blank">
                      Sacha Davidoff, of the vintage shop Roy &amp; Sacha Davidoff
                     </a>
                     , purposefully held back his most prized stock to display it here. The Original Miami Beach Antique Show (or OMBAS, if you’re cool) is also where the market and trends reveal themselves. The group of dealers agreed that the watch market, after enduring storm clouds the past few years, is gaining strength, mostly on the back of pricey and rare models. “In five days, revenue-wise, I did a little less than what I would do in an entire month,” Golden said.
                    </span>
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                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     I wanted to know what made OMBAS such a significant piece of the watch calendar so I convened three dealers who were on the ground—Nouveau, Golden, and Davidoff—to discuss private jets, six-figure sales, and navigating a post-trend world.
                    </span>
                   </p>
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                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <em>
                      This interview has been edited for clarity and length.
                     </em>
                    </span>
                   </p>
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                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      <em>
                       B+P:
                      </em>
                     </strong>
                     <strong>
                      Mike, I have to ask about the private jet down to Miami.
                     </strong>
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Nouveau:
                     </strong>
                     Yeah, Adam, did you know about that? I don't think you mentioned it.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Golden:
                     </strong>
                     Mike and his group were across the hall from me and I would shout out, “Hey, are we fueling up the PJ to go for lunch?” Just to screw with him the entire week. It was not Mike's, obviously.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      <em>
                       B+P:
                      </em>
                     </strong>
                     <strong>
                      Conspicuous
                     </strong>
                     <a style="text-decoration: underline; color: #000000;">
                      <strong>
                       PJ video
                      </strong>
                     </a>
                     <strong>
                      from Mike. Anyway, Adam, give me just some background on the Original Miami Beach Antique Show (OMBAS) and why it’s become so important.
                     </strong>
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Golden:
                     </strong>
                     The show has been around for a very, very long time. I would say it's the most important domestic trade show that is open to the public by a landslide. We're talking about it in the context of watches today, but you also have to understand that we're in a massive convention center that is filled to the brim with 400-plus vendors that are not just watch dealers, but there are jewelers. You walk by a booth and you'll see a colored stone that's $3 million, then you walk a few rows down and see a cool Cartier lighter at an antique shop, paintings, furniture, or whatever. So it's not just watches. It's a little bit of everything.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     It's really become the Super Bowl of the watch world, because everybody comes in town, you have the best dealers in the game setting up. You get to see the best watches. You can walk to Mike’s booth and see the crazy Patek Philippe that's on his wrist right now. Then you can walk across the hall and see Sacha's purple Audemars Piguet Starwheel that you'll never see anywhere else. You can walk over to the booth for [the auction house] Monaco Legend Group, and see the most batshit, insane watches. You want to walk up and touch and feel a $5 million watch? They'll hand it to you, no problem.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      <em>
                       B+P:
                      </em>
                     </strong>
                     <strong>
                      Mike, I've talked to you about going to all these shows in Germany and Italy. How would you compare OMBAS to that in terms of impact and scale?
                     </strong>
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Nouveau:
                     </strong>
                     I think it's the most important show in the world as a dealer. I mean, it’s really a dealer show the public is allowed into—everyone is selling mostly dealer-to-dealer.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      <em>
                       B+P:
                      </em>
                     </strong>
                     <strong>
                      Sacha, what was your perspective?
                     </strong>
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Davidoff:
                     </strong>
                     The thing I noticed this year was that the watches were at higher price points than they were in the past years. Because of tariffs, it didn’t make sense to bring more entry-level pieces, so we brought watches that were more special, like the AP Purple Starwheel or a perpetual calendar with a mother-of-pearl dial. These watches are so special that you're coming to the show to see them. They’re not on our website, and we haven't shown them. We really held back a lot to come in with special watches that people would buy impulsively, regardless of price point.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      <em>
                       B+P:
                      </em>
                     </strong>
                     <strong>
                      How do you feel the show being open to the public affects it? Tony Traina
                     </strong>
                     <a style="text-decoration: underline; color: #000000;">
                      <strong>
                       wrote in his newsletter
                      </strong>
                     </a>
                     <strong>
                      that there are now influencers trying to make quick content. Do you guys see it as a good thing or a bad thing?
                     </strong>
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Golden:
                     </strong>
                     Mike took that one on the chin.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      <em>
                       B+P:
                      </em>
                     </strong>
                     <strong>
                      Tony was talking about random guys just trying to film a flip.
                     </strong>
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Nouveau:
                     </strong>
                     I don’t think there were many people like that who were not dealers.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Golden:
                     </strong>
                     You know, I give Mike a lot of shit, obviously, for being
                     <a style="text-decoration: underline; color: #000000;">
                      Mr. TikTok superstar
                     </a>
                     , but it's all in good fun because Mike's a good friend and I respect what he's built tremendously. Don't print that, please, but it’s true. And the fact of the matter is that guys like Mike and other guys doing videos, even if it's the occasional flip attempt, just raise the profile of the industry and of the hobby and bring more people into the fold. And, yes, obviously, that equates to more sales for the three of us here, but it also keeps the hobby alive.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     My dad [who is a passionate collector of stamps] went to DC for a stamp show. And my dad, who was born in 1954, came back, and was like, I was the youngest guy at that show. With watches, we have now younger dealers every day entering the fold, younger collectors. There's a 15-year-old kid in Miami going around trying to be a dealer. The fact that the newer generation, which is so fueled by social media and influencers, is getting into it is a net positive for me.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Davidoff:
                     </strong>
                     I learned early on that being right next to your competitor is better for everyone than trying to be on your own, far away. Car dealerships realized this decades ago: when they all set up on one street, they all started selling more because people knew they wanted to buy a car, even if they didn't know exactly which one.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Golden:
                     </strong>
                     Just to bring it back full circle, I think that's the beauty of OMBAS and why it's so important as a trade show—because it brings us all together and encourages people to work together for the sake of business and also for the sake of the passion of the hobby.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Nouveau:
                     </strong>
                     It really does feel almost like a festival environment. And I feel like selling the watches is almost like a secondary thing to meeting everyone, and, you know, having cool conversations and making content.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Golden:
                     </strong>
                     And to buy fucking watches. This was a record year for everybody. Mike, I know it's only your second year doing the show, so you're still kind of gaining your sea legs, but all the guys who have been doing it a lot of years, like myself, were like, "This was crazy. This is probably the best show they’ve ever done.”
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      <em>
                       B+P:
                      </em>
                     </strong>
                     <strong>
                      So you said it's a record-breaking year. What does that look like from a numbers perspective?
                     </strong>
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Golden:
                     </strong>
                     In the lead-up to the show, when all the dealers got into town, I probably sold 10 watches. Then, at the actual show, I sold 45 watches in the five days of the actual show. Now, I think last year, maybe we did 25, which was still not bad! In terms of revenue, we also did, not double, but about 60% more in terms of dollars and cents. Essentially, in five days, revenue-wise, I did a little less than what I would do in an entire month.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Davidoff:
                     </strong>
                     I just did the numbers today, I sold 20% more in quantity of watches and 50% more in value versus last year. And last year was already wild for me. We sold fewer watches, but for way more money so that was an accomplishment.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Golden:
                     </strong>
                     The amount of six-figure watches I sold this year eclipses any other show. Usually we get, like, one sale, you know? This time we did five six-figure sales.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <br/>
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Nouveau:
                     </strong>
                     I definitely have far less inventory than these guys, but I think I sold 10 to 12 watches. But I bought really well, which is honestly so much more important, because I know all the watches will eventually sell. Buying and sourcing are the hardest parts. So I was able to buy super, super well, which to me brings me way more joy than just receiving a wire for a watch.
                    </span>
                   </p>
                  </div>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="image_block block-6" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="width:100%">
                 <div align="center" class="alignment">
                  <div style="max-width:560px">
                   <a target="_blank">
                    <img alt="Courtesy of the Field Museum" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Ffss%252Ffbht11%252F1e483693-b517-4e8d-b787-347f294184aa%252FmikeNarmadillo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCIsInRpbWUiOjE3NzUyMTc3NjguMDAyNjIyMX0:1w8dEe:RRpDWuf__yLWlwo3P-7XQI--B8G-b9W60KfCBXjlS3E" style="display:block;height:auto;border:0;width:100%" title="Courtesy of the Field Museum" width="560"/>
                   </a>
                  </div>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-7" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-left:15px;padding-right:10px">
                 <div style="color:#9e9b9b;direction:ltr;font-family:Georgia,Times,'Times New Roman',serif;font-size:13px;font-weight:400;letter-spacing:0;line-height:1.2;text-align:left;mso-line-height-alt:16px">
                  <p style="margin:0">
                   <em>
                    Courtesy of Mike Nouveau
                   </em>
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="text_block block-8" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:25px;padding-left:15px;padding-right:15px;padding-top:25px">
                 <div style="font-family:Georgia,'Times New Roman',serif">
                  <div class="" style="font-family:Georgia,Times,'Times New Roman',serif;font-size:12px;mso-line-height-alt:18px;color:#000;line-height:1.5">
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      <em>
                       B+P:
                      </em>
                     </strong>
                     <strong>
                      What was the most interesting thing you ended up buying?
                     </strong>
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Nouveau:
                     </strong>
                     I bought a really amazing pre-reference Patek Philippe called “the Armadillo,” from Matt Bain, which I'm wearing right now. It's an insane watch. There is a reference that's similar—the ref. 77—which is barely known, but it’s the square version of this.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     This is a tonneau-shaped watch on a Gay Frères bracelet. They didn't know it was a Gay Frères until I showed it to [the legendary collector and author] John Goldberger at Adam’s party. He thought they made it, but I didn’t see any mark. He told me exactly where it was and I louped it. Sure enough, there's a Gay Frères hallmark. So that's pretty exciting. And Bain had the extract to this, which is pretty important. It's a pretty thorough extract, so I think it's just an incredible find. I’d never seen it before. It's not in any of the guides or any databases. I'm really excited by it, as anyone who's following me knows, I’ve
                     <a style="text-decoration: underline; color: #000000;">
                      posted it like 10 times
                     </a>
                     . I really think it's like an awesome watch.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      <em>
                       B+P:
                      </em>
                     </strong>
                     <strong>
                      So does the show crystallize anything about the market for you guys? Do you walk away like, “’30s Patek or neo-vintage watches are really hot right now”?
                     </strong>
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Golden:
                     </strong>
                     For me, what was really interesting—I'm looking at my list right now—we have three APs that were sold, we have a Girard-Perregaux, we have a dozen Pateks, a dozen Rolexes, an Enicar, and a Heuer, a Cartier, and a Vacheron Constantin. So, the list was really exhaustive, so it solidifies that the market has really grown so much that it's almost becoming trend-proof. People are so educated that there is more out there than just Rolex, AP, and Patek. There's so much more out there, and you could get into these other brands and not have to worry so much that they're too niche and you'll never resell them, because there's so much education in the market, and it's grown so much that people are looking for so much more variety. There wasn't a mad rush to find just one watch like there had been in years prior.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Nouveau:
                     </strong>
                     I mean, if Adam sold a Girard-Perregaux, you know the market is hot. But I agree, there was no overlying trend. Everyone wanted everything.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      <em>
                       B+P
                      </em>
                     </strong>
                     <strong>
                      <em>
                       :
                      </em>
                     </strong>
                     <strong>
                      It's cool because what you guys are saying really mirrors what's happening in fashion, where we've moved into almost a post-trend world, where everything can be cool, and people are more willing to chase down their own taste. It sounds like a little bit of that is bleeding over into the watch world.
                     </strong>
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      You guys have mentioned throughout this call that the market is surprisingly strong and vigorous. Why do you think that is after so many years of doom and gloom around the industry?
                     </strong>
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Davidoff:
                     </strong>
                     I think it's an escape.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Nouveau:
                     </strong>
                     There are just more people involved than ever.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Golden:
                     </strong>
                     Mike is right: there are more people involved than ever, but I also think that living through COVID, where everything was doom and gloom, but we got through it, and people recognize that we only have so much time here, we might as well enjoy the time we have. Even if you're on a lower budget, if you've been saving up to buy the $4,000 Datejust, you can be confident in the watch that you’re not just throwing away money.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Davidoff:
                     </strong>
                     You know what I haven't gotten in a long, long time, though, is the question of: Is this a good investment? That's almost disappeared, to my great joy. People, especially just right after COVID, were like, “Am I going to double up on this?” “Should I have a portfolio?” The old mantra from dealers has always been, “Forget the investment and just buy what you love.” It's finally coming true.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      <em>
                       B+P:
                      </em>
                     </strong>
                     <strong>
                      What's the most interesting thing you guys either bought, sold, or saw?
                     </strong>
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Golden:
                     </strong>
                     I bought this cushion-shaped Audemars Piguet in yellow gold. The stone is something that I personally have never heard of. I put it on Instagram to see if people knew yesterday, and actually got people who knew exactly what it was. It's from this region that's close to where Jade is found in Burma, and the stone is called maw sit sit. So it’s an Audemars Piguet with this really rare stone dial.
                    </span>
                   </p>
                  </div>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="image_block block-9" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="width:100%">
                 <div align="center" class="alignment">
                  <div style="max-width:560px">
                   <a target="_blank">
                    <img alt="The Arnold &amp; Son Luna Magna Platinum. " height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Ffss%252Ffbht11%252F07caf77e-ab6d-405f-93fc-3317093f1e50%252Fadamgolden.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCIsInRpbWUiOjE3NzUyMTc3NjguMDAyODM0fQ:1w8dEe:OvheILd21oHrgGBtqNKgcS2hneGseqp_jUVAoatl9uM" style="display:block;height:auto;border:0;width:100%" title="The Arnold &amp; Son Luna Magna Platinum. " width="560"/>
                   </a>
                  </div>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-10" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-left:15px;padding-right:10px">
                 <div style="color:#9e9b9b;direction:ltr;font-family:Georgia,Times,'Times New Roman',serif;font-size:13px;font-weight:400;letter-spacing:0;line-height:1.2;text-align:left;mso-line-height-alt:16px">
                  <p style="margin:0">
                   <em>
                    Courtesy of Adam Golden
                   </em>
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="text_block block-11" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:25px;padding-left:15px;padding-right:15px;padding-top:25px">
                 <div style="font-family:Georgia,'Times New Roman',serif">
                  <div class="" style="font-family:Georgia,Times,'Times New Roman',serif;font-size:12px;mso-line-height-alt:18px;color:#000;line-height:1.5">
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     In terms of what I saw, I would put the watch on Mike’s wrist up there. Monaco Legend Group has some really cool stuff coming up at auction. One of them that really knocked my socks off was a
                     <a style="text-decoration: underline; color: #000000;">
                      Patek Philippe ref. 3448
                     </a>
                     , in yellow gold, with a matching dorè dial, box and papers, and a luminous dial. And the watch was fucking cherry.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      <em>
                       B+P:
                      </em>
                     </strong>
                     <strong>
                      Mike, I assume for you it was the Armadillo.
                     </strong>
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Nouveau:
                     </strong>
                     Yeah, that was my best purchase. One of the best watches I saw was from Monaco Legend Group, a ref. 1463, a steel Tasti Tondi with a pink dial and rose-gold indices. So,
                     <a style="text-decoration: underline; color: #000000;">
                      salmonon-salmon
                     </a>
                     dial with a steel case. That’s an insane combination.
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      <em>
                       B+P:
                      </em>
                     </strong>
                     You're gonna sell that Armadillo, though, right?
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Nouveau:
                     </strong>
                     Yeah, it’s for sale. [
                     <em>
                      Ed. note: Shortly after our call, Nouveau sold the watch.
                     </em>
                     ]
                    </span>
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:18px">
                   </p>
                   <p style="margin:0;font-size:17px;mso-line-height-alt:25.5px">
                    <span style="word-break: break-word; font-size: 17px;">
                     <strong>
                      Davidoff:
                     </strong>
                     Best thing I saw was from John Reardon, a Henry Graves pocketwatch [
                     <em>
                      a different pocketwatch from the American banker sold for $24 million in 2014
                     </em>
                     ]. It was a beginner-level Henry Graves. I'm not a pocket watch collector, buyer, or seller, but I thought that was interesting.
                    </span>
                   </p>
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                    <span style="word-break: break-word; font-size: 17px;">
                     In terms of the watch that I enjoyed selling the most, it was my purple Starwheel. That was the first watch I sold at the antique show last year. Days before the show, I bought it back from last year’s buyer. I had a lot of FOMO on that watch because it went right away [in 2025], and people came to see it and couldn't buy it. A client of mine was hanging out of the booth, looked in the showcase, and was like, “Are you kidding? I wanted to buy this last year, and you sold it right before I got there. Why wouldn't you tell me?” I had completely forgotten. He's like, “Well, I'm taking it.” I'm like, “Well, you could have asked me the price first.”
                    </span>
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