OCT 2013: INVESTING IN CLOCKS: AN OXYMORON???

IN

Just to amuse myself I obtained a copy of a book published in 1967 bearing the title “Investing in Clocks & Watches” by PW Cumhail. With nearly half a century having passed I expected some hilarious gaffs given what has happened to values of some classes of horological chattels. First, the book was purchased for 62p on ABEBOOKS, the best site for buying out of print books. Originally retailed in old money at 50 shillings, the wisdom in the book has clearly left investors cold as collectors have not made this a must have and much searched after tome.

Eagerly looking for gaffs I highlighted some passages which are repeated below:-

Collecting provides a hedge against inflation and currency devaluation, but this should be thought of as a fringe benefit..

The main aim behind any kind of collection should never be profit.

All things being equal Thomas Tompion’s clocks will fetch the highest prices….it is rare for even a suspect clock to fetch less than £750, a good one can easily go to 20 times that price.

Clocks …should be cleaned and oiled once every five years. People may say that they have had a clock for 40 years and it has never needed cleaning… When it eventually makes an expensive noise they will probably cry bloody murder if the repair estimate is over £5.

Mostly the horological market has been steadily rising….

The price of Knibb clocks has been rising steadily since the publication of R A Lee’s book…at over £5500 only the rich…..

The difficulty today is not always one of separating the wholly true from the wholly false but deciding how much may be original.

There are perhaps 12 horological experts in the world..

It is difficult to forecast the future of the long-case clock. There is no reason to think there will be any drop in the prices of really good specimens….

If the prospect of successful horological investment looks black, it is a mistaken impression. It has never been so good.

Mr Cumhail only really got it wrong in repeating the famous phrase uttered by Conservative Prime Minister Harold Macmillan in 1957 that we had never had it so good.