Partners in Time Watch Update by Trent Crowley
Sept 29,2007

It's been almost 5 months since I last wrote to everyone regarding the "horological landscape".
Many things have transpired since then that need addressing. I will attempt to do so in this update.

After a very strong spring and summer the market has decided it's time for reflection.These last several years
especially have produced tremendous gains in collectible watches especially Patek Philippe and vintage Rolex.
We all know that markets ebb and flow, and the collectible watch market is no different. We must remember
that today we are in a very unique place when it comes to the global market. These are uncharted waters for
everyone and we can only base our decisions going forward when it comes to investing in watches, or anything
for that matter, based on past history and with the current information we have available to us. Thanks to the
internet we are not at a loss for information and data. In the last few months I have been slow to digest all the
changes regarding the US and global economy especially regarding the real estate and credit markets here
and how this will affect the collectible watch market. I have spoken to many colleagues, clients and business
leaders from around the world with hopes of finding out what the "global climate" is for going forward.

Last week I picked up a copy of "The Age of Turbulence" by Alan Greenspan and have been reading it
almost daily since.This book will make you laugh and cringe at times but it's a definite read if your a study
of econometrics and how this affects our daily lives.(Most importantly our investments) We are certainly
entering a "season of change" and I believe it will bring all kinds of challenges and rewards for those of us
passionate about collecting watches.

September 26, 2007 was the first auction for the fall season held by Antiquorum in New York. The results were
less than spectacular, but nothing occured that would signal a downturn. Based on my observation prices
for quality Pateks and Rolex did very well and did not give up any ground in price. Everything remained
pretty much "status quo". That's about the best you can expect during this reflection period. I believe going forward
we must begin to search even harder for those overlooked and undervalued collectible watches.

Patek offers many pieces today in vintage and modern that are simply undervalued based on rarity and complication.
For example the Patek 591 and 1526 which represent the first chronograph and perpetual ever produced are still
trading at very reasonable prices and I believe these are good investments at the current level. Some of the Patek
complications such as the vintage Ref 2499 and Ref 1518 are simply at their peaks for the moment and while they
will go higher eventually, I do believe there are other watches more potent in value and return.The 5101P remains a
mystery to me but I do believe that the value will rise substantially after it's discontinued and that will probably occur
in 2007 or 2008. It remains the only grand complication trading at under current retail value. At the top tier the
minute repeaters continue to move forward and I would contend that buyers in this area are not threatened by
short term trends and the market value at this level will continue to move forward as the pieces available globally
remain in very short supply.The core market in Patek which is the 150,000 and under continues to remain the
most active area as new collectors are pouring in daily buying Ref 3970's,5970's,5960's, 3940's, 5070's and more.

I speak to new collectors daily who are just now purchasing their first Patek Philippe timepiece and this trend will
absolutely continue to keep the market strong at this level. Many dealers today are reporting brands such as
Lange & Sohne, FP Journe, Ulysse Nardin and Audemars Piguet as attracting many new collectors and the days
ahead look promising for these brands. Unlike Patek Philippe these brands rely more on "cult followers" who admire
the watches more for passion than actually buying them for investment. Not to say that Patek collectors only buy for
investment but it's much more difficult to buy other brands and know what your watch will be worth in 5-10 years.
With Patek Philippe you can buy any complication and know in 10 years you made a good decison. It's really the
ultimate timepiece for the eliteist collector and I doubt this will ever change. In speaking with collectors daily I would
say 50% of you seem to buy passionately for collecting but prefer to wear your watches and the other half seems to
enjoy collecting for the passion of investment or "making money". I get asked daily where are the real "money makers".
Since my business is watches, I understand both worlds and always strive to keep both sides on the same playing field.
The simply answer is that everyone wins in the world of collecting today. Whether you are buying a Patek Philippe to wear,
or putting it away for the investment you will have found yourself making a great decision in 10 years regardless of your choice.That's the beauty of Patek. As I have stated before collecting is for the enjoyment and contentment found in
procuring a great timepiece that becomes a very important part of our daily lives.

All in all, 2007 has been a very good year in the world of horology and I believe while the market is "catching it's breath"
for the moment that it will continue to grow in 2008 at a nice pace. In fact the remainder of 2007 offers some real
buying opportunities for those able to take advantage.

As always, I look forward to the days ahead and hearing from each of you.

Your partner in TIME,
Trent Crowley
Astor Online
President