When King Salman Abdul Aziz Al Suad arrived in Indonesia last March 1, it was reported that he gifted his hosts with ballpoint pens, an Arabian sabre and Rolex watches. Generosity is common among travelling heads of state from the Gulf Region.
A particular favorite for ministries and shaikhs in the Middle East is personalized wristwatches from luxury watch makers like Rolex, Audemars, Piguet and Patek Philippe. These watches are making a comeback in the market because they are highly favored by a shaikh’s protocol department. Some of the luxury pieces are commissioned for heads of states, dignitaries and ambassadors.
Sometimes watches are also given to private jet pilots of the Al Maktoum family, executives of the oil and gas industry, guests at honorary occasions like anniversaries and as gifts to the elite group of British SAS commandos for their assistance in defeating a rebel uprising in Oman.
According to Malek Tarek, managing partner and co-founder of Momentum, most of the watches are not available in retail stores. They only end up in auctions when the recipients of the watches do not appreciate the true value of the gift and prefer to monetize the gift. A few of the watches are considered collectible items, others are not as valuable.
There are thousands of luxury watches but many are kept in lockboxes for sentimental reasons. Resellers of the watches say that most of the watches come from foreign sellers who do not have a sense of patriotism.
The value of a vintage watch depends on how many were produced, its rarity, condition, its box and papers, the giver of the gift, who has owned it and where it came from. The emblem also makes the watch quite rare. It is also an important quality that makes the watch tremendously appealing to collectors. These desirable watches continue to gain value worldwide.
It has become convenient to buy Danish design watches online instead of shops and department stores. Danish-designed watches are perfect for a consumer who is conscious of quality but wants it for an affordable price. The design has timeless elegance with a modern edge suitable for any lifestyle.