New Company: Rent a Luxury Watch Such As Patek Philippe
Looking wealthy has never been cheaper. Even if you can’t afford a Lamborghini, proverbial mansion or yacht there are many companies where you can rent such things for a fraction of the price.
The new company Eleven James has launched the option of renting a luxury timepiece every couple of months for an annual fee. The brands available to rent include top names like Patek Philippe, Audemars, Rolex and Cartier.
The founder of the company is not just somebody but the former executive at fractional-jet giant NetJets, Randy Brandoff. According to Brandoff today’s wealthy want to be smarter about their spending. They prefer to rent rather than own.
“The vast majority of our target consumers have leased a car rather than buying it, rented a vacation home or enjoyed other prized possessions without purchasing them,” he said. Watches, Brandoff said “are the next vanguard” in the luxury rental/timeshare world.
Eleven James has different customer plans depening on the value and number of watches a client desires every year.
The “Aficionado” plan offers watches between $7000 and $15.000 and the client pays $2700 for three two-month long watch rotations per year, or $4.850 for six two-month long rotations per year.
The “Connoisseur” plan includes watches priced between $15,000 and $30,000, and costs $4,950 for three watch rotations a year or $8,950 for six watch rotations a year.
The “Virtuoso” plan includes watches in the $30,000 to $50,000 range, and costs $9,700 for three watch rotations or $17,250 for six rotations per year.
“Most watch lovers follow the same pattern,” he said. “The first six months after they buy a watch, they love it. The second six months, they don’t love it as much. And by the third six months, it gets put on the pile and replaced by one or numerous others.” Brandoff said.
He said that “at any level of wealth, when you have six- or seven-figures worth of a certain asset that generally depreciates, it’s going to give you pause to buy more.”
The company’s goal is to have 1000 members within the next year.