Understanding Intangible Value

My dad was a simple man with exquisite taste. His trade allowed him access to items of immense monetary, though sometimes of varying aesthetic, value.

Again, from my childhood memory, set against the backseat of a moving car. Dad passed along a slender golden wristwatch with a tiny cranberry colored face which was no bigger than the size of my thumbnail. He’d asked my 2 older sisters and I if any of us would like (for keeps- was quite common for my dad to bring back small trinkets for us from time to time) to have it. My teenage sisters then merely glanced at it and went ‘meh’. A pugnacious me grabbed the watch and took a superficial look at it before critiquing it in great detail. ‘What an ugly watch! The color is weird... Face is too small.. Can’t read the time properly… Gold is so old fashioned… I wouldn’t want it even if it is free!’

?My usually good-natured dad demanded the watch back and said irritably that we clearly don’t deserve that vintage Patek as none of us could recognize quality and beauty even if it stared us in the face. I had no idea what he’d done with that watch since that evening. However, I did eventually learn that the value of an item can far surpass the initial impression or primary utility that it was built for.

My dad had a lifelong love affair with Patek Philippe though he had access to every other luxury brand. Decades before, he had a Nautilus (long before the recent craze had pushed it to its current bitcoin-esque status) which he’d kept in his briefcase that he would bring out to admire and polish from time to time but goes about with naked wrists every day. I never understood that strange behavior, but I can now infer that when the psychological benefits of a possession has gone beyond the tangible, value can develop into the exponential and irrational space. The premium accorded in such a case cannot be quantified in academic or economic dimensions.

How then, did a century old brand instill such blind loyalty in a discerning man (and his enlightened daughter)? By preserving its history and continuing on an unwavering legacy of uncompromising excellence and quality. Powerfully, it takes its customers along in its journey, unashamedly spanning generations. Years now since dad has left, I’d found myself carrying on and falling in love with his favorite horological models (as I recall fond memories of sorting through his wares and learning the stories behind them) and I believe, so will my children.?

Other business lessons from my dad- Creating value