The Watch Library is as simple as its name: a library of different watches that members can check-in and check-out. Rather then owning a number of dress, casual, and sport watches, a Watch Library member could simply borrow one for a few days or a special occasion and return it when ready for something new.
Watch Library v1.0 existed at the Club for a little over a year through a partnership with a watch retailer. For a reasonable monthly fee, a member had access to almost 40 different watches worth over $300,000. For a variety of reasons, it never took off, and the watches were returned last year. We're reconfiguring the program in the hopes that we can resurrect what seems like a great idea.
Watch Library v2.0 will rely primarily on interested members contributing one of their watches from their own collection to the Library in exchange for access to all of the other watches. True watch lovers all own multiple watches, and there is likely one sitting in a winder or a case that you might be bored with, but which might fit a member's need perfectly.
Members may borrow any watch for a period not to exceed three (3) weeks at a time. No single watch can be checked out by a member for more than six (6) weeks in a twelve (12) month period. This ensures that every member is exposed to a variety of brands & models.
Watches will be safely stored and properly wound in an Orbita Bergamo 40 that the Club still has in the lobby that supports individualized programming for each watch, including turns per day, winding direction, and auto-reversing if required.
The primary objective of the Library is to offer a wide variety of options so that there is a "watch for every occasion." The model portfolio would contain a mix of some dress, casual, sport, and vintage watches. We would strive to keep a Library that includes some representation from Rolex, Patek, Panerai, IWC, Jaeger Le-Coultre, Girard Perregaux, Cartier, Bremont, Omega, Breitling, Uboat, Bell & Ross, Maurice Lacroix, and more, We will make our best effort to keep the Library fresh.
Goal: 20 watches and $50,000
Rewards: There are two different options for participating: one involves loaning an approved watch and paying a small fee, and the other involves just paying a fee that will be converted into a watch if/when the member retires their Library access.
- Option 1: Loan a watch to the Library with an original MSRP between $5,000-$15,000 and pay a one-time fee of $1,000; or
- Option 2: Pay a one-time fee of $6,000 for lifetime access to the Watch Library. After a year of membership, you may apply $5,000 of the fee to a watch from the assortment that Wingtip has procured (i.e. loaned watches from members are not eligible).
The Fine Print: As with any of the crowdfunding campaigns Wingtip is running, funds will not be collected until the campaign goal is met. We will periodically update the membership with progress, especially as we get close. Once the goal is met, checks are preferred, but credit cards can be accepted.
Q. Why does Wingtip need $50,000 if the watches are all loaned?
A. Good question, and the easy answer is that not all the watches can be loaned. Let's say we have 20 members loan 20 watches. Then we have one watch for every member. But if every member is borrowing a watch, then when you return yours, there is nothing new to borrow. The Library needs at least a handful more watches then it has members to give members a choice of what they would borrow. The cash will be used to procure an assortment of pre-owned watches to fill out the assortment, and ensure that a member has some choice over the next watch they borrow.
Q. If I loan a watch, why do I have to pay anything?
A. The fee is to help us purchase the full assortment of watches, as well as to cover other costs such as insurance and maintenance.
Q. Can I loan any watch to be a part of the Library?
A. The watch must be approved by Wingtip and a majority of Watch Library members. Original MSRP for the watch should be greater then $5,000 and not higher then $15,000. Sentimental watches should not be loaned (while we will do our best to avoid accidents, we don't want to be responsible for your father's Patek that he handed down to you on his deathbed).
Q. Does Wingtip have any plans to get into the retail watch business?
A. Absolutely. However, the luxury watch business is very expensive to enter. Opening orders for many of the brands you know and love are $50,000-$250,000 for a single brand. The long-term hope is definitely to have an entire floor of watch boutiques in the building, but that reality is probably 5-10 years away. The Watch Library is a great first step for Wingtip to start to establish itself as a player in the watch industry.
Q. Can I sell my used watch to an interested member?
A. Yes. Upon loaning your watch to the Library, let us know the price you'd like to get for it, and should anyone express interest, we will let them know the price. Wingtip will keep a 5% transaction fee. Just remember that if your loaner granted you access to the Library, you need to replace the watch that was sold with something new.
Q. Will you cap Library membership?
A. Yes. Membership will be capped at 50 Watch Library members.