The Countdown | Collecting Vintage Watches, Guitars, and Cars

'Some watches I love to look at, some I love to wear. It's important to know the difference.'

Oct 23, 2025

Good morning. On Monday, I visited Stoll & Co. in Dayton, Ohio. Ron Stoll and his daughter Emily have built an impressive operation with 40 watchmakers, perhaps the largest such independent service center in the U.S. I also visited with Fred Savage, who’s spending time there building Timepiece Grading Specialists. I’ll have more on both in the next few weeks, but here’s Fred’s Seiko Pogue (I’m kicking myself for not getting a photo of Emily’s Breguet Tradition):

In today’s newsletter: Another edition of The Countdown, a look inside the mind of a collector that follows a simple 3-2-1 format:

3 watches that define their taste
2 objects they love
1 piece of advice

Find previous editions here. But first—

The Roundup

The Golden Rule of Watch Collecting Is Total Bullsh*t, I wrote for GQ. “Buy what you love” might be the most overused—and useless—advice in collecting. Love isn’t the starting point; it’s the result. You fall for a watch after you’ve lived with it and understood it.
Better advice? Buy what you understand. Figure out what actually draws you to a watch—history, design, status, whatever—and you’ll end up with a collection that feels like you, not your algorithm.
I’m intrigued by the first release from FP Journe Prize winners Aubert & Ramel. But also curious how many more CHF 70k (~$90k) three-hand watches the market can handle. The duo interned with Simon Brette, and you can definitely see the influence. (Monochrome)
Why is Switzerland so rich? “By now, a central goal of Swiss politics is to keep the golden goose alive. While it would take a lot longer to identify all the other factors that underpin Swiss growth, liberal governance seems among the most obvious candidates.” (Substack)
Veblenist in the New York Times. Straps straight from Chicago.

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THE COUNTDOWN

What guitars, cars, and watches have in common

Mitch Katz is a long-time collector from Connecticut. He made his career in exotic car financing, but he’s also a talented musician. He loves cars, but also collects guitars and watches. The past few years, he’s homed in on collecting top-condition vintage watches.

“When I bought a watch that wasn’t up to standard, it was usually because I didn’t know at the time,” Mitch says. “I’d want a vintage Daytona and see one that felt unique, but it wasn’t in the condition I’d buy now. As your knowledge and scholarship grow, you learn what’s going to bother you. Now, I can look at a watch, and if I see something I know isn’t right, that’s what I’ll see every time I look at it.”

Mitch is very discerning about condition, so I asked him to expand on his preferences:

On cases: “As much as I prefer unpolished cases, I’ll buy a watch that’s been lightly polished if the lugs are thick and even. There are a lot of beautiful watches that are lightly polished—and opinions often vary on whether something is or isn’t ‘unpolished.’”
On dials: “I’m more particular about the dial. I’ve bought watches with minor blemishes, and eventually that’s all I see.”

We caught up at Rolliefest in September to chat watches, guitars, and cars. Mitch had 6-7 watches with him, but here are a few of his favorites.

Photo courtesy of James Fisk (other photos by me!)

Heuer ‘Skipperera’ ref. 7754

“I bought this Skipperera towards the end of 2020,” Mitch says.

Heuer released the Skipper in the mid-60s to celebrate the Intrepid’s 1967 America’s Cup win. Its dial reflects the yacht’s colors, and the 3 o’clock subdial features a 15-minute regatta countdown.

“I love the case of the Carrera—the size, the sharpness of the lugs, but the color sets this apart.” And with only a couple dozen known, the Skipperera is also one of the rarest vintage Heuers.

Having made his career in cars, Mitch has continued to be drawn to vintage Heuer’s connection to racing. “I don’t like the modern stuff as much, except for the new Formula 1,” Mitch said, adding that he’s picked up a limited-edition KITH Formula 1 and a new solar-powered F1.

Patek Philippe ref. 3940 Perpetual Calendar ‘First Series’

patek philippe 3940 and rolex paul newman daytona — Patek 3940 First Series, alongside Mitch's Paul Newman.

“A good friend of mine found this at an antique store on vacation in Vermont,” Mitch says. At first, he thought the price was too high—but a second look revealed it was a First Series 3940. While Patek made 7,000–8,000 ref. 3940s, only about 1,400 were First Series.

Mitch admits his original plan was to flip it. He already had a later 3940P at the time, but when he saw the two side-by-side, he couldn’t stop looking at the First Series dial. It has a warmth, depth, and charm he didn’t quite feel in the later platinum 3940. So he sold his 3940P and kept the First Series 3940J.

The First Series 3940 is distinguished by its hand-carved subdials, which give more depth and character than later versions. Patek Philippe often used Stern Frères for dial production, but it also contracted with Singer to produce dials for these early 3940s. These Singer and Stern dials have slight differences. Mitch’s has a Singer dial, most easily identified by its more sloped recesses and the Swiss below 6 o’clock (“σ . SWISS . σ”, as opposed to “σ SWISS σ” on Stern dials—we’ve also discussed these differences in a previous podcast with Ben Dunn).

Not a bad antique shop find.

Rolex Daytona ref. 6241 ‘Paul Newman’

“I hadn’t been seriously looking for a Paul Newman, but when [dealer] Eric Wind listed this watch, I felt a little flutter in my heart,” Mitch said. A few days later, Eric’s colleague Charlie Dunne flew to deliver the watch to Mitch.

“It’s everything I’d hoped it would be,” Mitch said. “I don’t wear it that often, but when I do, I can’t stop looking at it.”

Any Paul Newman Daytona is a grail watch for pretty much any collector, so I asked Mitch: Does the feeling of ‘what’s next’ go away after acquiring a dream watch? He said:

“I don’t know if that feeling ever goes away. But now, it’s not what’s next in terms of a ‘grail’ because there’s not much that could be better—this watch is just too good.”

Introduced in the mid-60s after the 6239, the Daytona ref. 6241 keeps pump pushers but swaps the steel tachymeter bezel for acrylic. The black bezel makes it feel larger on the wrist, and with only a few thousand produced through 1969, it’s super rare.

“It’s 90-year-old wood, so any sap has dried out, which means it’s really resonant. It’s a unique sound, and once you get an ear for it, it’s all you want to play.” *Image courtesy of Mitch Katz.*

1937 Martin 00-18 ‘Shade Top’

“I started playing guitar in my teens,” Mitch says. He did some performing and cover music, and has even recorded three albums of original music (he’s working on his fourth). Nowadays, he’ll play shows of his own music, strumming his own acoustic guitar (Mitch on Spotify).

The 1930s were the golden era of Martin Guitars. They’re lighter, with natural wood tops that allow you to see the grain in the wood. To compete with Gibson, Martin started making “Shade Tops,” which have a sunburst finish that fades from a darker color on the edges to a lighter, natural color in the center of the top.

They’re much harder to find than natural-finished models, especially from this pre-war era.

“Two consecutive serials might sound completely different,” Mitch said. Wood is a living thing, and these were handmade guitars, so each one has its own character. “Some are magical, others aren’t so great.”

Kinda like watches, guitars are factory-made today—still assembled by hand, but everyone comes out looking the same and sounding similar. The wood and finish is also thicker.

“I’ve done a couple gigs with this one already,” he said.

1973 Porsche 911S

After selling the Alfa he’d owned for 21 years, Mitch thought he was done with vintage cars. Until a 1973 Porsche 911S came along.

It’s the last year of the “long-nose” 911 before DOT-mandated bumpers dulled the lines and the power. The ‘73 911S has everything enthusiasts love about early Porsches: 190 horsepower, a high-revving engine that wakes up at higher rpm, and that immediately recognizable shape.

“At low speed it’s nothing special,” Mitch told me, “but once you get above 4,000 rpm, it gets very happy and lively.” He’d always said if he ever sold the Alfa, this was the car he’d get. After months of searching—there are usually only a couple on the market at any given time—he found one, had a friend inspect it, and bought it. He put a few hundred miles on it before storing it away, only to find it wouldn’t start when he returned. “I got rid of the Alfa because of reliability issues,” Mitch laughed, “so it’s kind of perfect.”

“There are similarities across guitars, cars, and watches,” Mitch said. But vintage watches are a much deeper rabbit hole.

“To figure out what I like, I’ve had to learn what I don’t like, which means I go through watches. But if I’m curious and something is reasonably priced, I’m not afraid to take a shot.”

He added: “Some watches I love to look at, some I love to wear, and they’re not always the same. It’s important to know the difference.” The Lange 1 is one such watch for him: awesome dial, but just too tall.

One bonus piece of advice: “Never buy a watch late at night. I’ve made too many mistakes doing that.”

Find Mitch on Instagram