What happens when a watch dealer goes into administration.
I spoke to one to find out.
[November 3: See note below for article updates and corrections.]
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Thanks for the thoughtful feedback on this week’s essay about developing your own taste. I also published the audio version this morning if you’d rather listen. Subscribe to the podcast feed while you’re there: Spotify / Apple / RSS.
Today’s main event: A London dealer that went into administration, and what collectors can learn from it. But first—
The Roundup
Audemars Piguet released a good book. To mark its 250th anniversary, AP has published The Watch. I asked for a preview and was sent a PDF of all 700 pages, but enjoy it enough that I’ll order a physical copy. It takes you through every part of the watch in some detail: Dial, case, bracelet, movement, and complications. It’s AP-focused, but the info about techniques and components is broadly applicable. For example, some of the content in the “Dial” section is similar to Dr. Helmut Crott’s book of the same name. Tons of images, and the price feels reasonable: On Amazon, I’ve seen from $78 (as I write this) to $95. (Amazon)
The Cartier Santos wears like a piece of jewelry. Cartier recently introduced a pair of new Santos models, one with a grey dial, the other in bead-blasted titanium. The modern, large Santos is just too big for me, but I thought I’d offer thoughts about having once owned a Santos.
I used to have the Cartier Santos Galbée “SIHH,” a limited edition of 2000 from 2002. It’s the best Santos (obviously!), with a grey dial, luminous numerals, and no date.1 I had it for ~2 years before deciding it wasn’t for me. Those bolts on the bracelet are unmistakably Cartier—like a Love Bracelet, even if you know nothing about watches. It felt more like a piece of jewelry than a watch. Once I got that in my head, I couldn’t shake it. Now, you might say, the Rolex President/Jubilee/Oyster bracelet is just as recognizable. And you might be right, but something about the Cartier Look is just different.
I imagine what I didn’t like about the Santos is part of what makes it massively popular. Here’s SJX on the titanium Santos de Cartier.
Gene Hackman had some cool Seikos. A pair of Seiko divers is being sold in Bonham’s auction of Gene Hackman’s estate in December. The estimate is $500–700, but I have to imagine they’ll sell for more. So many great Hackman roles, but growing up in Indiana, Hoosiers is less a movie than a religious experience. (Bonham’s)
You can buy Rolex cufflinks for $5,800. An Oyster Perpetual 36 is $6,350.
Like some collectors I know, Wall Street is placing bets on tariff refunds. (Bloomberg)
🔨 Link roundup! For your convenience, the big upcoming auction catalogs: Christie’s, Phillips, Sotheby’s (Important Watches and Breguet 250th Anniversary Sale), and Antiquorum. But that’s not all: Sometimes, especially with tariffs still very much a thing, it’s better to hunt for deals stateside at Freeman’s Hindman (Nov. 12) and Heritage (Nov. 20, or grab a coin watch on Nov. 10). And don’t forget about Germany’s Dr. Crott (Nov. 8).
Patek Philippe made a watch for General Motors. Speaking of that Freeman’s Hindman sale: I’ve long been fascinated by the Patek Philippe 1578GM. Only about 30 were made for General Motors executives in the 1950s, and I believe it’s the only time Patek made a reference specifically for a client. I’ll be watching this tropical 1578GM that last sold in 2017.
What happens when a watch dealer goes into administration
[Note: This article was corrected on November 3 to reflect that some watches are still held in administration, and they are NOT owned by Fathom Watches Ltd.]
Here’s a message you never want to see from your watch dealer:
A few weeks ago, I started getting texts about Fathom Watches, a vintage dealer in London that had suddenly gone into administration. It’s a legal process in the U.K. similar to bankruptcy in the U.S. for insolvent companies that places them under the control of an independent administrator to either save the business or divvy up whatever’s left to its creditors.
Fathom has established a strong reputation over the last few years. It operates a showroom in London, has a strong client base, and produces solid content.
The story seemed odd, so I tracked down Stefano Scott-Sauro, the main man at Fathom, to hear his side. It’s a look at what happens when business partnerships go sideways, how to come back, and all with some lessons for collectors.
Stef says things went downhill on October 3.
It was a Friday, and his business partner, Ben, showed up at Fathom’s London showroom with two “agents,” saying he was bringing the company into administration.
Ben had invested a lump sum (£200k+) in Fathom in 2022, so he and Stef were partners. Ben is not involved in the company’s day-to-day operations. The past couple of months, Stef had been negotiating with Ben to buy him out. Two weeks prior, Stef had made Ben an offer. According to Stef, Ben didn’t like the offer’s structure, so he showed up at the showroom the next day to threaten administration, seemingly as a negotiating tactic.
“The business was going well and certainly wasn’t insolvent,” Stef told me.
The two agents started taking photos of the showroom; meanwhile, Stef began calling consignors to pick up their watches so they wouldn’t get held up in administration. Everyone started arguing, it got heated, the police came, Stef was asked to leave.
Stef immediately sought legal advice, as he couldn’t understand how the company could be put into administration without his consent.
The excuse Ben had told the administrators was that the company was “trading insolvently.”
This was shocking to Stef. According to him, upon digging further, it appears that at some point, Ben’s initial investment had been changed to a “director’s loan” on company accounts. This made Ben a creditor, in addition to being a shareholder. According to Stef, he had no knowledge of this, and did not sign any shareholder’s resolution or valuation report to approve it.
In the following weeks, Stef says he’s helped 20+ consignors recover their watches. Three weeks on, most consigned watches have been returned to their owners.
Stef said he’s sought legal advice, and will act accordingly to protect his rights and potentially seek compensation for the damages Ben caused.
Meanwhile, Stef and his new business partner, Tommy, are moving forward, relaunching under a new name soon: Falco Watches. Coincidentally, the lease on Fathom’s showroom ended on October 31, so Stef’s confident he’ll be able to take it over under the new company.
“It’s not the end of the world, just a sideways step,” Stef said. “We haven’t gone anywhere.”
I asked Stef if he’s learned anything from the whole ordeal. He said:
“Don’t get into business where someone else technically has full financial control over you. Don’t partner with people who aren’t passionate about what you do. In this profession, if you’re only here to make money, and you’re not benefiting the wider community, people will see through that. The best people do things born of passion and interest and money comes as a side effect.”
My takeaway for collectors: Whatever you’re doing, get it in writing. I’ve sold or consigned plenty of watches on a handshake (“🤝”), but the hobby’s grown up, and there’s too much money floating around to rely on vibes. When you consign a watch, make sure there’s a simple written agreement: the dealer’s fee, how long they’ll hold it, when it comes back to you.
Some dealers have money guys like Ben behind the scenes or partners on certain watches. By the fault of no one, deals can go sideways. Fathom’s ordeal shows how watches can get caught in the middle, and how a paper trail protects everyone involved.
Finally, I asked Stef to send a photo of what he was wearing when we chatted:
Obviously, this is Stef’s side of the story. But as is often the case in messy situations, he didn’t run away. Instead, he’s setting up shop again in the exact same spot. For those who want more, That Watch Podcast should be publishing an episode with Stef in the next week.
END NOTE
Here’s all the gold that’s ever been mined, visualized as one big block. About half has been used for stuff like watches, jewelry, and ornamentation:
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My local friend Evan actually has one for sale right now.
I listen to That Watch Podcast (I walk a lot and need something to listen to between Unpolished episodes 😁) and I have been surprised that there was no mention of Fathom’s situation in recent episodes, although I am aware of the lag between recording and publishing. It will be interesting to hear the discussion.
As my CPA told me years ago, “it’s a lot easier to get into something than it is to get out of something”.
Well, at first I thought going into administration meant the dealer started working for Keir Starmer. The fallout is definitely a nightmare for anyone. Business partnership is like marriage, without the same faith, passion, and loyalty, it will fail as a matter of time. I am glad Stef is able to come back, but boy, what an experience!