Unwinding the Vintage Watch Market with Zayyar Win Thein
by Ben St. George
When watch collector (and former Crane Brothers staffer) Zayyar Win Thein set out to start his own vintage watch business, he knew the demand was there. What he didn't know was just how big it was - within just a few weeks of launching Wynn & Thayne had already sold through their initial allotment of stock, something that was expected to take months.
We sat down with Zayyar to discuss the business's runaway success, how young consumers are discovering luxury timepieces, what got him excited about watches in the first place and where he sees the market going.
Give me a bit of background on yourself and your journey to where you are now.
I’m from Wellington originally and during my time studying marketing at university I worked for Crane Brothers. My tenure there exposed me to quality production, timeless design and a high level of customer service. Those values really resonated with me and I have taken them to each role throughout my career. After my time at Crane Brothers, I delved into the marketing industry and worked for a streetwear retailer, then a billion dollar e-commerce platform and finally a boutique consultancy firm. My interests within business have always revolved around customer experience, e-commerce and how we can communicate products to customers.
With Wynn & Thayne, I feel like I have come full circle. My interests of design and customer experience are meeting my values of quality production, reducing a fast-consumerism mindset and making the most of what is already out there.
What’s your earliest watch memory? What started your passion for watches?
My earliest watch memory would have to be hearing my Casio digital watch alarm every morning waking me up for school. I loved that watch and had it with me from primary school all the way up until high school. I believe it is now somewhere in my parents’ house collecting dust in a box. One of my favourite watch memories was going to the jewellers with my mum and her asking me for advice on what she should buy my dad for his 50th birthday. We ended up on a beautiful gold Longines Presence that he still wears to this day. It’s a great feeling to be connected to these items that have true sentimental value and embody memories of someone you care for.
My passion for horology accelerated quickly thanks to the internet. It was around the time after graduating from university where I wanted to acquire a nice watch for myself. That search led me down the path of learning about various brands, vintage vs. new, different styles and functions of watches. I would read whatever books I could find at the library, consume articles and forum posts online then binge-watch a ton of YouTube videos. Once I began buying and meeting other people that were interested in the hobby, that's when I was able to delve even deeper into my education. Learning from others and learning from actual pieces is the most organic method.
What is it about watches specifically that continues to captivate you?
For me it’s all about the story. I personally think this is why vintage excites me so much. There's already a life behind that watch with a story of its owner or owners, its design philosophy, the industry at the time and most importantly it’s wear and tear. I’m a firm believer that imperfections should be embraced and as a new owner of a vintage watch you’re adding a new chapter to the life of the watch.
The growth so far was truly unexpected. We reached a few milestones in the span of half the time we were anticipating. Initially, I was unsure of the demand in the market and I was ready for a slow grind but the reception has been great and truly organic. From day one, we have seen a lot of enquiries to source and acquire specific watches. We have had great feedback from our audience in regards to what they’re looking for and what they would like us to stock. Being able to use Crane Brothers showroom to sit and engage with customers is another great aspect of the brand. The ability to meet and interact face to face and for clients to physically try on pieces is really valuable.
What are the next major milestones in your growth as a business?
We’re looking to really solidify our position as an expert in vintage watch subject matter - whether it’s Rolex, Cartier, Seiko. In terms of achieving this we’re wanting to educate our consumers through various mediums of content and being conscious of the pieces we offer - quality over quantity. Finally, a permanent showroom is another milestone we’re looking at achieving so we can service our clients more regularly and have a place where they can come to talk, trade and buy watches.
There are a lot more young consumers getting interested in timepieces - what do you think is driving that?
The internet, and social media in particular. It’s showing younger customers what’s cool, new and trending without the need of visiting a boutique or authorised dealer and asking those questions. Having more transparency around pricing and production has allowed younger consumers to learn more about the market which used to operate behind semi-closed doors. Younger celebrities, YouTube and influencers have been pushing a lot of watch content. I mean you can’t go through one rap song from the last three years and not expect a name drop of a watch brand.
Do you think that perceptions of the vintage watch market have changed?
Definitely. There is a large resurgence back to vintage watches due to collectability, rarity and the notion that perhaps the older stock is better than the newer stock. Watch brands today are playing it safe with their catalogues and there is little experimentation or technological advancement. This has led to looking back at what has come before. One of the more interesting aspects I try to educate my customers on is that when you’re buying a vintage watch, it’s essentially one-of-one and to disregard how many are in the market. This beauty of vintage watches is its natural patina, wear and tear, and ageing process. The likelihood of finding an exact other version of this watch is extremely rare. Even from a cost standpoint vintage or second-hand is a great way to enter the market.
I think that the pandemic has been a large factor in the acceleration for demand, mainly because people were not able to travel and had sums of disposable funds that they could then “treat” themselves with. Watches were also seen as an asset class when some watch brands were outperforming stock markets during the initial crash. This led to greater demand and more attention to the watch market. On a more physiological level I think a lot of consumers are going back to buying well made, long-lasting items to appreciate for life. Similar to how Crane Brothers is seeing a demand, I think that niche artisan makers have now been at the forefront of customers' minds that life may be too short and why not own something that brings you joy.
What would be your advice to buyers looking to make a first-time purchase?
Set a budget, figure out what you like and don’t like within that budget, find people who own watches and ask for their opinion. Buying can be a challenging process and your tastes will definitely change, we all learn and grow and that’s the beauty of collecting.
I’m sure plenty of people come to you looking for a classic Rolex Sub or Datejust - nothing wrong with that - but what are some more intriguing pieces that you think buyers should be on the lookout for in the current market?
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