Role luxusních hodinek jako investičních aktiv: Jak bohatí jednotlivci využívají hodinky k uchovávání a přesunům majetku — Analýza sekundárního trhu (2019–2024)

This thesis examines the role of luxury mechanical watches as investment assets, with a focus on how wealthy individuals use them to store and move wealth, analysing price dynamics, wealth-storage characteristics, and portfolio diversification potential in the secondary market over the period 2019–2024. Using a hedonic regression model applied to a dataset of 150 secondary-market transactions drawn from Chrono24 and the auction records of Phillips, Christie's, and Sotheby's, the study estimates the contribution of brand reputation, rarity, material composition, age, and physical condition to watch prices, finding that brand prestige and limited production are the strongest price determinants — Patek Philippe commands an 84 percent premium and Audemars Piguet a 71 percent premium over the Omega baseline, rarity adds approximately 26 percent, and the model's adjusted R² is 0.71. Return and correlation analysis uses a quarterly series of 24 observations (Q1 2019 – Q4 2024) reconstructed from Chrono24 ChronoPulse press releases, S&P 500 total return data, and LBMA gold prices, yielding a watch–equity correlation of r = 0.38 and a watch–gold correlation of r = 0.01, with approximate Sharpe ratios of 0.65 for watches, 0.87 for the S&P 500, and 1.09 for gold; the empirical findings are situated within hedonic pricing theory (Rosen, 1974), Veblen goods theory (Veblen, 1899), and the literature on emotional and collectible assets (Dimson & Spaenjers, 2014; Burton & Jacobsen, 1999; Mandel, 2009; Mei & Moses, 2002), and the thesis concludes that luxury watches serve a genuine investment and wealth-storage function for wealthy individuals, set apart from other collectibles by their high value density, portability, and the ease with which they can be used to move wealth across borders.