1. Buy only watches you'd want to wear in the first place. That way you'll never feel like you're stuck with it.

2. Buy from a reputable retailer. Whether it's part of a major chain or a well-established independent store, the reputation will ensure that you'll enjoy decent servicing and back-up. Also, it's the only guarantee that you're not buying a fake. (The biggest victims of faking are Rolex, Cartier, Breitling, Franck Muller and Panerai.)

3. Be nice. If you form a rapport with a retailer, that store will look after you over the years.

4. Look to the established brands. Patek-Philippe, Jaeger-LeCoultre, Audemars-Piguet, Vacheron Constantin, Rolex, International Watch Co. Schaffhausen and others of that caliber didn't survive one or more centuries through luck. Their products become family members, heirlooms that survive from generation to generation. And if you really must do some selling, they're easier to place.

5. Be conservative. Nothing dates more quickly than a radically styled watch.

6. Don't buy quartz watches except for knock-around sports purposes. Regardless of the price, the movements are disposable and, after a certain period, irreparable.

7. If funds are limited, choose a watch with a strap over one with a bracelet. Bracelets add hugely to the cost, and a fine watch on a strap is better than a so-so watch on a bracelet at the same price point.

8. When buying new for investment, keep all the paperwork and boxes.

9. When buying vintage, especially from a dealer, ensure that there is a guarantee of at least six months if the watch is being sold as serviced. "As seen" is a red flag telling you not to buy it if you don't have a watchmaker at your elbow to advise you. Try to get someone who knows about watches to examine it before you make your purchase. The inside of a watch will tell a repairer how many times it was serviced during its lifetime. The more it has been serviced, the better the condition will be.

10. When buying at auction, try to attend the viewing beforehand to handle and see the target of your bidding. If you're quick off the mark, you can even ask for a condition report from the auction house a couple of weeks before the auction.