Since it was published last Friday, I've had nearly a dozen watch collector friends email or text me this article from The New York Times. To be clear, that's not normal (not even close) but there's something about this story that really seems to strike a chord with anyone emotionally and financially invested in watches. The headline in many ways says it all –*"Safe Deposit Boxes Aren’t Safe." Despite what you might think, stashing your watches in your local bank vault isn't failsafe and if something does happen you could find yourself up a creek without a paddle.
When I first started reading this story, I found myself repeatedly thinking "Wait, that can't be how it works." But, sure enough, it does. I won't spoil too much of the intrigue, but after years of storing his watches in his local New Jersey Wells Fargo bank, watch collector and scholar Philip Poniz found himself staring at an empty safe deposit box one day. What followed was a series of legal filing, investigations, and more, tracing the strange legal grey area that are safe deposit boxes. If you're someone who keeps your watches in a bank (or if you've ever thought about it), this is 100% a must-read.
Read the full story from The New York Times right here.