Today we spoke with Matthew Goodman of Philly Time Co. Matthew is watch dealer from Philadelphia who started his business only 2 years ago. He told us about his journey as a collector and also how he started Philly Time Co.
Matthew Goodman a.k.a. Philly Time Co. / Credit: Point of References
Andres Ibarguen: When we first spoke you mentioned you had started trading watches two years ago, how did you get into it?
Matthew Goodman: I wear many hats at Philly Time Co., not just as the owner, but I handle all of my own social media, photography, accounting, curation, buying, selling, trading, authenticating; the works. And that comes in-between client meetings and calls. But that's what I signed up for. When I began at the start of 2018, I never imagined it taking off the way it did. It was started by my father buying me a watch. It started when a two-tone Rolex Submariner that belonged to my grandfather, was gifted to me after completing my master’s in business on the day I graduated. It accelerated when I saw James Bond use his Omega in the film ‘Golden Eye’. All of these pieces were building blocks of what is now Philly Time Co.
AI: Where you a watch collector before?
MG: There's a quote by John Mayer saying the first few watches...aren’t quite "it". I say that because I recall wearing a neon Shark watch my freshman year of college then a white ceramic watch the next. By the time I got into the loyalist realm of the Seiko SKX, I began to make progress...Unfortunately, I cannot admit the first watch in my collection was a vintage UAE dial Rolex GMT or a Zenith El Primero with beautiful patina. Collecting is like an education, and just when you think you know it all, guys like Eric Wind, of Wind Vintage, show they have some tricks up their sleeve and teach you something new. Collecting is a commitment to both the past and to the future.
AI: Do you remember your first watch?
MG: I remember fondly my first watch. I was probably 10 years old, on vacation with my parents in the Bahamas. My father took me inside of a duty-free shop and bought me a Rip Curl watch. It had a beautiful blue dial, with a brown cowhide leather strap. I recall how mesmerized I was, as a child, running into the ocean and telling time under the water. I also recall my father telling me how to set the watch as I sat in the backseat of a yellow Jeep Wrangler touring the island. When I was younger, he always insisted that the watch was set to the correct time, in the way fathers typically do. I was ten, it wasn't like I had anywhere to be or any appointments to keep. Still, I cherish the memory.
Matthew’s Glycine Airman
AI: What got you interested in the idea of starting a business?
MG: Being my own boss was something that I always found appealing. Through business school, I always wanted that for myself, as many eager and naive students typically do, but I realized I had to hone certain skillsets first and gather some experience and savvy. I did not have the luxury of being born into it all, but in the words of Frank Sinatra, I knew I would "do it my way" when the time came around. It's fair to say, it is a matter of timing. The pieces all have to come together. The financial backing, educating yourself not just on all of the pieces, but the market as a whole as well. Most importantly, the passion has to be there. And once it is, everything else comes easy.
AI: And what got you to take the plunge and really start doing it?
MG: If you are going to take the plunge, I recommend doing so in a dive watch. In my case, it was two identical pieces. And thrilling ones at that. Around January of 2018, I cut my losses short in the stock market and cashed out. I decided I would rather invest in myself rather than the uncertainty of the market. So, I took that money, and the very next day, I purchased two of the Omega Seamaster 300 SPECTRE Limited Edition. They were gorgeous. Pristine. I invested in two pieces that I really loved myself. All the greater, the pair went to two gentlemen who enjoy Bond watches nearly as much as I do. Having one of those limited edition watches is like being in a fraternity, better yet, a secret global crime syndicate.
AI: Do you do any business offline or is the majority online?
MG: When you are in the business of selling luxury watches, one cannot just pick one lane. You have to put the foot on the pedal and drive like a maniac. Most of my business is done online, whether that's through Instagram or through email. I love being able to reach a wide audience, and social media allows me to have wonderful exchanges with all likes of people from all over the world. Whether that's in Philadelphia, Palm Beach, Tel Aviv, you name it...There is a growing family of those who share in this common passion. Then there is the old school, which I love. Being able to get together with a client over a cocktail or cigars and sliding a box across the table with their new watch. I love those moments. At the very core, that's really what Philly Time Co. is all about.
AI: What kinds of watches do you usually trade? Do you have preference between modern and vintage?
MG: Tough question. Picking between modern and vintage is like choosing a favourite child... In my opinion, both are integral in any proper collection. I sell a ton of vintage Tudor Subs and vintage Rolex GMT models. But I equally enjoy selling their modern counterparts, like the Tudor Blackbay and Pelagos models. Or the ceramic, modern takes on the classics. I do the same with Seiko as well. I have tracked down my fair share of early 1970s Captain Willard models, with the same passion as acquiring a $400 Seiko desk diver for a client. I tend to lean toward the watches and brands that pay their respects to the past. Whether it is a 1960 Glycine Airman, a 1962 Bulova Super Compressor, a 1971 Omega PloProf, a 2018 ‘Lefty’ Tudor Pelagos, or a reference 5513; it's about finding the right watch for the right client and closing the deal.
AI: On a personal level, what kinds of watches do you like? What’s your grail watch?
MG: Dive watches, vintage, and chronographs are my cup of tea. I have a birth year Submariner, a vintage Rootbeer 1675 with a Havana chocolate dial, and a Speedy ‘TinTin’. But I also share wrist time with a Bulova Lunar Pilot and Seiko SRP777, among others. I'm currently eyeballing the recently released Lorier Hyperion.
AI: What’s the watch scene like in Philadelphia? Is there a large community of collectors?
MG: The watch scene in Philadelphia has really emerged in the last five years or so. Before that, we had to schelp up to Manhattan. Many younger guys are getting into it, which is great to see. It's not exactly RollieFest in NYC or the South Beach clientele buying Richard Mille pieces. But walking through downtown, I see a fair share of IWC, Tudor, and Panerai on the wrist. What I am getting at is, Philadelphia isn't just known for cheesesteaks and rowdy sports fans anymore. It's a great city to find a spectacular watch, without the bloated prices you see in some other cities. But while you are here, grab yourself a cheesesteak anyways!
Matthew’s Tudor Submariner
AI: What are your future plans for your business? Your aspirations?
MG: No top-secret information to reveal. The plan is to simply be able to deliver the goods. As the owner and sole curator of the business, my goal is to share in my passion with others. Sometimes that involves tracking down a vintage Gevril Tribeca or a Bulova Devil Diver. Other times, it's a Tiffany-signed Rolex GMT. When looking to the future, what is most important for my business is sustaining a good reputation within the industry and among clients. Lastly, it's about staying true to my values. It is key for longevity.
AI: How do you see technology’s future interactions with the watch industry? Do you take the view that it can serve as more of a support for traditional roles or could it change a lot different aspects of the watch industry?
MG: There exists no quarrel between technology and I. Except for that I am very opposed to the Apple watch. Technology is our friend, with the included exception for the times our parents ask us for tech support... I find tools like the Hodinkee strap finder and insurance tool incredible. Watchbox allows collectors to manage their portfolios much like a day trader. Apps like Instagram and Facebook serve as a significant way to chat among fellow enthusiasts and even share some outstanding photography. It's all about how we navigate these emerging technologies and putting our best foot forward. For example, trusting eBay's new 100% authentic guarantee is a sure-fire 100% way to bite yourself in the foot.
AI: And what’s your view on many established watch brands going direct to consumer versus the traditional model of going through a retailer (or even older practice of using distributors)?
MG: In the past two years or so, we have seen this trend take-off. Brands like Baltic, Lorier, Dan Henry, Dryden, even Zodiac have found both success and re-emergence via this model. For micro-brands it works, and from a general cost perspective, it makes sense. Seiko will be interesting to keep an eye on as they make that transition, as will the rest of the Asia market. Companies like Hamilton will have to adapt or get left in the dust. But brands like Rolex, Breitling, IWC, Patek...It requires a level of salesmanship and an extra nudge to pull the trigger. In the same way a good real estate agent says, "This is the one, let's make an offer." For sellers like myself, you can either be a guppy, and fight for scraps, or venture out into the deep sea and fight for your meal.
Thanks for taking the time to share with us today, Matthew!