[Hipple Hip Item] The Man Behind 300 Billion-Won Luxury Watches... Caught with Counterfeit Goods

Daily Appraisal of 10-20 Luxury Watches for 20 Years
Appraisers Must Self-Study Without Academies or Certifications
As Counterfeits Become More Sophisticated, Luxury Transactions Increase

"20 years, 73,000 pieces. 365 billion KRW."

These numbers describe Center Director No Young-ok, who has appraised only luxury watches on the used luxury platform Gugus for over 20 years. She has come to work every single day without fail, appraising 10 to 20 luxury watches daily. It is estimated that she has handled more than 73,000 watches. Assuming the price of one luxury watch is 5 million KRW, simply calculated, watches worth 365 billion KRW have passed through Director No's hands.

No Young-wook, head of Gugus Watch Center, is answering questions in an interview with Asia Economy conducted on the 6th.
[Photo by Gugus]

Recently, at Gugus headquarters in Gangnam-gu, Seoul, Director No told Asia Economy, "I was told that having a skill was necessary to make a living, so I learned watchmaking." She added, "I started with repairs, but after decades of looking at watches, I established myself as a professional appraiser." On that day, Director No seemed tense and awkward sitting in a bright place when it was time to examine watches.

Director No officially began watch appraisal work after joining Gugus. Having long worked repairing watches at a high-end watch store in Jongno, she joined Gugus in 2005 at the age of 49 as a watch repair staff member. She became interested in distinguishing genuine luxury watches from fakes and believed that to specialize in this work, she needed to join a company dealing with used luxury goods. She explained, "There are no professional academies for watch appraisal, so the only way to learn is self-study," and "There are no official certifications, so experience seeing and handling many products is most important." While electronic devices exist for appraising jewelry, the only device used in watch appraisal is a microscope.

As luxury consumption increases, the number of used luxury goods arriving at Gugus is also growing. Last year, the transaction volume in the watch category at Gugus grew by 38.1%. As interest in luxury goods grows, counterfeit products are becoming more sophisticated. The brand with the most counterfeits is undoubtedly 'Rolex.' Among these, the 'Submariner,' known as the 'dream watch' (the watch people want to own), overwhelmingly dominates. Early Rolex fakes used steel, making the differences obvious at a glance. However, recently, counterfeiters have been making bezels (watch edges) from ceramic just like genuine products and even provide certificates of authenticity. This makes delicate appraisal essential.

Director No said, "While the exterior can be copied, the movement (watch mechanism) cannot be duplicated, so I look inside the mechanism," adding, "Ultra-high-end brands like 'Patek Philippe' and 'Vacheron Constantin' also have sophisticated counterfeits, but appraisers can always tell." According to Gugus, 1 to 2 out of every 100 incoming products are found to be counterfeit.

Some consumers purchase luxury watches through private secondhand transactions without going through used luxury platforms, aiming to buy at a lower price. To avoid counterfeits, the first step is to carefully check the certificate of authenticity. If there is no certificate, one should examine the marks, check for any ink smudging in the printing, and inspect the position of the crown (the button at the 3 o'clock position). For mechanical (automatic) watches, if there is suspicion, focus on the 'winding sound.' Director No explained, "Unlike the noise made when winding the crown of a watch that has not undergone overhaul (complete disassembly, inspection, and repair) for a long time, the winding sound and feel of a fake are very dull." If attempting to purchase through a used luxury platform, it is best to target the fall season when product volume increases.

Proper maintenance of luxury watches is more important than buying them. For quartz (battery-powered) watches, the worst thing is to leave them until battery leakage occurs, as this can cause corrosion and make the watch unusable. For automatic watches, it is recommended to have an overhaul every five years. When using a winder, the most important thing is to set the speed as slow as possible. Director No said, "Many worry about magnetism, but running the winder too fast causes the mainspring to wear, increasing errors," adding, "Magnetism is mostly affected when near refrigerators, TVs, or bag magnets." Polishing, which involves shaving the surface to restore shine, should be done 2 to 3 times per product, as it can reduce the weight of the gold.

Director No will turn 70 next year. She says that her last task at Gugus is to pass on as much know-how as possible to junior appraisers. She added, "I believe counterfeit issues will continue to arise, and I want to help appraisers establish their profession."