Tony Ma is not your typical vintage watch collector. An introvert by nature, he has largely shunned the limelight, preferring the quietude of his collection over the bustling gatherings of watch enthusiasts. But he agreed to speak to Tatler on the subject of vintage Patek Philippes, sharing his unique perspective.
“I really like the [TV] show Mad Men,” he says. “I really love that period. So when I think about or romanticise it, I wonder what kind of watches important figures would buy back in the day. They would probably buy a simple Patek Philippe, not a really extravagant, super-complicated watch.” This sentiment encapsulates his approach to collecting—an appreciation for understated elegance and timeless design.
Ma’s love for watches began during his two decades in Canada, a place he describes as having a casual approach to timepieces. “Watch culture is not that big there,” he says. It was only after moving to Hong Kong in 2012 at age 22 that he got deeper into the hobby. “Once you arrive in Asia, the watch culture is so much stronger,” he says; this shift in environment ignited his passion for collecting.
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Tony Ma is a collector of vintage Patek Philippe watches (Photo: courtesy of Alexander Yeung / Tatler Hong Kong)
His first Patek Philippe acquisition was a reference 2525, a manual winding Calatrava dress watch, which he purchased to commemorate the birth of his first child in 2019. “You know the motto with Patek is that you tend to pass it on to your kids,” he says. He was still learning the ropes of vintage collecting, unsure of what to look for in terms of originality and condition. “I didn’t really know what to look at that time. Was it enamelled? Has it been cleaned? Has it been polished? I never thought of these things,” he recalls. “I was lucky at that time: the dealer told me everything was original, and then when the watch arrived in my hand, it actually turned out everything was as described and all in good condition.”
Ma describes the reference 2525 as not particularly popular, yet he finds beauty in its unique design, known as Disco Volante due to its rounded shape. “The lugs are quite special: it has mini step lugs,” he says. He wore the watch for about 18 months but, as his interests evolved, he realised it wasn’t quite the right fit for him. “I thought the profile of the case seemed a bit small and thin for me, so I ended up selling it to another dealer,” he admits.
Throughout his journey, Ma has learnt valuable lessons about what to consider when purchasing vintage Pateks. He emphasises the importance of understanding a watch’s history and condition, saying, “You need to know what you’re buying.” He urges potential buyers to enquire about a watch’s restoration history and to seek out papers that confirm its originality. “Vintage Pateks have a really good archive system, so always ask if they have an archive,” he explains. This can confirm the originality of the dial, case metal and production year.
Patek Philippe Calatrava reference 2508 (Photo: courtesy of Alexander Yeung / Tatler Hong Kong)
He suggests looking for watches that have undergone sympathetic cleaning rather than heavy restoration. “Some collectors are like purists—they want their watches to be untouched—while others prefer them to look brand new.” He encourages collectors to understand the type of restoration a watch has undergone: “If the dealer says it’s unrestored, you do your own due diligence and make sure it’s actually unrestored.” Ma recommends watching Eric Wind’s restoration videos and following John Nagayama on Instagram, better known as @johnbehalf, for valuable insights into the restoration process and the intricacies of vintage Patek collecting.
Among his collection, Ma has a particular fondness for the reference 2508, which he describes as a rare, precious piece. “It’s a very good thickness, like 10 to 11mm thick, a good size [at] 35 mm, classic case design,” he explains. The watch features a Borgel case, a type of water-resistant screw-down case developed in the late 19th century by François Borgel, and a centre seconds movement, both of which are uncommon for vintage Patek pieces. “Who in the world would buy a steel dress watch at that time?” he asks, referring to the 1960s and 70s. He acquired the watch from a Japanese collector through a leap of faith, before seeing the piece in person. “I took a big risk to wire him the money first and hope for the best,” he says, highlighting the trust required.
As a collector, he appreciates the understated elegance of Patek Philippe watches. “When nobody really comments on your watch, I like that,” he says. This subtlety allows him to enjoy his collection without the pressure of external validation. He even enjoys wearing his watches at home, saying, “I just like to wear them. I like the feeling of having that watch on my wrist.”
Having said that, not all of his watches embody the values of quiet luxury: Ma’s collection also includes a diamond-paved beauty. “The Rolex Daytona 6269 is a dream grail piece for many collectors, but it’s a very unobtainable piece due to rarity and price. During the same time period, from the 1980s to 90s, Rolex produced these diamond Day-Dates with the same quality of diamond settings and features at a fraction of the market value [we see today]. These pieces tend to be overlooked,” he says. Despite not wearing this watch all the time, Ma admires the craftsmanship and aesthetics of it. “A modern equivalent diamond Rolex is very expensive now, given the amount of labour and craft that have to be put in it.”
Rolex Day-Date 18348 (Photo: courtesy of Alexander Yeung / Tatler Hong Kong)
A daily favourite in Ma’s collection is an openworked Parmigiani Fleurier. “Parmigiani was being relaunched a few years ago and this skeleton model was just released back then. I fell in love with it and the boutique gave me a warm welcome, without any waitlist or needing to buy other models first. The craftsmanship was on par with or if not better than any big brands, and they only produce a few thousand units a year. I also happened to meet the CEO by chance, which made this watch even more special.” This makes it clear that for Ma, collecting is not just about the watches themselves but also about the stories they carry and the personal connections they foster.
Reflecting on the evolving market for vintage Patek Philippes, he notes that while some models have surged in value, others have remained relatively stable. “Some of them are still relatively cheap and have even devalued over the past ten years, like the 565,” he observes.
For those looking to invest in vintage Patek Philippe watches, he emphasises the importance of asking the right questions before making a purchase. He suggests five essential enquiries: “The first and foremost is that, because vintage Pateks have a really good archive system, you ask if they have an archive. That confirms the originality of the watch.
Patek Philippe Amagnetic reference 2570 (Photo: courtesy of Alexander Yeung / Tatler Hong Kong)
“A lot of dealers just say [a watch is] unrestored or original, but those are tricky terms. What do you mean by original? Is it original as in: it came out of the factory like this? Or does it mean that the dial the watch was originally born with is still on it but has been cleaned? Some cases with steps or special shapes can completely change after one or two polishes. It doesn’t resemble the original shape that it’s supposed to be.”
He also highlights the importance of examining the movement’s condition. “Most movements should be okay but you should check for signs of damage. If you take the watch to repair shops, one common issue is that they don’t have the correct tools to unscrew the movement, which can result in screwdriver gashes.”
Finally, he emphasises checking the overall condition of the watch, saying, “Consider the condition of the dial, hands, indices and case. If the indices are slightly slanted or have enlarged holes from repeated removal and replacement, it could indicate restoration work that you need to be aware of.”
Ma’s journey serves as a reminder that true appreciation for horology comes from understanding the stories behind each timepiece, instead of following trends that come and go.
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