This Portable Investment Retains Its Value Over Time : Investing: Watches may actually appreciate if purchased with care. Most quality models are mechanical.

It can be the ultimate status symbol: a finely crafted instrument, handsome and expensive.

It is jewelry that almost any man is comfortable wearing.

And, if you’re about to spend several hundred dollars for a quality wristwatch, you may want to stop for a second and think again.

Investing just a few times that much will not only buy a beautiful timepiece, but yield one that is much more likely to retain its value over time--pardon the expression.

In a few rare instances, the watch may actually appreciate if you buy a quality instrument and take good care of it.

“In the end, it’s better than a car, because a car can’t come into the boardroom or restaurant with you,” said Daryn Schnipper, senior vice president and head of the watch department at Sotheby’s in New York. “There are so few things that men can buy as personal objects.”

But a wristwatch is undoubtedly one.

Just ask Bill Cosby, Charlie Sheen or the author John Grisham, all of whom have bought watches from Stewart Unger, the owner of Time Will Tell in New York.

About a year ago Sheen plunked down nearly $10,000 for a military-style watch made of white gold by Patek Philippe & Co., the prestigious Swiss manufacturer, Unger said.

That particular model, a limited edition that features a see-through back and a leather-and-gold fold-over buckle, is already selling at auction for $13,000 or more, Unger said.

Like most quality watches, the Patek is mechanical--driven by a mainspring. In addition to Patek Philippe, Vacheron & Constantin, Audemars Piguet, Breguet and Rolex all make mechanical watches.

“If you’re going to buy to invest, you want to buy the major names,” said Cindy Fanelli at Fanelli Antique Timepieces in New York. Unlike other watches, she said, “they’ll always retain value in the secondary market.”

But the buyer should also look for something a bit out of the ordinary in new or used Swiss watches, such as a stopwatch second hand, known as a chronograph, or some other distinctive feature.

These tend to retain more value than standard 18-karat gold watches, which sell for several thousand dollars when new. But there are ways to spend less and still get a high-quality watch.

One is to buy in Hong Kong, since discounting is rampant there. Just make sure the watch is authentic by asking to see if the case, the face and the movement are signed.

Another alternative is to buy a watch from a Swiss maker, such as Breitling, at the next lower price tier. Breitling’s new steel models with gold decoration start at under $1,000.

Or you can buy a watch at auction. For example, Vacheron and Constantin watches from the 1940s or ‘50s--some with decorative cases or other unusual features--can be found for $1,500 to $2,000, said Claudia Florian at Phillips Fine Art Auctioneers.

Buying from retailers or dealers who themselves buy at auction means you’ll have to pay more, so it may be worthwhile to attend an auction yourself, experts say.