Below is an interview with Matthew Goodman, founder of Philly Time Co.
Hill Country Affair: Hey Matthew, thanks for agreeing to do this. Can you share with us what you do?
Matthew Goodman: My name is Matthew and I founded Philly Time Co. in the beginning of 2018 with no business plan or any true grasp of what the business would turn into years later. Now, the cornerstone of my business is buying and selling a constantly changing inventory of timepieces. What sets me apart is that I offer a wider array of services; from appraisals, authentications, collection management, commission-based sales, and restoration services. I have even assisted Custom and Border Protection (CBP) in their investigations into counterfeit watches entering the country through Philadelphia ports. Philly Time Co., in-essence, acts as a Swiss Army Knife to the industry.
Hill Country Affair: The natural follow up then, is how does one get into this line of work?
Matthew Goodman: I would say, fortune favours the bold. That it's not just starting a business, but it's a journey into the self. It takes discipline, commitment, and passion. If you let the passion drive the business, the rest comes easy. It's also fair to say this business is not for those who convinced themselves they need to fail in order to succeed. There is no fumbling in this business. Each hand you play has to be a winning hand. Every deal. Every transaction. Every client phone call and meeting. Being a collector and being a dealer are two very different things.
Hill Country Affair: Can you describe your average client?
Matthew Goodman: In this business you make natural progressions. In that your clientele will evolve as you grow your business and put a tremendous value on reputation. That does take time, unprecedented commitment, and precision. My average client is between 30-65 years old. Professions vary across the board. Executives, restaurant owners, entrepreneurs, pilots, consultants, the occasional professional athlete. Many are just gentlemen making an honest living and are building upon their collection. Where they differ in profession, they share something much greater. A drive for success, a passion for collecting. There's a confidence about them, and you must share that confidence in order to sit at the same table as them, let alone be in the same room.
Hill Country Affair: I have a hard time explaining/defending the value of watches to my wife. She can’t comprehend a watch being worth more than $800. Can you share some of the intricacies that make a watch worth $1,200, $7,000, $20,000?
Matthew Goodman: You are not not alone in that sentiment. Explaining the level of expertise that goes into watchmaking or haute horology is not how she wants to spend her Friday evening. She probably does not care about COSC certifications, power reserves, water resistance or Parachrom hairsprings. I think the best approach is to convey what the watch means to you. That it may be a symbol of something you can't put a price on, similar to that of a wedding ring. That it may serve as a keepsake of a moment in time; a wedding day, the birth of a child or a big promotion at work. Women wear watches too, and I've seen plenty of couples get-in on the hobby together. Even a husband/wife duo are behind one of the most invigorating new microbrands in recent years at Lorier. This is something that can be shared rather than being divisive.
Hill Country Affair: Where is the watch market right now? What brands/styles are popular? What brands/styles are inflated? What brands/styles are considered values?
Matthew Goodman: It's the Gold Rush all over again, but don't be confused, it's not as simple as grabbing a pickaxe and heading west. All of the usual suspects are doing well right now. Rolex, of course. As well as F.P Journe, Audemars Piguet and Patek Phillippe. Vintage is soaring from Submariers to Nautilus and almost everything in between. In the last two years, we've seen powerhouses like Panerai, Hublot and IWC take a slight dip in both value and popularity. The more experienced dealers are utilizing a number of analytics tools to assess data and monitor the market. The watch market is similar to that of the stock market, in that prices are constantly fluctuating, there's opportunities to buy in early, but there's also opportunities for losses. The value proposition is vast. Baltic comes to mind with their Dual-Crown super compressor & newer MR01 models. Hamilton field watches and Intra-Matic chronographs punch well above their weight class. Unimatic, Nivada Grenchen CASD's, automatic Omega Speedmasters are all modest options. Here is my advice... When you are not a dealer, and you view your collection like a portfolio, it takes the wind out of the sails a bit.
Hill Country Affair: I like the idea of buying a watch and eventually passing it on to my future kids. Do you have a watch/or watches that you plan to hold onto indefinitely? If so, can you explain the significance?
Matthew Goodman: Watches just don't serve one purpose in telling time. They are markers of life events, achievements & milestones. They are a tool that can connect the past to the future. Now I always joke with my fiancé that our future child will undoubtedly have an impressive collection of timepieces. To clarify, I wouldn't put a '79 Tudor "Snowflake" Submariner or a "Pepsi" Rolex GMT Master II on a teenager. But my Seiko SRP777, now that's a watch that would suffice. Something sturdy, reliable and timeless. The other watch I'd love to pass down would be my Tudor Black Bay Heritage. Who knows? Maybe in a few decades it will be comparable to that of a Rolex reference 6536. But it will have to be well-earned.
Hill Country Affair: Ok, hypothetical question time: Your best friend is hunting for their first (big boy) watch, let’s say his budget is $5000, he works in a formal setting, and wants it to be his everyday watch. What are you recommending?
Matthew Goodman: I know my best friend well, and he wants a 41mm Datejust on a jubilee, which is well over the 5K budget. I would start by endorsing the Tudor Black Bay 58, a Tudor Pelagos or even a pre-owned Omega Speedmaster Professional. The piece couldn't be vintage though, nothing that requires upcoming maintenance or sheltering of any kind. Just a proper desk diver, with a colorful dial. A piece that wouldn't have to be removed during weekends down the shore. Something that could withstand being accidentally smacked against a 4 burner Weber while flipping steaks. My final recommendation would be the newer generation of ceramic Omega Seamasters, in blue of course.
Hill Country Affair: What’s the most common mistake you see people make when shopping for watches?
Matthew Goodman: How much time do you have? The most important thing I can recommend to those looking to join the watch community is to simply be willing to ask questions and not to shy away. Connect with those in the industry and ask for recommendations. Ask what the best watches are at varying price points. The next mistake I see involves limited editions. Not all limited editions are created equal. Just because the LE comes from a reputable brand, does not mean your watch will maintain value within the year. The Hodinkee X Oris divers come to mind, whereas anything Massena LAB collaborates on is as good as gold.
Not willing to go the pre-owned route is another huge mistake. It's important to remember everything from a Seiko SKX to a Rolex Yachtmaster is built to last. Save some money and treat yourself to a steak dinner and a new Ping driver.
Far and wide (where my ball on the links often ends up), the most substantial mistake is playing the AD (Authorized Dealer) game. Only willing to get a watch from an AD instead of a reputable watch dealer is pure madness. Jack Kozubek (Tropical Watch), Eric Wind (Wind Vintage), Christian Zeron (Theo & Harris), Ken Jacobs (Wanna Buy A Watch) are all dealers that are lightyears more knowledgeable than your standard AD. I may get shunned for this, but I'll tell you something other dealers will refrain from informing you. Unless you have been purchasing Patek since, say the start of the millennium, you are not going to get that call from your local AD. Getting a Submariner at retail? Forget about it. No matter how many Grand Seikos, Datejusts and Breitlings you scooped up, you did not buy yourself any express ticket up the call list. Do not confuse optimism with insanity.
Hill Country Affair: “Money talks, wealth whispers.” What watch said that?
Matthew Goodman: Three come to mind. The Cartier Tank Louis in 18KT gold, the Rolex Sky-Dweller, and Vacheron Constantin Overseas. These are what the CEO's are wearing. These are the watches of generational wealth. Whereas Richard Mille screams weekend-rental Lamborghini and a parking lot- facing room at The Fontainebleau.
Hill Country Affair: What do you like to do outside of watches?
Matthew Goodman: Like a doctor, I am always on call. So if a client calls me at 2 in the morning while they are in the midst of a 3-day bender in Vegas, I take the call. Bright & early, I am the first person in-line at the post office, ready to ship off some watches. By lunch I will have tracked down 3 different options of a 1990 birth year Rolex GMT for a client to choose from, and I'm engaged with potential clients through social media all hours of the night. I manage every aspect of the business, and even the less complex aspects, like content creation and photography, takes time. So the little time I have remaining outside of running a business is spent with my lovely fiance, with my family, and close friends. I have an easy recipe. I keep the watches bold and my life simple.
Hill Country Affair: Say someone just finished reading this interview and wants to find out more about you and watches. Where are you pointing them to as a resource?
Matthew Goodman: I'd recommend checking out Craft+Tailored, Hodinkee, and The Urban Gentry. Read every article, watch every video and you will be hooked. You will encounter pieces that defy explanation. If you feel compelled, you can even check out Instagram and follow my page, @phillytimeco, to view these watches in their natural habitats. If your city has a jewelers district or some watch shops, go see these watches in person. Because in each watch is a mini universe, and not so far away, is a community of collectors ready to connect with you.
If you would like to connect with me, shoot me an email at Phillytimeco@gmail.com or message me on Instagram at @phillytimeco
Global supply chains are in bad shape. Demand for everything has come roaring back to almost pre-COVID levels, but suppliers in all industries are having a hard time keeping up. This has led to supply chain bottlenecks all over the world that will likely last longer than anyone cares to admit. Unfortunately, this has also led to inflated prices in most everyday goods from used cars and lumber to ground beef at the grocery store. I link this mass shortage to the same sort of outsourcing that resulted in shortages of ventilators and personal protective equipment (PPE) like gloves and masks (remember the Surgeon General sharing a video on how to make a mask out of a t-shirt?) during quarantine. The status of our current supply chain woes is summarized well by American Compass's Executive Summary in the Symposium, "Moving the Chains":
After decades of looking away as America’s supply chains migrated overseas, policymakers are finally facing the reality that dependence on foreign producers has weakened the nation’s resilience, its security, and its economy. When factories leave, not only the jobs but also the suppliers, the customers, the expertise, and the innovation go too. When a crisis strikes, vital supplies are unavailable. When productivity growth and innovation are needed, they are nowhere to be found.
I believe we should give the same thought when contemplating how we fill our closets. In fact, I think it's one of the most impactful measures we can do to encourage U.S. manufacturing as individuals, besides voting for politicians who support similar policies.
To be clear, I've gravitated to buying from smaller companies from the U.S. because it's a much more transparent process. For example, I knew before buying from Boardroom Socks that they were made in the USA. Not assembled in the USA, and not imported as a whole product and stamped with a logo in the USA, but made from yarn in a factory in North Carolina. And a week after I received the socks, Nathan, CEO of Boardroom Socks, sent me an email detailing how to maintain my new socks. I responded with a "thank you." And was promptly surprised with another email from Nathan a few hours later offering further assistance if needed. I've never received anything close to that level of customer service from a legacy brand. They're just too big. Michael Williams from A Continuous Lean (ACL) goes into that a bit here describing Brooks Brothers in, "What is the Measure of a Good Company?" :
I want it to be clear that I really love Brooks Brothers. My first real suit was from Brooks Brothers and the brand’s historical significance has had an immense impact on global menswear for generations. It’s the American brand now and forever. But I look at Brooks Brothers in 2020 and have to wonder why it has fallen to this point? I have to question the decisions that have been made and the path that has been followed to get here. I think a lot of these problems were obvious long before COVID-19 was floating around. Please forgive me for being a bit of a Monday morning quarterback.
Claudio Del Vecchio made a lot of smart moves in the past and should be given some credit for what he did with the company under his ownership. He’s also got a lot of money on the line which shouldn’t be overlooked. I also think at the same time through his ambition or desire to make a ton of money he pushed the brand into strange and ultimately risky places. This quote below is especially ridiculous to me.
“There are a very small percentage of our customers who told us they really care about ‘Made in America,’” he said. “The vast majority of customers care more about quality and service than where a product is made. When we look at the sales, we really don’t see a lot of reason to believe we would be penalized. I think we — I — am more sorry about closing the factories than the customers will be.” Claudio Del Vecchio in The New York Times
The reality is Brooks Brothers wasn’t delivering any of these things except Made in America. You have to give Del Vecchio credit for buying Southwick and keeping these factories going in the face of what must have been massive pressure. To his point, it’s very hard to have big clothing factories in the U.S. now. There are a lot of people who will spend money on quality and a lot who do care deeply about buying a suit made in Massachusetts or a shirt from North Carolina. But when you are trying to just move units at an outlet mall in Orlando or appeal to people with Targus briefcases shopping in an airport the whole made in America thing is probably not going to work out.
I agree with Michael calling Del Vecchio's quote above ridiculous. And I believe "Made in America" has an opportunity to return with a vengeance if supported from a grass roots level through purchasing power, and state & national level through public policy. But in the end, I'm not calling for a purity test where everything you buy must be sourced locally or you're burned at the stake. It's impossible in this day and age. My home is filled with decor from Home Goods and large furniture chains. I get it. What I'm simply asking is when we can buy from a face we can see, and build a relationship in the process, do it.
As a Texan, I will be the first to admit we have a push and pull relationship with the south. Geographically, we are in fact in the southern United States, but Texas is its own. Texas wears the badge of honor of being one of two states to be its own sovereign nation prior to joining the U.S. (Hawaii is the other one if you’re curious).
This has contributed to Texas’ larger than life personality. If an American is asked “where are you from?” while abroad in Paris – which would be uncharacteristically polite from a Parisian- hearing Georgia or South Carolina, odds are the Parisian would offer an empty stare or follow up questions. But when the Parisian hears Texas, a light bulb goes off. Right or wrong the vision of cowboys and cattle drives come to mind. This sort of ego boost reinforces the shaky border between Texas and the collective southeast United States in culture and traditions.
Therefore, it wasn’t until the age of 27 that I was introduced to grits. I knew of them through “My Cousin Vinny”, and the humorous court scene between Mr. Gambini, played by Joe Pesci and Mr. Tipton. During the interview, Mr. Gambini asked Mr. Tipton if he used instant grits. Mr. Tipton, responding with a shadow of narcissism says “no self-respecting southerner uses instant grits. I take pride in my grits.”
I have found the grits connoisseurs in my family to be of the same mind. I married into a family with roots in Georgia. It has been a blessing for my taste buds and a very trying test for my waistline. This blessing once again unveiled itself after a night of howling at the moon at the family lake house. I woke up to my wife’s grandfather hovering over the stove. He was stirring a spoon in a pot full of grits. He gave it his full attention and stirred with a gentle touch. He said it’s important to cook the grits low and slow. You can’t rush it. “That’s how you get bad grits.”, he said. He then tossed in some cut up pieces of block cheese and added a sinful amount of butter to the pot and continued to stir.
The finished product is worth sharing. If it can help a poor soul find his will to complete Sunday chores or make it to the deer blind, then it’s worth it. And if done properly, as Mr. Green from Georgia instructed, you will have a bowl of thick grits that indeed stick to your ribs and will absorb and extinguish all your alcohol demons from the night before.