I hear this asked all the time of people in the trade. Some reply $35 an hour, others $150 per hour. Most state their worth based on what they have heard others say without examining the whys.

“By the hour” pricing just doesn't work! How can we attach a REAL VALUE to a watch battery, or a .90 cent mineral crystal? The truth is that it cannot be done.

The REAL VALUE in what we do has more to do with what we bring to the raw materials, rather than the time it takes to do a thing or what the materials cost.

I have heard the following story many times and the name of the artist changes from time to time, but the moral of the story stays the same. Degas was a famous French impressionist painter 100 years ago. Like most artists of his time, he set up along the Champs Elyssees and painted and sold his paintings. He was known for being able to hold four paint brushes in one hand and in the other his palette. He would bang out landscapes in a matter of a few minutes. An American tourist was watching him work and walked up to Degas and offered to buy his latest creation. When asked how much the artwork was Degas told the American tourist that it was 50,000 francs. The tourist was in shock that it cost so much and complained that it only took Degas a few minutes to create, whereupon Degas explained that the tourist was not watching very closely, because it took him a few minutes PLUS a life-time of painting experience. There is a valuable truth in this story (urban legend or not). We in the watch repair trades have the same forces working for us as Degas. We, too, have a lifetime of mistakes, hard lessons, and hard work at low pay when we started in this trade that weigh into the equations when we price what we do.

One of the best places I think we as trades-persons can look for guidance is to the “factory service centers”. Why should they be the only ones who get to charge fair prices? From my own research I have found that most mid-price watch brands charge anywhere from $60 to $80 to replace a quartz movement. With that in mind, what is it worth to clean and service an 18 size Hamilton 924, replace the mainspring, balance staff, and roller jewel, polish the case, re-glue the crystal, etc.? I can't answer that, but I can tell you what I charged the trade, to do this work — over $275. But I can remember a time when I would do the same job for $50.

I guess what I'm trying to say is that we (the independent watchmakers and jewelers as well) need to respect what we do. If we do not, we cannot expect anyone else to.

Everyone knows that many factory service centers have tradespersons who are minimally trained. But they have GREAT self-images, some might even say HAUGHTY! And I respect them for it. If they can have an exaggerated sense of self worth then what are we entitled to? I have the answer for you—all we can get!
But let me give you some math to explain:

If you do 100 overhauls at $30 each that comes to $3000.
But if you do 40 overhauls at $75 each that comes to $3000.

How much more work is 60 overhauls, how much more time that could be spent with family and friends? And jewelers should understand that when the watchmaker charges professional prices, they also reap the benefits.

A few years ago I decided to change my pricing structure, no matter what the consequences. I was determined to charge professional prices and provide professional service. Well, part of me was ready to get a sales job and the other part of me was yearning to really enjoy the trade. What I first did was double my prices — yes you read that right, I doubled my prices! At that time I was handling around 100 jobs a week, crystals, stem and crowns, movement replacements, mechanical overhauls etc. I figured that if I lost 50% of my business I would be no worse off, and have a little free time. Well I lost virtually no work whatsoever, and I doubled my income. At that time I was charging $30 to overhaul a ladies' wind-up watch. Well, where the story ends for me is that my average price for a watch repair is $150 and I still have more work than I can do.

The last I heard there was a critical shortage of watch repair persons everywhere, and most jobs are going wanting! I get calls every week from jewelers and repair centers who are desperately looking for qualified bench repairpersons. Exert yourself! You can be well rewarded. All you need to do is decide! Decide that you are worth the big bucks! Decide that the time you spend with your families has value! Decide to help someone else in the trade, by helping others to know their worth. If we do this as a group and “pay it forward”, maybe — just maybe — we can make this trade of ours something we all can benefit from!

And, Mr. Retail Jeweler, if you are reading this and thinking how terrible it would be to have to pay your watchmaker more money, remember this . . . If you are at least keystoning your cost (as you should be), then the more your watchmaker charges, the more you should be charging and thus the more profit you will be making! You, too deserve to be paid for your valuable service to your customer!