Buying watches means owning the Rolex Submariner, Omega Speedmaster, or Patek Philippe Nautilus of your dreams. But too many watch collectors make the same mistakes each time they shop and spend on their next watches. Tonight, Tim Mosso explains how to avoid common mistakes often encountered when buying luxury watches.

The biggest mistake when buying watches is assuming that all watch collections start with cheap watches and brands before progressing to more expensive watches. In other words, you start with Casio, move up to a mechanical Seiko, graduate to a luxury-level TAG Heuer, and then buy a Rolex Daytona to cap the collection. Others will stay within a brand but move from something like an Omega Seamaster Diver 300M to a Central Tourbillon over a period of year -- with the assumption of intermediate priced models purchased in the meantime.

Tim Mosso believes that this assumption is flawed. For example, many watch collections begin with Tudor, but there's no requirement that a collector move "up" from Tudor to its owner's senior brand, Rolex. While Rolex watches are excellent, Tudor watches are a lifelong collection theme by themselves. Modern watches like the Tudor Black Bay, Pelagos, and Ranger can be worn in any attire, for any activity, and in any company. Broad collections can delve into vintage Tudor watches such as the Advisor alarm, Tudor Submariners, and Big Block chronographs.

A similar fallacy often arises when collectors decide how to progress within a brand. Most brands occupy well-defined price points in the market, but some like IWC, Rolex, Omega, and Jaeger-LeCoultre offer watches that range from under $10,000 to well over $100,000. When this is the case, it may seem that the natural path of a watch collector is to start with, say, an Oyster Perpetual and progress towards a Platinum Daytona as life and professional circumstances permit. But why couldn't a person just build an entire collection of steel Datejusts and Oyster Perpetuals?

For that matter, a huge range of Jaeger LeCoultre Reverso, Master, and Polaris models can be purchased used for under $10,000, so why would a watch collector feel obligated to pay $50,000 for a Duometre or over $100,000 for a minute repeater? Sometimes, it's more fun to own a broad portfolio of mid-priced watches that can be worn without the stress and caution of profoundly expensive watches.

All of this plus live discussion and watch collector wrist shots appears tonight on "Watches Tonight!"

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