Collector, enthusiast, dealer, guru, Alfredo Paramico is an enthusiastic player in the worldof Vintage and Haute Horlogerie. We met him in Rome, at Bonanno's on Via della Croce. Below is the first part of his long and interesting interview.
Born in Naples and graduated there, he began his career path in the financial sector, but soon decided to follow his passion for watches. At the age of 23, he left his hometown to pursue a master's degree in quantitative statistics at Bocconi University. Then, in 1994, he took the big step of moving to London, where he began his career at Bankers Trust, a leading investment bank specializing in the derivatives market.
His expertise in the field of derivatives, both in equities and government bonds, led him to increasingly prestigious positions in various financial institutions. He worked for Donaldson, Lufkin and Jenrette (later acquired by Credit Suisse), Caboto (part of the Intesa Group), Dresdner Bank, and finally BBVA, where he spent two years as head of Capital Markets activities for Italy at the Milan office.
His passion for watches has been a constant in his life since adolescence. From a young age, he began collecting watches, patiently searching flea markets for unique pieces, adapting to his limited resources. Over the years, his collection has been enriched with some of the most prestigious timepieces in watchmaking history, with a special focus on Patek Philippe watches produced between the 1930s and 1950s, characterized by "white" colored cases made of steel, white gold, and platinum. Among its best-known pieces is the famous and rare Patek Philippe 1518 in steel.
After finishing his career in the financial sector, he decided to devote himself fully to his passion for watches. He founded the first investment fund entirely dedicated to collectible watches, gaining approval from Luxembourg regulators.
In 2013, he moved to Miami, where he devotes himself full-time to finding the finest and most important watches for his discerning clients. He operates as a consultant and retailer through his company Alfredo Paramico LLC. His vast knowledge and experience have led him to serve an international clientele from every corner of the world.
Naples, Milan or Miami?
"It will seem paradoxical as an answer, because usually people born in Naples has a physical need for the sea as well. From this point of view, even Miami is a seaside city. Instead, my choice is Milan, the ideal city for my work and way of life."
Do you feel you are a collector or a dealer?
"I am a dealer even though I was a collector for many years. Looking back, having been a 'great collector,' at least that's what I've been called, has been extremely important to my view of the world of hands."
Also in your story is one of the first investment funds related to Haute Horlogerie. What do you remember from that time and what did that experience give you?
"It was a wonderful experience. It was the first fund investing in important vintage watches to be authorized by the Commission de Surveillance du Secteur Financier in Luxembourg, basically our Consob. I came into contact with important people in finance, whom I already knew, and that, together with my background in the world of hands, meant that I was chosen for the role of leading the fund. It has been a wonderful adventure. A ride with some major complications, which to be honest, relate generically to establishing a fund that invests in tangible assets."
An example?
"You cannot ask for redemption of the share every month, because month after month the value of the watch cannot change."
Would you remake a watch-related investment fund?
"Yes, but with a completely different layout. My dream would be to have twenty people, selected around the world, give you a share of two or three million that cannot be redeemed before five years. I would have three dinners with them, one in Europe, one in Asia, and one in America, to tell them about the work done, the work to be done, the market situation, and how we are doing. I'm sure that after the five years have passed, they would all be overjoyed with the outcome."
What do you think of the existing ones?
"I honestly don't know any regulated ones, so I don't know their dynamics, policies, repayment conditions... so, I can't comment."
Back to you: do you like to be seen and regarded as a trader?
"Definitely yes. Today, however, the dealer also has a "godfather" figure for the collector; he is the one who guides him in his choices. Having collected and knowing the logic that governs this passion, being able to identify trends and having the ability to recognize the characteristics of a watch are all peculiarities that help me in my relationship with the customer."
Is the dealer a figure of reference for the collector?
"Yes, especially when we talk about vintage, which, I have always said, is not for everyone. You have to have passion culture, willingness to study, open-mindedness essential to establish a trusting relationship with the dealer of reference."
Earlier we talked about Naples, Miami, Milan... but the "watchmaking capital, Geneva we do not want to consider?
"Some of my fondest memories as a collector and beyond are related to that city. There I bought the 1518 in steel ... I remember walking alone on the lakefront after that transaction, congratulating and rejoicing at that transaction. Geneva is where you arrive and "smell" the watches, where it is right to meet all together two or three times a year for auctions, the salon..."
In what year did you start collecting?
"I started at the same time as the first Italian magazines came out, Orologi e non solo, Polso, so in the late 1980s. I remember that at that time I could learn something only by reading, and the magazines came out once a month: in forty minutes I would devour all the articles that interested me, then spend the remaining 29 days, 23 hours and 20 minutes waiting for the new issue. In those days there was a hunger for knowledge that is somewhat gone today."
Let's turn on a memory: your 5 favorite watches in the early 1990s?
"I will make you laugh: I remember going to Lorenzi's store on Via del Bollo to ask him for a Gerald Genta. He looked at me and said, "but do you know that it takes 80 million liras to buy it?" I looked at him dumbfounded and walked away. Anyway this was one of my favorites even though my first vintage watch was a beautiful gold Tri-Compax purchased from Luca Musumeci in Milan. Then I remember exchanging a Freccione for an Ebel Voyager in steel and gold: when I wore it I was happy as a clam...I think the dealer was too. I really liked some Rolexes and had a fondness for power reserves. I went to the market held in the Villa Comunale in Naples and exchanged a Scuba Diver, which was like gold at the time, for a Roamer laminated winding reserve. Maybe then, given the choices it didn't really show my trading nature."
Do you still have it?
"Maybe, I hope I have it and indeed improved."
No, I'm not talking about the trader's temperament! No one questions that one: do you still have the Roamer?
"No, the Romaer no more. However, I still have an Ebel in my collection, not the Voyager but still a nice piece of this brand."
Let's continue on this path: what are your 5 favorite watches today?
"Tricky tricky question. Let's start with an assumption: for my work I have been fortunate enough to have in my hands some of the most beautiful timepieces ever produced, these my favorites. The 2497 platinum with enamel Breguet numerals made my wrists shake. Another gorgeous piece is the 4113 rattrapante Rolex. Then the 3974 platinum silver dial with Breguet numerals. The 6062 is a watch that I have always liked in all its forms and substances. Finally, in the last few years I have rediscovered the Daniel Roth tourbillon and I find it truly a work of art."
Looking at your own experience, how much has watch collecting changed since the 1990s?
"There's a question that I'm routinely asked that is very close to what you're asking: 'what kind of advice would you feel like giving to a person starting collecting today?'"
That was the last question I was going to ask you!
"Well, today if this question were asked to a hundred people in our industry, the answer would always be the same: 'you must absolutely prefer rarity and quality.' If we talk about the vintage world we are familiar with the production numbers and consequently their rarity. Let's shift instead to quality: if we associate it with the vintage world, we realize that it is addressed "solely and exclusively" to the state of preservation of the watch. I don't know anyone who, after opening a case back of a 2499, said, "look what a beautiful Cote de Geneve finish this movement has or the Swan's Neck micrometric adjustment." Absolutely not! We look at the state of preservation of the case, the punches, the dial...and then we make our choices."
Are we getting closer to the answer to my first question?
"That's right. The way of collecting has changed."
An example?
"People today who buy the 'infamous independents' are making the same argument we brought up earlier, they are looking first for rarity. Three great watchmakers come to mind, to be fair one for each country: Theo Auffret in Paris, Simon Brette in Geneva and Charles Frodsham in London. The waiting time to get one of their watches ranges from eight to 12 years."
The same waiting time for a steel Daytona.
"Yes, but the rarity for the Daytona is due not to centered production, but rather to disproportionate demand on a worldwide scale."
We have understood quality, now do we address quality?
«La qualità in un <2indipendente inizia nel modo in cui è stato progetto un movimento, continua nel modo in cui viene prodotto e implementato, nella scelta dei materiali per ogni singolo componente e delle sue finiture, nella scelta delle casse e delle finiture, nella scelta dei quadranti e dei processi di lavorazione per realizzarlo. Questa è la “qualità” che si riscontra negli indipendenti e quando mi si chiede se sono un fenomeno destinato a durare nel tempo, non posso che rispondere: non sono un “fenomeno”, parola che si attribuisce ad un evento eccezionale, sono già oggi storia.»
Is collecting "independent" something different from traditional watchmaking?
"It is definitely a different way of collecting than vintage modeling, which appeals to other people who have more interest in the mechanics and how it works, rather than in the history or blazon of the watch itself."
Do they overlap in enthusiasts' choices?
"No, the great thing is that traditional watchmaking and independents travel on parallel paths, they don't war with each other and are not disruptive to each other. There are people who love vintage, high independents still others, like me, who watch both."
Here ends this our first interview with Alfredo Paramico. We will soon publish the rest - full-bodied - of his idde and considerations.
