Sign of the times: Pricey watch repair hed here

Haven't they heard there's a recession going on?

Sure, but when you've paid tens of thousands for a watch (Cartier's least expensive —- a Tank Solo watch —- sells for $2,500), what's $170 to get it cleaned up and running again?

It appears the well-to-do have learned to be thrifty.

"People are holding onto their watches," said Altman. "They don't want to spend money on a new watch, so they bring in their old watches they haven't worn for a while."

Demographer Doug Bachtel, a professor in the College of Family and Consumer Sciences at the University of Georgia, says watch repair is symbolic of a trend in this recession. Consumers —- regardless of income —- have become savvy about finding the best deals and stretching their dollars. And that behavior is likely to continue even after the recession has ended, he said.

"If you look at people's watches, you don't see many ordinary watches. Some people have a watch that's good to a depth of 250 feet [underwater]," said Bachtel. "There are watches that tell the phases of the moon, date, time and temperature. ... So they're more expensive.

"So it makes sense when your watch is going to slow down or quit working, that you're going to take it in to get fixed. That places a premium on a horologist."

That premium translates into profits for watch repairers and other repair businesses in general. Shoe repair, for example, has spiked during this downturn.

Consumer anthropologist Robbie Blinkoff says people with a knack for fixing things should be honing their skills as price-conscious consumers look for ways to hold onto what they own.

"It's becoming fashionable to say, 'We've saved money doing this' or 'We bought six cans of apple juice for a dollar,' " Bachtel said.

More importantly, consumers are regaining control over their spending habits, says Blinkoff, principal anthropologist at Context-Based Research Group, an ethnographic research and consulting firm in Baltimore, Md.

Something like watch repair, Blinkoff said, is "a representation of people's values changing. People are starting to think of objects ... not just as stuff you buy and then throw out, but things that you value in your life."

At Cartier, Altman says the recession has cut down on what she terms the "aspirational client": "Someone who can't afford to buy something but buys it on credit anyway."

Still, unlike those of us who make do with a $20 Wal-Mart watch, for many of her customers, timepieces are more than mere wrist adornment.

"They see it as an investment," Altman said. "A lot of our clients don't just own one, they own several."

By the way, if you're in the market for a jewel-encrusted, limited-edition watch with a complicated movement, say, a Ballon Bleu? You can pick one up at Cartier's for a cool million.