Comparative valuation and liquidity between the naked watch and the same reference with original box and papers · +40 % equity premium · −13 % time to close · the financial signature of an unbroken chain of custody.
Asset Valuation Delta
+40%
Equity Premium
The full-set buyer pays a hard 40 % premium over the naked-watch baseline · the price of an unbroken chain of custody.
Liquidity Delta
−13%
Velocity Gain
Time-to-close compresses from 100 to 87 days · thirteen days of capital velocity recovered on every transaction.
Naked-asset baseline
100%
The watch-only valuation against which every documentation-state delta is measured · the buyer pays for the object, not the file.
Full-set time to close
87DAYS
Average days from listing to settlement for a reference offered with original box and papers · 13 % faster than the same watch sold naked.
Combined documentation premium
+1.61×
Equity-and-velocity composite multiple · the structural advantage of the full-set seller over the naked-asset seller across price and time.
The spread is not nostalgic · it is actuarial. Box and papers convert authentication risk into authentication paperwork, and the buyer compensates the seller for that transfer with 40 % more capital and 13 % less waiting. In a market where forensic verification costs are rising, the documentation premium is the simplest exposure-reduction trade Tier-1 capital can make at the point of acquisition.