Paul Newman, John Mayer and Steve McQueen were there. Well, at least in spirit. The occasion was a special symposium on rare Rolex watches in a private downtown Manhattan club last week. Southampton jeweler Glenn Bradford was regaling a group of about 50 potential and current watch collectors about the pitfalls of investing in a $250,000 timepiece.

“You have to be very careful,” he cautioned. “You really need to completely disassemble a watch to make sure it isn’t a ‘Frankenstein.'” That’s a collector watch term for the wrong parts. He even brought a fake dial that looked alarmingly real.

“I learned a lot, and I was very impressed,” said East Hampton resident Ian Sorkin. He was there with his wife. They also have a home in Manhattan. “I didn’t know you’re not supposed to polish an old watch. But it’s always about maintaining value. Watches are an emotional item but they can be an alternative asset,” he added.

The event was held at Casa Cipriani near the South Street Seaport. Moderator Bill McCuddy peppered commentary with questions and was impressed with the surroundings. “This place is like the set of a James Bond movie,” he said half seriously. “I have a few old watches but nothing like the things Glenn brought.”

Bradford has been designing jewelry and collecting watches for over 35 years. He has a store on Jobs Lane in Southampton among the other toney retailers. On this night McCuddy asked, “What did you bring? $2 million? $3 million?” Bradford smiled and whispered, “More.” McCuddy then assured  guests there were “Brink’s guards outside the room in case anyone has a car running downstairs.”

The people at Casa Cipriani put events like this together for their elite membership. Other guests were allowed to attend if Bradford invited them. Reginald Brack from the Chicago auction house Hindman Freeman routinely visits clients in the Hamptons. He was in New York to show pieces from an upcoming sale.

“What a great event,” he told Bradford. “It helps to bring serious hardware,” he added.

The night was primarily about a niche Rolex dubbed “The Paul Newman” by collectors. They were $250 when new in the early sixties. Newman’s personal watch from wife Joanne Woodward, sold a few years ago at Phillips for $17 million. Most “regular” ones sell from around $150,000 to well over $1 million.

“It’s all about condition and provenance,” Bradford reminded the room. “The dial, movement and case have to be original and that’s hard for most people to tell,” he said. “There are a lot of counterfeits out there.”

Other watches either worn by or endorsed by celebrities include one for Steve McQueen and another for rocker John Mayer. That one’s all gold and has a green dial. The color of money? Probably a coincidence.

“Where else can you see three original Paul Newman watches and all these other Daytonas?” said a collector from Water Mill who brought his wife and parents. He preferred anonymity. Who can blame him? Most of these people probably don’t want anyone knowing what’s in their home vaults. “I like the safe environment here at Casa Cipriani and the whole evening was intimate,” he added.

Upscale drinks and Cipriani hors d’oeuvres passed around helped. So did the incredible views of the East River. The club is part of a Cipriani group that includes locations in Miami and Milan. The New York locale doesn’t have condominiums, just hotel rooms. But the Miami location boasts 405 luxury residences starting at just under $3 million and going up to $25 million. These people can afford nice watches.

Bradford never promises big returns for his timepieces. But the upward trend has held steady since he began in the business. McCuddy pointed out that during the crash of 2008, “Some of the best watches came up for sale because that was the only thing that would sell.” He said a 20% correction that year turned around pretty quickly.

But maybe Sorkin had the best reason to put a little of your portfolio into a fine timepiece. “During volatile markets, a watch can give some kind of comfort. It’s something you can wear and enjoy.”

After the event, Bradford was happy. “That was terrific and we’d like to do it again.”

Apparently, they heard him at Canoe Place Inn and Cottages in Hampton Bays. As part of their ‘Front Row’ series, Bradford and McCuddy have been booked to do it all again on Sunday, May 4.