News: Jaeger-LeCoultre’s charity online-auction of the Prototype Number 1

On February 16th, Jaeger-LeCoultre.com will begin an online auction of one prototype of the model Master Compressor Extreme W-Alarm Tides of Time, from its SIHH 2009 collection. Symbolizing the “Tides of Time” partnership between Jaeger-LeCoultre, the UNESCO World Heritage Center and the International Herald Tribune, this timepiece associates two of the Manufacture’s emblematic complications: an alarm and the simultaneous display of the time in 24 time zones. Three of the cities on its outer dial ring have been replaced by three natural sites - Scandola, Galapagos and Tubbataha - inscribed on the World Heritage List benefiting from a dedicated preservation programe supported by Jaeger-LeCoultre.

Proceeds from the auction will go to a World Heritage project identified by UNESCO. The Manufacture Jaeger-LeCoultre is involved in a three-year partnership with the UNESCO World Heritage Center and the International Herald Tribune to help promote, protect and safeguard outstanding marine sites that require specific immediate intervention.
Interested in joining the auction of the prototype Number 1 in steel and titanium of the latest Master Compressor Extreme W-Alarm ‘Tides of Time’ for World Heritage? Stay tuned from February 11th and visit Jaeger-LeCoultre’s website.


TIDES OF TIME & THE WORLD HERITAGE MARINE CENTRE
“Making Time More Beautiful” is the name of Jaeger-LeCoultre’s global strategy to counter the threats to our planet. It aims not only to preserve the manufacturing company’s exceptional natural environment, but to support projects of international scope as well. In this regard, the watchmaking company has entered into a three-year partnership with the Unesco World Heritage Centre to support the preservation of outstanding marine sites that are in immediate need of protection. To make people aware of this environmental cause, Jaeger-LeCoultre will join the International Herald Tribune in publishing information about the eight selected Unesco World Heritage sites in its “Tides of Time” section.

Info via Jeager-LeCoultre

Watch News: Global Recession Impacts Luxury Watches

The global recession has impacted the once recession-proof Swiss luxury watch business, according to reports from the Federation of the Swiss Watch Industry, the Richemont Group (Cartier’s parent), and the prestigious Salon International de la Haute Horlogerie luxury watch fair in Geneva, Switzerland.

"After several record-breaking years, Swiss watch exports in November—traditionally their best month—declined (by 15.3 percent in value, compared to November 2007) for the first time in almost four years. While all price segments dropped, the fall was greatest (down 30 percent) for watches between about $435 and $2,600 (export prices)."

The declines “clearly illustrates the curb on growth suffered by the industry as a result of the world economic climate,” an FH report said. Watch exports, about 10 percent of all Swiss exports, are expected to be less this year than in 2008.

The 18th SIHH (Jan. 19 -23) expects 15 percent fewer visitors—especially from the United States and Japan—than in 2008, when 17,000 from prestigious retailers worldwide attended the invitation-only event. Some show officials and attendees blame the global economic climate and what one Swiss newspaper calls “this challenging [watch] industry environment.”

Some also suggest holding the SIHH—usually in March/April to coincide with the international Basel, Switzerland, watch fair—in mid-January, due to a scheduling conflict at Geneva’s convention center, is also a factor.

In addition, SIHH’s exhibitors canceled their traditional evening events, normally highlights of the week, which celebrate the luxury watch business, some “to save money,” said a show spokesperson.

Info via JCK-Jewelers Circular Keystone, 1/21/2009.

Horology News & Commentary: SIHH 2009 Cometh!

As the new year rolls around here cometh the SIHH 2009! Say what?


As announced last year this January appeared first-ever SIHH winter edition which saw some new features in a pretty challenging current global recession environment.

SIHH 2009 displayed the work of the Fondation de la Haute Horlogerie, which promotes luxury watchmaking worldwide and is the SIHH’s organizer. The 2009 SIHH featured 17 of the globe’s most prestigious brands (12 owned by the Geneva-based Richemont Group). They are A. Lange & Söhne, Alfred Dunhill, Audemars Piguet, Baume & Mercier, Cartier, Girard-Perregaux, IWC, Jaeger-LeCoultre, Jean Richard, Montblanc, Officine Panerai, Parmigiani Fleurier, Piaget, Ralph Lauren, Roger Dubuis, Vacheron Constantin and Van Cleef & Arpels.

Some of the novelties and changes of the years prior:

- The Ralph Lauren Watch and Jewelry Co, a recent joint venture between the Richemont Group and the Polo Ralph Lauren fashion brand, has joined the SIHH exhibitors and unveiled its first-ever collection of timepieces. This is Richemont’s first joint venture with a luxury fashion designer and Polo Ralph Lauren’s first foray into luxury watches (more details on that later).

- Roger Dubuis will be there in a new light since the purchase by Richemont last year. The purchased manufacture movement kit facility which Richemont will continue to supply to Manufacture Roger Dubuis SA (founded and is managed by Mr Carlos Dias), under the terms of a long-term agreement. They will continue to operate as an independent manufacturer and distributor under the “Roger Dubuis” brand. It will supply the components for high end watch movements, not only for Roger Dubuis but also for Richemont’s own Maisons.

- The FH is showing the newest version of its world-traveling exhibition, “Think Time, Think Swiss Excellence,” not seen previously in Switzerland.


My visit was as well shortened to the years prior thus I didn't take as much as time to go through all the brands 2009 novelties as many of them IMO weren't truly anything groundbreaking nor was there prior years excitement due to the current economic environment affecting us all.

Unfortunately for most of us watch aficionados the main topic on most industry people minds was not the rather weak watch novelties, but instead the economic climate we are all facing in the upcoming months.

The Richemont Group, whose several prestigious international jewelry and watch brands issued a grim report this month. Important third-quarter sales dropped 12 percent overall, and 28 percent in the Americas alone, due to the global financial crisis and a decline in consumer confidence which had “a significant impact” on regional sales, it said. As a result of that the giant Cartier has put almost all 200 full-time workers making watch cases at one of its Swiss watch factories on part-time. From what I hear they are not alone either considering similar actions or already implementing planned cost cutting.

“Demand for luxury goods … has fallen dramatically,” the statement said, “and Richmond is facing the toughest market conditions since its formation 20 years ago.” With the current economic climate and uncertainties, it expects “no significant recovery in the foreseeable future” and will “take the necessary steps to not only see the difficult times through but to emerge stronger.”

From the last data I gathered there were over 600 watch related companies operating in Switzerland last year. Surely this was not all due to overwhelming insatiable demand and expansion of the watch industry seen during the last years of the horology renaissance. There were surely players in the industry that flourished yet there were some that just jumped on the gravy train and anyone (and their mother it seems) was able to get/make/buy a brand name and all of a sudden become a legitimate Swiss watchmaking company. Let's face the facts - there is no way all of them should have existed in the first place nor they will survive the current harsh environment present. This is a good thing as in my humble opinion there is about 30-40% much needed correction of these numbers. This all points that 2009 will be a undoubtedly a year of consolidation, after the unprecedented interest in technical, unique and exquisite watches of recent years had taken the industry to a level which was not reasonably expected to continue further in such manner.

So what can we expect from the year 2009 shakeout?

Only the strong and truly the value brands which were the leaders before and will continue providing not just a pretty shiny package, but a true horology advancement, innovation and value. Those leaders, as you might have suspected, are the bigger conglomerates and companies which sheer scale & magnitude of their resources puts them in the best position to adjust in order overcome this economic downturn.
Although being big company does not guarantee the survival if there is not capable or nimble upper management ready to to adjust their product to this changing market. There will undoubtedly be plenty of consolidation. Smaller fish will be eaten by the bigger and bolder competitors while other brands presenting little of actual horological or marketing value will be left alone to deservedly DIE! This weeding of the weak in the end is a good thing as it will leave us with more healthy and naturally stronger horological field benefiting us all in the end.

We have seen some minor effects already:
- Zenith announced some firings in its watchmaking workforce.
- Villemont seems to be the very first bankruptcy casualty.
- Bedat & Co. is being reported as currently being shut down.

Speaking at SIHH, Bernard Fornas (Cartier International President & CEO), told Reuters that “real, true luxury is back,” because the financial crisis is changing consumers attitudes and buying. “When people are buying something they are very tough with their choice of brands,” he said, and are now more likely to favor “strong” luxury brands, rather than lower-priced ones which call themselves luxury. Still, echoing Richemont's forecast, Fornas told Reuters, that currently “we don't see where the end of the tunnel is and we see no cause for optimism."

What to add in the end, except so very true!

Watch News: The prize-winners of the Grand Prix d’Horlogerie de Genève 2008

The prize-giving ceremony of the 8th Geneva Watchmaking Grand Prix took place on November 13, at the Grand Théâtre of Geneva, illuminated by Gerry Hostetter.

The most prestigious prize, the “Aiguille d’Or” (“Golden Hand”), was given this year to the watch by F.P. Journe: The Centigraph Souverain. This new chronograph conquered the hearts and minds of the jury.


With a dozen different prize categories, the Geneva Watchmaking Grand Prix honors the most creative watchmaking brands every year. Officially supported by the City and State of Geneva, the ceremony attracted the leading managers, journalists and aficionados of the watchmaking world. Presided by Pierre-François Unger in front of a crowd of more than 1500 guests, it was a not-to-be-missed event for international horology.

Adjudged by an international jury of recognized professionals (see the list on www.worldtempus.com), the prizes consecrate the winners in various categories noted below as well as the Best Watchmaker Prize, the Jury’s Prize, the Public Prize and the “Golden Hand” Grand Prix.

The winning watches, in addition to all the other preselected timepieces, can be viewed until the 21st of November in the UBS Corraterie branch office in the centre of Geneva.


List of the prize-winners of the Grand Prix d’Horlogerie de Genève 2008

Grand Prix « l’Aiguille d’or » (Golden Hand Prize)- F.P. Journe, Centigraphe Souverain

Best Watchmaker Prize - Giulio Papi

Special Jury Prize - Fondation de la Haute Horlogerie

Favourite Ladies Watch - Piaget, Limelight Magic Hour

Favourite Men’s Watch - Vacheron Constantin, Quai de l’Ile

Favourite Design Watch - Concord, C1 Tourbillon Gravity

Favourite Jewellery Watch - Audemars Piguet, Millenary Pianoforte

Favourite Watch with complication - Jaeger-LeCoultre, Reverso Gyrotourbillon 2

Favourite Sports Watch - TAG Heuer, Grande Carrera Calibre 36 RS Caliper Chronographe

Favourite Full Calendar Watch - Audemars Piguet, Equation du Temps Squelette Jules Audemars

Public Prize - Maurice Lacroix, Starside Eternal Moo

Congratulations to all the winners as most selections like the JLC's Gyrotourbillon 2 & F.P. Journe Centigraphe Souverain seem to validate further the exceptional mastery of hi end watchmaking as well as the hard work being presented in today's horological industry although some of the other category winner choices remain to leave me befuddled.

Info via Worldtempus.com

News: United States President elect Barack Obama and his watches

I don't get to political on this blog, but this week historical Presidential elections here in the US captured mine as well the global attention thus they need to be mentioned even if it is just in the context of watches.

The junior United States Senator from Chicago, Illinois Barack Obama made history and is the first African American to be elected as the 44th President of the United States. This besides sweeping away the last racial barrier in American politics electing him with ease in many ways it signifies change and new hope for the citizens of this country as well the US image abroad in these difficult economic times.


So in the words of my President elect "If there is anyone out there who still doubts that America is a place where all things are possible, who still wonders if the dream of our founders is alive in our time, who still questions the power of our democracy, tonight is your answer. It’s been a long time coming, but tonight, because of what we did on this date in this election at this defining moment, change has come to America." All I can say Thank you Mr. President.

So enough of my mumbling about politics I thought it would be appropriate to take a look at the man of the moment from a different aspect and a more personal horological insight in this fantastic article Obama's watches by Jeff Stein. Enjoy!

Watch News: Audemars Piguet Royal Oak Offshore Survivor Chronograph

Over the last year much has been speculated by AP's ferment ROO aficionados about the final design and name of yet another very much talked about AP Special Edition ROO. Well the time has come and it's finally here! On November 6th the day of the Global Launch (sounds so sinister) all of the AP ROO faithful have gather around the world to be finally introduced to a finished product they debated about for so long.


Overall I find the finishing and many of the design cues to be very interesting and well executed in particular my surprise that I'm for once a fan of the execution of the dial which with ROO's can be IMHO very cluttered and dare I say colorfully confusing. The open worked hands and vertical grooved ceramic bezel are another two aesthetically successful details tying up the whole "sinister" design. I also liked that they successful carried on the wider non-tappered vulcanized rubber style strap first introduced on the Team Ainghi LE.


On the other hand what I don't like is cartoonish elements such as these crown guards, notched "gun barrel" rim of the crown, as well as the ratcheted case edge. Then its the usual complaint of YET another LE ROO (number 69 and counting LOL), yet another PVD'd black watch (I thought only Hublot was the company that still thinks that is something innovative) and of course lets not forget the very lame name. No secret here that I am no fanboy of ROO's altogether but c'mon AP how long can you continue following the same old ROO LE thing.

“Survivor” mission:

- Readability, functionality and high precision, the wearer is liable to find himself confronted with an unknown and hostile environment – overpopulated megalopolis, urban jungle cosmic construction sites, etc.
- High-tech architecture: ultra-light, high-resistance materials that adjust to body temperature.
- Design: ergonomic and sophisticated, genetic markers of the Royal Oak Offshore collection pushed to extremes.
- Mechanical performance: exclusive chronograph movement.

Technical specifications:

Follow this link to see the SURVIVOR MOVIE

High-tech materials:

Blackened titanium plays the starring role. This ultra-light material has been chosen for the case and the surrounding elements: studs, push pieces and guards, crown and oversize strap buckle. The same goes for the medallion back featuring a special non-slip texture.

Titanium also shows up on the lower part of the octagonal bezel, while its upper part opts for ceramics. The latter is distinguished by clearly marked vertical grooves reminiscent of the characteristic satin finish of the Royal Oak Offshore collection.

The strap is made from vulcanized rubber, an indispensable part of the extreme sports universe. Its matte black granular surface accentuates the adventurous camouflage-type look of this chronograph issued in a limited edition of 1000.

Shapes and ergonomics:

Each detail is meticulously designed to ensure a blend of efficiency and lightness. The perforations on the bezel lighten up the structure without compromising its sturdiness. The hollowed push pieces equipped with a security look ensure user-friendly handling. In a similar vein, the generous size and notched rim of the crown, as well as the ratcheted case edge, facilitate getting a quick and sure grip on this exceptional instrument. The conical shape of the push pieces guarantees instant activation of the chronograph function, while the skeleton hands, luminescent hour-markers and silver-colored small seconds counter guarantee optimal readability by day or night. And finally, since nothing is left to chance, a careful observer will note the apertures on the case middle and studs.

The Royal Oak Offshore signature features:

- Strongbox-type case water-resistant to 100 meters, with anti magnetic system designed to protect the mechanism from any hostile element
- Hexagonal socket-head screws echoing the legendary hexagonal screws of the Royal Oak Offshore models
- Exclusive “Mega Tapisserie” guilloché pattern on the dial, matched on this model by the checkered motif on the strap
- Strap perfectly integrated with the case

High-precision instrument

The Royal Oak Offshore Survivor houses the exclusive Audemars Piguet self-winding Calibre 3126/3840, guaranteeing sturdiness, reliability and precision rating:
- up to 60 hours’ power reserve thanks to a mainspring which, by supplying constant force over a longer time-span, ensures enhanced rating accuracy;
- a cross-through balance-cock reinforcing the stability of the movement;
- a balance-stop mechanism serving to immobilize the seconds hand and thus enabling time-setting to the nearest second;
- a variable-inertia balance equipped with eight inertia-blocks enabling precise and stable adjustment;
- fast date correction with an integrated security system avoiding any risk of date disc blockage when the adjustment occurs at midnight;
- bidirectional automatic winding of the mainspring by means of a 22-carat gold rotor mounted on a ball-bearing mechanism;


Technical Specifications
Royal Oak Offshore Survivor Chronograph

Reference
26165IO.OO.A002CA.01
Limited series of 1000

Movement
Calibre: 3126/3840, self winding
Total diameter : 26 mm (11 ½ lignes)
Thickness : 7.16 mm
59 jewels
365 parts
Up to 60-hour power reserve
Cadence of the balance: 21,600 vibrations per hour
Variable-inertia type balance with eight inertia-blocks and a flag balance-spring
Geneva-type mobile balance-spring stud-holder
Three-position winding crown
Finishing: all parts decorated by hand; main plate rhodium-plated, bevelled and stippled; bridges adorned with Côtes de Genève motif

Case
Strongbox-type case with anti magnetic system, cone-shaped pushpieces, hollowed pushpiece guards, crown, crown guard and studs in blackened titanium
Perforated ceramic bezel
Diameter: 42 mm
Thickness: 1.565 mm
Water resistance: 100 metres
Medallion back in blackened titanium with non-slip motif, titanium zone engraved with the inscription Royal Oak Offshore Survivor – Limited Edition

Dial
Matt black, exclusive “Mega Tapisserie” guilloché motif
Snailed hour circle
Luminescent open worked hour and minute hands
Luminescent applied hour-markers

Strap
Vulcanized rubber with chequered motifs and oversized buckle in blackened titanium

Functions
Hours and minutes
Small seconds
Chronograph with central sweep seconds hand, 30-minute and 12-hour counters
Tachometer scale around the flange
Date

For more real world photos of the watch as well some excellent coverage of the Survivor launch follow the link posted by TZ's Paul Boutros of the AP NY Boutique event

News: Jaeger-LeCoultre signed a Partnership agreement with the U.S. Navy SEALs!

Yup exciting news for all vintage, military and especially JLC aficionados report by the great Stephan Ciejka from LaRevuedesMontre


Translated: "The Swiss Manufacture Jaeger LeCoultre has signed a cooperation agreement with the special forces command of the U.S. Navy, and becomes the partner of the famous watchmaker Navy SEALs, commandos and combat swimmers of the Navy of the United States. This collaboration is expected to last several years, and will lead to the production of special series, and more limited, which will be tested by operators of the unit during the coming months. The activity of this elite unit made a test laboratory particularly valuable."


In short the announcement of the cooperation with JLC and U.S. Navy SEALs resulting in development of some very cool diving watches over the next few years. The only other thing I can disclose is that we might see some sooner then the summer is expected ;-)

Independent watchmakers News: Great artickle about new brand from Ludwig Oeschslin - "Ochs und Junior"

A great report by Timm Delfs brought us by Ian Skellern at Horomundi. If you are fan of the simplistic genius work that Ludwig Oeschslin has been doing over the years you will definitely love to hear more about this collaboration with Paul Gerber. Both the "Settimana Junior" and "Anno" feature innovative and simple display such as the one seen on Settimana - semicircle of dots that indicate what day of the week it is.


"Anno" a more "serious" piece features a new Paul Gerber automatic caliber and Ludwig's specialty of annual calendar. All this and being in such minimalist design yet on the other hand quite complicated and impeccably finished. I love news like this thus I am quite intrigued and can't wait to hear more.

Info and photo via www.Horomundi.com and www.ochsundjunior.ch/

Economic downturn & the effects on the horlogy industry?

Much has been said already about the global economic downturn affecting the US and now the rest of the world. So much in fact that it affects our daily thoughts in every aspect of our life. This impact is here to stay with us for unforeseen times thus affecting everything including many of ours horology acquisition and collecting habits. Now I will not go on about what/whom/where/why did it happen nor will I try and predict the future. All I will state is how I see it affecting me/us right not and how I see it developing.

There is definitely a correction from watch market valuation highs from the middle of the year especially evident in the vintage watch markets. The biggest change I see now (and for the future) is in the middle to low market where the effects are clearly evident. The middle to entry level consumers momentarily will see the sharpest decline due to lack of disposable income for luxury objects of desire. I say momentarily because as disposable income becomes available we will see the return en mass because the timepiece in today's digital age is not anymore just a time telling tool but rather the reflection of ones style, persona & emotional desires (very much like ones home, car, clothes, etc). On the other hand there is no abating in the high-end market with clear expansion in the very high-end due to unseciable demand in ever growing numbers of emerging markets new millionaires.

The positive thing of potential reduced demand for watches as a result of this is that finally the supply and manufacturing capabilities of the companies will catch up to true demand. Thus resulting in a move back to the equilibrium including both exuberant pricing increases of the past few years, increase in service and quality control of manufacturing, increase in true watchmaking talent pool & timely deliveries for the true aficionados that will stay in this horology game.

Another positive result evident already is sharp reduction of speculators and flippers which puts a smile on every true watch aficionado dial. In addition I foresee further consolidation in the horology industry with hopefully weeding out the overcrowded field of the weak, lemmings & the inconsequential that benefited from the past half decade of the horology renaissance. All in all as you can see not all news are that bad because once the economic fortunes bounce back (which eventually they undoubtedly will) the industry will emerge much more complete, efficient and stronger – of course this is just my humble opinion which just might be completely wrong.

Auction News: Sotheby’s Geneva Evening Sale of Important Watches

Sotheby’s Geneva Evening Sale will offer Important Watches at Auction on Sunday, May 11th, 2008. Comprising around 200 lots, the sale is highlighted by an important and possibly unique over-sized single button chronograph wristwatch created by Patek Philippe in 1932. Formerly the property of Count Carlo Felice Trossi, this piece is estimated to sell over $2 million.


The “Trossi Legenda” Patek Philippe

Measuring 46 millimeters in diameter, this chronograph is most probably unique and is one of the largest wristwatches ever made by the company. It was clearly specially chosen by Count Trossi as a practical timekeeper for use in motor racing and aviation to assist with the accurate timing of events in a highly visible format. In later years, aviators’ wristwatches were typically large in size and very few were made by Patek Philippe. Only one other wristwatch of similar size by Patek Philippe has appeared on the auction market and that was manufactured some 20 years later with a substantially smaller movement. Count Carlo Felice Trossiwas was born into an aristocratic Italian family 100 years ago on 27th April 1908. Captivated by the possibilities of speed, Count Trossi was a motor car and speed boat racer as well as an early pioneer of flight. In 1932 he became the President of Ferrari Scuderia. The highlights of Trossi’s motoring career culminated in his wins at the Italian and Swiss Grand Prix respectively in the years 1947 and 1948.

Another highlight in the sale is an extremely rare and fine over-sized stainless steel chronograph Patek Philippe wristwatch with register, no.862323, Ref. 530A, dated 1939. Among the four wristwatches with reference 530A known to have been made by Patek Philippe, the example included in the sale is the only one featuring this particular dial. From a private collector, this piece is estimated at CHF700,000-900,000 ($635,000-815,000 ).

Info via Sotheby's and Europastar.

Horology News: LVMH acquires the Swiss watchmaker Hublot

Paris, 24 April 2008

LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury group, announces that it has signed an agreement to acquire the Hublot group, a top of the range watchmaker enjoying very strong growth.

LVMH will acquire Hublot from Mr Carlo Crocco, who founded the group in 1980, and a company controlled by Mr Jean-Claude Biver, who has managed ublot since 2004.

Hublot is a brand that is highly complementary to LVMH’s existing watch portfolio comprising TAG Heuer, the world leader in prestigious sport watches and chronographs, the Swiss Watch Manufacturer Zenith, Dior Montres, Louis Vuitton watches sold exclusively in Louis Vuitton stores, and the watch collections of jewellers Chaumet, Fred and De Beers.

Strong growth potential

Hublot, which has its headquarters and workshops near Geneva, has started building a factory at Nyon to accommodate its expansion plans. Having grown at a rapid pace since 2004, the brand achieved net revenue of more than CHF150 million in 2007 with an excellent profitability. A very significant increase in revenue is expected in 2008.

Today, Hublot has a very selective and efficient distribution network which is limited to 300 stores worldwide.

Hublot has a well-balanced geographic footprint spanning Switzerland, Spain, France, Germany, the US, Latin America, Middle East, Russia, Japan, Hong Kong, Singapore… The brand has recently been launched in China and India and has strong growth potential in Asia, Japan, North America and in certain European markets.

Exceptional watches and chronographs

Hublot offers ranges of exceptional quality watches that are innovative, very differentiated and combining fusions of materials, precious metals, (gold, platinum,…) technological metals (titanium, tantalum…), ceramics, diamonds and natural rubber.

The renowned Big Bang collection includes models equipped with automatic movements whose prices range from €8,000 (steel and ceramic) to over €300,000, integrating precious metals and technical complexity.

A new Big Bang collection for women was launched at the last Basel watch fair with great success.

Finally, the traditional classic line has been recently redesigned using natural rubber, zircon, gold and ceramics.

Carlo Crocco, founder of Hublot, said : “I am happy that Hublot, an innovative brand since is creation, is joining the LVMH group, the world leader in luxury goods, whose creative passion is without any doubt a value that I have always shared.”

Jean-Claude Biver, the architect of the success of the Big Bang collection and the recent strong growth of Hublot, commented: “I am delighted that Hublot will be able to benefit from LVMH’s support and strategic leadership in the luxury goods industry and so maximise its growth potential in the years to come. I am happy to be pursuing this adventure and to be able to contribute to the development of LVMH’s watchmaking division alongside Philippe Pascal.”
Philippe Pascal, Chief Executive Officer of LVMH’s Watches & Jewelry business group, added: “Hublot is a strategic and very complementary acquisition. Its high-end positioning, selective distribution, financial performance and growth potential make Hublot a ‘rising star’. Hublot will strengthen our Watches & Jewelry business group which, over the last three years, has been growing strongly. We are very happy that Jean-Claude Biver will, along with the management team of Hublot, continue on this remarkable journey and contribute his considerable expertise to our development in this promising sector.”

Info via Watchluxus.com

2008 BaselWorld and SIHH: Horology Market Impressions

2008 BaselWorld and SIHH Impressions

These are in short some of the most prevalent impressions of market trends that I noticed & few of my humble opinions that I would dare to contemplate at this time:

- new various complications by majority of industry in my humble observation for the sake of public shock and awe or as some would say bragging rights rather then for the true sake of practical (if not just useful) horology innovations (excluding a few honorable mentions)

- again like last year prevalent usage of unusual materials (alusic, zenithium, hublonium, tantalum, magnesium, ceramic and lithium) prevalent on the case aesthetic side and to some extent in the movement side of watch making. Definite trend in the across board contribution of all non traditional watch materials, but with notable addition of practical usage of the movement side of things (silicum balance spring, easium carbonitride, ceramic ball-bearings, etc)

- steel and gold seems are no longer the prevailing big guns of the watchmaking arsenal. Brands are continuing to venture down this less-trodden path (from last years bronze of Genta, forged carbon of AP, fusion of materials of Hublot, rusted Titanic steel of Romain Jerome, etc) to new dimensions of materials that were borrowed from many different sectors and in some instances R&D’ed on their own. More on this at a later time.

- reissue of older venerable names of the past as new years models. Some executed perfectly (like the Tribute to Polaris by MJLC) and some following the lead and utilizing it as a new strategy to a lesser extent (IMO Longines and to some extent IWC).

- demand for larger cases is still prevalent even though there is a some easing of that pressure across the board by the resurgence of movement towards less “flashy” if not more restrained case sizes.

- importance of focus on the new “emerging economies” markets (China, Russia, India and Middle East) over the “traditional” markets of Europe and US especially in regards to the top level market segment pieces.

- continuing development into the “bling” segment of horology development due to insatiable appetites of the “nouveaux riches” customers whose rise from common poverty left an ongoing rising demand to show off their newfound riches.

- continuing increase in the average cost of the watches across the segment thus making the accessibility of this hobby of ours further out of reach for many especially when considering the higher brackets of Haute Horology.

More in depth analysis of market, respective brands, selective models and imperative points we are faced to follow.

SIHH 2008

Just came back from this years SIHH and boy was this an enlightening fair. I have to admit that the first impressions (as always) are everlasting, but in the end they are enduring only after some time has passed thus making the real sense of it all. I have plenty of literature to go through and to add to the blog for your viewing pleasure as well to include some more press releases, personal impressions about the fairs, brands, models and horology industry as whole. Unfortunately there will not be as many live watch photos from the fair as last year as my main (brand new I might add) 8GB memory card got corrupted and with it majority of images from the personal viewings of watches presented at the SIHH. I will try to catch up ASAP to answer all the backlog of emails and comments. Please stay tuned as soon we will be back to our more regular programming interval ;-)

Horology Market Predictions: Right or Wrong?

Interesting facet is that the last year conclusions (in my 2007 SIHH report ) of the current market trends displayed were quite accurate by simply looking over this year developments (as well announced novelties for this 2008 SIHH and BaselWorld).

What I wrote last time was :

"The prevalent market trends are:

- cases are growing and becoming larger due to overwhelming demand by the customers no matter what many do think
- with larger case sizes (and sometimes even without) the prices are exponentially increasing. If one would really use this parallel comparison seriously it would almost make you wonder how much each mm in size costs ;-)
- precious materials and in house movements are the norm to exclusivity (and again increasing in pricing)
- daring design experimentation as well usage of new materials (especially in the movement side of things) are the next frontier & reality for the daring few
- everyone taunts innovation & proficiency of their watchmaking yet only few actually deliver

MJLC is (in my humble opinion) the KING!"


Correct Points:

Pretty much I was spot on the ever growing case sizes and commensurately increasing prices (not surprised that even diehard Rolex is jumping to the new tune). They have been prevalent and present thought the whole gamme of horology although with a few notable deviants from that general strategy. More precious (including many rare hard to work with as well pronounce) materials have made their inroads into line ups of most brands. Basically “everyone” announced their “new in house” movements or at least that they’re working on one, thus brining another notch to their “exclusivity” (and escalating pricing). New experimentation with daring designs was a definite positive result of the daring few and even less of those who actually furthered the developments on the movement side of things. Lot’s of different news and announcements promising various effects, however in reality few actual deliveries (especially those that work in real life).

Lastly from everything that I saw from pre announcements again the biggest inroads for me were done by that true Manufacture house of Jaeger LeCoultre with the stunning new Gryotourbillon 2, AMVOX3 and lastly (but not the least) the fantastic reintroduction of legendary Polaris. I have to admit that Vacheron Constantine has me very intrigued with its Quai de I’lle line announcement. More about all the specific favored models at a latter time.


Missed point(s):

The thing is that I probably missed the most important market trend which now I year later seems very obvious which is limited/special editions phenomena that has overtaken almost every haute horology house. I mean just look at the Hublot which has practically used it to a T as its marketing strategy. Panerai, as usual has employed it as well, in addition to further legitimizing its even higher bracket pricing with its newly acquired ”in house” movements. AP is following the path of least resistance - need I really say anything more then yet another color of ROO or Scuba edition. Patek has not abated from this strategy except pushing it more towards the emerging Far East markets. Funny that even conservative stalwart like Rolex is changing its tune as well and introducing some more “Special” and “Anniversary” editions as well. Now Lange is in the game as well and I am sure many else are following the suit.

Hey don’t get me wrong I like to have Limited and Special editions models – not that I have something personal against them. They surely add a dash of exclusivity and some kind of importance when one is able to track them down and purchase the piece. The only thing is when a company does a special or limited edition that is in essence really not that special or that limited per se, what are they really creating? An easy exploitable marketing tool for creating sales without really doing that much additional work? Additional market demand with the today’s not so discerning buyer for that perceived and oh so elusive aura of exclusivity that one gets with those “special” pieces? Lack of ideas or really an easy way out for creating more sales and revenue in this current sizzling horology market? Is there a real one singular correct answer which satisfies all these queries? Whatever the real reasoning behind this all (and I mean from both sides of the looking glass) is that it is working, well at least for now. Since it does it will be exploited to the max until not one person, but the majority of us act collectively with our wallets. Please don’t take me for a pessimist, but rather the constructive critic which only says what is on minds of many which have been in this game of horology for a while now. Many companies have no other choice but to follow the 8 ball and take what is given to them. Many have been transformed from smaller workshop places of horology to parts of the conglomerates and have requirements towards their shareholders. Many have traded their glorious names of the past (together with their contributions to innovation in horology) for the profits of today to what consequence in the long run only the future holds. Despite it all my opinion is that I think we are going in the right direction. Eventually every renaissance (including this horology one) must bloom, grow, and expand to the point of no room to mature anymore and to die out again. No, not to die forever! Instead to refocus and restart again in the new direction (and presumably better one) in the process loosing many of the old bad habits that contributed to its collapse and following the path of positive influence. That I see as I real success coming out of this all. Let’s just hope that our favorites will emerge as survivors stronger then ever and following the other righteous path so beautifully exhibited in many of the great accomplishments seen so many times over the good last part of this decade.

Embeded video about 175 years of the MJLC & the masterpiece that is Reverso Gryotourbillon2

Jaeger-LeCoultre : Inside Story
Uploaded by ddbparis

Is time running out at Antiquorum?

I already talked about Antiquorum controversies of past and the repeated subsequent coverage yet (un)fortunately this saga continues a new.

Couple of weeks ago Osvaldo Patrizzi, the charming and controversial founder of Antiquorum, has issued a news conference scheduled on 8th April 2008 at the SIHH where he is going to announce the details of his new auction house venture, PATRIZZI & Co. AUCTIONEERS. This new venture in his words will be "innovative in concept" and "revolutionary in approach" and with that this news brief was done.

Initially my response was: "Good for him!". I for one am wishing him success in the new venture especially due to all the controversy hoopla during his exit from the house that he built. No matter what one may think about the man he was instrumental in building Antiquorum to a leading house of horology auctioneers, as well promoting horology education, watch collecting, as well building certain brands to their previous luster. Now that being said, I am welcoming with open arms any added innovative competition which will aid to reign in quite excessive and seemingly constantly increasing fees from these Auction houses. Their unlimited levels of various fees (seller fees, buyers fees, listing fees, appraisal fee, final sale fees, currency and cashing in commission fees, delivery fees, etc) which are simply not the norm with other auction houses in other products. Anyway as a business model it is not really that conductive to increasing business to have your buyers shouldering any additional fees, but hey let's ignore the immense ongoing success of such online model(i.e EBAY.com).

Then a few days ago I read this article Is time running out at Antiquorum? and saw the battle continues. In this article as you can see (for good or bad) more of details of their brake up from both parties are disclosed. All these "testimonials" provide a bit more insight of the discord, which seem even more terminal then anyone previously thought, thus the previous news of Patrizzi new online auctioneer venture comes as no surprise.

I have no doubt that Mr. Osvaldo Patrizzi is primed for success with the right tools of the trade from experience in the business, immense knowledge of vintage markets and watches, charismatic alpha personality and most importantly the heavy industry connections he built up over the last 34+ years.

The main question is does he have the right feel of the pulse of the market (with implied improvements that will bring advantages to both buyers and sellers)? If I was a betting man (and I am) I would be seriously surprised if this new venture would be nothing short of success and Patrizzi will once again be ascending the top podium of horology auctioneers.