BRITAIN'S MOST INFLUENTIAL WATCH TITLE - A QUIET REVOLUTION AT GUCCI IS EARNING IT A PLACE AT SWISS WATCHMAKING'S TOP TABLE - WatchPro
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BRITAIN’S MOST INFLUENTIAL WATCH TITLE
OCTOBER 2021 / ISSUE 130
watchpro.com
A QUIET
REVOLUTION
AT GUCCI
IS EARNING IT
A PLACE AT SWISS
WATCHMAKING'S
TOP TABLE
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14.09.21 1:14 PM
COMMENT
It’s good to talk
E
PROMEDIA DIGITAL LTD
arlier this year I expressed my view that Swiss watchmakers
16-25 Bastwick Street, London, EC1V 3PS, UK
would benefit from being more transparent with consumers Tel: +44 (0)20 3176 4228
and the media. In that column I argued that the industry is more Fax: +44 (0)20 3176 4231
precarious than it might appear. Even excluding the impact of
covid, there has been virtually no growth since 2015, with Swiss watch WATCHPRO TEAM
exports plateauing at around CHF 21 billion per year. Co-Founder & Editor Rob Corder,
rob.corder@itp.com
Most businesses and industries that hit a plateau of that duration normally begin to decline as Tel: +44 (0)20 3176 4227
disruputors scent opportunity against sleepy encumbents and come up with something fresh from a Co-Founder & Publisher
product, service or business model point of view; often all three. Daniel Malins, daniel.malins@itppromedia.com
Tel: +44 (0)20 3176 4225
The luxury mechanical watch business, with centuries of history, might not be as exposed to the Associate Publisher
creative destruction we see in the tech and media world, but it is not totally immune as Apple and Alex Douglas, alex.douglas@itppromedia.com
Tel: +44 (0)20 3176 4235
Samsung are demonstrating.
Head of WatchPro Live
Something needs to change, I argued, and being more transparent and less thin skinned is worth a shot Lucy Cheesewright
in an era of social media and a general feeling that consumers expect to be heard, not dictated to. lucy.cheesewright@itppromedia.com
Editorial Director Andrew Seymour
I know Rolex executives read WATCHPRO (we track who opens our daily news alert e-mails), but I
andrew.seymour@itppromedia.com
don’t delude myself they listen. However, Rolex might have reached the same conclusion I did ahead of
issuing a statement this week on the subject of extreme shortages for its most popular watches. DIGITAL
That statement was vanilla and shed little light on what, if anything, Rolex is doing to address the Database Management
Vinod Alath, vinod.alath@itp.com
shortages, but it still gladdened me to hear from the company.
To paraphrase (see full story on page 8): the watchmaker is not to blame for shortages because it cannot PRODUCTION & DISTRIBUTION
significantly increase production without compromising quality, and extreme waiting lists are not its Group Production & Distribution Director
Kyle Smith, kyle.smith@itp.com
fault either because it is authorised dealers who manage allocation of watches for their customers (a
Production & Systems Manager
point that is both true, and obfuscating at the same time).
Danny Corder, danny.corder@itppromedia.com
Ironically, Rolex’s new found openness comes at the same time that some of its authorised dealers are Outsourcing Manager
clamming up. A major Rolex partner, which opened a beautiful new store earlier this year, took the Aamar Shawwa, aamar.shawwa@itp.com
decision not to give the news any publicity at all.
CIRCULATION
The market for Rolex is so overheated, and the retailer is under so much bombardment from unhappy SUBSCRIPTION CUSTOMER SERVICE
loyal customers as well as flippers and chancers wanting the hottest wataches, that it did not want to +44 (0)20 3176 4228
add any fuel of publicity to the fire. subscriptions@itppromedia.com
When team members are suffering from anxiety attacks and stress from this relentless pressure, it is
Web
understandable that an employer wants to release the strain.
www.watchpro.com
For brands, if they have a plan to ease the current crisis, it would be best if they share it. www.itppromedia.com
The publishers regret that they cannot accept liabil-
ity for error or omissions in this publication, however
Rob Corder caused. The opinions and views contained in this publi-
cation are not necessarily those of the publishers. Read-
ers are advised to seek specialist advice before acting
CO-FOUNDER & EDITOR, WATCHPRO on information contained in this publication, which is
provided for general use and may not be appropriate for
the readers’ particular circumstances.
The ownership of trademarks is acknowledged. No part
of this publication or any part of the contents thereof
may be reproduced, stored in a retrieval system or
transmitted in any form without the permission of the
publishers in writing. An exception is hereby granted for
extracts used for the purpose of fair review.
COVER PROMOTION COURTESY OF GUCCI Published by and copyright 2021
Promedia Digital Ltd, incorporated and
Gucci is celebrating its centenary with an exceptional suite of contemporary watch registered in the United Kingdom under
designs by Creative Director Alessandro Michele headed by the GUCCI 25H, which company number 10982417.
houses the brand’s first in house movement.
10 WATCHPRO / OCTOBER 2021 / watchpro.comEvery detail makes us tick. Watches over £2,000 are now independently authenticated to guarantee the one you buy is the real deal. Authenticity Guarantee is independent from, and not associated with, any brands sold on eBay.
FRONT / NEWS REVIEW
NEWS REVIEW 12
THE BIG INTERVIEW - SEDDIQI 22
EBAY AUCTION SPECIAL REPORT 27
THIS MONTH IN THE WATCH INDUSTRY... JAMES BOND WATCHES 44
ROLEX SAYS
IT WILL NOT
COMPROMISE
QUALITY TO
EASE SUPPLY
I
n the five years demand in an exhaustive way, context it means allocation extreme care, to meet the
WATCHPRO has been at least not without reducing from retailer to customer rather brand’s unique and high-
reporting on interminable the quality of our watches – than allocation from the brand quality standards of quality,
waiting lists and soaring something we refuse to do to its authorised dealers. performance and aesthetics.
prices on the secondary market, as the quality of our products “Rolex watches are available Understandably, this naturally
Rolex has never broken its must never be compromised,” exclusively from official retailers restricts our production
silence on what it thinks about the statement adds. who independently manage capacities – which we continue
the issues and whether it has a Rolex goes on to address the allocation of watches to to increase as much as possible
plan to tackle it. the issue of waiting lists. These customers,” the company notes. and always according to our
That changed last month not really not waiting lists at quality criteria,” the brand
when the world’s biggest luxury all where one person is added INCREASING PRODUCTION continues.
watchmaker issued a statement at the bottom and moves up “This level of excellence
in response to a Yahoo! Finance as other customers get their The remainder of the Rolex requires time, and as we have
report on the shortages. watches. Rather, Rolex watches statement is really just a always done, we will continue
Before you get too excited, are bestowed upon customers promotional message about to take the necessary time to
Rolex added little to the debate, that have bought the most the quality of its manufacturing, ensure that all our watches not
bore little responsibility for other stuff from an authorised but it does at least say it is only comply with our standards
the problem and offered no dealer; preferably stuff that increasing production as much of excellence, but also meet the
solutions. has been hard to shift like as possible. expectations of our customers
“The scarcity of our products ladies watches or high margin “All Rolex watches are in terms of quality, reliability
is not a strategy on our part,” jewellery. developed and produced and robustness. Rolex does not
Rolex insists. Rolex does not use the in-house at our four sites compromise on what it takes to
“Our current production term waiting lists, but refers to in Switzerland. They are produce exceptional watches,”
cannot meet the existing allocation of watches, in this assembled by hand, with it concludes.
12 WATCHPRO / OCTOBER 2021 / watchpro.comFRONT / NEWS REVIEW
Omega brings back Chronoscope
It is hard to fathom why
chronoscopes have fallen out
of fashion today when mastery
of mechanical measurement is
so highly prized and analogue
timekeeping is welcomed
as an antidote to ubiquitous
smartwatches and phones.
Omega, which has a
richer history than most in
chronoscope timepieces, is
bringing the technology back
in a collection of Speedmasters
capable of tracking multiple
time, speed and distance
parameters.
Acceleration is shown on
the tachymeter scale found
on standard Speedmasters. A
chronoscope shows how far and
fast you have travelled between
two specific points. A telemeter which has a new manual- towards the centre of the face. They are all offered on a
measures distance based on winding Omega Co-Axial Master There are six models in a core choice of leather straps or
speed of sound, such as far a Chronometer Calibre 9908 in collection launching today. Two stainless steel bracelets.
person is from a lightning strike charge of the processes. have silvery dials and blued There is also a seventh
when the sound of thunder The dial side of the 43mm hands; two reverse the colours reference in Omega’s bronze
arrives. And a pulsometer helps watch takes inspiration from with blue dials and rhodium- gold featuring an oxidised
measure a person’s heartbeat. Omega chronographs from the plated hands; and two adopt the bronze dial with silvery sub dials.
The explanation is as 1940s, which used the same panda style of silvery dials and The core collection lands in
complicated as the timepiece, snail design of scales winding black sub dials. October priced from £7,140.
Rapper learns perils of going grey
American Durk Derrick Banks, has been wearing a knock-off
known professionally as rapper Patek Philippe rather than the
Lil Durk, is urging his fans to $400,000 original.
shop with authorised dealers Lil Baby does not confirm
soon after compatriot Lil Baby that he has been pictured
(pictured) appeared to have wearing a fake, but does
been stung by a secondary turn the controversy into an
market dealer with a fake opportunity to move himself
Patek Philippe he bought for up on the interminable waiting
$400,000. lists for Patek Philippe’s hottest
“Stop buying all this jewelry timepieces.
without knowing what you “@patekphilippe see this why I
are doing. A lot of the shit fake need to be on the list!!” he urges
and some is over priced. Get 1 in an apparent reference to the
jeweler and stick to em I’m telling controversy highlighted by Lil
you y’all ass gone be pissed by prestige watch brands money on hard luxury goods. Durk.
when the truth come out,” Mr because of their penchant for That is drawing attention from “After market dealers going to
Durk urges in an Instagram post bragging in tracks and to their bloggers with more expertise make me do some I shouldn’t,”
to his 11.1 million followers. millions of social media followers in horology than rapping, he adds with a purple devil
Rappers have been courted about how they spend their who suggest that Lil Baby emoji.
14 WATCHPRO / OCTOBER 2021 / watchpro.comFRONT / NEWS REVIEW
GUCCI CHOOSES CENTENARY YEAR TO
RELEASE FIRST IN HOUSE MOVEMENT
Gucci is celebrating 100 is proud to announce its underpinned its creations since and the Calibre GG727.25T,
years since the luxury fashion entry into high watchmaking the luxury fashion house was which incorporates a tourbillon
House was established by with an exceptional suite of established. regulator presented at 6 o’clock
Guccio Gucci in 1921 and the contemporary watch designs Star of the new collection is on the GUCCI 25H dial.
fact that it has been creating by Creative Director Alessandro the GUCCI 25H, which houses 2021 novelties, which were
stylish Swiss-made timepieces Michele. Each illuminates the brand’s first in house unveiled earlier this year and
for almost half a century. In the creativity, craftsmanship movement. are now reaching retail, include
this centenary year, Gucci and technical skill that has Alongside the GUCCI 25H, the additions to the G-Timeless, Grip
brand has also unveiled high and High Jewellery collections.
end editions of its G-Timeless, G-Timeless presents five new
Grip and High Jewellery watches declinations: the two G-Timeless
that blend classic Gucci house Dancing Bees, with or without
codes. tourbillon, have bees on the dial
The GG727.25 watch calibre that move with the watch. There
used in the GUCCI 25H has is a G-Timeless Automatic with
been developed and produced bee motif, jewelled hard-stone
by the state-of-the art Kering dials and precious skin straps; a
movement manufacture in La G-Timeless with moon phases
Chaux-de-Fonds, Switzerland. and a G-Timeless Pavé with
It is a self-winding movement white-diamonds.
that is just 3.7mm high, allowing The Grip collection has eight
the 38mm GUCCI 25H to stand novelties including 18ct gold
just 7.2mm proud of the wrist pieces with hard stone dials,
and making it attractive to both another in 18ct yellow gold with
men and women. a brushed gold dial engraved
Gucci is tapping into the with the Gucci logo, a new top
current trend for luxurious but of the line piece, also in 18ct gold
urban sporty timepieces with but decorated with 44 baguette-
the GUCCI 25H. cut diamonds, and Grip
There are steel and pavé- Sapphire, which is made entirely
set models and two tourbillon from transparent sapphire in
pieces in platinum and yellow blue, green or pink.
gold. All four references use Gucci High Jewellery pieces
proprietary movements based housing quartz movements
on the GG727.25 caliber, which present the Maison’s iconic
has a micro-rotor generating up signatures of Dionysus, Lion
to 60 hours of power reserve. Head and Gucci Play in
There are two variations, precious metals and gems that
the GG727.25A automatic demonstrate the company’s art,
displaying hours and minutes craft, precision, and style.
16 WATCHPRO / OCTOBER 2021 / watchpro.comManufacture Calibre - NN20/2 Vegan-certified
70 Hour Power Reserve Rubber NATO Strap
Chronometer Certified
Jumping Hour GMT
ADVENTURE NEVEREST GMT 41MMFRONT / NEWS REVIEW
2021 WATCHPRO AWARDS FINALISTS
RETAILER CATEGORIES
Today we fire the starting pistol The 2021 WATCHPRO Awards • Mappin & Webb category is open to stores
for this year’s WATCHPRO Ceremony takes place on • Watches of Switzerland operated by watch brands and
Awards. We chose not to hold November 11 in central London. • Wempe retailers.
the event last year because we • AP House on Bond Street
could not abide the thought Independent Watch Retailer Upmarket Watch Retailer of • Breitling on Regent Street
of diminishing the ceremony of the Year the Year • Bremont, The Wing
down to a poorly produced Independents must operate This category is open • Bucherer, Covent Garden
Zoom session. That means fewer than 10 stores and to all retailers that trade • Luxe Watches, Epping
this year’s finalists have been specialise in watches priced at predominately in watches priced • Rolex in Leeds (by Prestons)
nominated and selected based more than £3000. at up to £3000. • Rolex in Glasgow (by Watches
on outstanding performance • Berry’s • Beaverbrooks of Switzerland Group)
over two years since the • Boodles • Chisholm Hunter • Rox in Liverpool
summer of 2019, without • David M Robinson • Ernest Jones • Watches of Switzerland
doubt the most challenging • Laings • Goldsmiths Broadgate (City of London)
business environment any of • Lunn’s
us have lived through. This • Pragnell Ecommerce Retailer of the Best Store Refurbishment of
makes this year’s WATCHPRO • Prestons Year the Year
Awards doubly special, and • Weir & Sons Sponsored by Stores all need to have been
the finalists we reveal today refurbished since autumn of
have demonstrated not just Multiple Luxury Watch 2019. The category is open to
their usual acumen, they have Retailer of the Year stores operated by watch brands
adapted in a way that has Sponsored by This category is open to all and retailers.
kept their teams motivated retailers that trade almost • David M Robinson, Manchester
and inspired while delivering exclusively online. • Hamilton & Inches in Edinburgh
exceptional service to their • CHRONEXT • Laings in Glasgow
customers. We define luxury watches as • First Class Watches • Prestons in Wilmslow
Today we unveil the those that sell for more than • Jura Watches/CW Sellors • Wakefields in Horsham
WATCHPRO Awards finalists in £3000. Multiples must have • Luxe Watches • Watches of Switzerland in
our retail categories. Tomorrow 10 or more physical stores • Mr Porter Knightsbridge, London
we will share the list of finalists worldwide. • Watchfinder
for watch brands. • Bucherer • Watchshop Retail Leaders of the Year
• Xupes Sponsored by
Pre-owned Watch Retailer of
the Year
For specialists in second hand This category honours an
watches with or without stores. individual or team that has made
• Blowers an outstanding contribution to
• CHRONEXT their retail business in the past
Triumphant scenes from the • WatchBox two years.
2019 WATCHPRO Awards.
• Watchfinder • Anna Blackburn and Mark
• Watchmaster Adlestone OBE, Beaverbrooks
• Xupes • Brian Duffy and Craig Bolton,
Watches of Switzerland Group
Best New Store of the Year • Charlie Pragnell, Pragnell
Sponsored by • Joe and Wendy Walsh, Laings
• Nicholas and Michael
Wainwright, Boodles
• Simon Walton, Berry’s
Stores all need to have opened
since autumn of 2019. The
18 WATCHPRO / OCTOBER 2021 / watchpro.comFRONT / NEWS REVIEW
2021 WATCHPRO AWARDS FINALISTS
BRAND CATEGORIES
British Watch Business of the • Victorinox
Year
Sponsored by Independent Watch Brand of
the Year
In an era of blockbuster groups,
these innovative and nimble
Watch brands competing businesses keep the spirit of
in this category need to be independent watchmaking alive
headquartered in the UK but and prospering.
are permitted to manufacture • Christopher Ward
overseas. • DOXA
• Bremont • Junghans
• Christopher Ward • Maurice Lacroix
• Duckworth Prestex • Michel Herbelin
• Farer • NOMOS
• Fears • Oris
• Garrard
• Schofield Luxury Watch Brand of the
• Robert Loomes Year
• Roger W Smith The finalists for luxury watch
brand of the year category are
Executive Leadership Team judged on the best products,
of the Year sales, service, and marketing.
The following executive • Breitling
leadership teams have • Cartier
demonstrated outstanding • Grand Seiko
service and support to their retail • GUCCI
partners in the past year. • IWC
• Breitling • Omega
• Cartier • Patek Philippe
• Citizen • Rolex
• Omega • Vacheron Constantin
• Seiko/Grand Seiko
• Patek Philippe Volume Watch Brand of the
• TAG Heuer Year
• Rolex Sponsored by
• Zeon
Lifestyle Watch Brand of the
Year The finalists for volume watch
The finalists for lifestyle watch brand of the year category are
brand of the year category are judged on the best products,
judged on the best products, sales, service, and marketing.
sales, service, and marketing. • Boss
• Braun • Casio/G-SHOCK
• Garmin • Citizen
• G-SHOCK • Michael Kors
• Longines • Olivia Burton
• Mondaine • Seiko Triumphant scenes from the
• Tissot • Sekonda 2019 WATCHPRO Awards.
• Seiko • Vivienne Westwood
20 WATCHPRO / OCTOBER 2021 / watchpro.com2 4 / 7 O N L I N E AU C T I O N S
SOLD SOLD
NAUTILUS AQUANAUT
SOLD SOLD
DAYTONA EYE OF THE TIGER
SOLD SOLD
ROYAL OAK SPEEDMASTER
LIST FOR FREE. SELL FOR FREE. HASSLE FREE.
WATC H CO L L EC T I N G .CO MTHE BIG INTERVIEW / AHMED SEDDIQI & SONS
WELCOME TO DUBAI
DUBAI IS A GLOBAL CITY THAT HAS BEEN CUT OFF FROM MUCH OF THE WORLD OVER THE PAST 18 MONTHS. THAT HAS
CHANGED SINCE THE SUMMER, AND IS NOW LOOKING FORWARD TO WELCOMING MILLIONS OF VISITORS TO BOTH THE EXPO
2020 WORLD FAIR AND, THANKS TO AHMED SEDDIQI & SONS, TO DUBAI WATCH WEEK AS A PHYSICAL EXHIBITION AND
FORUM. ROB CORDER VISITED DUBAI IN AUGUST AND FOUND A CITY REAWAKENED AND READY TO BRING PEOPLE TOGETHER
AGAIN. AS MOHAMMED AND HIND SEDDIQI EXPLAIN, THE EMIRATE IS BACK IN BUSINESS AND READY TO WELCOME VISITORS TO
DUBAI WATCH WEEK FROM NOVEMBER 24 TO 28.
W
atchPro: How much production being constrained by We kept hot pieces from the likes of
have things changed lock downs. Rolex, Patek Philippe and Richard Mille
in the past two years? Mohammed Seddiqi: It is getting more aside. I am talking about rare pieces
The last Dubai Watch and more difficult. When Dubai was in from independents; minute repeaters,
Week was at the end of 2019, which lock down for two months, we started tourbillons, grand complications. I
feels like a lifetime ago, and the a concept called eBoutique. We got all believe that the pandemic helped
Horology Forum was a fantastically the permissions we needed from the us connect more and more with our
open and honest environment Ministry of Health, Dubai Police and clients, not on a marketing level, but on
where retailers, collectors and Government to have team members an individual level. We listened to them,
Top : the press discussed the issues of delivering watches that they had sold we got to know them and their tastes.
Dubai Watch Week the day as openly as they might over WhatsApp. We ended up selling Since 2019, we have created more
takes place in the normally only do in private. Some watches that had been in stock for than 40 unique pieces for clients that
Dubai Financial of the most heated debates were over a year and we could not sell when we met during the lock down, most
Centre, the city’s about waiting lists, but things have they had been in a window of one of of them from independent brands.
equivalent or Wall become even more challenging our stores in a luxury mall. But over And now we are making sure that we
Street or London’s since then. Demand appears to be WhatsApp, just sharing a picture, we have complete documentation and
Square Mile. even stronger at the same time as found customers who wanted to buy. certification for each of the watches on
22 WATCHPRO / OCTOBER 2021 / watchpro.comAHMED SEDDIQI & SONS / THE BIG INTERVIEW
behalf of the customers. I believe we
will see them go up in value over the
next 20 years and it will be important
that collectors can show how watches
were created with help from Seddiqi.
Most of the independents today like
Moser, MB&F, De Bethune, Urwerk,
Greubel Forsey; they could become in
the future what Patek Philippe was 100
years’ ago.
WP: Do you think the independents
you are talking about want to grow
to the size of Patek Philippe today,
which makes around 60,000 to
70,000 watches per year?
MS: You never know how big they
will become, but looking at the watch
industry as a whole there have been
ups and downs. A lot of watch brands
disappeared during the quartz crisis
because people did not appreciate
mechanical watches. That has
changed now. People appreciate
traditional watchmaking more and they like and not to just look at the WP: The story of shortages appears
more. It is something that, as Patek price increases on the market. It is not to have moved on. Two years’
Philippe says, is something that can an easy task because everybody looks ago, when we last gathered at
be handed down from generation to to what benefits them. Dubai Watch Week, there were
generation. The whole watch industry This morning I was speaking to profits to be made from what I
should adopt that line. one of my clients in the UAE, who is a call unicorn watches, and this
very big collector, and he was always had contributed to shortages
WP: It feels to me like the top end looking for the hot brands in the and extremely long waiting lists,
of the watch market is behaving past. He is very well off, and he never but authorised dealers generally
more like the fine art market in bought anything because he wanted saw it as positive because it drew
terms of people appreciating the to sell them, he just enjoys watches. attention to the underlying value
genius that goes into watches and But this morning he was telling me that of luxury watches. Now, the same
their potential as an alternative his feelings have changed towards the retailers are telling me they are
investment. watch industry and he is now focusing really suffering. They have staff
MS: Unfortunately, in recent times, more on independent brands because with anxiety disorders because
we have seen a lot of flippers and of the finishing, quality and how rare they are bombarded with people —
investors drawn into this market. It is they have become. some professional flippers, others
out job as retailers to educate people Without mentioning specific brands, loyal but extremely frustrated
into what they are buying. I was talking there are some watches that are made customers — trying to buy them.
to friends and family recently about in quantities of 100,000 pieces that are They are phoning, e-mailing,
how today it is possible to make more difficult to get and can be flipped for a WhatsApping, coming into stores.
money buying and selling watches quick profit. It is getting out of control.
than buying property in Dubai. It is In the long term, watches will retain MS: 2020 was a year where we saw
easier, it is faster; you can enjoy them their value because a timepiece is a that there was a reduction in deliveries
and wear them. Watches can be piece of art. The case and bezel are because of lock downs. 2021, deliveries Top :
carried with you anywhere you go. the frame and the dial is the artwork. are more or less back to normal. Mohammed
Property is so much more complicated A collector friend of mine says that if There is no shortage of supply from Seddiqi, commercial
than that. you consider a watch and a painting, the factories. However, demand has director of Ahmed
So yes, watches are a good the watch is more valuable per square jumped 3000-times. It is an issue we Seddiqi & Sons,
investment, but we do not support the centimetre than the painting. are facing as a retailer and as members and Hind Seddiqi,
idea of people purchasing products There is 200 years of knowhow in of a family business we are getting the retailer’s chief
so that they can keep them in a safe creating watches. It is just unfortunate requests at an unbelievable level. The marketing officer
and sell them in a few years. We are that people now consider it as just demand through the showrooms is off as well as head of
encouraging our clients to buy what maybe another investment. the scale. Dubai Watch Week.
watchpro.com / OCTOBER 2021 / WATCHPRO 23THE BIG INTERVIEW / AHMED SEDDIQI & SONS
Rolex ordinarily makes around the perceived value of these watches
one million watches per year and significantly. The marketing they
might ordinarily have sold them to have put in around watches as an
500,000 customer. Now, because investment has played a major role
customers need to have a history and taken the industry to a completely
of purchasing from the brand, different level.
there might only be 100,000
customers in the world able to WP: Ahmed Seddiqi & Sons has
buy those million watches, which dozens of sumptuous stores in the
will ultimately make the problem most spectacular shopping malls
even worse while making 400,000 in the world, including the world’s
people unhappy with Rolex and biggest Rolex monobrand store.
their authorised dealers. How have recent issues, like the
MS: Not really. I always tell my friends shortages, the lock downs, the lack
that being a watch collector is an of tourists to Dubai in the past 18
addiction. You start with one watch, months and the fact that you can
and tell yourself it is the last one you now sell watches over WhatsApp
will buy. Two weeks later you see affected your business model?
another piece you have to have and MS: If we sell a watch over WhatsApp,
say again that will be the last one. It we still have them come to one of
never stops. our boutiques and having the full
The task is difficult and it is an experience and maybe buy another
ongoing problem. People say it is a watch one day. Brick and mortar will
bubble, but we have been hearing that still be vital in the watch industry and
for a long time now and I don’t see wider luxury industry.
how it ends.
I remember around 2008, we had WP: You have around 60 stores
the GMT Master Pepsi on display and today. Do you think you will have
people could negotiate a discount. fewer or more in five years’ time?
I was in sales at the time and I was MS: I think we will slowly increase
pushing my friend to buy it but they the number of stores, not at the pace
said it was too colourful and the jubilee of the past 20 years when we have
We have to tell customers that if bracelet was not right for it. Aquanauts doubled the number of stores. I do
they want to buy X watch from X were on display. In 2005 we had a not think it will go to 120 stores in the
brand, they have to be a customer boutique in Wafi [a small, prestigious next 20 years, but I do not think we will
of the brand. I cannot give you a Dubai mall] where you could walk close stores.
Daytona as your first Rolex. You have in and buy a Nautilus, an Aquanaut.
to have a DateJust, you have to have Today, nothing. In 2004 I was walking WP: How do you feel about
an Oyster Perpetual, you have to have in the gold souq and I saw an Explorer multibrands compared to
a gold watch. Looking at the passion II from 1971, the Steve McQueen watch. monobrand stores?
for watches and the demographic of For me, having a passion for watches I MS: We are still focusing on
the Middle East where families tend stopped and spoke to the dealer who multibrands to showcase brands that
to be rather big — you have your wife, told me he had been trying to sell it cannot afford their own boutiques.
your brothers, your sisters — so the for the past five years and nobody Some cannot afford the rents in Dubai,
opportunity for that family to build up wanted it. I asked him how much he London or New York.
a history with a specific brand is more wanted for it and he said five thousand
straightforward than in Europe where dirhams, around $1,500. It was a brand WP: An interesting phenomenon
a husband and wife might buy one new watch that he had bought in that data from the UK shows is
Rolex and then ask for a Daytona next. Saudi Arabia, and I bought it from him how much the average transaction
This makes the demand here even [the same watch sold at Sotheby’s New value for each watch sold has
more challenging. It is exploding. York in 2020 for $25,000]. There was rocketed over the past 18 months,
We are trying to inform people no appreciation for these watches at not on the secondary market,
Top : as much as we can that the priority that time. but for brand new watches at
Ahmed Seddiqi & for the hot watches is to existing What changed this mentality is authorised dealers. Retail analyst
Sons operates the customers of the brand. marketing, looking back at the history GfK shows ATVs up more than
world’s largest Rolex of the brand and the fact that they 60% year on year. Part of that is
boutique in Dubai WP: What that ultimately does is became talked about as investments. the falling away of the low end of
Mall. shrink down the customer base. Auction houses have helped to build the market as Apple and Samsung
24 WATCHPRO / OCTOBER 2021 / watchpro.comAHMED SEDDIQI & SONS / THE BIG INTERVIEW
smartwatches have gobbled up
the sub-£500 sector, but is it also
because customers are being
forced to buy watches at £20,000-
plus prices because otherwise they
cannot buy the sub-£10,000 steel
sports watches they might actually
want?
MS: That is a worldwide phenomenon.
The launch of the olive green Nautilus
this year was not just an issue for us,
it was a catastrophe because we got
only a few pieces and we have so
many clients that are regular Patek
Philippe customers and we were
forced to choose which of them got
this watch. For us as a family we
decided the priority would go to clients
that have been loyal to Patek Philippe
over the past 10 years as a token of
our appreciation.
After the double-sealed piece
was sold by Sotheby’s [for close to
$500,000], the demand increased,
not among collectors, but by people
that have no interest in watches but
are good friends of our family and
wanted to get one. Who would not
want a $450,000 profit from one
watch? We should have kept them
all for ourselves (laughs). Instead we
kept them for people that have been
buying the grand complications and
the ladies’ watches from Patek Philippe.
We do everything we can to make them. But somebody buying a watch $15,000. Looking at the time line for
sure they go to people that will keep and selling it as soon as they walk out that reference, you can see that prices
the watch, wear it and enjoy it rather of the store, or after a few months have jumped a lot already. I bought a
than keep them in a safe and sell them without wearing it, is wrong. We try to second hand DateJust from the 1960s
in a couple of year. avoid those people. that had its original receipt for 1,000
dirhams, around $200. Everything is
WP: I do not blame people who buy WP: I am trying to find a way that getting more expensive, but people
a watch with that much potential this situation can be resolved are being paid more as well.
profit and sell it. That is human without it hurting the brands or
nature. I also appreciate that joy retailers. Is there a way of taking WP: I have heard that Ahmed
of watch collecting comes from the massive spike in demand and Seddiqi & Sons is producing a
both buying and selling. It is hard prices for the hottest watches number of unique pieces with
on these genuine watch lovers that and flattening the curve so that brands to commemorate the
they are almost lumped in with demand spreads out across 50th anniversary of the United
flippers if they sell a hot watch. Omega, Cartier, Zenith, Hublot or Arab Emirates this year. Is that
MS: We have customers that buy whatever brand you like? What something you can talk about?
watches and after a few years they about increasing prices so a £5,000 MS: We are producing close to 40
come back and say they want to watch becomes a £10,000 watch? watches. They are not all one of Top :
upgrade their collection. They want to MS: I started in the watch industry in one, but some are unique. Our aim Ahmed Seddiqi
sell, not necessarily to make a profit, the mid-nineties. At that time we sold is to give back to the UAE what the & Sons has over
but because they want a change and Daytonas for 16,000 dirhams, which country has given to us as a family. 60 monobrand
they became bored of a few pieces is $4,000, and in the seventies my We are producing watches with most and multibrand
after wearing them and loving them father tells me they sold for less than of the brands that we carry that have boutiques across
for a few years. We never penalise half that. Today a Daytona is around a reference to the 50th anniversary the UAE.
watchpro.com / OCTOBER 2021 / WATCHPRO 25THE BIG INTERVIEW / AHMED SEDDIQI & SONS
which is allowing the restrictions to the exhibition area.
now be eased. We have combined Horology
Forum and Creative Hub together. The
WP: What will visitors to Dubai feedback we got from 2019 was that
Watch Week see and experience journalists want more Q&A time, so we
this year? are going to deliver that. We will have
MS: Let me put it this way: it is like fewer speakers given more time.
getting a Daytona from the 1970s Horology Forum will address the
and getting a Daytona in 2021. It most interesting topics that our team
is the same design and the same have tapped into on social media and
technology, but the 2021 version is Clubhouse. It is not commercial. We
much more advanced. The finishing is bring speakers that might have a clash
better, the polishing is better. of opinions, which can be a challenge.
HS: Every year when we finish, we
get feedback from the visitors, the WP: I understand the politics and
brands and the journalists who attend. sensitivities of the watch industry
We continue with things that have and was delighted by how open
worked and we adjust other things. and honest the Forum was in 2019.
The exhibition has been a big Will it be that bold again this year?
success, so that will stay the same. We HS: The advantage of funding it
have more standalone brands present ourselves as a retailer is that we
outside the main exhibition tent. That have control. There are no sponsors
is something we have been asked to worry about. People want raw
for but we have no more room in the information; that is how we want to
main space so we are accommodating keep it.
engraved on the back. Unfortunately, standalone brands around it. Things did become more open
none of them are going to be from Mohammed is also launching during covid because brand CEOs
Patek Philippe or Rolex, but there will a collectors’ lounge, which is new. went online doing live interviews.
be a number launched by our brands Collectors can come together and go People enjoyed that because there
at Dubai Watch Week. more in depth about the watches they were no PR people standing behind
love and have seen in the exhibition. the CEOs keeping them on message.
WP: Dubai is a global city that is But the show is open to everybody, Social media has also showed that
incredibly attractive to tourists, and we intentionally include a you need to have thick skin because
but worldwide travel is still heavily weekend so that people who are anybody can comment on a post and
depressed, and is likely to remain not experts can come along and you cannot control peoples’ opinions.
that way for at least the rest of this learn about watches. We have
year. How does that affect the way masterclasses demonstrating crafts WP: I agree with that, to an extent,
you plan for Dubai Watch Week at and watchmaking to help people with people like Georges Kern
the end of November? explore what interests them. at Breitling, François-Henry
Hind Seddiqi: Last year we were able We are creating more activations Bennahmias from AP and Julien
to attract a lot of local residents from so that people can come and win Tournare at Zenith being open and
the UAE to Dubai Watch Week. We something. That is an incentive for honest in online interviews during
know that this year, particularly as we people to visit. We have amazing F&B the pandemic. I don’t suppose
also have Expo 2020 [a world fair in ranging from street food to fine dining. we are going to hear from Jean-
Dubai that was postponed from last People really like that mix. Frederic Dufour [CEO of Rolex] or
year and runs from October 2021 Thierry Stern [president of Patek
to March 2022], we are expecting WP: Do you have the same support Philippe] at Dubai Watch Week?
delegations and visitors to come here. from the brands? In 2019 you had HS: No. But I think Mr Stern is talking to
We are working with the Expo and a standalone Rolex booth, which the press more. Rolex is different. That
Dubai Tourism to attract as many may have been the last public does not stop Rolex and Patek being
people as possible. event the brand has done since discussed in the Forum. The topics
You are here in Dubai and you can that was also the last year for are really going to be interesting for
see that things are almost back to Baselworld. all attendess. Absolutely nothing is off
Left : normal. This week [in August] hotels HS: Yes, Rolex is coming back in the limits which is really exciting too. We
Dubai Watch Week were told by the ministry that they are same space. I will not give you the full are even widening the conversation
is part exhibition allowed to operate at 100% capacity list of participants at this stage, but to beyond the watch industry with
and part forum for again. The country has one of the most are returning and there are new speakers from the hospitality and
watch enthusiasts. highest vaccination rates in the world, ones. We always have a waiting list for technology worlds.
26 WATCHPRO / OCTOBER 2021 / watchpro.comAN & WATCHPRO
WATCHPRO SPECIAL
SPECIAL REPORT IN ASSOCIATION WITH CHRONEXT
REPORT
&
AUCTION REPORT
VOLUME 04
DIGITAL
TRANSFORMATION
watchpro.com / OCTOBER 2021 / WATCHPROAUCTION REPORT — VOLUME 4 — DIGITAL TRANSFORMATION
A
s a life-long watch lover who has always worked in the digital world, Swiss brands embracing
ecommerce has always been an interesting topic to me. When it comes to new watches, it feels like
the industry is 10 years behind most other segments of the retail landscape, and five years behind
where customers want to be.
I enjoy the experience of browsing and shopping in a prestigious multibrand watch showroom as much as
the next watch enthusiast, but virtually every journey towards buying an expensive watch begins online, and
very often ends there as well.
The great thing about the online world is that there is unlimited space for watches from every brand and
every era. If you have the money, customers can find and buy even the hottest Rolex watches — pre-owned
or new — despite the fact that they have only a slim chance of finding them in the cabinets of an authorized
dealer.
At eBay we want to provide the greatest choice of watches in the world while ensuring we provide an
exceptional shopping experience. Part of that experience is making it simple for customers to search for and
find exactly what they want. Just as important is to ensure the watches they buy are precisely as described
and verified authentic. This is where our Authenticity Guarantee comes in, which has been building trust and
protecting buyers and sellers on eBay since September 2021, and sees every piece priced at over $2,000
checked by professional authenticators before it is delivered to a customer.
The extra confidence this has brought to eBay’s community has driven sales of luxury watches to record
levels, with more than 25,000 watches were sold in the first half of 2021 by top brands including Rolex,
Omega, Breitling, Patek Philippe and Cartier.
We first introduced the Authenticity Guarantee in the United States, but have subsequently launched it in
Japan. The UK and additional markets are on the horizon.
eBay is far from the only advocate for buying and selling luxury watches online, and it is exciting to see
investment flooding into this sector. This is driving competition, which is raising standards across the board
and flushing out rogue operators.
There has never been a better time to buy and sell precious timepieces online, and eBay is here as a trusted
friend to help.
Tirath Kamdar,
GM of Luxury, eBay, Inc.
28 WATCHPRO / OCTOBER 2021 / watchpro.comAN & WATCHPRO SPECIAL REPORT
ECOMMERCE AND
AUTHENTICITY
JUST A FEW YEARS’ AGO, SHOPPING FOR LUXURY PRE-OWNED WATCHES ONLINE WAS A GAMBLE, WITH SHOPPERS KEEPING THEIR FINGERS
CROSSED THAT THE GOODS THEY BOUGHT WOULD ARRIVE AS DESCRIBED. THAT HAS CHANGED, AND NOW SAVVY CONSUMERS KNOW THERE
ARE SITES LIKE EBAY THAT PHYSICALLY INSPECT AND AUTHENTICATE LUXURY GOODS BEFORE THEY REACH A CUSTOMER. AS AUTHENTICATION
BECOMES THE NORM, RETAILERS NOT OFFERING THE SERVICE LOOK LIKELY TO BE LEFT BEHIND.
W
ith shops shut for months at various
stages of the pandemic, online sales
have soared, particularly for hard
luxury goods. A survey this year 76% 65% 52% 40%
45%
by Vogue Business found that 69% of luxury
69%
consumers in the US purchased pre-owned luxury
over the past year. However, the same survey
found that, when it comes to shopping online for
of luxury shoppers
pre-owned luxury goods, 96% of shoppers wanted
reassurance about the authenticity of what they are
of luxury shoppers purchase pre-owned luxury
looking to buy. buy pre-owned luxury atleast once a month
That survey was conducted in partnership with eBay,
which launched its Authenticity Guarantee Service in
September 2020 for watches retailing for more than
55%
$2,000 on its platform. 64% 50%
It is worth remembering the challenge that eBay and its
peers have been addressing in recent years, which is that
the internet was until recently seen as an unregulated
and lawless place where fakes, frauds and Frankenstein
56% of luxury shoppers
say they will shop more
watches lurked. of luxury shoppers aslo for pre-owned luxury as
That reputation has been changing rapidly among well-
informed consumers. Luxury watch sales on eBay have
sell pre-owned luxury Covid-19 subsides
reached a record-high with more than 25,000 watches
sold in the first half of 2021 by top brands including Rolex,
Omega, Breitling, Patek Philippe and Cartier.
Following the launch of Authenticity Guarantee,
of all luxury shoppers are
31%
many brands saw upticks in searches, such as IWC,
whose searches increased +12% month over month. It buying pre-owned luxury
appears that consumers have gained confidence from
the fact that every expensive watch that is sold with
online from platforms
the guarantee arrives precisely as described. Happy such as Ebay and Depop
customers tell their friends, they shop online again and
they are more likely to return to a site they trust if they
ever choose to sell a watch.
watchpro.com / OCTOBER 2021 / WATCHPRO 29AUCTION REPORT — VOLUME 4 — DIGITAL TRANSFORMATION
“With the consumer shift to online TOP 20 CATEGORY CHF #LOTS # CHF/ LOTS
shopping, the ecommerce market is HARD LUXURY BRANDS
stronger than ever. We know trust is
important among the watch community, 1 Pakek Philippe Watch 81033408 180 450186
which is why we launched our Authenticity
Guarantee service last year in the US, 2 Harry Winston Jewllery 25571713 22 1162351
where all watches sold for over $2,000
are meticulously inspected and verified 3 Cartier Jewllery 24961221 43 580494
by independent experts,” explains Tirath
Kamdar, general manager of luxury at eBay.
eBay knew it was onto a winner when the
4 Rolex Watch 21147978 88 240318
volume of watches being offered for sale
on its platform rose along with the value 5 F.P. Journe Watch 9818768 44 223154
of sales. “With our Authenticity Guarantee
service, we are now evolving our offerings 6 Bulgari Jewllery 8350992 18 463944
and ensuring eBay watch customers
get exactly what they want — incredible
7 Tiffany Jewllery 7701951 10 770195
selection with an added layer of trust and
confidence that their high-valued purchases
are one hundred percent authentic,” Mr 8 Audemars Piguet Watch 6874207 37 185789
Kamdar suggests.
Major retailers in the pre-owned and 9 Graff Jewllery 6806042 24 283585
luxury watches sector have worked
independently on improving customer 10 Van Cleef & Arpels Jewllery 5250800 23 228296
service, which has collectively increased
trust between online buyers and sellers.
Money back guarantees are relatively
11 JAR Jewllery 5110511 12 25876
common with the biggest players such as
Watchfinder, Chronext and WatchBox. This 12 Mous saieff Jewllery 3979139 2 1989569
is contributing to rapidly rising average
transaction values and volumes. 13 A. Lange & Sohne Watch 2390649 6 398441
eBay goes even further. Once its
authentication inspection is complete,
14 Cartier Watch 2163787 9 240421
watches receive a unique Authenticity
Guarantee certificate with details about the
item including brand and model. This card 15 Reza Jewllery 1881250 8 235156
is NFC-enabled, a high-tech digital feature
(used by contactless payment cards) 16 Richard Mille Watch 1755364 6 292561
that allows owners to look up a watch’s
authentication information just with a tap of 17 Breguet Watch 1500221 7 214317
a smartphone.
eBay always said that the Authenticity
Guarantee was only its first step to improve
18 Harry Winston Watch 1207203 3 402401
its luxury goods offering across categories
like watches, handbags and sneakers. 19 Vacheron Constantin Watch 1145663 7 163666
In April, the San Jose-based giant added
another layer of security in the form of an 20 Omega Watch 917742 4 229435
escrow payment option available for luxury
watch transactions over $10,000. This
means buyers and sellers can have their at over $500 from more than 15 luxury “eBay’s authenticated categories continue
funds held by a specialist external escrow brands. The lower price thresholds are not to expand, and we are always looking for
firm until their transaction completes. If simply because footwear and accessories ways to offer the best experience to our
anything unexpected happens with the deal, are cheaper, it is eBay’s way of building millions of active shoppers and sellers by
the buyer and seller are both protected. confidence in a system that will protect enhancing our trusted experience on eBay
Watches are not the only category where customers who might buy increasingly for even more inventory across luxury
eBay offers an Authenticity Guarantee. It expensive items as they get older and earn categories. We also continue to explore
has expanded to include sneakers worth more. Air Jordans can be a gateway drug opportunities to include more offerings that
more than $100 and handbags priced for Audemars Piguet. will drive the user experience forward,” Mr
30 WATCHPRO / OCTOBER 2021 / watchpro.comAN & WATCHPRO SPECIAL REPORT
Kamdar reveals. “We’re just getting started.
Since we began authenticating watches and
sneakers and now handbags, we have seen
authentication driving trust and confidence
for our community, which is evident
through increased customer satisfaction
scores and sales growth in these categories.
Our luxury categories continue to gain
momentum with recent quarter over
quarter growth,” he adds.
The global market for pre-owned watches
is estimated by McKinsey and Co to have
been worth $18 billion in 2019, and online
sales growth is outpacing person-to-person
deals. The sector has become dramatically
more competitive in the past five years,
and success of the biggest players has
encouraged investment to flood in. Much of
the new money is being spent on improving
customer service in a way that actually
improves trust.
Chrono24, for example, revealed a
fresh funding round of €100 million over
the summer. “We’ve been able to build
a platform that not only supports and
encourages evolving consumer behavior,
but also can provide an invaluable proof of
concept to an industry that has traditionally
shied away from disruption,” says Chrono24
EBAY OFFERS ESCROW PAYMENT PROTECTION
eBay has added escrow as a payment offer for luxury watches inspect and examine the watch before accepting the item. Once
selling for over $10,000 in the second quarter of this year, pro- accepted, or if the seven-day inspection period has passed,
tecting payments until buyers and sellers are completely satis- returns will not be available. In the event of a return, the watch
fied with their transaction. is shipped back to the third party for verification and funds are
At checkout, if a shopper decides to purchase a qualifying then released to the customer if the merchandise matches the
luxury watch using escrow, they will be directed from eBay original condition.
to Escrow.com’s website where they will receive step-by-step “We are changing the way people buy and sell luxury items
instructions for creating an account. Both buyers and sellers on eBay,” says Tirath Kamdar, general manager of Luxury at
must have an account in order to send and receive payments; eBay. “When it comes to high value watches and other signifi-
it is a one-time process and all data is privately shared between cant purchases, consumers expect additional assurances. eBay
Escrow and the buyer or seller. is committed to providing the best experience, from start to
The buyer funds an account via wire transfer or ACH electro- finish, and our new offerings will continue to go on and deliver
nic check, which is managed by Escrow.com as an intermedia- on that promise.”
ry. Funds are released by the third party to the seller once the “As a long-time leader in the luxury watch space with more
item is received by the buyer in the condition described in the than 1.2 million daily live listings, eBay offers an unmatched se-
listing and terms of the transaction agreement are met to the lection of timepieces — from rare, vintage watches to new styles
satisfaction of both parties. They are protected against fraudu- from coveted brands like Rolex, Omega, Tag Heuer and more,”
lent customers through verification checks and payment being says Charis Márquez, vice president of fashion at eBay. “We’ve
held by a third party in case of a return allowing sellers five seen a tremendous uptick in interest for luxury watches this
days to inspect the merchandise and release funds to custo- past year, with more than 22 million site searches for Cartier,
mers if the merchandise matches the original condition. and more than 15 million for Tag Heuer. Escrow joins Authenti-
With eBay’s Authenticity Guarantee, customers receive their city Guarantee as eBay’s response to that growing appetite,” she
watch from the authenticator and then have up to seven days to goes on to add.
watchpro.com / OCTOBER 2021 / WATCHPRO 31AUCTION REPORT — VOLUME 4 — DIGITAL TRANSFORMATION
are making much of the noise again.
SALES BY TYPE OF EVENT- WATCHES Among the most eagerly awaited
sales will be four Philippe Dufour
watches, an example of each of the
Live four timepieces that he has made
Online in his own name, at The Geneva
+21%
Watch Auction: XIV held by Phillips in
Association with Bacs & Russo.
187’351’294 CHF A complete set of four has never
been sold at a single auction before.
“This set of four Philippe Dufour
154’404’211 CHF timepieces has been an epiphanous
+486%
44’143’358 CHF moment for us. Offering his four
creations — the Grande & Petite
7’847’194 CHF 27’082’917 CHF 53’818’912 CHF Sonnerie pocket watch, Grande &
H120 H121 Petite Sonnerie wristwatch, Duality
H119
and Simplicity — is truly humbling.
Dufour is a living icon and his
creations are as coveted as oeuvres
Co-CEO, Tim Stracke. The market was massively by the greatest artists of our time,”
Traditional auctioneers face a depressed in the first half of 2020, say Aurel Bacs, senior consultant
different challenge to the digital selling watches worth just CHF 71 Bacs & Russo and Alexandre Ghotbi,
natives. The likes of Christie’s million, four times less than this year, head of watches, Continental Europe
Bonhams, Phillips and Sotheby’s are and with online auctions accounting and Middle East at Phillips.
built on trust accrued over centuries, for 38% of the total. Combined, the four watches have
but building on that reputation Christie’s launched high frequency estimates totaling over $5 million,
with digital sales was not a priority online auctions at the height of the which does not seem so unlikely
until recently. The pandemic has pandemic last year, which might after A Collected Man set a new
changed that for good. The total not have had a huge impact in world record for a Philippe Dufour
value of online sales by the top six 2020 but set the business on a watch with the sale of a Grande
auctioneers was just CHF 7.8 million course to sell watches worth CHF et Petite Sonnerie watch for $7.63
or 4.6% out of a total of CHF 162 84.5 million in the first half of this million (£5 million) within hours of
million for the first six months of year when physical and online sales announcing it was on sale.
2019. By the first half of 2021, online complemented each other. The same Phillips sale sees
sales had risen to CHF 54 million Shifting towards online is one another unique set, this time of
from a total of CHF 241 million, a headline trend in the watch auction five F. P. Journe watches, on the
healthy 22.4%. world, another is the emergence block. The watches, each of which is
It is remarkable that the total value of independent watchmakers ‘number one’ in its series, comprise a
of luxury watch sales at auction by commanding ever-increasing prices. Tourbillon Remontoir (estimate CHF
the top six houses rose by 49% from Remarkably, F. P. Journe watches 300,000 – 600,000); a Chronometer
the first half of 2019 — pre-pandemic generated sales of almost CHF 10 a Resonance (CHF 200,000 –
— to the same period in 2021 when million from 44 lots in the first half 400,000); and Octa models Reserve
the world was still heavily affected of the year from the top six auction de Marche (CHF 50,000 – 100,000);
by lock downs, travel bans and other houses. To give that context, Rolex Chronograph (CHF 100,000 –
restrictions as the virus continued to watch sales were worth CHF 21 200,000) and Calendrier (CHF
wreak havoc. million over the same period from 80,000 – 160,000).
Over that period, the value of sales 88 lots. The ‘subscription’ aspect refers
Above : at physical auctions rose by 21% from Was Rolex underperforming or to the fact that Journe financed the
Live auctions are CHF 154 million to CHF 187 million F. P. Journe on fire? A bit of both is launch of his eponymous dial name
back, but online but the value of online sales for the perhaps to best answer.. in 1999 by taking part-payments
auction sales are same auctioneers increased by 486% Certainly Patek Philippe remained for the first watches before they
still double the from CHF 7.8 million to CHF 53.8 the king of watchmakers for were made — a system used by the
value of the first million. It is likely that a whole new auctioneers, racking up sales worth 19th century maker Abraham-Louis
six months of cohort of customers participated in over CHF 81 million from 180 Breguet. The Tourbillon Remontoir
2020. Source: The auctions online during the pandemic watches going under the hammer. on offer is, therefore, the very first
Mercury Project’s and then either continued to do so as Looking to the second half of this watch to have been sold under the
Hammertrack restrictions eased or “graduated” to year, and with the autumn sales F.P. Journe dial name.
Report. taking part in the sale rooms. approaching, it is independents that Independents aren’t the only
32 WATCHPRO / OCTOBER 2021 / watchpro.comYou can also read
