Ross Povey, Author at Revolution Watch

Blurred Lines: Brand Retail in the Soaring ’20s

Ross Povey — Mon, 24 Apr 2023 02:25:36 +0000

Blurred Lines: Brand Retail in the Soaring ’20s

With watch waiting lists getting longer, watch brands and collectors alike have been paying close attention to the pre-owned market. Yet while auction prices of vintage watches have shown stability in the main, consumer confidence in the esoteric nature of vintage remains a little shaky, thus presenting brands with the perfect opportunity to support customers with their in-house expertise.

Collector

By Ross Povey

Apr 24, 2023

Have you noticed how everybody now talks about watches? What was once, at best, a niche pastime has now become one of the biggest growth sectors on the planet. Of course, watches have been sold for centuries and people have loved them and bought them as a luxury accoutrement, often to celebrate a special occasion or milestone. What I’m specifically talking about, though, is the forensic, feverish and fiscal way in which people now obsess over their tickers. Whether you proudly own a JPM- customized Louis Vuitton case full of collectible pieces or own one special watch that you waited for a few years before getting the call for (wait… you didn’t have purchase history?), you will no doubt have weighed up the different options for initially acquiring your watch(es), keep an eye on its market value and obsess over what’s next. It’s the first point, though, that has arguably changed the most. Never has there been such a dizzying choice for consumers when it comes to buying watches.

We seemingly keep reading and talking about how demand has dramatically increased the value or, more correctly, “price” of watches. Another impact that the surge in demand has had is on the available ways in which one can buy watches. Years ago, if you wanted to buy a Rolex Daytona, you either bought one from an authorized Rolex retailer or you bought a secondhand one, vintage or pre-owned, either at auction or from a dealer. The first two are pretty much unchanged, but the latter has had a transformation that rivals any consumer service in history.

The pre-owned market has exploded with a dizzying array of online and physical outlets that offer watches of every shape and size. For a while, certainly before the price corrections that we saw in 2022, it seemed that every kid with a watch and an Instagram account was a dealer. The brands soon began to notice that watches they were selling at retail were being flipped to gray market dealers for significant profits and the service they were receiving was not in line with the brands’ understandably high expectations. And so, some decided to take back some of the control… or at least try to!

The Rolex Oyster Perpetual GMT-Master II made for lefties

No watches over 35 years old will be included in the Rolex CPO offer, so you might see an “Eye of the Tiger” Daytona...
...but you won’t see a vintage 6240 Daytona in the AD’s window

ROLEX STAMP OF APPROVAL

One brand that seems to dominate the new, pre-owned and vintage sectors is Rolex. Why? Well, it has always had pretty good residual value and has been keenly collected. Long before people were jonesing over whether to have a steel Cosmograph Daytona or GMT-Master II “Batman,” collectors were shelling out astronomical figures for 32mm Bubblebacks from the 1940s. That market, having softened in the past two decades, is now showing signs of a piccolo revival, but there’s always a story about how Rolex watches have done very well in any given period.

Take the military-issued Submariner, known as the MilSub. In 1999, you could buy a fully original one, all parts the same as when it was issued — including 60-minute bezel, sword hands and caseback engravings — for USD 2,000 at auction. Now, a full-spec 5517 (note the unique reference) is worth close to half a million bucks! And if you want to buy a new Submariner, you will have to navigate the labyrinth of your authorized dealer’s mythical waiting list. It is precisely this phenomenon that explains why the secondary market has become such big news and those that peddle it are serious players in the market and the wider industry.

With the demand for luxury watches, across the entire patch, at an all-time high, brands are simply unable, or unwilling, to supply enough watches to meet the demand. Or even half or a quarter of the demand. What has this done? It’s created an entire economy of secondary market watch dealers who can supply you that steel Daytona, Royal Oak or Nautilus immediately or pretty quickly. But you’re going to have to pay a premium. So far so good.

Everybody is happy. The brands are selling as many watches as they physically can manufacture. The secondary dealer makes a living supplying the watches people want to those that are willing to buy them, and the end consumer gets that watch of their dreams without having to wait for a decade on a waiting list. In fact, there is a strong argument that some of the powerful secondary watch dealers are as important as the brands themselves. WatchBox, Watchfinder and a plethora of other pre-owned or gray market dealers have plugged this gap, offering watch buyers the opportunity to buy watches on any given day, plugging the huge gap left by official retailers that simply can’t get the stock. With city bonuses, spare cash due to a COVID- induced lack of traveling or dining out and the crypto boom, people have been prepared to pay the premium.

Neo-vintage and modern will have their place in the Rolex CPO system. The Zenith Daytona was introduced in 1988 and so can be included.
Will we see any Rainbows such as the ref. 116595? That’s the question!

It is no secret that Rolex has been making moves to recapture some control over the pre-owned market in the past few years. I spoke to one prominent US-based watch dealer in 2021 about the fact that the brand was removing “Rolex Certified Repairer” status from some watchmakers, and the brand has been pushing for retailers to have an in-house watchmaker to handle repairs. However, it was a shock announcement at the end of 2022 when Rolex announced it was rolling out a new pre-owned program.

The new system is still in its infancy at the time of writing with Certified Pre-Owned (CPO) pieces available only through Bucherer boutiques in Switzerland, Austria, Germany, France, Denmark and the United Kingdom. The plan is to roll the offer out globally. So, what exactly does the offer look like? The watches will come with a new two-year warranty, with a card in a wallet that is much like the guarantee you would get with a new watch. The only stipulation is that the watch has to be more than three years old.

It’s not all plain sailing, though, and the industry has reacted with very mixed emotions. One issue is original papers. Collectors love what dealers refer to as a full set. This means different things to different people, but the bare minimum is the original box, guarantee papers and then a sliding scale of completeness of booklets, hangtags, paperwork, wallet and other accessories. With Certified Pre-Owned, the watches will only come with the aforementioned two-year warranty card and not the original paperwork, if it still exists. This is a shame and will impact on the value for many people.

And whilst we are discussing value, let’s ride that elephant in the room. Prices seen so far have been astronomical. One UK-based dealer who sells pre-owned Rolex watches is surprised and delighted in equal measure at the published prices. He discloses, “When this new program was first announced, I was a little worried that people would, over time, be drawn away from dealers such as myself. Pretty quickly, though, it became clear that it was not going to have much impact, especially on my core client base, which are predominantly well-informed punters. If you want a Rolex Certified Pre-Owned GMT-Master Date, one of the original ceramic bezel models, you’ll have to pay almost 17,000 pounds. I offer these, with original boxes and papers, for closer to 11,000 pounds.” Is the premium worth it? Time will tell, but it’s important to be clear that Rolex does not have any influence on pricing and that it’s set by the retailer.

Current watches, such as this 126710 “Pepsi” GMT-Master II, will be available in the Certified Pre-Owned offer, as long as they are over three years old

The Rolex CPO program excludes vintage pieces, by definition any watch over 35 years old, from the program, so the offer is focused on the neo-vintage and modern sector of the market. With the demand for Rolex watches still at an all-time high, the CPO gives value and opportunity to both the consumer and retailer. Spend more than five minutes in the administrative offices of a Rolex Authorized Dealer and you will be amazed at the frequency that the phone rings with requests for watches. The CPO agenda allows the retailer the opportunity to widen its core offer to customers — “No, sir, we don’t have any new Explorers available at the moment, but we have a delightful example from 2018 in our Certified Pre-Owned selection.” This is good for consumers, as some of their frustration can be allayed with a more comprehensive offer, and they can buy a watch with relative peace of mind. No value can be put on this!

MB&F GOES CPO

It’s fair to say that Rolex is actually quite late getting in on the act, but as we know with the Coronet, it’s all about evolution, not revolution. Many other brands have also been offering pre-owned watches either directly to consumers via online or through their network of authorized dealers. A company with an ethos vastly different to the restrained and conservative nature of Rolex is MB&F.

Founded by Maximilian Büsser in 2005, the brand is a collective, Maximilian Büsser & Friends, where radical independent watchmakers collaborate to undertake horological alchemy the likes of which had never been seen before. With independent watchmaking being one of the biggest growth sectors in the industry in recent years, Büsser has seen demand for his machines grow exponentially and especially in the pre-owned sector.

He says, “There has been a tectonic shift in perception.Up till a few years ago, the pre-owned market was often perceived as the enemy by big brands who felt that every pre-owned watch sold was stealing a new piece sale. In those days, pre-owned watches were selling at a substantial discount towards new pieces, and contradicted the brands who loved selling the story of watches being investments.

Legacy Machine Split Escapement Titanium in green dial
M.A.D. 1 Red

Clearly, all that has changed recently. A certain number of brands have no more new product to sell, or are on multiple-year waiting lists, and their pre-owned pieces are now selling with a premium. Suddenly, the secondary market is the primary market’s best friend!”

When asked about his brand’s Certified Pre-Owned program, Büsser says, “For us, it was clearly one more way of helping our clients. On one side, there were many clients trying to find impossible-to-find pieces which were no more in production. And on the other, clients who wanted to sell their pieces for whatever reason. We decided from the outset that we would only retail CPO pieces where none were available at our retailers, so as not to compete with the new piece inventory in the market.”

Max Büsser is clear, though, that this part of the business is not profit generating but intended as a service to MB&F customers: “We pretty much decided on the prices which seemed reasonable. When we started, our CPO were, of course, selling with a discount to retail prices, but we were always higher than anything on the secondary platforms. Our pieces are all factory refurbished, serviced and with a two- year factory warranty — they are like new.”

This pattern of more officially offered pre-owned watches being a service to their customers, as opposed to a way of making money, almost certainly repeats itself for many of the brands that offer it. It’s a way for brands to ensure that customers are buying their products without the stress that is often associated with buying a secondhand watch.

Büsser elaborates, “Navigating the world of pre-owned is seriously challenging. Even today 80 percent of the pre-owned pieces I personally buy for my own collection have major issues: they do not work properly and some are ‘frankenwatches’ with non-original components, and of course, virtually no seller offers a real warranty. Buying a CPO from a brand should normally alleviate all those issues and there is a real value to that. In our case, CPO is a labor of love — it’s just there to help out. Doing it so that we are all proud takes hundreds of hours for zero to negative financial returns. But we believe it is part of what a caring brand should do.”

AUDEMAR PIGUET’S NEW CPO PROGRAM

Another brand that is planning to launch a Certified Pre-Owned program is hyper-hot Audemars Piguet. At the time of writing, it is still not clear how the new program will work, but CEO François-Henry Bennahmias announced the move at a luxury recruitment conference in January 2023. Promising that the CPO would be in full swing by the end of 2023, Bennahmias has every reason to be confident that it will be a runaway success. It is also likely to be one of his last initiatives before departing the brand, as planned, at the end of 2023.

Audemars Piguet have made a clear indication that they will be officially entering into the pre-owned market later in 2023. This could open up opportunities for customers to procure the popular Royal Oak and Royal Oak Offshore models

Audemars Piguet is slightly ahead of the curve when compared to Rolex, as it already has an authorized pre-owned system in place at Material Good in New York, where clients can buy pre-owned APs that are sold under the umbrella of the brand. Key to this relationship is the fact that Material Good also operates a number of U.S. Audemars Piguet boutiques. It would make sense then that its head of watches, Yoni Ben-Yehuda, and his team will take a leading role in Audemars Piguet’s new CPO.

One thing that dealers always tell me is that clients prefer to buy pre-owned APs with a manufacture service history. This is partly due to the incredibly difficult nature of cosmetically refinishing a Royal Oak and also, I assume, due to the desire for rock solid peace of mind. With Royal Oaks being some of the most impossible watches to obtain at retail, it makes sense that some customers will fully appreciate the benefit of being able to buy pre-owned pieces from authorized retailers and get their Royal Oak “Jumbos” and Offshores with the brand’s official “stamp.”

Is Certified Pre-Owned the future of watch buying for collectors? Certainly not, as secondary dealers will always offer a better price point for collectors and consumers. However, brands entering into the pre-owned market is a strong move and will undoubtedly give them a footprint in a market that they’ve been watching with their noses pressed up against the glass for a long time. Whether the motivation is one of control and command or a more philanthropic-esque gesture to help loyal clients, I believe that we will see more and more brands entering the fray.

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The post Blurred Lines: Brand Retail in the Soaring ’20s appeared first on Revolution Watch.

The Art of Watch Collecting: Beyond the Usual Suspects

Ross Povey — Tue, 18 Apr 2023 03:24:33 +0000

The Art of Watch Collecting: Beyond the Usual Suspects

Beyond the usual “hype watches,” vintage classics and independent brands, what are the world’s most seasoned collectors looking for? Revolution spoke to some of them to find out.

Feature

By Ross Povey

Apr 18, 2023

The one lesson we have learnt over the past two years is that watch collectors have a tendency to hop on board the hype train. To be clear, this isn’t meant as a criticism, but more of an observation on how collectors seem to be drawn to watches that are hot and the must-haves within any given season. Think Royal Oak, Nautilus and Daytona, and you will have a pretty comprehensive overview of some of the watches that have arguably overcooked the pre-owned watch market. Again, let me state my absolute belief that these watches are both important and beautiful. In fact, the post-1988 Rolex Oyster Perpetual Daytona is a watch to which I have devoted countless hours of research and enthusiasm to understanding, and I know many passionate collectors of these watches that could not care less whether they appear on the latest “cop or drop” list. However, things can become a lot of fun when collectors alight from the aforementioned train and look beyond the herd.

Whilst perennial favorites such as the Daytona will always have a place in the hearts of fans

What is clear is that the sands are shifting and collectors are looking to research, fall in love with and chase new horological quarries. This is my opinion from talking to friends, collectors and dealers but the data also backs this up. The 2022 autumn auction season demonstrated that the once-hot pieces are showing signs of slowing down. Considerably.

Remember the days when a steel Rolex 116500 was USD 50,000. They’re now closer to USD 25,000, which is a 50 percent fall from grace, although it’s still double its retail price. So what are people spending the big bucks on now? Well, for sure vintage is still a strong contender and collectors seem more than willing to shell out when a piece is both rare and in incredible condition. As Monaco Legend Group auction house’s chairman Davide Parmegiani states: “This is now a market for connoisseurs, collectors and those with a passion for rare and high quality watches. What we have demonstrated is that when rarity and quality collide, the market speaks and, in fact, speaks very loudly.”

Modern watches are also popular though, make no mistake. One of the newest areas of collecting is the sector of independent watchmaking, where everything from space-age technology and classical horology is welcome and often collide to produce otherworldly creations that get seasoned collectors hot under the collar. There were a number of stellar results for independent watches, including a 1999 F.P. Journe Souscription Tourbillon that was one of six known with pink gold dials that sold for an impressive USD 1.24 million! There were also strong showings from De Bethune, which now hammer at significantly over retail, and Kari Voutilainen with a unique piece in platinum from 2017 with vibrant guilloche enamel dial that sold for a significant USD 189,000.

New directions such as a Voutilainen are always welcome

There exists, however, beyond the modern hype watches (I know, I don’t really like this term either), vintage classics and new indies, a world of new discoveries. Brands you haven’t heard of in the watch space, collaborations that will take you by surprise, and models from the stalwarts that you may have only seen in passing. We are going to take a look at some new and emerging trends and talk to some of the industry’s leading lights. Even then, we are only skimming the surface, as there is a seemingly unlimited number of interesting watches out there that are just waiting to be discovered, and hopefully we can inspire a new approach with this piece. Let’s go!

TIME FOR SOMETHING DIFFERENT

I remember quite clearly the first time I wore my Vivienne Westwood denim parachute shirt to a gig in London. It was the late 1990s and the iconic British designer was experimenting with a new label called Anglomania. The pieces in the collection were only available at her Worlds End shop on King’s Road and they were made in very small numbers. I was immediately taken by a then-modern reinterpretation of the original parachute shirts that Westwood had made in the 1970s and acquired one, which I still own today. This was long before the brand became widely known and was franchised across different lines. My friends were bemused by the garment and whilst they were kind about it, thought it was an odd choice of attire. The seed was sown for me to want to be a little off-piste. That trait continued into my love of watches.

It’s hard to imagine now, but in the early 2000s, Tudor was largely forgotten and overlooked. There was a phrase that you never hear any more about them being a “poor man’s Rolex” and aside from the original 1970 “Homeplate” Chronographs, there was very little interest in the brand from the collecting community. I vividly remember one evening being on the Vintage Rolex Forum and noticing blue dial Submariners and unusual, colorful chronographs, and being smitten by the younger sibling of the Coronet. This love for Tudor led to Tudor Collector and, in many ways, me enjoying the career I do now. Again, much like the Anglomania parachute shirt, when I would attend the Rolex Passion Meetings or UK-based collector gatherings, people would eye me suspiciously and with a soupçon of mirth at these tatty old watches (MilSubs actually) that looked a bit like Rolex timepieces. A similar set of circumstances occurred again a decade later when I became obsessed with the Daytona Beach… but this article isn’t just about me!

1970 Tudor Oysterdate Homeplate

One passionate Tudor collector and early adopter of the Wilsdorf brand is Paul Russell. The Scottish watch collector has always loved Tudor: “Collecting wasn’t something I ever did as a kid, but as I got older and more aware of design, watches were always the thing to catch my eye. I remember my Dad’s red digital watch from the mid-1970s and the hours of fun under the duvet pressing the button until it broke (sorry, dad). My collecting started in my 20s with my grandfather’s small Tudor, which was a present from Canada and given to me when he passed away. The Tudor bug hit hard and I couldn’t get enough of the numerous detailed articles posted on the Vintage Rolex Forum and the bargains to be had on eBay. The feeling I get from holding a vintage watch has never diminished and I absolutely love the fact that someone took the time to go out and buy this small piece of metal, and just used it to tell the time and not spend hours looking at it as I do. I genuinely love watches in general, but vintage is where my heart will always be, and I’m honored to be a Tudor Collector!”

LONGINES LOVE

It was similar for Revolution’s go-to guy for all things vintage Longines, George Pakkos. When the watch collecting masses were obsessing with remortgaging to snap up “Newman dial” Daytonas, Pakkos was immersed in the 13ZN-driven chronographs of Saint-Imier’s finest. He says, “Initially, I was drawn to vintage Longines as I saw a disparity in the price for many very interesting watches. During the ’30s and ’40s, Longines were one of the top manufacturers for watches, probably only second to Patek Philippe in this period. They were first in class in terms of quality and innovation, whilst having a vast catalog of references, many of which I found to be aesthetically beautiful whilst utilitarian (in essence, real tool watches made for a purpose). This made collecting vintage Longines an extremely desirable proposition to me.”

A brace of lovely Longines chronographs

With such a great opportunity to researching and collecting special watches, I asked Pakkos if the vintage Longines collecting community is overcrowded. He replied, “Actually, like vintage watch collecting in general, I’d say vintage Longines collecting was a niche within a niche. However, during the past few years, the Longines collector community has grown exponentially — there is a nice community of enthusiasts from all over the globe. There are many desirable and interesting vintage Longines to collect regardless of budget.” So, what would Pakkos say are the most desirable of all vintage Longines? “The most exciting watches for me are the chronographs, especially those with the caliber 13ZN, and specifically all those with waterproof cases, especially the mushroom pusher, tre tacche and sommatore. Also very exciting are the Lindbergh and Weems (probably some of the most important watches ever made, considering the impact they had on aviation and modern GPS navigation). There are also many exciting watches that have military provenance, like the “Big Indians” and “Serbians”… in short there are probably too many exciting watches for me to list!”

CLASS IN CARTIER

A watch brand that has certainly become mainstream now is Cartier. The feverish way in which high-end collectors now chase the Crash is remarkable and the brand recently relaunched one of its most humble lines, Must de Cartier. Beyond Tanks and Crashes, however, exists a world of weird and wonderful Cartiers with a very loyal following of true aesthetic connoisseurs. When it comes to setting trends, Bernhard Bulang is regarded as one of the best. His early photo-centric blog 100PERCENT-Rolex and subsequent business Bulang and Sons has set the tone for lifestyle-led e-commerce of watches and accessories. 1940s steel stepped-case chronographs, oversized Omega “calatravas” and Tudor MilSubs were all key features of the Bulang and Sons offering before the mainstream adopted them. The same is also true of Cartier. First and foremost, Bulang is a collector and it was exactly the hype around certain high profile watch models that led him down the Cartier path.

Bulang style for watch lovers — watches and accessories such as this platinum Cartier Tonneau on black leather cuff strap (Image: Bulang and Sons)

He enthuses, “I really love the more funky shapes from Cartier and one of my favorite watches is the Gondole Horizontale Jumbo — a rare beast, a great size and the case shape is so exciting and comfy at the same time. I also love the Cristallor and the Baignoire Allongée in large. These watches have such exciting designs where they become a mixture of a watch and men’s jewelry. I would also say that an ’80s-style Santos is just a great fun buy at a moderate price level, and one high on my list is the Santos-Dumont Ultra Thin. It has such an amazing design — small size, but big impact. Well, it takes big balls to wear small watches!”

Bernhard Bulang’s Cartier Gondole Horizontale in yellow gold (Image: Bulang and Sons)

A 1957 Cartier London Baignoire Allongée

A similar watch from 1969

Bulang has eclectic taste and has always looked beyond the herd for interesting and undiscovered gems. Of his collecting philosophy, he says, “I am driven by the emotion and aesthetics of vintage watches. For me, it’s all about the design, dials, story and emotion of watches. After years of hunting my grail Rolex watches, I am now more focused on finding a watch that pushes me forward towards new styles and aesthetics. I am always on the hunt for ‘pleasant friction’: wearing great designed watches outside their cliché and combining them with straps that change the vibe; combining them with fashion that also makes them more interesting; not confirming the clichés but opening new ‘questions.’ It is an exciting road with discovery of many new styles to me and love for watches I would not have been picking up years ago — beauties by Vacheron, Audemars Piguet, Cartier and Gérald Genta. Finding classic designs that are almost 100 years old by Cartier and using them in a contemporary lifestyle, I am in love with how they are still relevant today and add so much mojo on your wrist. A Patek 3940 that years ago I would have felt as boring, bourgeois… I now feel it is one of the most exciting watches, combined with some sporty or elegant straps. The dial design is magically balanced for a watch with so much info. Amazing and timeless.”

A rare Patek Philippe ref. 3940 in platinum

Another increasingly sought-after timepiece, a Patek Philippe ref. 3940 exudes sporty elegance when paired with a military-style green textile strap

A DREAMER FOR GRIMER

Bulang is also a fan of the space-age Omega watches conceived for the brand by British designer Andrew Grima. Grima is regarded as one of the most important jewelry designers from the 1960s and ’70s, and boasted a Mayfair boutique on Jermyn Street. His impressive client list included both Queen Elizabeth II and Princess Margaret who were drawn to his beautiful bespoke creations.

Three interesting and unusual Omega watches inspired by the designs of British designer Andrew Grima (Image: Bulang and Sons)

Says Bulang, “Omega’s director of production Robert Forster commissioned Grima to design a collection of watches. I don’t think he was keen initially. Grima was eventually persuaded but had a list of stipulations that he insisted be part of the deal. The first, and in today’s market the most unbelievable, was that the watches were not to feature either name of the two brands involved — Grima or Omega. Secondly, each piece was to be handmade in London and then taken to Switzerland to Omega’s headquarters in Bienne for the movements to be fitted. The movement fittings had to be done collaboratively between Grima’s artisan jewelers and the technicians at Omega. These watches were the About Time collection, and then later in the 1970s, Omega launched a range of watches inspired by Grima’s work. The Time in Style series of watches were more affordable and marketed through the De Ville, Constellation and Jeux d’Or ranges. Unlike the original Grima series, the Time in Style watches did, in fact, have Omega on the dials, more conventional dial layouts, including hour markers, and were entirely made in the Omega factory. I love these cool watches and we have offered a few of them over the years.”

WHEN AN ESPACE IS PC

Another new emergence amongst collectors is Pierre Cardin, and specifically those pieces made with Jaeger in the 1970s, known as the Espace collection. In 1971, Pierre Cardin launched the Espace watch line, an unconventional portfolio of unisex wristwatches with incredible packaging at good retail prices. Pierre Cardin, for the first time, offered stainless steel and plastic watches with avant-garde and futuristic design that housed good mechanical movements at reasonable prices. Those of you that follow John Goldberger’s second account, @montanariauro, will have seen some of the Jaeger-powered Cardin watches that he shared on his feed last year. Goldberger explains why he loves these watches so much: “The dials had a modern and stylized graphics layout. They are well manufactured by Jaeger, France, and represented an interesting period of the French lifestyle: innovative clothing, car designing and the first traveling by supersonic aviation with the Concorde. The result is a fresh combination of the current fashion trends of the ’70s and timeless aesthetics. His impact on the world of watch design was very important and today the collectors appreciate these unique timepieces with unusual and futuristic shapes.”

Espace dream — highlights from the John Goldberger collection of Pierre Cardin watches

London-based watch dealer Alex Stevens is a man who knows what he likes and sells timepieces that reflect his own love. Those that know him, therefore, were not surprised by his recent foray into the ’70s Pierre Cardin watches. I was at a lunch with him at the end of last year and couldn’t resist asking about them. He tells me, “I just love them because they are so different and unlike anything else that’s out there at the moment.” Fair enough, I say, but how on earth did he ever discover them? To that, Stevens replies, “I first saw one only around two years ago. I’d been interested in and involved in vintage watches for around 10 years. I was at one of my usual watch fairs and there was an older chap there who had a small collection of Pierre Cardin watches. There are literally thousands and thousands of watches at a vintage watch fair, but for some reason they just called out to me, and I had to take a closer look at them and they just captivated me. It was almost like it wasn’t a watch and more like a little piece of sculpture. They’re so unique and imaginative and there is almost no other watch like them, especially when you consider the resin and lucite cases and especially the colored ones, the triangular ones or the circular stepped examples. For me, it was just so refreshing to see something that I hadn’t seen before. I must admit, it’s not the most practical watch to wear, but it’s certainly a statement piece. I also believe that the vintage watch market has become quite saturated with the amount of content that’s out there — on YouTube, Instagram and blogs — but you do tend to see the same types of watches over and over again. In my mind, it’s really refreshing to see something that you haven’t seen before and is actually interesting from a collectibility point of view. They made 26 variations, so they’re really collectible from that point of view and certain ones are easier than others to find. They capture that time period so well in such a funky way; so space age! Interestingly, Pierre Cardin did fashion designs, in that era, related to the space age, and NASA space suits, including a campaign for them.”

Does Alex see Pierre Cardin watches catching on with mainstream collectors? He says, “I think after collecting for some time, many people naturally start to look elsewhere and people’s tastes change. The times that I have posted Pierre Cardin watches on my Instagram, the amount of interest that there was absolutely blew me away and the amount of love that they got from people, not only from those who knew about them and were aware of them and were maybe hoping to buy one, but also from people who’ve never seen them before.”

BUY WHAT YOU LOVE

One area of collecting that has recently taken center stage is neo-vintage. Loosely, the term defines the era of watches from the late 1980s to early 2000s when the classical styling of many watch lines was supplemented by modern watchmaking technology. Think sapphire crystals, ungraded movements and Super-LumiNova, and you’ll get a feeling for watches that can be worn daily yet have all the aesthetic grace of their forefathers. UK-based watch dealer Ben Dunn of Watch Brothers London (WBLDN) has settled on this genre as his focus.

He says, “I only buy what I like and this links back to why I started dealing in the first place — I want to wear and experience all the watches that catch my eye. This approach has gradually positioned WBLDN with an interesting niche, somewhat based around neo-vintage complications but also offbeat sports models such as the Rolex King Midas or the first-generation Vacheron Constantin Overseas. One thing to call out here is that the market, currently, for these types of pieces is significantly smaller than, say, your typical modern market. However, it’s growing rapidly as more scholarship comes to light. Connecting and providing value to collectors in this era of watches is where I spend a significant amount of time and I invest very happily in this. The friendships built and connections made are the true joy to buying and selling; it’s a community that I’m proud and humbled to be a part of.”

Rolex Cellini King Midas reference 4017 (Image: Heritage Auctions)

A Rolex King Midas ref. 9630 owned by acclaimed watch journalist Nick Foulkes (©Revolution)

There really is a world of endless opportunities out there for collectors to enjoy. Education is a vital element alongside the quest to unearth new and interesting, or even overlooked, watches. The guys at A Collected Man get this: “This current climate also presents an opportunity to bring back education, discovery and purer enjoyment to what should be a passion-led field. There’s an opportunity to buy watches because they’re interesting and enjoyable, rather than because they’re expected to increase in value. Some areas which still offer fantastic value and quality are neo-vintage Vacheron Constantin, early Breguet wristwatches and more under-the-radar Patek Philippe watches, such as the Ellipse or variants of the Calatrava. Indeed, we’re still seeing some very strong activity in areas such as independent watchmaking, complicated Patek Philippe, neo-vintage Cartier and early A. Lange & Söhne, just to name a few. True rarity, rather than artificially created rarity, and quality seem to remain strongly desirable. Some collectors appear to be refocusing their interest on areas which they see as safer stores of value, in more uncertain times.”

If you look beyond the obvious and actually buy what you like, then it doesn’t really matter if a watch goes up or, heaven forbid, down in value because investment isn’t the paramount consideration of an acquisition. That’s the key to this; we should all enjoy collecting watches that make us smile!

Reference

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The post The Art of Watch Collecting: Beyond the Usual Suspects appeared first on Revolution Watch.

Rolex Highlights at Watches & Wonders 2023

Ross Povey — Mon, 27 Mar 2023 22:14:34 +0000

So we can all relax now, the Rolex novelties have been launched and the guess work is over. Another great year? Yes! Some big surprises? Yes. Was it what we expected? Kind of! The 70th anniversary of the Submariner was not celebrated (yet!) and the Explorer’s 70th was marked in a low-key way with a new 40mm model. The Daytona was revamped and we love it (read about that here) for its 60th. There were plenty of other delights though, including an entirely new line and some new eye-catching riffs on perennial classics. Let’s take a brief tour…

Yacht-Master 42

The Yacht-Master was the first luxury sports watch line from Rolex and has been the canvas on which Rolex has experimented over the years. New for 2023 is a titanium Yacht-Master, in RLX titanium that makes the watch light. I mean, really light. When I first picked the watch up it was almost confusing to experience its featherweight presence in hand. The grade 5 titanium is all satin-finished except for the lug bevels, which are polished. It’s great to see the bevels back, which have been a collectors’ favorite since the 1950s. The black dial is accented with huge maxi hour markers, and the matte and polished ceramic bezel insert gives it a stealthy cool look which I love.

Perpetual 1908

Cellini is dead, long live the Perpetual! Rolex unveiled an entirely new line with the Perpetual. Graceful and elegent, the precious metal watches feature the thinnest movement from Rolex to date. Unlike Cellini, Perpetual keeps the rough silhouette of the brand and includes a sapphire caseback. The hands on the 1908 are inspired by sports watch hands from the over the decades, with a hollow Mercedes-esque hour hand and sword form minute hand. The watches come on alligator straps, and I have to say these watches sit beautifully on the wrist. Will we see more in the coming years? Almost certainly and I think a chrono would be to die for. Watch this space…

Bright Futures

Day-Date 36 with green aventurine dial

Did you struggle to decide on what colour you would choose when the colourful Oyster Perpetual dials were launched a couple of years ago? OK, it was maybe a moot point, as they were impossible to get and then they were discontinued. Fear not though, as you no longer have to choose, as the new OP has all the colours from those watches on one dial. The pictures do the talking, but I think this is a cool and fun addition to the line up.

The Day-Date 36 is all about colour and fun this year too. Rolex has unveiled three stone dials for the DD36, which are green aventurine, carnelian and turquoise. The latter we have had for a little while now, but the other two are new additions. With diamond bezels and hour markers, these watches are bang-on the money with the current popularity of stone.

Day-Date 36 with turquoise dial

Day-Date 36 with carnelian dial

In a real twist, another Day-Date instead of showing the day of the week, the arc-shaped aperture at 12 o’clock displays an inspirational keyword in English – ‘Happy’, ‘Eternity’, ‘Gratitude’, ‘Peace’, ‘Faith’, ‘Love’ and ‘Hope’. The window at 3 o’clock reveals daily one of 31 exclusive emojis in place of the date. Sounds crazy? It is. And the dial is also fun having been created using champlevé enameling; it is striking for the depth and intensity of its gleaming colors and decoration. The motif is inspired by a jigsaw puzzle. Turquoise blue, red, fuchsia, orange, green and yellow pieces fit together on a single-colour background, each representing one of the key moments in life. The hours are marked by 10 baguette-cut sapphires in six different hues set according to the main color of the dial, which is turquoise blue on the 18 ct yellow gold and 18 ct white gold versions, and orange on the watch in 18 ct Everose gold.

Subtle Updates

Explorer 40

GMT Master II

The Explorer is now available two sizes, a first for the line. To supplement the original 36mm version, there will be a 40mm Explorer. It does what it says on the tin and will meet demand for the gap left by the discontinued 39mm watch. The GMT-Master also had an update with a new black and grey bezel — shall we call it the Guinness? The GMT is the only Rolex sports watch to sport a Jubilee bracelet, which it now has in yellow gold and Rolesor. The Sky-Dweller also had some new dial variations, including a classic green on the white gold Rolesor version and a blue-green on the Everose bracelet watch.

What a great year! Again, all about evolution not revolution, but that’s why we love the coronet!

The post Rolex Highlights at Watches & Wonders 2023 appeared first on Revolution Watch.

Introducing The Tudor Black Bay Master Chronometer

Ross Povey — Mon, 27 Mar 2023 22:12:05 +0000

Tudor introduces the third iteration of its headline watch, the Black Bay. The original burgundy bezel watch from 2012 has been given a subtle makeover aesthetically and a major movement revamp now boasting Master Chronometer certification.

As a Tudor die-hard, I remember vividly the opening day of Baselworld 2012 and the unveiling of the original 41mm Black Bay. It was truly a moment in the industry, with both modern watch collectors appreciating the watch as a cool, retro dive watch and vintage fans going nuts for a Big Crown watch that could be worn at the beach, in the pool and the general daily grind. Fast forward 11 years, and the Black Bay has become Tudor’s MVP having spawned a number of incredibly cool family members.

Tudor Black Bay

The 2023 edition has some tweaks to the case and the dial and hands. Whilst the case remains at 41mm, the profile is slimmer at 13.6mm. The bezel edge has also been reworked to be easier to use, and the insert’s numerals have a new curved font that flows with the curve of the bezel. Like the Black Bay 54, the hands are new too with a minute hand that is pinched at the center and a lollipop seconds hand, both of which are historical touches.

Tudor Black Bay

Bracelet options are new too, with the introduction of a five-link steel bracelet and a rubber strap with steel clasp that supplement the existing steel rivet-style bracelet. All three bracelet options are fitted with the T-Fit rapid size adjustment system. This has proven to be very popular with Tudor fans and will be a welcome addition to the watch.

Tudor Black Bay

The Black Bay was born in 2012 with a modified ETA movement, before having the manufacture caliber in 2015. The biggest shake-up is the inclusion of the MT5602-U Master Chronometer rated movement. To get the watch up to Master Chronometer specification, Tudor had to make a number of changes to their in-house movement. The Master Chronometer certification is bestowed upon a watch by METAS, which stands for METrology and Accreditations Switzerland or the Federal Institute of Metrology. The certification has several requirements and stipulations that each watch must meet around timekeeping. It also assures all the claims made by a brand about elements such as power reserve and depth rating, which COSC does not. To receive Master Chronometer status a watch must: be Swiss made; house a movement that is COSC-certified; have a level of precision with a daily tolerance interval of 0 / + 5 seconds; be unaffected by magnetic fields of up to 15,000 gauss; have the claimed power reserve; and lastly, be waterproof in line with the manufacture’s claims.

Tudor Black Bay

It’s important to remember that Tudor has its own rigorous in-house standards that are higher than even COSC. The COSC tolerance for its certification is -4 to +6 seconds a day, so 10 seconds in total. Tudor shaves two seconds off each of that for its own in-house standards, achieving -2 to +4 seconds a day, so six seconds in total. METAS insists on a 0 to +5 seconds per day as part of its Master Chronometer standard. Additionally, this performance has to be in six positions at two different temperatures, at both 33 percent and 100 percent power reserve and after being exposed to a hypothetical magnetic field of 15,000 gauss!

Tudor Black Bay

Tech Specs

Tudor Black Bay

Reference: 7941A1A0RU
Movement: Manufacture Caliber MT5602-U that is both COSC and METAS certified
Functions: Hours, minutes and stop-seconds
Case: 41mm stainless steel
Dial: Black domed sunray finish with gilt accents
Strap: Three-link or five-link stainless steel bracelets with polished and satin finish, or rubber strap, all with “T-fit” clasp.
Price: TBC

The post Introducing The Tudor Black Bay Master Chronometer appeared first on Revolution Watch.

Celebrating 60 years of the Rolex Daytona

Ross Povey — Mon, 27 Mar 2023 20:26:59 +0000

To celebrate 60 years of its iconic sports chronograph, Rolex unveils a new Daytona with a new case design, dial tweaks and an improved movement, the caliber 4131. For the first time in Rolex’s history, the platinum Daytona also features a sapphire display caseback. The dial has smaller hour markers and sun dial rings that hark back to the original Daytona Perpetual launched in 1988.

In 1963, Rolex unveiled the reference 6239 Cosmograph Daytona. The main difference between this and previous Oyster chronographs, that Rolex had been making since the 1930s, was the presence of a tachymeter bezel. Previously, the chronograph scales had been on the dial. Arguably the biggest transformation was in 1988, when Rolex unveiled the first automatic Daytona. The case was more inline with other sports watches from the brand at 40mm and now included crown guards either side of the crown and a scratch-resistant sapphire one. The watch was driven by a heavily modified Zenith El Primero movement, which is why these watches are now known as Zenith Daytonas. In 2000, the brand replaced the modified Zenith movement with their new in-house movement, the caliber 4130. This movement required the two sub dials to be moved a fraction higher on the dial. On top of that, the hour totalizer and running seconds sub dials switched places. Other subtle changes occurred, including larger hour markers and fatter hands.

Lot 116: Rolex Ref. 6239 (Image: Phillips Watches)

Now in 2023, the in-house caliber has had an upgrade. The new caliber 4131 features all of Rolex’s newest movement technology, including the Chronergy escapement, Paraflex shock absorbers and a new rotor, with optimized ball bearing, that is cut out. This is particularly useful on the platinum watch that has a sapphire case back, giving a view of the new movement complete with Cotes de Geneve decoration.

Neo-vintage and modern will have their place in the Rolex CPO system. The Zenith Daytona was introduced in 1988 and so can be included.

Rolex Cosmograph Daytona

The watch retains its 40mm case, which has an updated profile that gives a more angular aesthetic that is emphasized by the Cerachrom bezel which has new edging in the same material as the midcase. This gives the appearance similar to a 6263, the vintage screw-pusher Daytona with plastic bezel in a metal bezel ring.

The dial has also been reworked to have smaller hour markers and narrower sub dial rings. This is subtle, but again lends a more vintage look to the watch and reminds me very much of the first Daytona Perpetuals from the late ‘80s and 90s.

Rolex Cosmograph Daytona

All in all, it’s a classic Rolex move. Stealthy upgrades that both delight Daytona lovers and also move the line along technically. Yes, all previous versions are now discontinued so this is truly a new era for all the watches in all metals — Osytersteel, Rolesor, gold and platinum. We expect the waiting lists will also remain as long as ever.

Rolex Cosmograph Daytona

Tech Specs

Rolex Cosmograph Daytona

Reference: 126500 (steel) 126503 (Rolesor) 126505/9 (Everose and white gold) 126506 (platinum) 126518 (yellow gold on Oysterflex)
Movement: Cal 4131 chronograph movement
Case: 40mm
Dial: Various
Strap: Oyster bracelet or Oysterflex on yellow gold model
Price: £12,700 – £70,800

The post Celebrating 60 years of the Rolex Daytona appeared first on Revolution Watch.

Tudor’s Dive Watch Genesis – The Black Bay 54

Ross Povey — Mon, 27 Mar 2023 19:59:07 +0000

Tudor expands its Black Bay family again with a watch that, quite literally, goes back to its dive watch roots with a riff on the first Tudor Submariner from 1954. A new case, historically accurate bezel insert and a hands tweak make this years headline release a real beauty…

The Tudor dive watch saga began in 1954, with the introduction of the Submariner reference 7922. The watch was diminutive by modern standards, measuring 37mm, and was of the no-crown-guard variety with a small (compared to the later Big Crown Subs) 6mm winding crown. Waterproof to a depth of 100m it was the beginning of a fun and daring story that continues to date. Like the Black Bay Fifty-Eight, that paid tribute to the 1958 so-called Big Crown 7924, the new Black Bay 54 celebrates that first dive watch and is, according to the brand, the most “true to form” Black Bay yet. Let’s dive a little deeper.

A 1958 "Big Crown" Tudor Oyster Prince Submariner ref. 7924 with a tropical dial (Image: antiquorum.swiss)

First, the differences. Unlike the vintage Tudor divers, the new Black Bay 54 houses the latest Tudor manufacture movement, caliber MT5400. Vintage Tudors always utilized third-party movements from Fleurier and ETA, as did the Black Bays until the mid-twenty-teens, but now they are all in-house. Unlike its older brother, however, the 54 is not Master Chronometer. The watch is also waterproof to 200 meters, unlike the 7922 which was only depth-rated to 100 meters.

Its pretty clear though that Tudor have had a lot of fun putting the Black Bay 54 together. The 7922 blueprint was big step for the brand and was the catalyst for the famous and now official link with the French Navy, Marine Nationale (MN), as well as the US Navy and other miliary outfits. The MN took delivery of a batch of 7922 and so began a saga of epic proportions. I love the vintage 7922, and the Black Bay 54 has kept the case proportions pretty accurately at 37mm.

My favorite element? It’s got to be the bezel. So much emphasis is placed on the bezel with vintage Submariners from both Tudor and Rolex, with a correct mid-1950s bezel in perfect condition selling for tens of thousands of dollars. Tudor has used a no-hash-marks insert on the 54, which is brilliant, and they have kept the triangle at 12 silver instead of making it red. It’s a small but important detail to guys like me! The bezel itself has also been reworked with a coin-edge profile that is very faithful to the original style on vintage no-crown-guard Tudors.

Let’s be clear though, this isn’t just a vintage homage watch but a versatile and interesting new addition to the Black Bay line. As well as appealing to vintage lovers, the 54 is going to fit slimmer wrists beautifully and is in-tune with the ongoing move to smaller case sizes. The dial, too, is very fresh, having what Tudor refers to as sunray finishing. Eagle-eyed admirers will have also noted a subtle tweak to the hands too, with the square seconds hand being replaced with a round lollipop hand and the minute hand is ‘pinched’ where it meets the pinion. Another vintage-inspired touch.

Finally, the bracelet options. The steel bracelet is the tried-and-tested rivet-link design that we have seen on the Black Bays and other Tudors for a while now. Fans of the T-Fit clasp can breathe a collective sigh of relief as the bracelet does have the feature. New for the 54 is, however, a rubber strap with steel endlinks in a similar vein to the set up seen on the Pelagos. The good news is that the clasp on the rubber strap also has the T-Fit function on the clasp.

Tech Specs

Tudor Black Bay 54

Reference: 79000N
Movement: Manufacture Caliber MT5400
Functions: Hours, minutes and stop-seconds
Case: 37mm stainless steel
Dial: Black domed sunray finish with gilt accents
Strap: Three-link stainless steel bracelet with polished and satin finish, or rubber strap, both with TUDOR “T-fit” clasp

The post Tudor’s Dive Watch Genesis – The Black Bay 54 appeared first on Revolution Watch.

Ross Povey, Author at Revolution Watch

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Ross Povey, Author at Revolution Watch

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