Putting
On the Glitz: Luxury Watches
In the world of fine watchmaking, brands such as
Patek Philippe, Rolex and Piaget have long been must-have names for
collectors. But with more collections being launched every year, what styles
and brands should we look out for in the future?
By Divia Harilela
In the world of fine watchmaking, brands
such as Patek Philippe, Rolex and Piaget have long been must-have names for
collectors. But with more collections being launched every year, what styles
and brands should we look out for in the future?
“One trend we’ve noticed which will
continue this year is the rise of the independent watchmakers,” says Vanessa
Herrera, acting head of watches department, China and Southeast Asia at
Sotheby’s. “Brands like Urwerk and the Opus series from Harry Winston are
two watchmakers that are being innovative.”
Herrera says a watch’s potential value
can be judged on various factors.
“A good indication of brands to watch for
are the new names that enter the auction market. They are there because we are
testing their resell value.”
“If it has a strong history, the brand
will usually appeal to many consumers, but that’s not always essential,”
says Carson Chan, managing director of Bonhams. “As long as the brand is
clear in terms of what they are making and why they are doing it, it can
create a resonance with the consumer.”
“When considering younger makers it is
important to remember that it can take years for a watch to prove itself —
as the years mount up people will have more faith in a newer name,” says Tim
Bourne, International Co-Head of Christie’s Watch Department.
As a starting point, Herrera usually
suggests her customers use a method which she calls “ABCD.”
“A is for appraisal, or auction price. If
it’s strong, that shows that the collectablilty should be high. B is for the
brand. C is for condition, and how close to mint the piece has been
maintained. D is for demand. The brands that meet those criteria are the ones
that have the highest potential.”
In terms of what models to choose, Chan
recommends customers pick a style that typifies the values and characteristics
of a brand. Herrera says the contribution the watch has made to the industry
— be it technologically or aesthetically — is also paramount.
So what are the names we should be watching
out for in 2008?
“Vacheron Constantin is coming up because
it’s so strong in China, and we are seeing some German brands, such as
Glashutte and A. Lange & Sohne, are making an impact,” says Herrera.
“Panerai is also increasingly popular.”
Hublot is the name to watch on Chan’s
list, along with Shanghai Watch, a mainland brand that started in 1955. “At
one of the most recent auctions a piece sold for HK$500,000,” he says.
Bourne suggests F.P. Journe, Richard Mille,
Vianney Halter, and Thomas Prescher as names which are gaining quite a
following.
In terms of how much you spend, experts say
the amount is irrelevant as long as you get the maximum quality for your
price.
“Many people have the misconception that
only the rich collect watches. You can have a very interesting collection that
is very inexpensive. Readers should take advantage of auctioneers who can
provide you with unbiased opinions and knowledge,” says Chan.
Of course what it all comes down to is the
watch itself.
“Look at the inside, the finishing of the
inside and outside,” says Herrera. “Assess how much workmanship has gone
into your piece. The trend is for complicated mechanical pieces.”
“I recommend that people really do their
homework and carefully follow all reviews, discussions on websites devoted to
watch collecting and so on,” says Bourne.
“Pay attention to the feedback in the
media and what collectors are saying.” -
2008 February 4 SOUTH
CHINA MORNING POST
Affluent Asian cities, including Singapore,
are teeming with retailers feeding a growing appetite for luxury timepieces,
some of them heavily encrusted with jewels, boasting complex hand-crafted
mechanisms - and worth as much as a mansion.
Asia, with a growing millionaires' club and
an expanding middle class, is now the key market in the global luxury watch
retail scene.
Industry sources said that about half of
Switzerland's watch exports totalling more than US$8 billion (S$14 billion)
yearly end up in Asia, with Japan and Hong Kong as the top destinations and
Singapore not far behind.
Taiwan and Thailand are also key markets and
China is growing fast.
The region has a 'strong watch-buying
culture' and sophisticated buyers, said Sincere Watch executive vice-president
Ong Ban.
'The barometer of how well a newly launched
watch will do depends on two key markets - Asia and Italy,' he said. 'If it can
do well in these two major markets, it will usually do well in other parts of
the world.'
Sincere Watch is one of Singapore's biggest
luxury watch retailers, with 19 outlets in Singapore, Malaysia, Thailand,
Indonesia, South Korea and Hong Kong.
'If you want to buy a Swiss watch, you have
more choices here than in Switzerland,' Mr Ong remarked.
In the past two years, there has been a
buying trend in favour of bejewelled and 'highly complicated' watches, retailers
said.
They said non-quartz, mechanical watches with
features such as the minute repeater and perpetual calendar are especially in
demand. It can take up to two years to deliver one handmadewatch.
Mr Ong said that big-faced watches have also
been a global hit after becoming popular in Asia. The trendy watches made by
companies such as Panerai from Italy have 4.2cm-wide watch faces, compared to
the average diameter of 3.5 cm.
Among Asians, the perennial favourites
include Omega, Cartier, Rolex, Patek Philippe, Audemars Piguet and Piaget.
'They are more well-known because of huge
advertisement campaigns that give them strong international branding,' said
founder and chairman of Cortina Watch Anthony Lim.
Mr Lim, who is also Singapore's Clock and
Watch Trade Association president, said that even in Singapore, one of Asia's
smallest countries with a population of 4.2 million, there is a booming niche
market.
Touted as South-east Asia's watch retail hub,
Singapore receives about US$460 million worth of Swiss watch exports yearly and
is a hotspot for wealthy watch-lovers from neighbouring Indonesia and Malaysia.
Tourists make up close to half of the luxury
watch sales in Singapore, retailers said. Luxury brand prices range from US$600
to six figures.
Mr Lim disclosed that Cortina sold more than
10 watches priced above US$170,000 each over the past three years in Singapore.
Cortina has nine stores in Asia, including countries such as Myanmar, Hong Kong
and Malaysia.
Retailers said that the typical Singaporean
collector - most of them are young professionals and executives - would spend
about US$2,300 to US$6,000 on a watch, and chalk up five to 10 new purchases a
year.
The most expensive watch in Cortina is
currently a US$460,000 Patek Philippe minute-repeater.
As for Sincere, it has a one-of-a-kind Franck
Muller 'highly complicated' watch that costs a cool US$870,000 - equivalent to
two mid-range condominium units in Singapore.
To draw rich buyers, Singapore boasts opulent
outlets and high service standards, local retailers say. Its positioning as a
shopping haven also adds to its allure.
But to compete with the big boys in Asia such
as Japan and Hong Kong, retailers feel that Singapore has to develop highly
trained watchmakers who can support an after-sales service industry.
Hong Kong already has a watch manufacturing
industry, while Malaysia has started to make parts, making it even more crucial
for Singapore to embark on a similar path, according to retailers.
-- Associated
Press 20 Oct 2003
