Cher’s abode in Manhattan’s Noho neighbourhood. Image: Douglas Friedman, Joe Bryant and Marc Angeles.
Cher’s Luxury Abode — Italian Inspiration
The Silk Building’s striking Italian Renaissance style is definitely alluring in New York. This spectacular 12-storey structure is located in Manhattan’s Noho neighbourhood, taking up an entire city block between Broadway and Lafayette streets. The stunning quadplex penthouse was once owned by Britney Spears and Cher! Now, it’s up in the market for US$6.9 million. The building was built in 1908 but many celebrity A-listers have taken to task the needful renovation work to make it modern and comfortable. Cher was the first owner of this penthouse and she lived there till 1990 and then sold it to Russell Simmons for US$1.6 million.
A cosy, luxe fireplace at Cher’s home. Image: Douglas Friedman, Joe Bryant and Marc Angeles
Next, it was bought by Britney Spears, a time when she wrote her Grammy-winning song “Toxic” and lived there for four years. Some of the penthouse’s highlight features include a 400-square-foot outdoor terrace, a wet bar in the primary suite, and a fully operational wood fireplace. If you’re thinking of remodelling, the fifth bedroom could be added by repurposing the rooftop den with a bath that opens to the large terrace with enviable views over Greenwich Village and the Empire State Building.
Cher’s ultra-sophisticated kitchen. Image: Douglas Friedman, Joe Bryant and Marc Angeles
The beautiful kitchen is styled up immaculate with the best fixtures and furnishings. Living in Noho means one can bump into an array of celebrities who own apartments nearby. If you’re out for a stroll, it can also be a hotbed for filming action and photoshoots. The Silk Building’s rich history also reveals that it was leased by Tower Records on the first floor back in 1983. Keith Richards once lived in the building where he owned two floors which included his recording studio.
Drake’s Posh Pad — California Cool
Drake’s rapping chops have clearly made him a successful celebrity and entertainer. His rise in popularity has been meteoric and at such a young age, his investments, endorsements, and business partnerships raked in US$94 million between 2016 and 2017. Drake is now known to be a real estate investor.
Drake’s multi-level posh home. Image: Douglas Friedman, Joe Bryant and Marc Angeles.
Now he has set his eyes on Elementi — one of California’s most spectacular homes designed by Michael Chen. Elementi’s grandiose features are all about living life large. The home’s bridge entry to a large pivoting front door over water cascades down past a dining room which is suspended over a lower courtyard, and then flows into an atrium on the lower level.
Enviable views from the pool. Image: Douglas Friedman, Joe Bryant and Marc Angeles.
Offering 18,000 square feet of space, the home accommodates seven bedrooms and fourteen bathrooms. It includes a chef’s kitchen, butler’s pantry, and an atrium that opens from the root to the lower floor. The master suite cantilevers over a balcony and has two walls of glass to take in the enviable views. Complementing it are dual bathrooms clad in marble and one offering a skylight. The basement/ground floor is designed around entertainment.
Enjoy a jacuzzi dip at Drake’s pad. Image: Douglas Friedman, Joe Bryant and Marc Angeles
Its pièce de résistance is a 150-year-old olive tree imported from the Mediterranean flaunting gnarled majestic branches. Here you’ll also find a 2,000-bottle wine cellar, gymnasium, office, and a home theatre. The posh Trousdale Estate is where Elementi resides. It was developed in the 1950s and has been the crème de la crème for many of Hollywood’s famous past residents such as Elvis Presley, Simon Cowell, Katy Perry, and Jennifer Aniston, to name a few.
Disruptions to supply caused by the pandemic have exacerbated an existing production issue, which was previously dominated by spurious complaints about brands artificially limiting production. We say spurious here because brands do intentionally limit supply, oftentimes based on their ability to do the kind of watchmaking they want, and to manage quality. Rolex, to use the example of the largest maker of watches above CHF3,000, takes about a year to make one watch, start to finish. This is according to independent estimates from a variety of trade publications, forums, Quora and Watchfinder.com. In any case, this illustration can be scaled down to work with brands that make significantly fewer watches. Keep it in mind when you consider the production information from the brands.
Image: A. Lange & Söhne
Take the example of A. Lange & Söhne, whose Odysseus model is one of the most sought-after in the luxury sports watch category; it sold for almost three times its retail price at a Phillips auction in New York in 2020. The brand continues to emphasise that it produces approximately 5,000 watches annually, and does not intend to go far beyond that. This is despite the fact that the Odysseus model only debuted at the tail-end of 2019.
Image: Piaget
The Glashutte firm has been saying something like this for more than five years, and possibly as long as 10 years. Fellow Richemont brand Piaget has likewise been saying its production levels for watches remain at 20,000 pieces annually since 2008. These kinds of numbers might seem like smokescreens, but we should always remember that contemporary watchmakers prefer to keep their production at optimal levels, rather than going for maximum results. This combines with the fact all brands — including Rolex — sometimes release clunkers or just models that will eventually be retired. When entire collections such as the Audemars Piguet Millenary are retired (at least in a typical gent’s style), the resulting capacity is simply assigned to other collections.
Speaking of retired collections or models, these are the truly rare watches out there. These will hardly ever be present in large numbers on social media, reselling platforms or brick and mortar stores. After all, whatever is discontinued cannot be found in stores brand new, except for whatever stock remains unsold, and brands will probably act to buy those back to protect their brand value. We have mentioned this earlier and will illustrate the point further with some official statements and quotes. In advance of that, we will take a stand here and suggest that if scarcity is the marker you trust best to establish value, then whatever models you do not see for sale are truly scarce. That makes sense from the perspective of Rolex stores without anything to buy… Or is this just a sign that some watches are so popular that watchmakers are having a tough time meeting demand? Indeed, we think that excited watch buyers are confusing popularity for scarcity.
All this is well and good, and represents a cursory examination with some random evidence that might appear to be tailored to fit our argument. For the avoidance of doubt, this segment includes all public information and statements from the brands on current market conditions. We begin with the most famous of all official words, from the unlikeliest sources: Rolex.
“The scarcity of our products is not a strategy on our part. Our current production cannot meet the existing demand in an exhaustive way, at least not without reducing the quality of our watches — something we refuse to do as the quality of our products must never be compromised. This level of excellence requires time, and as we have always done, we will continue to take the necessary time to ensure that all our watches not only comply with our standards of excellence, but also meet the expectations of our customers in terms of quality, reliability and robustness. Rolex does not compromise on what it takes to produce exceptional watches.”
“All Rolex watches are developed and produced in-house at our four sites in Switzerland. They are assembled by hand, with extreme care, to meet the brand’s unique and high-quality standards of quality, performance and aesthetics. Understandably, this naturally restricts our production capacities — which we continue to increase as much as possible and always according to our quality criteria.”
“Finally, it should be noted that Rolex watches are available exclusively from official retailers, who independently manage the allocation of watches to customers.”
That was the official Rolex line to Yahoo Finance, and it was picked up by every watch specialist, from Hodinkee to WatchPro, with some additional silliness that seemed to be just for the fun of getting the Geneva firm to open up. The above statement though does a bang-up of telling us all what we already know, albeit in words that we can rely on as canon. Patek Philippe, Audemars Piguet and Swatch Group brands can all say different versions of the same thing (minus the bit about the retailers, because Rolex is the only one to rely exclusives on authorised dealers, without brand-run boutiques).
On the new manufacture building and production: “Today, the building is too big for us but tomorrow, we will need it. My children, if they want to develop the company, they will need it… If we talk about quantity, maybe we will increase by 1-2 per cent (over the course of years) so we need the space for that too. Even with our current production, we have to expect all these watches to return to us for servicing, so that’s another reason I decided on this type of expansion.”
The above is a quote from an interview we published in issue #59. Patek Philippe makes roughly 60,000 watches annually, and the firm will not be running at full capacity in the new building in the immediate future. Even without the pandemic in the mix, the idea is to scale production up gradually. Sustainably even.
On discontinuing Ref. 5711/1A-010 (as told to the New York Times in February last year): “We are doing this for our clients who already own a Patek Philippe and to protect our brand from becoming too commercial. I can continue to make this fantastic product, or sell 10 times more of them. But I am not working for numbers. I am protecting the company for the future, for my children.”
“This is an opportunity to teach a lesson to my kids, who are the first ones to say, ‘Dad, are you crazy?’ They have to learn, just as my father taught me: When you have a fantastic brand like Patek, you have to protect the brand and not just one product.”
And finally, the statement Patek Philippe itself released confirming the end for Ref. 5711/1A-010, edited here for relevance: “We seize this opportunity to reiterate that the priority for Patek Philippe is not to generate short-term profit, but to focus on creating a variety of new models that provide exceptional quality while preserving the value of our customers’ existing timepieces…we will maintain a balance in our collections without focusing on one specific product.” We published this statement in full in issue #60.
As that New York Times article mentioned, besides Rolex and Patek Philippe, Audemars Piguet also has one model in particular (non-vintage) that remains a “wrist-power,” object. This is of course the Royal Oak reference 15202ST, which was also recently discontinued and replaced with reference 16202ST, itself a limited proposition for the 50th anniversary of the watch this year. There will only be 1,000 models of reference 16202ST with the 50th anniversary rotor on the brand new calibre 7121, just like the Series A run of the Royal Oak in 1972. Of course, a production run of 1,000 models in 1972 is quite different to that same number today, but Audemars Piguet has to protect the value of all existing watches in its stable, as well as all vintage propositions as well. CEO Francois Henry Benahmias said as much when introducing the entire new range of Audemars Piguet watches this year.
In response to our challenge to the idea of protecting desirability when it feeds the rapacious flipper mentality, the jocular CEO said the following: “We live in a free world…it is a free market. Who are we to determine what people do with our watches? If someone buys a watch from us and wants to sell it, who are we to stop him? Having said that, if someone buys a Royal Oak from us, sells it on, and comes back to try and buy the same watch from us again the week after, maybe we have a different point of view…”
We take Benahmias’ words to mean that collectors cannot be prevented from buying and selling whatever they want, which is only logical and reasonable. The secondary market (pre-owned and grey market) is estimated to be at least an order of magnitude larger than the primary market (EuropaStar, circa 2020) so shutting it down is certainly impractical. On the other hand, opportunists who see quick profits in iconic wristwatches should be resisted, if for no other reason than self-preservation.
Benahmias and Friedman went on to explain that if Audemars Piguet wanted to make more Royal Oak watches, the firm would have to make less of something else. Other manufactures have made the same point, as we have referenced earlier, and combined with long term growth strategies, all this means that we cannot just have more supply of one or two kinds of watches. Patek Philippe would have to allocate more than 30 per cent of its resources to make more steel watches, and Stern has repeatedly said he does not favour this. It seems logical that Rolex, to use a much larger production business as a counterpoint, would likewise not be interested in growing the volume of its business in steel watches, if it had to do so at the expense of its precious metal watchmaking.
Image: Audemars Piquet
Perhaps if the business in precious metals grows at the same pace, we may yet see more steel watches too, however unlikely it may be that two very different segments would experience the same scale of growth. For the moment, the desire for more of today’s popular models will have to come from the secondary market. This is of course the reason certain older models gain in value over time, when they might have lost a good chunk of the retail value to begin with.
To properly conclude here, there are plenty of brands creating similar watches today, chasing the insatiable desire for symbolic statement watches, such as the Royal Oak and the Nautilus, and dive watches. We have already seen the Parmigiani Tonda PF on one end, and the Tissot PRX on the other. This year so far, the Zenith Defy Skyline is making a play for the same wrist-space. No doubt Watches & Wonders will show us even more dive watches at a variety of price points, and plenty of luxury steel sports watches.
And we have not even discussed the heavily-marketed Bvlgari Octo Finissimo and its part here. Head over to the most popular reselling platforms and see how many of the existing watches we have mentioned in this article (minus the most obvious ones) are available, and at what price. If numbers are really your thing, you will see that scarcity does not always equal eye-watering price tags.
As we approach the middle of June, one of the more important dates in the month has got to be Father’s Day. On this particular day, the world celebrates the remarkable efforts of fathers in paving the way for a better future. Let’s be honest: fathers are not the best persons to buy gifts for as most would shun the idea of being put in the spotlight. While that is the case for most, a little appreciation goes a long way and fathers will be delighted by the thoughtful gesture.
Apart from being a hard worker for the family, fathers probably introduced the finer things in life to most. Getting that stamp of approval from him can be difficult but not impossible. This selection of Van Cleef & Arpels’ classic jewellery and poetic timepieces would get two thumbs up from him and bring a smile to his face.
Pierre Arpels Timepieces
Image: Van Cleef & Arpels
Simplicity is key for Van Cleef & Arpels’ Pierre Arpels timepieces. The watch is the ideal companion for fathers constantly on the move, from meeting clients during the day to meeting friends for a drink in the evening. Its thin case sits snuggly on the wrist and subtly peeks out of the cuff to inform time.
Additionally, another unique feature of the watch is its lugs. Unlike other watches, the Pierre Arpels watches do not have the lateral attachments commonly seen on classic watches for the straps to be attached. This contributes to the watch’s aesthetics by conjuring an illusion of the circular watch case suspended in space. A blend of sophistication and restraint, the Pierre Arpels range of watches in white gold, rose gold, and platinum is a gentleman’s watch exuding masculine elegance.
Just like how the moon and stars silently watch over the night sky, the father figure in our lives quietly lends their support to us. To showcase this magnificence, Van Cleef & Arpels’ Poetic Complications Timepieces makes the perfect choice as a gift for that special man in our lives. There are three different models to choose from: Midnight Planétarium, Midnight in Paris and Midnight Zodiaque Lumieux.
The Midnight Planétarium captures the trajectory of planets while Midnight in Paris displays the stars one might see while gazing up the Parisian night sky. To make the gift more personalised, pick from the 12 Midnight Zodiaque Lumieux models that correspond to the individual’s astrology sign.
Perlée Signature creations
For fathers who enjoy accessorising with jewellery, the Perlée Signature creations tick all the right boxes. It is crafted in white gold and engraved with Van Cleef & Arpels’ signature in arabesque calligraphy. In the style of either a bracelet or ring, the jewellery is also fringed in beads, making it an edgy pick for this Father’s Day.
The McLaren F1 has become the most expensive car sold at auction in 2021.
The F1 — one of the most prized collector cars for its rarity and place in auto history — became the most expensive car auctioned last year, when it was sold for US$20.5 million at Pebble Beach. It also became the most expensive McLaren F1 ever sold.
The McLaren F1 is the creation of Gordon Murray, who has been regarded as one of the greatest automotive engineers of all time. One of the reasons why the F1 is highly desired is its engine: a 6.1-litre naturally-aspirated V12 engine developed and built by BMW.
Developing the BMW V12 is a story of its own. Murray did not have enough budget to develop his own engine for the F1, so he sought out some of the best engine builders in the world to do it instead. Murray had a list of requirements for the engine and wasn’t willing to compromise on any of them. He initially went to Honda, but was rejected. He then turned to Paul Rosche at BMW M, who is a personal friend of his, who ended up taking on the challenge.
The requirements were that the engine needed to be a V12, naturally aspirated, with at least 100 horsepower per litre, and high revs. The BMW M team managed to tick all of Murray’s boxes, and the free-breathing V12 they created has been lauded as a masterpiece and one of the best engines of all time.
The F1 is considered by many to be the first hypercar and with just 106 built between 1992 and 1998, it’s among the most prized vehicles in the world today. This F1 featured here is finished in a Creighton Brown paint job, which is offset by elegant light brown and tan interior. Unsurprisingly, the car has been used sparingly, with just 243 miles registered on its V12 engine.
In other hypercar news, the Petersen Automotive Museum in Los Angeles is currently hosting a two-part exhibit titled, “Hypercars: The Allure of the Extreme”. The first part of the exhibit is running until September 22 featuring a Bugatti Veyron 16.4, and McLaren Speedtail. The second part will run from September 17, 2022 to May 14, 2023. If you are looking for car title loans without credit check, click here.
Earlier in March, Florence-based watch manufacture Panerai announced its entrance into Web3. The watchmaker has partnered with leading NFT platform Arianee to enhance consumers’ journey in the digital world. The latest luxe timepiece to accompany Panerai’s new venture is the Radiomir Eilean Experience Edition. A total of only 50 pieces are available, and collectors looking to buy this limited edition model will also get a yacht trip along the Amalfi Coast and a unique corresponding NFT.
The luxury watch industry has been keeping up with the development surrounding Web3 and its associated assets like the metaverse and NFTs. Intending to deepen relationships with its clients, several watch brands have initiated new projects to improve the overall experiential experience. For Panerai, using NFT allows buyers to own a one-of-a-kind artwork produced exclusively for the Radiomir Eilean Experience Edition. This set of 50 Genesis NFTs was designed by Skygolpe, a widely acclaimed multidisciplinary Italian artist.
“The 50 Genesis NFTs offer exclusive content regarding details of the Radiomir Eilean Experience Edition watch, combined with a sailing journey along the Amalfi Coast aboard the Eilean,” said the brand. After the sailing trip in June, owners of the Genesis NFTs will also get priority access to Panerai’s future initiatives like new product launches, events and special services. Panerai describes the NFTs as owning a “digital passport” that connects its clients to the brand.
Speaking about the brand’s entry into the NFT category, CEO Jean-Marc Pontroué said, “Panerai has a fearless outlook. The brand is always committed to remaining at the forefront of new technology in our manufacture and beyond. We will always pursue every medium or technology that will allow us to deliver a more enriched experience to our clients. They have deep, eclectic interests, and I know they will be excited about collecting artwork from one of the world’s most forward-thinking artists. The fact that it is an NFT that extends additional benefits and services only adds to its appeal.”
Incorporating blockchain technology to elevate a consumer’s experience has become a familiar sight within the luxury sector. The most prominent is the fashion industry where it even held its own Metaverse Fashion Week. Even heavyweights like the yachting industry have also introduced cryptocurrency as a form of payment, and it won’t be long before it starts releasing its own NFTs to clients.
The watch industry has traditionally been known to be enjoyed by the older generation, and the move to include novel experiences like launching into the metaverse or releasing NFTs is a sign of brands appealing to the younger generation. This new group of spenders are big the digital experiences like interacting with brands in the virtual world or collecting digital art. Furthermore, Panerai takes a step further and merges the newfound digital journey with the physical world like the sailing trip and recording it on the individual Genesis NFTs.
No doubt, Panerai has set the bar for what it is like to meld the virtual world with the real world and its success will be the blueprint for other brands to follow. Watch collectors are definitely in for a treat when more brands follow suit.
Hugh Jackman is the proud owner of a triplex apartment in the West Village in New York City but has decided to list it for sale. The triplex apartment is listed for a whopping US$39 million by Corcoran Group. With a home that has amenities that accommodate the ideal summer living in NYC, interested buyers can consider this listing and will never want to give this opportunity away.
Unique Interior Designed By Richard Meier
The apartment was designed by Richard Meier, a renowned and Pritzker Prize-winning architect who has made his name with a series of projects including the Getty Centre in Los Angeles. The condominium is located at a building known as 176 Perry Street and boasts over 11,000 square feet. The abode itself spans over three floors from the eighth to the tenth floor. What makes this property extra special is not only that Meier designed the building, but Hugh Jackman and his wife, Deborra-Lee Furness’s home interior is also specially penned out by the architect himself. The unit has been updated throughout the years since 2008 when the couple acquired it. Meier’s special touch with the interiors undoubtedly still puts together the uniqueness and speciality of his works.
Vast Recreational Space For For Utmost Relaxation
Jackman’s apartment is located on the eighth floor, and the level is home to four of the apartment’s five bedrooms, complete with adjoined bathrooms. In addition to the bedrooms, the floor also contains a library space that is ideal for the home’s inhabitants to share and relax.
The floor-to-ceiling windows around expand the space and allow the guests not to feel trapped within solid walls. Imagine being surrounded by walls during the summer, it is not how you would want to spend summer.
The huge recreational room facing the Hudson River is the most eye-catching feature of the space. One can appreciate spectacular views like sunsets, the Statue of Liberty and boats sailing past.
Image: Corcoran Group
The triplex home also offers a gorgeous staircase that merges the home’s three levels, with the lowest structure of the staircase encased in glass for a true interior style statement.
On the ninth floor, you’ll be able to access the gourmet kitchen, a dining room that doubles as a gallery space for artworks (if one is an avid collector) and a study office. Not only does the triplex home accommodate for summer, but a gas fireplace is also an additional feature one would find on this floor to keep guests cosy in the cold New York winters.
Moving on to the highest level of the home, the tenth floor is dedicated to the luxurious master suite. A luxe bathroom with double sinks, a spa, sauna and dressing room make up the space. During summer, the area is ideal for working out or unwinding after a long day. The three-stacked property could hold a party or be a summer family home where everyone would have a thing to do during their stay.
Image: Corcoran Group
Minimalist Interiors That Allows An Easy Change-Up
The colour palette of the three-story apartment is mainly white, from the walls to the beams along with the windows and tile flooring, allowing the scenic views to truly stand out. The interior has been designed to reflect grandiosity like the towering column that reaches up to the ceiling of the tenth floor and the chandelier hanging from above. The minimalistic style juxtaposes nicely with the other elements of the space, therefore adding visual interest without sticking out too much.
The styling showcases how much the owner can switch up the look and feel of the home with a few pieces of furniture. One could redecorate and reorganise the setup to suit different moods with ease. When choosing furniture to style the room, the choice of colours will not be an obstacle due to its neutral tone.
The amalgamation of these interiors and amenities would greatly appeal to those vying for the supreme summer living at the West Village.
Perhaps the strangest element in this new boom for mechanical watches is the short shrift complicated watches are getting. But wait, we can almost hear you protest, the Rolex Cosmograph Daytona is a chronograph, after all, and so is the Omega Speedmaster for that matter. These are facts, but we would argue that hardly anyone wants either of those watches because they are chronographs. The Moonwatch, in particular, and the Daytona, in general, have symbolic values that far exceed their functions. On the other hand, a collector who seeks out the Patek Philippe ref. 5172 probably does want it specifically because it is a chronograph. This is perhaps even clearer if the collector in question also had Ref. 7071 in his sights, or already safely ensconced in his vault. Yes, the gender of the collector also says something here, but that is perhaps a different discussion.
Image: Patek Philippe
To break down the matter of complications, or feature sets if you prefer, this is about what is easy to understand and compare. Dive watches, bound as they are by codes both formal and informal, can easily be compared with one another. Does the watch in question have the right ISO certification? How’s the lowlight visibility? Can the bracelet be easily swapped out? There are many more such questions, which can all be fairly applied to any sort of dive watch, including those that merely look the part, or those that do the job but do not have the right looks. For complications, there are no easy comparisons to be had. To put it as simply as possible, you might like a Breguet tourbillon model, such as the Classique Tourbillon Extra-Plat Squelette ref. 5395, or you might prefer something like the Franck Muller Vanguard Skeleton Tourbillon; then again, you might also prefer your tourbillon low-key, for example in the Patek Philippe Ref. 5316P. There are no useful comparisons to be had between these watches, and no tourbillon wristwatch stands as a benchmark for the industry.
Image: Patek Philippe
Returning to the chronograph for a moment, there are all manner of executions, including electronic ones. This complication is one half of a duo of popular functions that represents the most significant share of exported Swiss watches, according to the FH. This should mean that the chronograph should be highly sought after, but in practice, you can search for the most iconic pieces such as the Breitling Navitimer or the TAG Heuer Carrera and see what the prices you find tell you. Watchfinder in particular offers the promise of the best price (for buyers) so you might want to use this as a benchmark of sorts. To summarise, what you will find are prices well below-recommended retail, for watches that are not limited in some way, such as some versions of the TAG Heuer Monaco and the Snoopy/Speedy series from Omega.
From chronographs, it only goes downhill for pre-owned complicated models. YouTube creator Jenni Elle explains this quite logically by noting that such watches have very narrow appeal, meaning buyers may not immediately snap these up. You only need to consider for a moment why you would buy a chronograph from Tudor over one from Breitling, when both use the same base movement (with modifications of course), to use an example we used previously in issue #45. Whatever the reasons, they probably do not make sense to resellers, traders and grey market dealers, to be blunt. On the other hand, here is where you can find truly excellent value from the pre-owned market in general, if you want the Breitling chronograph. This is where we would argue the real utility of pre-owned comes into play: finding great complications at great prices.
Image: Tag Heuer
Speaking of Watchfinder, the signature narrator — with disembodied — hands has been talking up complexity this year and this may be nothing more than clickbait and a nod to the power of his own platform. In one video, he pointed out that collectors who have shaped the market price for timepieces in years past are now up against the entire Internet. While this is particularly relevant to address the issue of scarcity, and we will return to it, it also strikes at the intriguing possibility of rekindling the legendary competition between James Ward Packard and Henry Graves Jr. Collectors have already cornered the most important segment in haute horlogerie: chiming watches from a handful of watchmakers. These have always been timepieces that are beyond the reach of mere money — to buy these you have to be in the good graces of the watchmaker in question. These watches are also undeniably rare because only a handful can be made in any given year by any given watchmaker — many individual pieces will take years to complete.
As traders themselves consider moving themselves up the value chain, they must consider if they want to emulate Packard and Graves Jr. To be clear, that will mean leaving behind the silly world of LNIB as encapsulated in the example of the infamous Antiquorum sale of the Patek Philippe Ref. 5711A. That aside, the Nautilus is the perfect starting point because if one wants to stick with steel models, then the story begins with Ref. 5712/1A, but the collection is a good place to get to grips with smaller complications. Since we are using the chronograph to illustrate a point here, we must move to the Aquanaut Ref. 5968A because the Nautilus only has chronographs in gold.
Image: Franck Muller
Unlike the tourbillon, there are a wealth of options for the chronograph lover, even when it comes to the exact elapsed time it tracks. It is also an interactive feature, which adds to the complexity of how the chronograph is valued. There is no good way to sell how the chronograph feels to casual buyers and those who do not care for what might be heavy research. Indeed, to explain the specificities of even one complication will take too long — not just for this segment but such an explainer will easily overtake the entire section.
As we have implied, most traders and flippers will not have the patience for complications. This is where collectors who have invested time, effort and money into their passion have the edge. Why? Because collectors can take advantage of great deals in the pre-owned space. These deals exist because of the aforementioned weaknesses in the trader space, hence the strong preference there for simple timepieces.
Image: Patek Philippe
This does not mean traders do not know that complicated watches are in far shorter supply than their simpler counterparts. They just do not know what direction to strike in. As we noted last year, we think the opportunity is in small series production of small complications, such as the Jaeger-LeCoultre Reverso DuoTime, the Montblanc Geosphere and the Franck Muller Crazy Hours. These all play well with the Patek Philippe Ref. 5712/1A and its multiple small complications, although they are all well below the $64,300 retail price and most certainly far short of its resale market value. Interestingly, Ref. 5968A retails for $70,200 and Ref. 5905/1A — which combines the same style of chronograph with the Patek Philippe signature annual calendar — goes for $81,100.
While you mull over the above prices, do recall that Ref. 5711/1A-010 has a (notional) market value of several hundred thousand dollars, and all the above Patek Philippe references are complicated models that are certainly much more uncommon. On that note, to step outside the Patek Philippe and chronograph bubbles for a moment, tourbillon wristwatches in gold have sold in online marketplace for under $20,000. If that does not convince you that complicated wristwatches constitute an important opportunity for buyers right now, we do not know what will.
Oyster Perpetual Lady-Datejust in 18 ct yellow gold, bezel set with 46 brilliant-cut diamonds, white mother-of-pearl dial set with 10 diamonds. Image: Rolex
The Oyster Perpetual Lady-Datejust is an icon in the world of watches. It was introduced in 1957, at a time where women were changing — they were enjoying new, active lifestyles. They found a new sense of autonomy, and wanted to control their own destinies and manage their time more precisely. Hans Wilsdorf, founder of Rolex, understood what the modern woman wanted, and so was born the Lady-Datejust.
Pioneering women have always been a keystone in the history of Rolex. Since the earliest days of the brand, they have inspired the creation and development of special timepieces that would support their quest for empowerment. The Lady-Datejust is a celebration of those who dare to lead the way. It embodies precision while combining classic elegance and technical performance.
Designed for the slender wrists of women, the Lady-Datejust features a 28 mm Oyster case, guaranteed waterproof to a depth of 100 metres (330 feet), and crafted from Oystersteel or 18 ct gold. Its sapphire crystal is virtually scratchproof, with a Cyclops lens at 3 o’clock over the date. Multiple dial variations are available, in a wealth of materials, colours, markers and motifs, providing the discerning woman with options to customise her watch and make her statement.
Hans Wilsdorf once stated of his enduring mission: “Ladies want the best of both worlds: a tiny watch and an accurate movement. Yet, the smaller the watch, the more difficult it is to make it accurate.”
This is precisely why the Lady-Datejust was ‘inspired by audacity’, as it was a major technical challenge to produce such small precise movements in the 20th century. Since its inception, Rolex has made various improvements to the heart of the Lady-Datejust. Presently, it is equipped with calibre 2236, a self-winding mechanical movement entirely developed and manufactured by Rolex.
Calibre 2236
Calibre 2236. Image: Rolex
Introduced in 2014 calibre 2236 is a self-winding mechanical movement entirely developed and manufactured by Rolex, offering outstanding performance in terms of precision, power reserve, resistance to shocks and magnetic fields, convenience and reliability. A consummate demonstration of technology, this movement carries a number of patents. Let’s delve deeper into this movement which is at the forefront of watchmaking technology.
The heart of the Lady-Datejust
Those with a passion for watches know that in mechanical watches, the oscillator is the ‘guardian of time’, maintaining the precision of the watch through the interactions of the balance wheel and the hairspring.
The oscillator of calibre 2236 has a balance wheel with variable inertia regulated extremely precisely via gold Microstella nuts, held firmly in place by a height-adjustable traversing bridge enabling very stable positioning to increase shock resistance. The oscillator is also fitted on high-performance Paraflex shock absorbers, designed and patented by Rolex.
Paraflex. Image: Rolex
The hairspring of a movement is a delicate component that is subject to environmental disturbances that can adversely affect the oscillator’s performance. Magnetic fields, temperature variances and shocks all serve to throw the oscillator off.
To provide greater stability in the face of these disturbances, Rolex developed the new Syloxi hairspring, adding a second distinct paramagnetic balance spring technology to complete its range of high-performing hairsprings, alongside the blue Parachrom hairspring.
The Syloxi hairspring is entirely manufactured in-house by Rolex from a silicon and silicon oxide composite, a combination of materials whose thermo-compensating and paramagnetic properties allow the hairspring to maintain its high precision when subjected to temperature fluctuations and magnetic interference.
Utilising deep reactive ion etching technology (DRIE), the hairspring is crafted with a patented geometry that optimises its isochronism and thus the regularity of the oscillations of the balance wheel-hairspring assembly. The variable pitch and thickness of the coils, optimised along the whole length of the hairspring, ensures constant development in all positions, compensating for the effects of gravity.
Examining the Syloxi would show a hairspring fixed to the balance staff and bridge using a patented flexible collet, eliminating the need for glue and keeping the hairspring’s inner end perfectly perpendicular, flat and self-centring.
Syloxi hairspring. Image: Rolex
Looking along the hairspring, one can see that the Syloxi terminates in a more rigid, reinforced crescent-shaped part that allows a two-point fixation to the traversing balance bridge, ensuring that the hairspring is perfectly centred, perfectly flat and free of any residual mechanical stress in its active zone.
Fixing it this way allowed Rolex to optimise the beat adjustment using a Paraflex shock absorber that features a fluting for this purpose, which is also the signature of Syloxi-equipped calibres.
This marvel of precision engineering provides the Syloxi with great stability in the face of temperature variations; up to 10 times more precision than a traditional hairspring in case of shocks; and higher resistance to magnetic fields.
Also of interest is that the calibre 2236 is equipped with a paramagnetic nickel-phosphorus escape wheel enhancing its resistance to magnetic fields.
Like all Rolex watches, the Lady-Datejust is covered by the Superlative Chronometer certification redefined by Rolex in 2015. The precision of a Rolex Superlative Chronometer is of the order of −2/+2 seconds per day — the rate deviation tolerated by the brand for a finished watch is significantly smaller than that accepted by COSC for official certification of the movement alone.
Perpetual rotor. Image: Rolex
Each calibre 2236 is fitted with a self-winding module via a Perpetual rotor, which ensures continuous winding of the mainspring by harnessing the movements of the wrist to provide constant energy. This offers a power reserve of approximately 55 hours.
As with all Rolex movements, calibre 2236 is made in-house by Rolex, including all components. A timepiece that encapsulates Rolex values, the emblematic Lady-Datejust has been a byword for style and technical performance ever since its launch, celebrating those who dare to lead the way.
From 19 June, the “Louis Vuitton and Nike Air Force 1 by Virgil Abloh: Exhibition” will be open to the public at Singapore’s ION Orchard. The fully digital showcase chronicles the creative conversation between the French Maison and Nike as envisioned by the late fashion maven Virgil Abloh, for the luxury brand’s Spring/Summer 2022 menswear collection.
The exhibition’s last stop was in New York, an important city and hub in the West. In the same vein, the decision to hold the display in Singapore is perhaps a nod to the country’s traditional role as a regional node for connection to the region and even the world. Furthermore, Singapore is one of the earliest countries in Asia to relax Covid-19-related restrictions making it the prefered destination for brands to set up shows and for travellers to visit.
Similar to the inaugural presentation in New York, where an in-depth introduction of the 47 sneakers the designer created will be showcased, the exhibition in Singapore will take a digital twist. Screen panels within the mirrored space unveil the creative conceptualisation of the collaboration while Abloh’s signature cloud-like motifs decorate the walls and floor.
A prolific designer who managed to marry streetwear and luxury, Abloh’s ingenuity is highlighted through a central digital showcase where the savoir-faire predominant in his works for the Maison takes centre stage. Each pair of the sneakers fused the original design codes of Air Force 1 and was made with the Maison’s finest leather, materials and insignia of Louis Vuitton coupled with Abloh’s unique visual grammar. The location in which these now-iconic sneakers are made is Louis Vuitton’s shoe atelier in Fiesso d’Artico, Italy.
Another of Abloh’s visions is building bridges between countries and cultures through the language of fashion. Louis Vuitton is the central connecting point, just as New York and Singapore are both melting pots of cultures. To illustrate this grand vision, a graphic globe structure, similar to the sculptures displayed in New York, is displayed next to the exhibition. “The globe is representative of the unifying motifs Virgil Abloh reiterated in his collections, shows and imagery,” said the brand in the accompanying press release.
Of the 47 new sneakers presented in the Spring/Summer 2022 collection, nine editions of Louis Vuitton x Nike Air Force 1 sneakers will be launched through a digital activation and its details will be shared at a later date. Those interested can expect a mix of low and mid tops in various colours and styles from all-white to rainbow and metallic gold. There is also the patchwork multi-colour renditions, which pay homage to Abloh’s distinctive graphic language.
The Louis Vuitton x Nike Air Force 1 sneakers will retail in-store from S$3,900 to S$4,900 and are available in sizes ranging from US 3.5 to 18.
The very first Cannes Film Festival was canceled due to World War II, which began in 1939. The first film festival on the French Riviera rolled out the red carpet only in 1946 and since then has been welcoming guests from all over the world every year.
The war in Ukraine is happening right now and these brutal events have left their indelible mark on the May festival in Cannes. Guests choose bows in the colours of the Ukrainian flag as a sign of solidarity and support. The unprecedented performance of President Zelensky with an inspirational speech broke the standing ovation of the hall.
Tutus Kurniati, the owner of the eponymous luxury concept store in Dubai that dresses stars from Bollywood to Hollywood, trendsetter and influencer chose a black dress from Gemy Maalouf to showcase her own interpretation of the trendy “Got girl style”. For the second edition of the 75th Cannes Film Festival, Tutus opted for the same black colour, wearing a luxurious dress with a train covering her head from the brand LE999 to express her emotions about what is happening in the world.
A black dress today speaks not of restraint, conservatism, or just a sense of taste, but of sympathy and sadness. For exits on the red carpet, Tutus chose a dress with a lush black flower on the bodice and a multi-layered skirt, and a dress with a cape train – this is how she expressed her attitude to world wars: “Palestine and Israel, Russia and Ukraine”, —says Tutus, — “My heart hurts. I pray that the war will end.”
Image: Tutus Kurniati
But Tutus notes that even in such a gloomy time, it is important to notice the beauty and kindness of the world, not to lose faith in people and find time for a holiday.
As the owner of the fashion concept store “Tutus Kurniati”, Tutus uses her influence and authority, friendships with fashion brands and designers, and clients around the world to call for peace and support charities.
“The fashion industry has a huge impact on people”, said Tutus convincingly and if fashion can speak eloquently on important topics, it should be used for the good of the world.
Image: Alex Webb, Magnum Photos for Saint Laurent by Anthony Vaccarello.
The connection between fashion and photography is one of the most documented. Clothes and images have been a conduit for self-expression and each aims to tell a story. For Saint Laurent’s seventh instalment of its SELF project, creative director Anthony Vaccarello invited a group of high-profile artists to lens the brand’s personality and spirit through their own imagery styles.
Simultaneously, Saint Laurent has organised exhibitions to showcase the artists’ works across six major cities like Paris, London, New York, Tokyo, Seoul and Shanghai. The artists involved in the SELF 07 project are Harry Gruyeart, Olivia Arther, Alex Webb, along with Magnum guest photographers Takashi Homma, Daesung Lee and Birdhead. With the aim to intangibly connect the world, the common thread that unites these different photos is the reverence for human intimacy, the natural world and the urban landscape.
Ahead are the six selected works from the talented photographers and what inspired them.
Image: Harry Gruyaert, Magnum Photos for Saint Laurent by Anthony Vaccarello.
“I have always been fascinated by airports. They are places that concentrate everything that usually catches my eye as a photographer: the interplay of light, transparency and reflections, the effects of superimpositions that create a loss of reference points and give this very strong impression of being between two worlds. And then, there are the signs — arrows, numbers, letters — that mark out the frame. I have always liked the vocabulary of signage. When I was invited by Anthony Vaccarello to participate in SELF 07 for Saint Laurent, I immediately thought it would be interesting to shoot in this setting and to associate these images with some of the ones I had done before and which are gathered in the book Last Call.”
Olivia Arther
Image: Olivia Arthur, Magnum Photos for Saint Laurent by Anthony Vaccarello.
“So not so” is a series that explores the human relationship with our bodies, our own physicality and the importance of touch and connection. Working with Anthony Vaccarello’s creations for Saint Laurent SELF 07, with movements, interactions, and play, I looked to show the way we touch, connect, and relate to each other. An exploration of the physical world in natural and unnatural forms is also key for me in showing the limits of our physicality.
Our virtual worlds have grown to become a genuine reality and as technology creeps we need to remind ourselves of the hard feeling of a hand on a wall or the clatter of pebbles falling over each other. Incorporating elements of make-believe and play, the real sometimes becomes surreal. And as bodies and heads blend in and out of the spaces around them, it is also intended to serve as a reminder of both our strength and fragility.”
Image: Alex Webb, Magnum Photos for Saint Laurent by Anthony Vaccarello.
“City streets are alive with vibrant colour, bold geometry, layers of light and movement, and rich diversity. They are the dynamic meeting places where the many worlds of the city cross paths, often in surprising and surreal ways. As a street photographer, I’ve long been drawn to the brilliant colour, searing light, and intensity of life that I first encountered in the streets of Latin America and the Caribbean.
So when I was asked by Anthony Vaccarello to photograph Los Angeles in the spirit of Saint Laurent for SELF 07, I immediately thought of three culturally-rich downtown neighbourhoods — the Pinata District, the Flower District, and the Fashion District — whose deep shadows, brightly painted walls, and vibrant streets are reminiscent of Mexico, where I’ve often wandered. This exhibition brings together my new work from the streets of Los Angeles in conversation with my past work from Latin America and the Caribbean.”
Takashi Homma
Image: Takashi Homma, Magnum Photos guest photographer for Saint Laurent by Anthony Vaccarello.
“The City and Fashion. We live in a huge city called Tokyo. We, dressed in clothes, live and act in the environment of Tokyo. Our actions are in fact constrained and guided by the pressure of the city of Tokyo. I used the camera obscura technique to capture and exhibit the Tokyo environment that surrounds us. The city and fashion are always in a one-to-one relationship. I was pleased to have the opportunity to participate in Saint Laurent’s SELF 07 curated by Anthony Vaccarello.”
Daesung Lee
Image: Daesung Lee, Magnum Photos guest photographer for Saint Laurent by Anthony Vaccarello.
“Spring 2020 was surreal but real. The whole world stopped. No one could easily describe such a feeling in words. Ironically, nature revived and came back to us once we stopped being indoors. Nature gave us back all the forgotten senses. The sky was so blue, more than ever, birds were singing so loudly out of my apartment window and the leaves of the trees in the streets were greener than ever. It was such a surreal experience. Since then, I no longer see the world in the same way. In the meantime, I often had to escape to an imaginary nature in my mind to stand the uncertain future. It was a strange spring. I attempted to visualise that strange experience during lockdown.
An imaginary nature, that you can only see in your inner self, that you can only feel in your own senses. We all lived in our own universe during that time. The SELF project was a unique, exciting, and challenging opportunity to explore and express my inner self in visuality. I hope you can also find yourself in these images. I especially thank Saint Laurent and Anthony Vaccarello, artistic director, and curator of the SELF 07 project for his constant support to artistic freedom of expression and creativity.”
Birdhead
Image: Birdhead, Magnum Photos guest photographer for Saint Laurent by Anthony Vaccarello
“This collaboration is based on the format of photographic matrix — the signature style in “Birdhead World”. Inspired by the harmonic and symbiosis relationship between species that exists in nature, the work exhibits the tangible connection between photographs. The overall contour lines up the cityscape, clothing, and body with natural elements like clouds, trees, and stones. This outline combined with the structure of different light and shade blocks, creates a smooth and free sense of integration, just like the gesture of the cursive script in Chinese calligraphy. Each photograph consists of the work that is the original photograph taken in analog, without any cropping or reframing.
Additionally, through the SELF 07 project curated by Anthony Vaccarello, Birdhead adopted inverted negative photographic prints in their work for the first time. The characteristics of Saint Laurent’s SELF project provide a high degree of freedom, allowing artists to transcend boundaries and explore the possible new resonance of art and fashion in each special era from different perspectives.”
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For many, buying a luxury good marks a milestone in their professional life. This is especially true for the new generation of spenders who have just started their careers, and making that big purchase signifies a transition from youth to adulthood. The penchant for the consumption of luxury in this burgeoning group is one that many brands cannot afford to ignore. They will, in the future, be the core that will help to bring in revenues and it does not hurt to start a relationship from the beginning.
While the appetite for luxury is huge for this group of spenders who are in their 20s or 30s, they might not have the means to make that full purchase readily. Hence, there is a gap that exists between the desire to buy and the ability to pay. To address this rift, companies are created and a new phenomenon called “Buy Now, Pay Later” (BNPL) is introduced to society.
Image: Gucci
BNPL is a relatively new payment method that got popularised in recent years. The concept is similar to traditional credit card instalments but what differentiates BNPL is the non-requirement for checking credit scores. This is a huge boon for Gen-Z and millennials who might not meet the requirements for a traditional credit card but still aspires to buy that piece of luxury goods. At present, payment providers like Klarna, Afterpay and Affirm are some of the most common services sought after by both brands and consumers.
For luxury brands aiming to penetrate the youth market, BNPL is the perfect solution. Using the BNPL scheme allows these spenders to spread the cost of their purchase over several instalments, which can range from three to six months depending on the provider. This allows younger buyers with less disposable income to finance their purchases in parts and be in a better position to control their money.
“Splitting a high-priced purchase into a few payments allows consumers to buy the products they aspire to own without pressuring retailers to promotionally price,” Marie Driscoll, managing director of luxury and fashion at Coresight Research, New York shares. “BNPL supports brand equity, whereas promotional pricing erodes brand equity.”
As with any other payment plan, there are penalties if payments are not made according to the set schedule. While BNPL providers do not conduct a “hard search” of a person’s credit history, the companies still do a “soft search” to weed out borrowers with bad records. If a payment deadline is missed or delayed, it could potentially be detrimental to a person’s credit score. For young people just starting out, this is a crucial point to take into consideration.
Fintech companies like Klarna and Afterpay are estimated to rake in revenues between US$4 to US$6 billion by next year, according to a report by McKinsey and much of this growth is attributed to younger, risk-averse consumers.
With greater spending power, youths across the world are becoming more willing to part with their money. While mature economies in the West are seeing younger spenders, the main bulk of consumers is actually coming from the East in the Asia-Pacific and Southeast Asia regions. Its youth population is adept with fintech services, and coupled with rising income due to robust economic growth and low unemployment, it is the perfect recipe for success for both the service providers and luxury brands.
Recognising the youths as a market not to be missed, BNPL providers have partnered with a host of luxury brands including Gucci, Balenciaga, Bvlgari, Givenchy, Bottega Veneta and others. Luxury retailers have also come onboard like Saks Fifth Avenue and Neiman Marcus. The point for these merchants is to extend their customer base by attracting those who previously were not able to readily buy luxury goods, so it is a win-win situation.
However, with luxury becoming more accessible, then does it lose its allure in the long run? In a way, yes, its attractiveness does somewhat diminish if one is to quantify luxury in terms of its monetary value. While using price values to determine a status of a luxury good is commonplace, it is not the only determinant. It is a myriad of factors that could include intricate craftsmanship in making the product, the long heritage associated with the brand and the entire experience or journey in acquiring that particular item of interest.
Image: Bottega Veneta
Even though a majority of BNPL users are Gen-Z and millennials, there is also a group of spenders who falls outside of this age group and are financially capable of paying in full. But they still choose to use these services because it is more convenient. Hence, luxury brands stand to expand its consumer base further to include this new pool of spenders.
In an ideal world, it would definitely be great if consumers were all able to pay in full, but the reality is that not everyone can afford a large sum of money at a go. A luxury good can only be luxurious if it can be attainable. If one has no means to attain a luxury good then can it really be called luxury in the first place?
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Fine watchmaking has plenty of complicated and difficult to understand concepts. By far the toughest to explain is the enduring appeal and value of watches in steel, with some examples commanding the highest value in all of watchmaking. Even worse are the core collection watches that achieve eye-watering prices by being cased in humble steel. This is the reason steel is sometimes called unobtainium in watchmaking circles, being that it is potentially more elusive than even the same watch in platinum.
Part of the reason for the apparently timeless appeal of steel can be found in the key watches of the 1970s, namely the Audemars Piguet Royal Oak and the Patek Philippe Nautilus. To this, one might very reasonably add the Vacheron Constantin Overseas, the Royal Oak Offshore, the Aquanaut and the Girard-Perregaux Laureato, amongst others, as well as the entire catalogue of all non-precious metal Richard Mille watches. These types of watches are classed together in the luxury sports watch category, and Richard Mille in particular has legitimised extraordinary price points for ultra-lightweight watches.
In a totally different vein, Grand Seiko brought fine finishing to the sports watch category, and has thus given tangible form to what prestige sports watches could look like. Not for nothing, Grand Seiko has also brought timekeeping innovation to the table, with Spring Drive being the most exciting chronometric achievement (in series production no less) in the last 20 years. Such exercises in chronometric excellence, combine with Richard Mille’s excessively engineered options, to cite just the entire automatic winding system, to provide a showcase of what fine watchmaking can bring to the table, in terms of robustness.
Richard Mille, Hublot, Roger Dubuis, Panerai and Audemars Piguet have also taken luxury watchmaking into never-before-explored realms of high-tech material science. The amazing growth in value — even at the level of detail — of these sorts of watches represents a triumph of marketing. Not necessarily the sort of marketing that creates desire, but the sort that emphasises the real need for these innovative moves.
This is not to say that the non-precious metal watches are a gimmick — Rolex has yet to endorse even titanium but that probably has more to do with its internal logic than any distaste or distrust of contemporary alloys and composites. The proof for this lies, chiefly, in the presence of ceramic, titanium and bronze cases in the Tudor assortment. Watch collectors have been eagerly awaiting the introduction of titanium cases in the Rolex range, and that would indeed have a transformative effect on the overall watch trade. The key to this lies in which price segment such watches would find themselves.
Currently, watches cased in titanium are typically more expensive than steel, and Rolex would likely only use titanium if it could get the same sort of high sheen that stainless steel can deliver. Such innovation in finishing (or in material science) would require a higher price point, thus playing into the hands of the so-called premiumisation forces currently dominating the market.
Here, the example of Audemars Piguet is most useful because CEO Francois Henry Benahmias has demonstrated the effectiveness of banking on selling fewer watches at ever higher price points. By relentlessly applying this strategy, Audemars Piguet has raised its revenues to within striking distance of Patek Philippe, while producing fewer watches. Intriguingly, Audemars Piguet, unlike Patek Philippe and Rolex, is firmly on the titanium path, and has actually made a Royal Oak reference in titanium, but that was for Only Watch. Nevertheless, Audemars Piguet could have changed things up in the Royal Oak game by introducing titanium for the standard 16202 model, but it opted not to. It could also do the same with ceramic, as it already has in complication territory, while also charging a premium price because of the difficulty in achieving the desired finishing.
Given how the Audemars Piguet numbers look, it is only natural that rivals are keenly studying the situation with regards to premiumisation. The playbook would be simple — establish a popular steel model, and then instead of increasing production of that model, introduce precious metal variants, and focus on selling ever greater numbers of those. There will be questions about where the best margins lie, but this may vary from brand to brand. Tissot illustrates an accelerated version of the premiumisation story with its insanely popular PRX model. It began with a quartz model, followed up with an automatic, and now has a steel and gold version. We have no doubt that all versions of the PRX are successful to some degree, because the aforementioned playbook works like a charm.
Watchfinder and other specialists are saying that gold is the next go-to material, and perhaps Patek Philippe will endorse this with exclusively gold versions of the Nautilus, as it did with Ref. 3711. It certainly feels logical to shift the collecting conversation away from steel, at least for awhile. Gold changes the value proposition considerably, and raises the asking price at retail accordingly. This becomes more important, and ever more pressing, as prices on the secondary market for steel watches approach those of the gold versions — they already exceed them in some cases.
Image: Patek Philippe
To close this segment on materials off, we return to Rolex. The brand is doing a masterclass in convincing people to move up the value chain, so to speak, and get precious metal models if steel is simply out of reach. Consider the example of the Rolex Cellini, which is never spoken of as a must-have model, and also that of the Datejust, for broader context. In the first case, you will be hard-pressed to even find a Cellini watch to try on, much less to buy immediately. Here too, you will have to register your interest and wait.
In the second case, we can report that you can still see and try on Datejust models, but you will also be unable to buy any immediately. The Cellini is only available in gold, and a significant proportion of the Datejust range is also only available in precious metals. Clearly, demand for Rolex watches is going far beyond the professional steel sports watch category, but let us look at what a typical watch buying journey might look like for just this one brand.
You would begin, like as not, with the Oyster Perpetual — it might be your first serious watch. After a few years, you might decide that something more substantial might be called for, and now you look to the Oyster Perpetual Submariner with date. From here, you might also consider a Rolesor version of the same, or perhaps even the full gold model. If your wrist could handle it, you might even opt for the Sea-Dweller. From there, you could go in a lot of directions, but you will now have charted a rather specific course in watch collecting.
So, the progression here would be from a simple time-only collection, exclusively in steel, to another collection that also offers gold and half gold options. Well, we say that this is typical but you will find it very difficult indeed to execute this course at this time. It might be that you will have to go straight for that Rolesor Submariner… Once again, if there is any watch you want from Rolex, and fortune favours you, do not hesitate.
The business of pre-owned watches is nothing new, no pun intended. In fact, this section might be punctuated by puns but none are intentional, unless otherwise indicated. There is a lot to get through so we will try to play it straight.
The advance in the pre-owned watch business has transformed the watch collecting in unforeseen ways. It has done this primarily by changing the perceived value of watches. Now the idea behind buying a watch that’s got some wrist time on it is the same as buying a used or secondhand car. Everyone accepts that when you buy a car, what you have is an object with depreciating capital value. In fact, you will lose value on your purchase the moment you drive it off the lot, as they say in the movies. This is also true of watches, by and large. Of course there are exceptions, and those typically prove their worth at public auctions over the years. This has been true for so long that only these few lines were necessary to explain buying a watch pre-owned. Things are quite different in 2022.
Image: Omega
There are new fair market prices for many watch models, totally divorced from the recommended retail price, and you might buy a current production watch several years old that has never been worn, from a third or fourth owner. It would have been unimaginable, just five or six years ago, to buy a current core collection watch from a second-hand dealer at anything even close to the recommended retail price. Try getting a new Rolex Submariner with that mindset and see how far it gets you. Welcome to a world where the now-discontinued Patek Philippe Ref. 5711/1A might cost you more at a secondhand dealer than, say, Ref. 3711 (a watch in white gold mind you). For collectors, which Patek Philippe Nautilus reference to acquire is a serious question, to which there could be many answers. There is a simple problem here that we can use our previous automobile example to elaborate on.
Sticking with the Patek Philippe Ref. 5711A, let us fast-forward to 2026, which happens to be the 50th anniversary of the Nautilus watch. For this exercise, let us also imagine that Ref. 5711A is your grail watch, and you have come to this decision — or realisation as it may be — after years of consideration. While Patek Philippe itself is inviting you to celebrate the anniversary with a specific reference that marks the occasion, you decide to pull the trigger on Ref. 5711A instead. By chance, in the swirling eddies of the deepest reaches of the Internet, you have found a dealer with the reference you want. It is unworn and still in its box — LNIB or like-new-in-box with factory seals intact. By this time, the premium on this model has achieved stratospheric heights that owners of the Ref. 5711/1A can only smile ruefully at. Would you buy this watch, unseen in the metal, take delivery and actually wear it? If so, take a moment to consider the state of the watch you are buying.
Patek Philippe factory warranties are good for two years so you have passed that mark — as noted previously, time starts ticking on the warranty from the moment it is sold by the authorised dealer. The manufacture recommends service intervals of between three to five years, and this is a standard advice from most watchmakers. Given all this, buying a watch that has been sitting in a safe or something for beyond this period, never having been checked even once by its owner, seems suspect. Would you buy a car that you intend to drive in this way?
Of course, this is an extreme example, and traders certainly do not intend to hold onto their inventory for extended periods (as noted earlier). They are not enjoying their watches, after all. Standard fare such as the Rolex Oyster Perpetual, Tudor Black Bay or Omega Speedmaster must all be turned around as quickly as possible, while the market is hot. Even something that might be a little special, such as the Audemars Piguet Royal Oak reference 15202ST will be treated the same. Traders are, as Watchcollecting.com’s Adrian Hailwood said, only buying watches because a market exists for them; to them, the watches may have no value beyond the market price.
It is for this reason, if no other, that we prefer to buy from people who actually wear their watches. They will at least know the state of any watches they are selling, and spend a little time taking care of their pieces. They might even be a little sad to sell certain watches, and we can relate to that. To be perfectly clear, we support the idea of collectors selling their own watches, especially if they have stopped wearing them, or any given watch stops being interesting to them. It happens that one falls out of love with a watch, even if that watch is the Patek Philippe Sky Moon Tourbillon, or the Rolex Daytona. Such a watch will certainly be sought-after by plenty of people, and they ought to have a shot at it. And this brings us to a sustainability issue…
Although it is mainly fashion brands that get the bad press about destroying their own unsold inventory, watch and jewellery brands certainly do the same. Just as Burberry continues to be mentioned for a 2018 decision to destroy US$38 million of unsold goods, Richemont admitted — also in 2018 — to buying back and destroying US$560 million worth of watches from Cartier, Piaget and Vacheron Constantin (according to Forbes). In watches and jewellery, brand executives tell us that they always attempt to recycle their raw materials, and that is the approach they prefer to take with unsold inventory.
Nevertheless, we are gratified to see older watches get their due at Cartier, which now sells restored pieces in their own boutiques. These are limited to watches from the 1970s to the 2010s so it is broad enough to include pieces that have passed their prime. Such services are really quite useful because entire collections have been known to come into their own long after their debuts. This includes the now mighty Cosmograph Daytona of course — in watchmaking, it takes time to build an iconic reputation.
The renowned watch historian and author Gisbert L. Brunner noted that collecting watches is a passion that can go deep or wide. As far as building single-brand collections go, the realities of 2022 are generally irrelevant except for those who focus on Rolex. This is particularly true for those new to watch collecting who are going with the safest and easiest to understand approach. It goes something like this: buy Rolex and you cannot go wrong. This seems facetious but, in our view, it includes and incorporates what happens if you buy a watch you do not like. Bought a steel Rolex Cosmograph Daytona only to discover a year later that you do not like chronographs? No problem, because you can easily find willing buyers for the watch. We grant that this scenario is improbable, but it applies to any Rolex watch. That is an appealing proposition, but first you would have to be able to buy a Rolex…
As we wrote in our Festive issue, it is still possible to buy Rolex watches. But it is also true that Rolex boutiques only have display pieces now — to buy a watch you have to register your interest at the store with the authorised dealer. If you find this unacceptable, you could try to find so-called new old stock (NOS) from traders who are on a variety of platforms, including good old brick-and-mortar. The main downside here – there are a few but this is the main one — is that you will be completely outside the official retail system, including the recommended retail price. To state the obvious, the price for all NOS current production models will be above the recommended retail price.
If older watches are your game, then these types of traders will not suit you because they mainly try to ride on the hype (and advertising) for current production models. To be sure, by older here we do not mean models from the 1950s or 60s. Even the Submariner Ref 16610 (produced between 1987 to 2010, and probably the most widely available pre-owned Submariner) will not be in these traders’ inventories. Certainly more esoteric models such as the Oysterquartz and the Prince will not be in stock. The larger players such as Peng Kwee may have options for both. As a seasoned collector, you do not need us to tell you what to do. Nevertheless, we have more to say on the general state of the pre-owned market elsewhere, if that interests you.
Returning to current Rolex models, the burgeoning collector must consider what safety is really worth. Wait times are uncertain, and you are not guaranteed a watch just because you have been waitlisted. We can report that authorised dealers may even refuse to waitlist you for popular models in steel such as the GMT-Master II and the Sea-Dweller. For something like the 126600 Sea-Dweller reference, it becomes relevant to consider the Rolesor version, reference 126603. The current retail price is $23,490 while the reference 126600 is selling pre-owned for upwards of $22,000. On the other hand, if you must have the GMT-Master II with the Pepsi bezel then you have to choose between steel and white gold. The price gap is significant so the pre-owned steel reference is still a better deal, and the steel version is arguably more authentic.
With this in mind, let us consider the state of pre-owned for something like the GMT Master II, while also noting that we address the matter of pricing elsewhere; pricing requires its own dedicated space, and we are obliged by a lack of transparency and regularity in the pricing of watches in general to approach this subject obliquely, by looking only at current recommended retail prices and listed secondary market prices. All that aside, traders have a window stretching a few years at most to clear their inventory, which we consider to be sometime within the five year manufacturer warranty; Rolex warranties are between two and five years, depending on the movements in use. When this warranty goes into effect is a big deal, but first, a bit of a disclaimer.
Full disclosure: the principal author of this section is the editor, and he has been on the hunt for a GMT-Master II since the aluminium bezel first got phased out. With regards to price checks on this watch, his personal research has been used for the story. He is also on the hunt for multiple Rolex watches. Readers should be aware of potential biases. On another note, and to be absolutely clear, professional traders and secondary market dealers will certainly need to move products far more quickly than even the shorter two-year window proposed here. No dealer we spoke with for this story wanted to be quoted on exact figures and practises, and we did a considerable amount of research without disclosing our intent to publish. As such, we must be circumspect and even elliptical in our descriptions.
Back on point, you will have to be careful about warranties because you may not be considered the first owner of the watch, should you buy it. Rolex says the warranty is good from the date of purchase, but this presumably only applies to watches bought from authorised dealers. Consequently, any GMT-Master II that has been sitting on someone’s shelf for too long — even if that shelf is in a proper shop — must be considered suspect. We would recommend purchasing the watch from someone who has actually been wearing the watch, and presumably caring for it. You at least know that such a watch works. Remember that once you go pre-owned, you are out of the safe authorised dealer space.
Finally, Rolex collectors need to resign themselves to having to coexist and compete with investment and asset-protection obsessed buyers. This can be frustrating, typically for people who want current production watches, but it can also be a great boon for seasoned collectors who are primarily interested in vintage watches. Look at the pre-owned prices of Rolex Submariners (reference 16610) and compare this to current after-market prices. This point is true for Patek Philippe and Audemars Piguet collectors too, because the new set of buyers are only concerned with existing models. It is also tremendously useful for anyone interested in gold or half-gold watches, for reasons we propose in another segment in this issue.
Fashion, one day you are in, the next you are out and sometimes you might also make a comeback. Fashion archives tell the history of where the brand comes from and are often a reference for designers to remember the brand’s identity and create updated versions of the pieces.
Dior Archive Exhibition. Image: World Architecture Community
Ongoing movement to match modern relevance in fashion
Luxury fashion brands have established various uses for archival fashion pieces. They were mostly stored away for safekeeping; brands like Dior kept their archival garments starting from the 1980s in dress storage. The Parisian brand utilised the archive as a resource for the design department and a space for educational purposes for internal staff, high-profile clients and fashion students. Maria Grazia Chiuri, creative director of Dior’s womenswear, has always immersed herself into the house’s archive for reference, aiming to recreate a modern Dior silhouette while sticking to the brand’s roots. By being relevant to the times, a renewed look from past collections allows fashion houses to showcase their rich history in fashion.
Today, luxury brands are featuring these archival and past collection pieces on red carpet events such as the Met Gala, styling them with new pieces and new faces. Nicolas Ghesquière, the Artistic Director of Louis Vuitton’s womenswear, decided to have an array of ambassadors of the house adorned in the previously worn garments. Reintroducing past collection pieces, the merge between heritage and modern style on one of the biggest stages in the world act as a tool to push the ongoing movement of the archives with modern relevance. Another reason for reintroducing past looks could be a marketing effort of the brand to relook into the past, in remembrance of the heritage and craftsmanship that Louis Vuitton encapsulates.
Burberry also featured a capsule of classic signatures in its collection reinterpreted by creative director, Riccardo Tisci. He referenced some of the silhouettes of the archives, especially one of the house icon, the trenchcoat while reconstructing and reimagining it for today. These archival references aim to elevate Burberry in newer ways of garment designs, assuring customers to spend and keep up with modern fashion while still embracing its heritage.
Keeping up with modern taste while preserving signatures
For many years, Coach has also debuted handbags reimagined from archival styles. It was once a leather workshop crafting wallets and billfolds but has transitioned to designing high quality handbags with the help of Bonnie Cashin. She has revolutionised the handbag’s design to progress with the times as the 60s was a pinnacle of evolution in fashion. Her archives of bags range from side pockets, coin purses, and bright colours.
Coach vintage bags. Image: Yourgreatfinds
A particular feature throughout the bag was the silver toggle that became the Coach hallmark. Coach constantly takes references from it past bags and reiterates the design keeping its signature feature while pushing for more relevance in this era, accommodating newer and younger spenders in the market. This outlines the significance of archives where newer pieces take reference from past statements and solidifying these classic signatures.
Showcasing archives at events
Social media darling and model Bella Hadid had the privilege to wear archival dresses recently and she aided the idea of the “old meets new” concept. At the 2022 Met Gala, she wore a Fall/Winter 2004 Jean Paul Gaultier dress, which the team allowed her to pick from its archives for the event. The archival piece caught the eyes of the media that subsequently created conversations across many social media platforms. The conversations gained traction and revived interest in the storied designer, who stood to gain a bigger customer base.
Hadid also showed up at the 2022 Cannes Film Festival in a string of Versace‘s archival dresses from the 80s and 90s. The model enlisted the help of her stylist friend, Law Roach, who was in contact with the famed Donatella Versace and the designer opened up the brand’s archives for them. The brilliant gesture from Donatella promoted her late brother, Gianni Versace’s 1987 dress, on a new stage. It emphasised luxury vintage could be firmly relevant in today’s age of fashion economy, boosting greater awareness and widening its horizon of the newer consumer market. Furthermore, similar to Jean Paul Gaultier, these events promote talks on the revival of archives on stage that potentially boosts fashion brands’ awareness among newer audiences who might not have been born when these legendary designers ruled the runways.
With the media always spotlighting fashion styles at prominent events, it exposes the competition within brands and pushes fashion to a greater level, bringing in newer or perhaps never seen before looks. The power of the different usage of archives shifts how the market reacts to pieces and styles. This becomes engaging as we could visually connect to the way archival garments are shown, while brands could curate the future of fashion.
Efforts that conserve fashion archives
As we look further into how fashion has reinforced its role in modern culture, brands are thinking carefully about their archives. The fashion house, Paco Rabanne, disclosed they would sell NFTs of its most conceptual pieces and use the profits to fund its archive. This includes buying back archival garments, sketches, image rights, video and radio recordings of the designer himself and improving preservation and storage. Retrieving archives builds the heritage and fundamentals of the brand’s starting years. Archiving is an important task for brands to track their journey and provide evidence of their works. It also helps with the identity and understanding of brand cultures over time.
Another luxury fashion house Valentino has also embarked on its journey to conserve their own fashion archives. Valentino’s creative director, Pierpaolo Piccioli, has launched the second phase of the house’s sustainable vintage initiative following the first launch in October 2021. With a collection of vintage garments, phase two aims to host the pieces from the collection in four selected vintage stores worldwide. Each of these stores offers consulting services where customers could obtain all the information on the specific piece. With this opportunity, many could rediscover their love for the brand or simply fall in love with the founder’s original sensibilities. It is an initiative born from the idea of giving back to those that treasure these pieces while also promoting sustainable vintages.
Brands today showcase and bring back past classic silhouettes to accommodate the luxury fashion market’s penchant for future timeless pieces. Consumer demand for luxury fashion is ever-growing and various brand’s fashion archives have proven to be a rich resource for marketing to untapped audiences, both young and old.
Irene Nikkein is the new regional director, Asia Pacific for Rolls-Royce, taking over from Paul Harris who had been in the role for 11 years, and she’s taking this challenge positively.
In the evolving automobile industry, Nikkein has to look after the British marques’ business in Asia Pacific from the regional office in Singapore but the brand’s operations also cover key markets in Australia, India, Indonesia, Japan, and South Korea.
Nikkein has no qualms asserting her business sense and style in a male-dominated industry. Her humble beginnings started in BMW Asia back in 2007. She started as BMW Regional Experiential & Sponsorship Manager, was appointed Head of Marketing for MINI Asia in 2010 and then, relocated to MINI Japan in 2016 as Head of Brand Communication and Product Management. To date, she still reminisces about her time in Japan because her stint there taught her many valuable lessons, which she still carries with her when she took up the top job as Regional Director for Rolls-Royce.
As someone who has worked in a male-dominated industry, what would you like to see change for women? How do you think this can be accomplished?
“I think what a man will accomplish will always be very different from what I will accomplish as a woman for Rolls-Royce in the Asia Pacific region. We will push boundaries differently — certainly one of my focus points will be how our brand evolves over the next few years as we head into a new, electric future and with an increasingly younger, diverse customer base.”
Nikkein explains, “In the past, Rolls-Royce had included strong female characters in its brand communications with the previous generation of Ghost and more recently Phantom. The one that made me sit up was the latter, a campaign called ‘Rules Rewritten’ where Gwendoline Christie (of Game of Thrones fame) was washing a dirty Phantom — that certainly got my attention.”
Rolls-Royce is pivoting the way it communicates with its customers. The tagline, “Inspiring Greatness” aptly exemplifies this shift that the marque is taking. Last year, the company embarked on a campaign where three distinguished women were featured. Each of the ladies held different occupations and was paired to an iconic Rolls-Royce model. From the Phantom to the Ghost and the Cullinan, it was a reminder that Rolls-Royce cars are not solely for one gender.
Since 1904, the prestigious British marque has been courting the aristocratic, wealthy and the famous. Nikkein enthuses, “Rolls-Royce can really appeal to a broader set of people than the commonly perceived older segment. We are moving into different demographics and subgroups. In terms of more women working in the car industry, it’s already increasing.”
Image: Rolls-Royce
Aside from the increased emphasis on putting more women behind the wheels, Rolls-Royce contends that owning a Phantom, Ghost, or Cullinan is not simply for its utility. The marque’s status has transformed over the years, and it is perhaps more accurate to liken bespoke Rolls-Royce cars as art pieces — an alternative asset that will appreciate over the years.
The beaming Asia Pacific Regional Director of Rolls-Royce is contented working and living in Singapore on home ground and notes that women hold high positions in many companies, thereby, changing the perception of what a woman can achieve. However, Singapore’s unique position is not a common occurrence in other parts of the world, and she hopes to see more women in leadership positions.
Nikkein adds that it’s fair play for women and men in Singapore, but she would like to see more of the former in management roles. She adds that in Japan, in the context of putting women first in top business roles, the culture has just recently changed in the last few years. She emphasises that traditionally for women to be in leading positions, it’s been important to build respect first and work doubly hard.
When quizzed about some must-have traits of a modern working woman, she opines, “I think some women live their lives the way society expects them to be — to be someone’s wife, someone’s mother, someone’s partner… I think women should live their lives for who they want to be. It’s about appreciating your own self and being authentic.” Also, she says never to settle for less. “It’s not about always looking for something better, rather, it’s about continuing to improve yourself. It’s good to learn something new each day and challenge oneself.”
When she was asked, “So what do you think that women can bring to the table that is unique compared to men?”
She was quick to point out that women generally have better sensitivity than men. “I can sense someone’s view is not expressed during a meeting and I will drop him/her a note. I will check with the individual if he/she is okay? I guess women have the sixth sense.”
As a mother and career woman, does she find it hard to have both a career and a family? She feels the challenge between family and career will tend to conflict with a woman’s mind. She feels a woman must weigh the pros and cons and strive to obtain the family support she needs.
She points out the saying, “It takes a village to raise a kid.” She feels women should come forth and rally support when she needs it, and that business needs be more accommodating to single mothers or individuals who do not have an extended family around them.” Juggling career and family is never easy, so it’s important for family members to help out where possible.
Nikkein is also happy that she notices a lot of men are also stepping up to take on a lot more household responsibilities so women can focus on their careers. Perhaps, she would like men and women to share equal roles in the family, too, while balancing their careers.
Having worked at BMW for more than 15 years, Nikkein explains that there are more ups than downs. Her most memorable experience was working in Japan as a foreigner. In that culture she worked doubly hard to prove she was worth her salt. When you get recognition from Japanese colleagues she recalls, it’s very gratifying.
On how she would like Rolls-Royce to be as a company in the next five years under her leadership, Nikkein says, “I hope to gain a bigger footing in the Asia Pacific with an evolving wealth segment, especially in an era where more Ultra-High-Net-Worth individuals are younger, and transform the brand to be more modern.” She would like to continue to change the perception of Rolls-Royce as a luxury brand rather than an automobile brand. The self-effacing lady boss also quips, “As we move forward with this heavily storied and prestigious brand, Rolls-Royce will continue to be bold, we will push boundaries!”
The plans for a more daring Rolls-Royce have already started to unfold. The recently launched Black Badge Ghost epitomises this change. The new model consists of the company’s most technologically advanced equipment. It is said to be the “purest” Black Badge experience yet. Further adding to the opulent factor of Rolls-Royce is the option for personalisation, where customers can customise almost anything. This option for bespoke creation is the hallmark of a luxurious brand.
The New Black Badge Ghost. Image: Rolls-Royce
When questioned about the advice she would give to women aspiring to become leaders in the workforce, Nikkein beams. “My first advice is never to see yourself as disadvantaged, more as a capable worker. We must never enter a room feeling shy. Once acquainted with our industry and knowledgeable, people will treat one with respect. Also, it pays to have confidence, but not arrogance.” She also adds that women should not be afraid to ask for help. It does not show weakness. In fact, it shows that you are ready to take action and responsibility. Therefore, it’s always okay to ask for help.”
Lastly, when we asked her about a woman she admires, Nikkein was quick to point out that it was not a woman, rather, a man — Simon Sinek. Simon Oliver Sinek is a British-American author and inspirational speaker. She admires him for his inspirational leadership talks; his focus on leadership behavior and how to perform as a team rather than any performance disparities between genders at work.. Instead, it’s how each sex can do it differently yet achieve the same goals. However, she feels where women leaders potentially excel is the ability to show more empathy than their male counterparts. In a world where the number of highly successful female entrepreneurs are increasing, and the super-luxury segment comprises increasingly diverse audience, the rules are definitely being rewritten.
