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| Passion Investments: Watches |
The Knack of Time
Jill Newman
08/01/2005
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Some luxury watch houses still strive to accommodate loyal clients
who simply must have a one-of-a-kind timepiece, although as a stealthy
transaction. “We are very close to our clients, and that is why, occasionally,
collectors contact us for a custom-made piece,” Audemars Piguet’s North America
president Francois-Henry Bennahmias says. “We always keep it very discreet, as
custom orders like this come at a substantial price.” Clients typically request
special combinations of complicated functions. The process often starts with a
visit to Audemars Piguet’s factory in Le Brassus, Switzerland, where, Bennahmias
says, “clients have direct contact with the watchmakers at every level of the
fabrication, from the cut of raw material to the decoration, polishing,
assembling, etc.”
The notion of a bespoke watch becomes even more attractive
when one considers that an increasing number of off-the-shelf timepieces now
have intricate complications. The demand for these watches from mass market
segments has reached new heights, prompting watchmakers to design more
multifunction timepieces, the type of watches that a few decades ago were
reserved only for the elite. Sotheby’s Schnipper explains that mass demand for
complicated watches began in the late 1980s. By the early 1990s, the leading
watch companies were devoting substantial sums of money and resources into
developing complicated watches.
Auction results indicate complicated watches
are the most valuable timepieces, particularly in the past eight to 10 years,
Schnipper notes. A 1980 Patek Philippe perpetual calendar chronograph
wristwatch, for example, would rarely resell for more than $50,000 during the
1980s, yet it brought $250,000 at auction in April 2004. “Any limited series
watches that have been discontinued are commanding top dollar,” she says. The
most desirable marques, Schnipper adds, are Audemars Piguet, Breguet, Patek
Philippe and certain Franck Muller, FP Journe and Rolex timepieces. Cartier has
also seen its limited series complicated watch skyrocket in value. Recent sales
include a rare 1920s Tortue Minute Repeater that sold for $640,500 at New York’s
Antiquorum auction house in March 2004.
Not everyone, however, seeks to reap
the profits of these unusual models. Emmanuel Breguet, the great-great-grandson
and last surviving descendant of A.L. Breguet, and curator of the Breguet Museum
in Paris explains: “Typically, watches like a Breguet hold sentimental value
more than their great monetary value—they become heirloom pieces.”
Jill Newman is a frequent contributor to Worth. jillnew@earthlink.net
Additional Information
 Neither Love Nor Money
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