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Lug-to-Lug

The single most important wristwatch fit dimension, more practical than case diameter. Comfort thresholds and reference numbers.

Sotheby’s Masterworks Of Time Part Three Is Dedicated To Treasures From Breguet’s Workshop And Other Historical Delicacies (Updated With Results) Quill & Pad
Breguet s Workshop Jun 1, 2020

Sotheby’s Masterworks Of Time Part Three Is Dedicated To Treasures From Breguet’s Workshop And Other Historical Delicacies (Updated With Results)

Following part one and two of this series of auctions, the third in this four-part series by Sotheby’s called Masterworks of Time is entitled "Abraham-Louis Breguet, Horologist Extraordinaire." Extraordinarily, this auction comprising only pocket watches by Breguet and other masters will take place online, beginning on June 3, 2020 at 4:00 pm CET.

Business News: Swiss Watch Exports Forecast to Drop 25% in 2020 SJX Watches
Patek Philippe have shut their factories Apr 6, 2020

Business News: Swiss Watch Exports Forecast to Drop 25% in 2020

Swiss private bank Vontobel has just published its highly-regarded annual report on the luxury watch industry – the news for 2020 is grim. Put together by a team led by managing director Rene Weber, the Vontobel Luxury Goods Shop predicts a 25% fall in Swiss watch exports in 2020 – the biggest drop in 50 years as a result of the COVID-19 coronavirus pandemic. A proxy for the global luxury watch market, Swiss watch exports declined 22% during the 2008 financial crisis, and recovered swiftly the year after. But during the financial crisis there were no store or factory closures, and no halt to international travel. Since mid-March most watch brands, including giants Rolex and Patek Philippe, have shut their factories, or introduced short-time work, with between 60-70% of employees at Swatch Group working reduced hours. File photo of the Rolex factory in Bienne that’s gone quiet for now. Photo – Rolex At the peak of the pandemic in China, when practically the entire country was in lockdown, Vontobel estimated February sales fell 80%, something it expects will be repeated throughout the rest of the world. And even e-commerce is not enough to alleviate the situation substantially, because of logistical challenges. The report notes that as of mid-March,”the Swiss watch industry has come to an almost global standstill.” Unsurprisingly, the bank expects the pandemic to result in a steeper fall and slower recovery for the Swiss watch industry. The bank expects a s...

Business News: Sotheby’s to Start Weekly Online Watch Auctions SJX Watches
Audemars Piguet Mar 31, 2020

Business News: Sotheby’s to Start Weekly Online Watch Auctions

Having postponed its traditional April and May watch auctions till June and July respectively – no doubt with fingers crossed and a quiet prayer – as a result of the COVID-19 coronavirus, Sotheby’s has just announced Watches Weekly, an ongoing series of online-only watch auctions starting April 1, 2020. The auctions will take place on a rolling basis, with each sale lasting a week, then followed by the next sale, and so on. Each auction be centred around a theme while being relatively compact – the first sale is made up of 19 watches by Rolex and Audemars Piguet. The subsequent auctions will be Patek Philippe Design and Horology from April 8-15, then something for bargain hunters, Swiss Wristwatches with no reserve on April 15-22. Sam Hines, Sotheby’s global head of watches, explained the move in the announcement: “[Clients] are also increasingly confident [of buying] important pieces online. This was demonstrated last week, when we set a new record for a watch sold online at Sotheby’s [162,500 Swiss francs for a Rolex Daytona “Paul Newman” ref. 6262].” According to Mr Hines, the newly-announced online auctions will “complement the calendar of live sales and other online auctions already planned for the rest of the year”, implying that the rest of the auction calendar will proceed as planned. Watches Weekly makes Sotheby’s the first mainstream watch auctioneer – its peers are Christie’s, Phillips, and to a lesser degree, Antiquorum – to s...

Business News: Swiss Watch Exports to Hong Kong Post Biggest Fall in 20 Years SJX Watches
Mar 19, 2020

Business News: Swiss Watch Exports to Hong Kong Post Biggest Fall in 20 Years

Trade body Federation of the Swiss Watch Industry (FH) just released its monthly export figures for Swiss watches – a proxy for the broader luxury watch market since Swiss timepieces dominate – and the February numbers are bleak. The month’s statistics illustrate two obvious trends that have shaped in the industry recently: the COVID-19 coronavirus is having a massive impact, and low-cost Swiss watches are being trounced by low-cost smartwatches. An Asian crisis, for now Compared with February last year, the value of exports globally declined by 9.2% – with export volume plunging 22.2% – but as the report notes darkly, the drop “does not yet fully reflect the actual situation in certain markets.” Unsurprisingly, the steepest declines were in the biggest Asian markets – China and Hong Kong – which suffered the worst period of the COVID-19 coronavirus pandemic in the first two months of the year. The biggest fall was in Hong Kong, where exports fell 42% – the largest monthly decline in 20 years. The city imported just CHF143m of Swiss watches, compared to CHF246m for the same month last year. Exports to China fell 51.5% to CHF73m, from CHF151m for February 2019. February was merely an acceleration of a months-long decline. For the first three months of the year, exports to Hong Kong have fallen 33% compared to the same period last year, while exports to China are down 22%. Though exports to other large markets like the United States, Singapore, and Germa...