Results for NOS (New Old Stock)

Business News: Joey Luk to Lead Sotheby’s Watches in Asia

Continuing the steady pace of personnel changes since French telecoms tycoon Patrick Drahi acquired Sotheby’s in 2019, the auction house has just announced an overhaul of its watches and jewellery departments in Asia. The chairman of Jewellery and Watches for the region is Wenhao Yu, formerly of Beijing-based Poly Auction. The jewellery department will be led by Regine Ngan, while the watch department promoted from within with Joey Luk being elevated to the top job. The trio will report to Josh Pullan, who was appointed  Head of Global Luxury Division just last year after almost a decade as a manager in Sotheby’s digital and e-commerce departments, which no doubt explains Sotheby’s volume of online-only auctions. Left to right: Regine Ngan, Wenhao Yu, and Joey Luk A veteran of watch auctions despite her relative youth, Ms Luk was most recently Head of Sale, having been recruited to Sotheby’s from Phillips in 2018. Ms Luk succeeds Sam Hines who will “take on an advisory role for Sotheby’s worldwide Watches sales efforts”. Mr Hines led Sotheby’s to a record year in 2021, where watch auctions totalled over US$150 million. Sotheby’s also claimed the title of most expensive wristwatch sold at auction in 2021 with the Patek Philippe ref. 1518 “pink on pink” once belonging to an Egyptian prince that sold for US$9.57 million (pictured at top). He will be leaving Sotheby’s with a bang – his closing act will be a single-owner sale of 41 Patek Philippe wr...

Breaking News: All The Winners From The 2021 GPHG – And Our Thoughts

Bulgari, Zenith, Louis Vuitton, Piaget, Grand Seiko, and MB&F; walk out of Geneva as this year's big winners.

Our Predictions In The Calendar And Astronomy Category Of The 2021 Grand Prix d’Horlogerie de Genève (GPHG): No Consensus Highlights The Strong Competition

Complication abounds in the 2021 GPHG Calendar and Astronomy category: two perpetual calendars – one of which is of world record-holding thinness – a complete calendar with chronograph, a clever day-date that you can’t help but smile at, a mind-blowingly beautiful moon phase watch, and the world’s smallest planetarium. And our panel members all (well, nearly all) have different favorites to win!

Business News: Watchbox Forecasts 2021 Revenue to Cross US$300m

Having been founded in 2017 as a spinoff from authorised retailer Govberg Jewelers, Watchbox has swiftly grown into one of the biggest sellers of pre-owned watches globally. Having started life with a US$100m capital infusion from a Singapore-based private equity outfit, the company has just announced 2021 sales will cross US$300m, thanks to growth projected to top 40%. For comparison, that is approximately equivalent to the annual watch sales of the major auction houses, namely Christie’s, Phillips, and Sotheby’s. The announcement comes just weeks after Watchbox took a majority stake in De Bethune, a respected independent watchmaker that nonetheless struggling for most of its existence, but is now on a sounder financial footing. At the same time, the financial resources available to Watchbox indicate that its investment in De Bethune might be the first of several such acquisitions. At the same time, the Philadephia-based company announced an expansion of its store network, which currently includes outposts in Dubai (pictured above), Hong Kong, and Singapore. It plans eight new stores in 2022, with five located in the United States, followed by Zurich, Riyadh, and Tokyo.  

Business News: Watches And Wonders Geneva Reveals 2022 Lineup

Nearly 40 brands will present in Geneva, from March 30 to April 5, 2022.

Breaking News: The Audemars Piguet Royal Oak 15202ST Will Be Replaced Next Year

Another one bites the dust.

The Sports Section: The World's Best Baseball Player Wears Seiko – Who Knew?

If you don't like Shohei Ohtani, you don't like MLB baseball.

Good news! Grand Seiko extends warranty for all timepieces purchased worldwide to 5 years

Grand Seiko is extending the warranty from three to five years on all of its timepieces purchased at any authorized retail partner worldwide.

Wrist Watching: Rolling Stone Charlie Watts (A Discreet Watch Collector) Knew It Was Only Rock And Roll (But He Liked It)

Charlie Watts passed away on August 24, 2021, at the age of 80 after having been hospitalized for heart problems. He had been the beat-keeper for the Rolling Stones for half a century. Unlike his bandmates, the famed drummer of the Rolling Stones kept a low profile, and so identifying his watches wasn't easy . . . but we managed to spot one.

Faiveley: Now One Of Burgundy’s Top Producers And Getting Better And Better

At the top levels, the Grand Crus, Faiveley is making some wonderful Burgundy wines and the very best are yet to come. This is a domaine that must be considered among the region’s top producers. After tasting quite a few at a themed lunch, Ken Gargett advises that older Faiveleys benefit from time in the cellar and that early decanting seems wise. And much more!

Business News: Consolidation in European Pre-Owned Watches

Historically fragmented and dominated by numerous small players, the pre-owned watch industry has been consolidating with at an increasing pace, driven by the e-commerce and ambitious entrants from outside the business. Amongst the most prominent and fastest-growing is Watchbox, which began as an offshoot of authorised retailer Govberg Jewelers but has since grown into one of the largest pre-owned merchants with outposts in Hong Kong, Dubai, and even South Africa. Even Richemont, the Swiss conglomerate that owns brands like Cartier and IWC, has invested substantially in the space with its 2018 acquisition of British outfit Watchfinder. Though the most widely-reported developments in the business are largely concentrated in the United States and Britain, continental Europe is experiencing similar growth, especially in its largest markets like Germany and France. The recently announced takeover of Paris-based MMC by Watchmaster in Germany illustrates many of the trends shaping the pre-owned business. Like many recent startups in the space, Watchmaster was founded by digital entrepreneurs instead of watch industry insiders. In fact, almost all of Watchmaster’s founders and senior managers are former employees of Quandoo, the restaurant booking platform that was sold to Japanese staffing giant Recruit Holdings in 2015 for about €200 million, shortly before Watchmaster was set up. Watchmaster’s current chief executive, Tim-Hendrik Meyer, was a cofounder of Quandoo, as a...

Sunday Rewind: Why You Need To Be Paying Attention To Citizen Right Now

Not to say "we told you so," but...

Business News: 'BreitlingSelect' Brings A Watch Subscription Program To Your Wrist (Updated)

I'll gladly pay you Tuesday for a Breitling today.

Business News: Richemont Posts Strong Recovery; Watches Continue Decline

After a weak first half, Richemont’s business started its turnaround in the second half of the financial year, which ended in March 2021. From a 25% year-on-year revenue decline in the first half at constant exchange rates, the Swiss luxury group enjoyed a 36% rise in sales in the last quarter. As a result, revenue for the full year was down just 5% compared to the year before, to slightly over €13 billion. The healthy numbers and positive outlook helped send Richemont shares past 100 Swiss francs during trading, a five-year high. Divergent fates Beneath the strong recovery in the group’s numbers lay a recurring theme: a disparity in performance between regions, channels, and divisions. This echoes that of its rivals and the broader luxury-good industry – characterised by a strong recovery in Asia, moderate recovery in the United States, and continued weakness in Europe. And within the group, Cartier and Van Cleef & Arpels are powering ahead, leaving most of its watchmakers lagging. Continuing a trend that began in the third quarter, sales in Asia Pacific – all Asian countries except Japan – rose by a staggering 106% in the final quarter, boosting revenue in the region by 22% for the year. Asia Pacific sales are now the largest proportion of Richemont’s revenue at 45% of the total, compared to the historical one-third share. The performance was driven by strong sales in China, both in Richemont’s physical stores and its online mall on Alibaba’s Tmall Lu...

Corum Golden Bridge: The ‘Automatic’ Legend Then And Now – Reprise

Before Joshua Munchow realized that he loved watches he was sure that he loved mechanical things and stood in awe of the many mechanisms and contraptions that he saw over his young life. Joshua eventually became aware of watches and the amazing marvels that they held within. To him, the Corum Golden Bridge stood out as an example of perfect horological exhibitionism. And the automatic version is even better to him!

Breaking News: Rolex “Zenith” Daytona Platinum Discovered to Have Turquoise Stone Dial

The headline lot at Sotheby’s upcoming Hong Kong watch auction, the Rolex “Zenith” Daytona in platinum is one of just five known. Already a million-dollar watch before, the Daytona just got that much more unusual with a fresh discovery: the dial is not a blue-lacquer “Stella” dial as previously believed, but it is actually turquoise mineral stone. According to Sam Hines, Sotheby’s head of watches, the discovery came about only recently when light fell on the watch just right, revealing a detail that was not obvious before: the sub-dials are of a slightly different colour and texture. So the dial and movement were removed from the platinum case for inspection. And a close look at the reverse of the dial revealed it to be mineral stone. “What appeared to be a classic ‘Stella’ dial is actually a natural hardstone turquoise dial with a lacquer coating on top,” explains Mr Hines, “The lacquer coating hides the natural grain that can normally be seen in any hardstone.” While a revelation, the mineral stone dial is an eminently logical feature. Only five platinum Daytonas with the Rolex cal. 4030 (based on the Zenith El Primero) were ever produced, reputedly at the behest of the late Patrick Heiniger, then the chief executive of Rolex. It is believed he gifted four examples to important business partners, and kept the final watch for himself. (One watch was gifted to a member of the family that owns a long-established Rolex store in Italy – we told the...

Breaking News: Thierry Stern Announces a Change of Heart About Patek Philippe Archive Extracts

Personal Wristwatch Of Bugatti Founder Ettore Bugatti: Made By Mido And Now Up For Auction

Bugatti Founder Ettore Bugatti was a fanatic for details with the mind of a sculptor. His visions on four wheels still grace the most elite concours d’elegance around the world. And his personal Mido watch on a bespoke gold bracelet is set to be auctioned by Stanislas Machoïr on Saturday April 17, 2021. Martin Green shares a few more details about this priceless artifact here.

Business News: Swissôtel Basel Declared Bankrupt

While not the fanciest hotel in Basel – that title goes to Les Trois Rois across the river – the Swissôtel Le Plaza Basel was synonymous with the luxury watch brands that exhibited in Baselworld, the once dominant watch fair that was crippled by the departure of key exhibitors like Rolex and Patek Philippe, and then the pandemic. Located just across the street from Messe Basel, the sprawling convention centre where Baselworld once took place, the Swissôtel Basel was declared bankrupt by a Basel court in early last month. The hotel was heavily dependent on the city’s primary trade fairs, Art Basel and Baselworld. According to past news reports, over 60% of revenue at the Basel hotel came from trade fair bookings. And those trade fair bookings were exorbitant. So pricey that only the industry’s biggest movers and shakers could stay there – the hotel typically imposed a 10-day minimum stay for Baselworld leading to a bill of about 7000 Swiss francs per room – the Swissôtel Basel was a place where you could spot Thierry Stern, any one of the Hayeks who control Swatch Group, and the occasional Bugatti parked in front. According to industry insiders who had rooms booked for Baselworld 2020, the hotel did not offer refunds and instead moved the bookings to 2021. With clients sitting at the bottom of the ranking of creditors, it is unlikely that any of the fees will be repaid. Though managed by Accor, the French group that owns the Swissôtel brand, the Swissôtel...

Business News: Watches & Wonders 2021 Will Happen Online – And in Shanghai

Originally slated to be the ultimate watch fair that would also include the major brands that departed Baselworld, Watches & Wonders (W&W;) did not take place in 2020 due to the pandemic and instead became a virtual show online, before being transported to China as an actual, physical fair. The event is returning in 2021 in exactly the same format, but with a far larger number of brands taking part. W&W; will happen online from April 7-13, where 38 brands will introduce their latest watches. The participants include nearly all of watchmaking’s major brands and conglomerates. All of Richemont’s brands will be present, including A. Lange & Söhne, Cartier, and Vacheron Constantin, as will the brands owned by LVMH – TAG Heuer, Hublot, and Zenith. The list of exhibitors also includes a handful of independent brands, but few are significant, save for Greubel Forsey. Most crucially, the twin giants of Geneva watchmaking will be taking part, giving the event far greater influence and a wider audience – Rolex and its sister brand Tudor, as well as Patek Philippe. Much like the traditional watch fair in Geneva, the online version of W&W; will be open to retailers, journalists, and select clients of the participating brands. W&W; Shanghai in 2020. Photo – Watches & Wonders And a few days later… With strong demand for luxury watches in China – where social and economic life is largely back to normal – W&W; will then take place as a physical fair in Shanghai once again, b...

Business News: Swatch Group Posts Full-Year Loss

From a robust profit of CHF748m the year prior, Swatch Group ended 2020 with a net loss of CHF53m – the first in decades for the Swiss watch conglomerate that owns brands like Omega, Longines, and Tissot. This reversal of fortune was attributed to the COVID-19 pandemic, which forced many of its retail stores to close while putting a halt to international travel. On an operating level, Swatch Group eked out a tiny CHF52m profit – compared to CHF1.02 billion the year before. The year’s results were mitigated by an improvement in the second half of 2020, with sales in the second half of the year rose 54.7% compared to the previous six months, as economic activity resumed in Asia with pandemic restrictions lifted, particularly in China, which experience double-digit growth for the full year. And the Swatch Group also had to face a virus of the digital kind in the second half of the year. Reported in information-technology news but not in the mainstream press, the group suffered a cyber attack in September, leading to a mention of “a 10-day production interruption” at Omega in the results announcement. Hit harder than most With jewellery selling better than luxury watches, fellow Swiss rival Richemont was buoyed by its pair of jewellery brands that helped plug the hole caused by its faltering watch division. Although Swatch Group owns American jeweller Harry Winston, the bulk of its revenue is generated by watches and watch components. Net sales fell to CHF5.59 bil...

Business News: Richemont Sales Recover in Third Quarter

In the third quarter of its financial year – the three months to end-December 2020 – Richemont reported a modest recovery, with sales rising 5% over the same period a year before at constant exchange rates. This modest recovery was enough to moderate its results for the nine months to date, with revenue for the period down 14%, as compared to the drastic 38% plunge in sales for the first half of the year. Owners of over two dozen watch and jewellery brands including Cartier, IWC, and Panerai, the Swiss luxury conglomerate was buoyed by robust demand in Asia, its biggest regional market, as well as the Middle East and Africa. Combined, the two regions make up approximately half of Richemont’s global sales. The Asia Pacific enjoyed a 25% rise in sales, driven largely by exceptional demand in mainland China, where revenue rose an impressive 80% for the period, with sales in Taiwan also seeing a marked 29% increase – both consequence of a return to regular economic activity as the pandemic was brought under control, and the inability to travel and shop overseas. Paradoxically, the results in the Middle East were driven by a revival of tourist spending in Dubai as flights resumed, and domestic spending in Saudi Arabia where citizens cannot easily go abroad. This contributed towards a remarkable 27% increase in sales for the region. Elsewhere, sales too rose, albeit in smaller, single-digit increments. Bolstered by domestic demand, sales in the Americas rose by 3%. Jap...

Business News: Greubel Forsey Names Antonio Calce CEO

Perhaps the leading maker of avant-garde and exotic tourbillon wristwatches, Greubel Forsey has just appointed Antonio Calce as chief executive officer. Having spent the early years of his career at Panerai in product development and then overseeing its manufacture, Mr Calce then became chief executive of Corum, and subsequently Eterna as well. Next came the top job at Girard-Perregaux, where he had a mandate to turn it around but departed before his plans gained traction. At Greubel Forsey, Mr Calce succeeds Fabrice Deschanel, who became chief executive officer of Greubel Forsey in 2017 after several years as head of Audemars Piguet’s complications subsidiary Renaud & Papi. The recently-launched Greubel Forsey GMT Sport Commenting in the announcement, Robert Greubel stated, “I am convinced Antonio will carry the Greubel Forsey signature a long way, all the while respecting our values and our DNA.” Mr Greubel remains chairman of the board, while fellow cofounder Stephen Forsey continues in his role helming product and movement development. While the role of Greubel Forsey chief executive was historically one and the same with the top job at Complitime, Greubel Forsey’s sister company that builds complications for other brands, Mr Calce’s new role is only overseeing Greubel Forsey.  

Breaking News: Sylvester Stallone's Panerai Luminor 'Pre-Vendôme' 5218-201A Sells For $214,200 At Phillips

This auction hero might just be the steal of the sale.

The Innovative Patek Philippe Movement You Probably Forgot About (Or Never Even Knew)

In praise of the peripherally wound Caliber 350.