Category Archives: Watches

Watches Review 2022

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Well, what a year it has been in the watch world – from the Patek Phillipe Nautilus almost becoming a quarter of a million-pound stainless steel watch…. to thousands of people all around the planet fighting for a £200 Swatch, there couldn’t have been more ups and downs, even if you were writing from Downing Street.

2022 started as 2021 finished, with soaring prices for the most unavailable watches on the market; the Nautilus, Hulk, Royal Oak, Daytona, Aquanaut and many others, all trading at, so far, above their recommended retail price, that it almost became laughable. The secondary market was booming and I, personally was giving valuations on some watches on a monthly basis, due to the fluctuations we were experiencing at the time.

When the market changed, in April/May of 2022 we knew that prices were going to drop – and to be honest, I anticipated a heavier drop than we saw, with some in demand watches still trading at three times their original price in December. Hopefully collectors who bought in the last 2 years are still looking at long term investment pieces.

The Omega Speedmaster has long been regarded as one of the ‘go to’ pieces to have in any major watch arsenal. Its rugged good looks, sensible size, and moon landing history have given it more than half a century of desirability, and last year it was even more desirable than ever – but not in a way that die-hard mechanical watch fans would have anticipated….

The ‘Moonswatch’ was released in 2022, with possibly the biggest marketing push that anyone has seen for a watch, blending the aesthetics of a traditional Omega Moonwatch, and the inexpensive practicality and sense of fun that Swatch have done peerlessly for many decades. The result caused uproar around the planet with near riots in London and Paris, and police being called to many other cities. The most desirable watch on the market for the year was actually a £220 plastic quartz watch, and with nowhere near enough examples, the secondary market went wild with certain examples reaching 10 times their retail value, with people camping out to buy one and then unashamedly selling them the next day on internet auction sites.

Thankfully, this market has calmed a little, with Swatch assuring potential customers that this is not a limited release and eventually there will be enough to go around. But as I write this in January 2023, it is still very difficult to get hold of an example, with some models virtually impossible.

We saw new releases from many of the major house, with Rolex continuing their theme of fancy dials and variations on classic models, such as a left handed version of the GMT Master II. Due to its green and black ceramic bezel, playfully nicknamed ‘Spirte’ or ‘Destro’, caused quite the stir when it was dropped, somewhat trading at over twice its original retail price, from £22,000 to even £30,000, its been one of last years unexpected stars – but if it has Rolex on the dial, it can never be that unexpected.

After the 5711 Nautilus was discontinued the options available to Patek Phillipe were probably immense – how could they change what has become one of the most desirable watches of the current era, if not any era? Well, they were bold! The 5811 is now 1mm bigger than the watch it replaces. I suppose the question is why would you change a winning formula and this proves that.

So, what does 2023 have instore for us?

I believe that whilst all the major brands are going to continue releasing ground-breaking watches with possibly a major offensive of movements, I think that some older watches are going to begin to fall into the modern vintage category and such classics as the much overlooked 16710 GMT Master from 1989-2007, becoming more desirable and prices increasing. There will undoubtedly be some surprises – look out for changes in the Daytona line, as this has been mooted for quite a while now.

Will prices rise or fall?

This is always going to be the question that everyone asks me, and as a valuer, it would be unprofessional to speculate. Whilst 2022 saw prices drop, they were still at the same kind of level they were 12 months ago, so that brings a distinct amount of confidence in watches as a commodity. The demand is still there and will continue to grow as people become more interested – needless to say 12 months is a long time in the watch industry!

The watch markets – Let’s talk about secs… mins, and hours

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Let’s not beat around the bush, one of the most common watches that I have to value is the now almost immortal Patek Phillipe Nautilus 5711 and again one of the most common questions (or statements) is that the value is plummeting but let’s just have a quick look at the facts here – if you bought your watch any time before Christmas of last year, it’s still probably going to have to be insured for more than you bought it for. The timeline of this watch is probably the most extreme, and well known of any of the mid pandemic boomers so let’s just have a look at the statistics;

In November of 2019, these watches were in demand and trading above their retail price, and this flexed around the £50,000 mark with occasional spikes and troughs.

Then when COVID-19 decided to appear, suddenly things started getting extreme with Patek also announcing that they would be ‘Discontinuing’ the watch and around November of 2020 12 months on, they had pretty much doubled in price to a £100,000 watch.

March of 2021 and things had just got to a stage where asking prices were up to nearly £200,000 for what is a stainless-steel sports watch, I even knew of some trading around the £180,000 for sealed examples, which in my opinion is a bit of a nonsense anyway.

Today’s market has changed and now in the summer of 2022 the 5711 has taken a retreat and is currently sitting at around the £150,000 – there are fluctuations and deals being done, so this is a fairly liberal figure so yes, it has lost some value but ultimately those prices could not carry on rising – people were at one stage tipping the Patek to be a £250,000 watch, which quite frankly would have been amazing.

In the same breath, we can also talk about the other big hitter in this market, the Audemars-Piguet Royal Oak – similar style, similar quality and similar demand. A fairly similar course of events has occurred and now a good AP Jumbo can be bought on the secondary market for £90,000 when back in those days of Zoom calls and toilet paper shortages you would be paying closer to £130,000 – still, let’s not forget that this was a £35,000 watch.

So, is the whole market in decline? Absolutely not.

Rolex are still playing the field and keeping their desirability levels at an all-time high…is this because they are slightly more ‘affordable’? possibly. Is it because they are releasing more interesting variations on their ever-expanding roster of watches? Probably.

So why is this happening? The common thought thread seems to be a mixture of the potential economic issues that may or may not be coming into play over the next year, and the other big factor is the massive decline of crypto currencies.

At one time a gold Nautilus went with a large wallet of Bitcoin and Ethereum like it did with a very noisy Lamborghini (usually on The Kings Road) whereas now you are more likely to be heading to your local Casio store.

Whichever way we look at it, the watch market will always be volatile, it’s a luxury item that is really not just a watch, but a collectible, a piece of jewellery, a statement, a piece of art…
it’s everything.

The one that got away…

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The world of watches is not only a fascinating one, but also a frustrating one. For example in 2014 had I known that the world of Rolex sports watches would have become such a lucrative market place I would have purchased their entire stock and waited for the elevated position that their most desirable watches currently occupy.

There are of course limited runs of pieces that you always would like to own, but only when as it transpires, they are all sold out and you are late to the party – this is a classic situation with the Rolex Submariner with the famous green bezel…

The year was 2009 and a Rolex Submariner was known to be one of the most desirable sports watches on the planet with… wait for it, sometimes a waiting list if the authorised dealer of your choice didn’t have the model you required, fast forward to today – you would almost be laughed out of a dealer if you asked to buy a brand new Submariner – it is that popular.

Rolex had made a bold move, they had issued the fairly conservative Submariner with a green bezel. Instantly every Rolex aficionado let it be known how appalled and disgusted they were that such a great mark could do such a thing.

So, back to that year of 2009 when I happened to be speaking to a Rolex dealer, whom shall remain nameless when I was offered the ‘Kermit’ (I don’t think Rolex nicknames were such a big thing then) for the unimaginable price of £4,800, and if I took two of them then it would come with a discounted price of £9,000.

Fast forward to this moment in time and the green bezel Submariner is one of the most desirable watches on the planet, with similar incarnations such as the ‘Starbucks’ and the ‘Hulk’ offering buyers additional variations on a theme, with secondary market figures varying from £18,000-£25,000 each.

The next incident is actually ongoing and may well change over the next year, but currently one of the hottest pieces on the secondary market is the Swatch and Omega collaboration the ‘Moonswatch’. A ‘bioceramic’ (basically plastic) quartz watch in the manner of the Omega classic moonwatch.

Announced on the internet with 48 hours’ notice, the range of watches instantly became the most sought after item from either Swatch or Omega with Swatch boutiques having to close and call in for police security after mobs started storming the little shops all around the world – the demand was so huge they had to apologise.

Within hours the watches were appearing on secondary market sites for up to £3,000 – and considering this was a £200 watch, it seemed rather sad and cynical however.

The one thing that we can be sure of though is that the watch market will be constantly reinventing itself with new and different ways to attract buyers and collectors and as long as this keeps happening, no doubt I will always be looking to make sure no more items get away!

Watches Update

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Well, if we thought that 2020 couldn’t be surpassed in the watch world – we could not have been further from the truth!
We must start (we really do) with what was without doubt the biggest drop of 2021 – the Tiffany/Patek Phillipe 5711 – 1A/018

We are all very aware that one of the most desirable watches in the Patek Phillipe arsenal is due to be retired this year and as such the last 18 months have been spent by watch aficionados talking about how the standard Patek Phillipe 5711 has risen to the ranks of a £175,000 wristwatch when compared to a few years ago – it really is astonishing.

So, when the powers that be decided a send-off to conquer all others was required – they called in the big guns, and that robin egg blue dial appeared from nowhere. 170 will be produced and available exclusively from Tiffany boutiques and one can only imagine how these may perform on the secondary market – in a recent charity auction, one of the 170 sold for a jaw dropping $6.5 million, which is simply staggering for a watch that retails at a few bucks over $52,000.

Now some people amongst you will be aware that Tiffany has recently been acquired by LVMH and this moment has clearly been defined by the 5711 – 1A/018, it even has a little nod to the recent acquisition on the engraving of the caseback – a little brash? Maybe, but I am fairly sure that most watch people won’t notice the difference and hope that the work between the two companies will continue as it has done for the last 170 years.

As far as the rest of 2021 happened – it was pretty much a continuation of 2020, with rises across the board of Patek Phillipe, Audemars Piguet, and of course… Rolex sports models.

At the start of 2021, a 116610LN could be acquired on the secondary market for just short of £10,000 now, it’s closer to £16,000. Considering back in the pre covid days of 2018, on a good day you could get one for closer to £6000 – it hasn’t been a bad investment and if you bought the green bezel model – well that’s a completely different story!

Other highlights of 2021 have included the Bremont ENG300 – Whilst the English brothers may have had to fight off some arguments about the origin of parts of their watches, this new model has what appears to be a well-researched in house movement, that really is a game changer for the UK watch industry.

The Cartier Solarbeat, is certainly a watch for the risk taker – a person that wants a classical design with one of the most forward-thinking developments of the year – a solar powered Cartier, its doesn’t sound right saying it, but could you tell the difference? At a really good price point as well, one would have to be brave to bet against it being a huge success.

Finally, what has to be my watch of the year is the Tissot PRX, starting at under £300 (yes, three hundred pounds) it is an amazing retro design with hints of the big boys, but with a price tag that makes it far more accessible to enthusiasts on a lower budget as well.

What will 2022 bring? It’s difficult to say but with watch shows being planned for throughout the year, and design teams back at their desks I am sure that there will be a few surprises ahead!

If I had £5,000 to invest what would I buy?

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By Alastair Meiklejon, Senior Valuer and Wristwatch Specialist

£5,000 – it seems like a lot of money to be spending on a watch doesn’t it? A piece of mechanical jewellery that serves pretty much no other purpose than to look good, and make the owner proud to be wearing it… however, in the world of horological collections £5,000 is almost a starting point for many top tier watches.

The watches that I have included today represent the most popular category in the market – the gentleman’s stainless steel sports watch. If you have read my articles on the Rolex Submariner, you will be aware that even trying to look at one of these brand new is somewhat akin to trying to buy toilet roll in 2020, and unless you have the contacts, don’t even think about owning one until you have been on the waiting list for years…
We will however start with a couple of notable mentions – firstly the Ulysse Nardin Diver 8163. It’s a brilliant, strong move from a company that has always had a little bit of an identity crisis – from supplying the majority of the worlds naval forces to releasing slightly risqué watches with different images from the Kama Sutra, Ulysse Nardin have always been a choice for those who wanted something a bit different and this 42mm diver is about as accessible as they will ever get, it’s a great looking watch with a bold dial and bezel, and at £5,600 (I know I am cheating a little) I think it’s a great alternative to a modern Submariner.

Second, is the Grand Seiko Sport Automatic Spring Drive GMT which also comes in at around £5,500. This is a slightly bizarre choice as Grand Seiko occupy the position as the ‘Lexus’ of the watch world – everyone knows they probably make the best product, will work brilliantly well forever and when they need servicing, it will be at a moderate cost. So why aren’t they flying off the shelves? Because of that badge unfortunately. It’s a great shame, but wearing a £5,000 watch, with the same heritage as the digital timepiece I wore to school just doesn’t create the same desire as some of the more luxury brands we all know and love.
So – what would I buy with £5,000?
There is only one option, not only do I think that this is the best watch for the money, I also think that to a certain degree, you would be hard pushed to find a better time piece in many greater price brackets.
The Omega Seamaster – it is frankly, brilliant.
Coming in at £4,450 it’s also about a grand cheaper than my other alternatives, but never looks like a cheap watch. Omega are without doubt one of the power houses of Swiss watch design, Rolex are simply young upstarts when it comes to heritage (in fact Hans Wilsdorf launched Rolex as a cheaper alternative to Omega) and Omega can claim many of the worlds most notable horological moments including the first watch on the moon. Currently though, most people will associate the brand with James Bond, and that’s ok – what better ambassador than a secret agent whom can jump
out of planes, trains and blow stuff up – all with the aid of his timepiece.
The Seamaster, in my opinion is all the watch you would ever need in this category, it’s a proper divers watch with a stunning dial, a comfortable bracelet, 300m water resistance, and a great brand heritage. There are a multitude of colours to buy them in and you can literally walk into a shop and buy one, without having to sell your soul or pay a massive premium to own one.
A great watch, at a great price point.

Is The Smart Money Still In Watches?

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It’s a question that is asked of our specialists by all our high net worth clients who have wristwatch collections – whether that be a few ‘accidental’ investments or hardened collectors who purchase an item…. open the box and admire the marvel of what they have in front of them…… and then hide it away in a safe never to be seen again, that is until they need it to be valued or to provide proof to their authorised dealer that their name should be top of the list for that new GMT that us mere mortals have to wait more than a decade to get hold of.
As with most things of this nature, it is not an easy answer.
If I were to ask one of my extremely learned colleagues “Is the smart money still in art?” then the ensuing conversation could probably last hours, would definitely involve strong language, and ultimately would end with everyone having a subjectively correct answer.
Whilst we cannot predict the future, if the last decade has been anything to go by (including 18 months of complete global turbulence) the market has been strong beyond any comprehension that us watch enthusiasts could have possibly thought about 20 years ago.
Rolex, Rolex, Rolex.

The GMT MASTER II ‘Batman’
Brand new retail price – £7,750
Secondary market price – up to £17,000
Without doubt, the most recognisable brand of luxury watch in the world and probably the one that most people still aspire to own. Their marketing is exemplary, their product line is still world beating in many areas and owning one still makes you feel special…..but, the problem is actually owning one.
If you have mustered the courage to enter into one of their boutiques to actually try on some of their timepieces, you will notice that you are being visually credit scored by both the assistant and security guard making sure that you really should be in here……but when you finally see that Submariner that you have dreamt of since seeing Timothy Dalton in Licence to Kill (Insert Connery & Dr No as required) you know it was all worthwhile, but just as you reach for your wallet, the blood drains from your face and you feel like Patrick Bateman trying to book a table at Dorsia.
You cannot buy a brand new Rolex Submariner.
Really.
Seriously.

The SUBMARINER (No date 41mm)
Brand new retail price – £6,450
Secondary market price – up to £12,495
The Rolex waiting list has almost achieved a mythical status amongst watch collectors with times of 25 years quoted in some places for certain Daytona models, however with the Submariner, you may be in luck and possibly could have that watch on your wrist in under five….but should you?
Included are three examples of watches with their brand new price, and what you would have to pay – today to get hold of one on the secondary market

The DAYTONA COSMOGRAPH (40mm Oystersteel)
Brand new retail price – £10,500
Secondary market price – up to £25,000
We could talk about examples such as the ‘Pepsi’, ‘Coke’, ‘Kermit’, and ‘Starbucks’ (seriously) models and show even larger increases in value, however this should give an overview on why your clients need to have their watches valued on a regular basis, and it’s not just Rolex – Patek Phillipe and Audemars Piguet, many other high end brands command eye watering prices on the secondary market.
So is the smart money still in watches?
We shall leave you to decide!
 

You have £5,000 to spend – Early Seiko Watches

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£5,000 to spend. Early Seiko Watches by James Lowe Watch & Jewellery Specialist

In 1969 Seiko introduced the world’s first quartz watch – the Seiko Quartz Astron. It was accurate to about 5 seconds per month, which was a sensational improvement on even the likes of Rolex.

Image of Seiko Quartz Astron

Seiko Quartz Astron

Yes, Seiko produced millions of watches in hundreds of designs and styles, but I would always recommend going for their early sports chronograph watches – especially the divers’ watches in ceramic and titanium.

Avoid the LCD watches, clever though they may be. If they go wrong, you are sunk. Quartz watch movements are seldom repaired to cure a malfunction – it is far easier and cheaper to fit a compatible new movement. However, thousands were thrown away due to malfunction, so a few models are becoming rare. Original paperwork and boxes are a big plus, but again, rare.

Image of Seiko Quartz Astron 50th Anniversary edition watch

Seiko Quartz Astron 50th Anniversary edition

The price range is enormous; dependent on model and type but with auction purchases beginning at about £150 and going up to several thousand, you could start a sound collection for £5000. But patience and diligence in research into the thousands of Seikos out there will pay dividends.

Review of the Watch Market October 2020

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The watch market seems to have survived amazingly well over the past six months, both on the retail and auction side. There was even an auction in Hong Kong recently selling only early Seiko watches, a brand that despite being the first to launch a quartz watch in 1969, has in the past fared pretty badly at auction with very low prices generally. However, the sale largely sold out, with several of the rarer watches fetching thousands.

An area of the market which is causing excitement currently is what is known as the Secondary Market. I do stress that it applies to an extremely limited few brands and models, and that for most watches the value still plummets as soon as they leave the shop. Patek Philippe, Rolex, and to a lesser degree Audemars Piguet, are the brands most impacted in this situation and it is only their steel sports or utility ranges rather than the precious metal and bejewelled dress watches that are affected.

Image of Patek Philippe Nautilus

Patek Philippe Nautilus

Patek produce only about 6,500 steel watches out of their total annual production of about 65,000. The waiting list for several of their steel ranges can be 18 months to 2 years, so this Secondary Market has emerged. If you were able to purchase a steel Patek Philppe Nautilus at the recommended retail price of about £31,000, keep it in its plastic factory wrap together with all original documents, you could put it on the Secondary Market and ask in excess of £70,000.

Image of a Rolex Daytona Watch

Rolex Daytona

A few Rolex and Audemars Piguet models might get you a 50% profit on RRP. Patek say that they are essentially a maker of luxury precious metal watches, not sports watches, and they will not increase production to meet the demand. But I must stress again how this market is relevant to so very few of the watches that come on to the retail market.

Image of Audemars Piguet Royal Oak Offshore watch

Audemars Piguet Royal Oak Offshore Chronograph (re-edition-25th-anniversary)

Another by-product of this market is the emergence of some very convincing well-made fakes – or replicas as they are sometimes called. All the major brands will mark their cases and movements with reference and serial numbers so that with some diligent sleuth work you should be able to safeguard yourself against buying an expensive fake.

Patek Phillipe and Audemars Piguet with Gerald Genta – The King of Haute Horlogerie and Design

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Is Gerald Genta the greatest wristwatch designer of all time? It’s a question that will cause debates around the watchmaking world, however what cannot be denied is that with a CV like his, it would certainly take a career of some distinction to stand against him in any serious argument.

Gerald Genta’s designs for the Audemars Piguet Royal Oak (left) and the Patek Philippe Nautilus

Starting at Universal Geneve in the 1950s, Genta started a trend of creating some of the most instantly recognisable watches of the 20th Century, with one his first pieces being the understated and yet iconic Polerouter Microtor – setting the tone for much of his later and much lauded career.
Whilst the 1970s could be (and are by many) considered a decade that taste forgot, Genta was inspired and came up with two de facto design classics – still revered today and most probably will be in production for quite a while – The Audemars Piguet Royal Oak in 1971, and the Patek Phillipe Nautilus in 1976.

Audemars Piguet Royal Oak 4100, 1981

These watches completely changed everyone’s view on luxury watch manufacturing, for many years the definition of which was a precious metal case, with as many complications as one could muster, or even understand. Initially both watches were cases in stainless steel and the measurements at the time were fairly hefty – whilst a 39mm case in 2020 is nothing to get excited about, back in the early 70s it was a complete revelation.
At ten times the cost of a Rolex Submariner, this watch was pulling no punches and it was clear what market it was presenting itself to, it wasn’t a tool watch, it was a clear luxury style piece – but with all the foundations of heritage with the brand.
It was during this period he also worked on designs for IWC and Cartier. Whilst all of his pieces had a certain je ne sais quoi, they all were unique and retained the Genta DNA that set them apart from the more pedestrian offerings from the big players, something that certainly was needed during the quartz crisis that nearly destroyed the Swiss watch industry.

Patek Philippe Nautilus 3700, 1981

The joy of both the Nautilus and the Royal Oak is that there are models to suit all budgets – from under £10,000 for a gold and steel version of both models, right up to over a million pounds for some incredibly ‘esoteric’ models encrusted with more diamonds than the average royal tiara. The key with these both the Patek Phillipe and the Audemars Piguet is knowing the models and their differences and desirability factor – it can be tens of thousands of pounds difference, for what may look to the untrained eye, a very similar timepiece.
Genta carried on designing, and running moderately successful watch brands for many years after the groundbreaking designs of his portfolio became as recognisable as the brand they represented, and inspired many ‘tribute’ style watches for years to come. Gerald Genta died in 2012 and left not only a heritage for many brands, but a basis of design that keeps on reinventing itself, and will for years to come.

Patek and Cartier Ladies’ Watches

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In general, and in contrast to gentlemen’s watches, the price of a ladies’ watch tends to reflect the value in the precious metal, the decorative elements such as diamonds plus the manufacturing costs rather than the complexity of the movement. Today’s price per ounce for gold bullion is $1500, in 2002 (when Gordon Brown was selling off some of the UK gold reserves) the price was around $350, so there’s a four-fold increase in material cost to consider. Another huge factor, especially in ladies’ luxury watches, is of course the big brand name premium.

Patek Philippe

Patek Philippe produce only around 62,000 watches per year and according to Patek company policy, only 10% are made in steel. This is because the company considers itself a luxury product maker rather than a sports’ product maker like Rolex. Of the 6,500 or so steel watches produced, the majority are from the ladies’ Twenty4 range. This results in the gents’ steel watches like the Nautilus models being in very short supply, hence the huge price premiums for this model on the secondary market. The Twenty4 range was introduced around 2000 and has proved very popular but always with a standard quartz movement. However, last year a circular cased automatic model was introduced. The two Patek examples here are the cheapest and most expensive in the range.


Ladies’ Twenty4 steel bracelet watch with diamonds reference 4910/10A.
2002 £3,950
2008 £5,920
2019 £9,550


Ladies’ Twenty4 18 carat gold bracelet watch with diamonds reference 4910/11R
2002 £9,450
2008 £20,850
2019 £32,560

Cartier

Cartier introduced the Panthere range of watches in 1983 to compliment the Panthere jewellery range, and it proved to be a very successful model which was discontinued about 10 years ago but relaunched in 2017. It has remained virtually unchanged (apart from its retail price!!) – and although some of the larger models have automatic movements the smaller model which we illustrate here has retained its standard quartz movement.


Ladies’ Panthere 18 carat yellow gold bracelet watch, mini size, reference W25034B9
2002 £5,900
2008 £9,750
2019 £17,800


Ladies’ Tank Francaise steel bracelet watch, mini size, reference W51008Q3
2002 £1,550
2008 £1,920
2019 £2,890
All the major brands have an understandable policy of refreshing or slightly altering the models in their watch ranges on a regular basis, which does at least give them a chance to nudge the retail prices up regularly. This result in a wide gap between a current retail price and the secondhand/auction value of a five or so year old example. It is therefore very important for both the insured and the insurer to establish whether the insurance cover is on a ‘new for old’ or a ‘second hand replacement value’.