[Watches that will remain in the future] Gisbert L. Bruner talks about "Wristwatches and the changing times"

The luxury watch market has matured significantly over the past decade. The driving force behind this has been the huge boom in luxury sports watches that began around 2015. Following this qualitative expansion, discerning watch enthusiasts are now shifting their interest from fashion to timepieces that will stand the test of time. So what kind of watches could become the horological heritage of the future? Special contributions by renowned journalists and interviews with experts shed light on the qualities of masterpieces that connect the past and the future.

Wristwatches and the Changing Times

　Time, by its very nature, is a constant state of change. This affects every area of ​​daily life, even the precious commodities that have measured time mechanically or electronically for over 700 years. In 1571, Queen Elizabeth I of England received a watch bracelet as a gift from her favorite, the Earl of Leicester. This marked the beginning of a timepiece that has inspired an unparalleled sense of awe.

　The first proper wristwatch was designed in 1806 by Parisian watchmaker and goldsmith Étienne Nitot for Empress Josephine of France. She gave it to Amalie Auguste, daughter of King Maximilian I of Bavaria, to celebrate her marriage to Prince Eugene of Beauharnais-Reustenberg. The first series of wristwatches was produced around 1880, ordered from Girard-Perregaux by the German Navy for its officers. From around 1930, wristwatches began to be sold in greater numbers than pocket watches.

　This total victory was unstoppable, even with the widespread use of quartz crystals and minicomputers in the 1970s, or, more recently, smartwatches. Looking at the economic side, we see that this change is regular: booms and crises alternate regularly. Logically, this is always driven by the global economy and geopolitical situation. Strictly speaking, watches are luxury items, highly emotional objects, and in the age of smartphones, no one needs a watch anymore. When financial times get tough, watches are the first thing people give up, as they have more important things to do, like cars for commuting and vacations. And so we arrive at the present day.

　In 2023, the Swiss watch industry recorded its highest-ever export figures. Swiss-made luxury watches were in demand like never before. Logically, this doesn't apply to all brands. Winners like Rolex, who came in at number one, accounted for over 30% of the market. Cartier scored points by turning away from highly complicated timepieces and returning to notable classics like the Santos and Tank. Audemars Piguet, Patek Philippe, and Richard Mille are also riding a wave of success. All of these brands primarily target a more manageable customer base, relatively unaffected by economic upheaval. But backlash is growing. One reason is the perplexing scale of price hikes. When demand vastly outstrips supply, supply chains are stretched to their limits, and wages are rising due to inflation, price hikes several times a year seem easy to implement. Because customers are happy to get their hands on their favorite watches, they're willing to accept and pay the price.

　Another reason is sales strategy: more and more brands are moving away from traditional multi-brand specialty stores and seeking refuge in their own boutiques. In many cases, the customer is no longer king, but essentially a supplicant. Customers who do not have a sufficient purchasing history and are not prepared to bundle unpopular items with the products they really want are simply left empty-handed.

　The third reason is reflected in secondary market prices. Until April 2022, prices for famous models like the Rolex Daytona, Audemars Piguet Royal Oak, and Patek Philippe Nautilus had been steadily increasing. They soon began to fall, likely triggered by the collapse of cryptocurrency profits. It became clear that many popular luxury watches were being purchased not out of personal interest, but as a means of speculation to make a quick buck. The willingness to pay three or even six times the list price for a watch waned and now appears to have hit rock bottom.

　The only question is whether the boom that continued through 2022 will return. For now, it seems certain that another frenzy is unlikely. Watch enthusiasts, who bought their watches out of love for the object and the joy of wearing it, remain completely unfazed by this turbulent period. They hold tightly to their ticking wrist companions. Second-hand prices are irrelevant to them. Watches are associated with both happy and unhappy moments in life. Either way, you can't live without one on your wrist.

　Let me tell you a little about myself. November 2024 will mark 60 years since I bought my first high-quality watch at age 17. I spent my savings and tips on a 1963 Heuer Carrera Chronograph. That was the moment my passion for mechanical watches was awakened, and it hasn't faded since. I enjoy both older, vintage, and current models equally. However, and this is an important point, new watches must have the right price/performance ratio. For Chronos Japan, I'd like to introduce two watches from my collection that embody tradition, illustrious history, and something special to me.

　First up is the Zenith "2000" with its incredible Caliber 135. Its movement architecture and success in observatory chronometer competitions make it a symbol of a special era in Swiss watchmaking. I acquired this magnificent piece on September 3, 1981, while cycling through the small Austrian town of Pinkafeld. At the time, it was a storekeeper (a.k.a. unsold) watch that had been in the shop for over 20 years, so I was able to pick it up for just around €33.

　This manual-winding movement was designed in 1947 with the requirements of Swiss observatory chronometers in mind. In 1940, a new category was added to the observatory chronometer regulations: "chronometers intended for bracelet mounting." Until 1947, movements up to 34 mm in diameter were eligible for the certification. From 1948, however, only movements up to 30 mm were permitted. For movements with non-circular shapes, a maximum surface area of ​​707 mm2 was applied in 1951, which corresponded precisely to a 30 mm diameter round movement. With this in mind, Zenith's technical director, Charles Ziegler, commissioned watchmaker Efrem Jobim, who was well-versed in all aspects of mechanical watch design, to create a round movement for competitions. By 1948, he had completed the task. The movement, which is approximately 5mm thick, is notable for its enormous balance wheel, which vibrates at 18,000 vibrations per hour, the standard at the time. A closer look at the gigantic 14mm diameter balance wheel reveals that the ring, fitted with numerous regulation screws, has been cut in two opposing places. This is a so-called bimetal balance wheel, with the outer and inner parts made of different metals to accommodate temperature compensation.

　The designers attributed the unusual placement of the second wheel to "chaussée-folles," or aberrations. However, this was intended to allow for the largest possible barrel to be used for improved isochronism. This resulted in a linear barrel output curve over the 24-hour interval required for chronometer competitions, as is customary in chronometer competitions. Based on Jobin's unusual design, Zenith produced over 200 prototypes of the Caliber 135-O (Editor's note: This is the name of the competition caliber, different from the commercial version. The O stands for Observatoire, or astronomical observatory). Over 170 of these were entered in chronometer competitions held in Neuchâtel, Geneva, Besançon, France, and Teddington, Kew, near London. They returned to Le Locle after passing rigorous testing with flying colors.

　The laborious and time-consuming adjustment process, which took several months, was initially carried out by Charles Fleck and later by René Gigax. Both men served as directors of Zenith's chronometer laboratory, and by the 1950s, the company had several adjusters on its staff. The 10 limited edition models powered by the Caliber 135-O, restored in 2022, were all the work of Charles Fleck and René Gigax. Between 1950 and 1954, the Caliber 135-O won the Neuchâtel Observatory Competition five times in a row, an unprecedented feat. By 1962, Zenith had produced a total of 11,000 Caliber 135s in two series: the officially certified "Chronometer" and the uncertified "2000." As a movement enthusiast, the lack of chronometer certification doesn't matter to me; what matters is the beauty of the mechanism and the exceptional construction. Some may be put off by the steel case size, which is only 35mm in diameter, but that was the norm at the time: the watch industry was packaging timekeeping mechanisms, not air.

　Another horological legacy I would never part with is the Audemars Piguet Royal Oak. As we all know, this classic watch dates back to 1972. This watch icon wouldn't exist without Georges Golay, who served as Audemars Piguet's CEO from 1966 and led the company through extremely difficult economic times. He listened carefully to the wishes of Carlo de Marchi, Charles Vauty, and Charles Droz. These distributors, better known as the "Three Musketeers," were looking for a watch that would appeal to a new customer base. Golay commissioned Gérald Genta to design the "Jumbo," which was released in 1972 and housed the ultra-thin automatic caliber 2121.

　At first, everyone in the watch industry shook their heads. But Golay, a stoic descendant of the Vallée de Joux, refused to give up. I, too, was captivated from the very first moment by the just-above-39mm Reference 5402ST/344. I bought it with my first paycheck in 1973. Because sales were slow, I managed to save 20% off the then-retail price of 1850 euros—about half the price of a Volkswagen Type 1 (Beetle). My friends couldn't believe I'd spent so much money on a ticking fossil when high-precision quartz movements were so readily available. But I remained deeply intrigued by the Royal Oak, and in 1983 I even acquired a Reference 25654 with a perpetual calendar, of which 272 were produced. At the time, it was the most expensive stainless steel wristwatch in the world. My son inherited it as a wedding gift and now wears it with gusto.

　It's surprising to see now, but until around 2017, the ultra-thin Royal Oak "Jumbo" was a total flop. Retailers were content to sell the Ref. 15202ST below list price. This changed under François-Henri Bennahmias, who left Audemars Piguet at the end of 2023. As CEO, he helped to widely recognize this timepiece as a luxury watch icon, something that should have been recognized as such back in 1972. I bought one before the fuss started and was lucky enough to also get the 2022 anniversary Ref. 16202ST. At the time, I could have quickly resold it for five times the price. Of course, I didn't because only around 1000 examples existed, featuring the newly developed automatic Caliber 7121 with a specially designed rotor. Even though secondary market prices have fallen by 50% to date, this does nothing to diminish the enjoyment of this great classic watch.