The Value Of Time
By Paula Felps
THE RELATIONSHIP between luxury cars and fine watched is one that has blossomed over the years, and today purveyors of high-end automobiles are likely to be wearing a premiere timepiece on their arm as well.Although watches, overall, serve a basic function – keeping track of time – the way in which they do that is as different as the styles of watches themselves. Just as all cars sprang from one basic need – transportation – and have become statements of success, watches have gone far beyond their original call of duty. Comparing a Breitling to a Timex is not unlike racing a Ferrari against a Ford Pinto: Technically, they both serve the same function but they are two different machines entirely.
NATURAL CONNECTION
Over the years, many watch manufacturers have begun specializing in certain segments of timekeeping, with many of them turning their attention either to sports or automotive fans. For example, TAG Heuer is particularly well know in golf and auto racing circles and has even reissued its 1950s classic timepiece originally created for the Grand Prix of Monaco.
Luxury watches are generally designed of those with a price tag of $5,000 or more, although the numbers vary widely beyond that. Specially made timepieces can reach up to $350,000 or more; the average cost of a high-caliber watch is between $3,000 and $25,000.
“The highest brand we carry Patek Philippe,” says Denis Boulle, owner of DeBoulle Jewelers in Dallas. “Their pieces start around $10,000 and go into the millions. It’s not unlike cars; you can have a tremendous range of prices within the same brand.”
The partnerships between automobile and watch manufacturers often provide a mutually beneficial relationship, but it seems to be the consumer who finds it more satisfying. According to Mark Teguns [formerly] of Bachendorf’s [now owner of Markham’s Fine Jewelry], which as three jewelry stores in the Dallas area, the connection between cars and watches is a direct one.
“Guys who collect cars tend to also collect watches and vice versa,” he says. “I only know one guy who is a car collector who isn’t into watches, It makes sense – they like to have something they can talk about and show other people. If you’re not in your car, you can show off your watch.”
He said that Texas boasts a “huge community of watch guys” who are as passionate about their timepieces as they are about their mode of transportation.
“Most of the higher-end watches are automatic, not quartz, so there are a lot of parts that go into [building] them. I think that has a lot of appeal to guys who are into the mechanics of their cars.”
Frederic Gasser, President of BRM North America, agrees.
“The same thing that attracts a man to a car is what attracts a man to a watch,” he says. It’s the mechanical movements. With men we don’t have a lot of things we can collect. A watch, a car, a pen – that’s about all we have.”
With that in mind, BRM builds a watch much like they would build a fine automobile.
“We give people the opportunity to customize it like you would a car or a motorcycle. Every single part is separate, and you create it the way you want it.”
The specialized approach to watch-making is adaptable to 43 different models crafted by BRM; by year’s end they will have 55 in their line. The watches range from $1,650 to $15,000, but as they add materials like rose gold and platinum cases, the high end of the price tag will scratch closer to the $50,000 mark.
However, collecting watches isn’t just about boys and their toys. Teguns claims that some women are just as wild about their watches as men.
“Women buy men’s watches to wear for themselves all the time,” he says. “It’s not unheard of. Especially when it comes to cars. Most of the manufacturers make the watches for men, not for women.”
Boulle agrees, adding, “It’s really very much a man’s world as far as watches are concerned.”
But, he notes, women tend to buy watches for different reasons than men, and the manufacturers of fine watches are aware of the two markets.
“Women are buying a piece of jewelry that tells time. With men, it’s more about the mechanics. Men look at it as a piece of art they can wear.”
NOT YOUR FATHER”S TIMEPIECE
In 1999, Cadillac was struggling to retool its image to attract a younger, hipper audience and dispel the notion that Caddys were designed for the blue-hair set. At the same time, Italian jeweler Bulgari was trying to find a higher profile in the U.S. market for its contemporary luxury watches.
Discussions between Wayne Cherry, then head of GM design, and Nicola Bulgari, co-owner of the company bearing the same name, prompted Cadilla to include Bulgari styling concepts in future Cadillac models. The jeweler helped design instrument panels for several of Cadillac’s concept cars, as well as the instrumentation on the XLR. Escalade models now have a Bulgari clock on the instrument panel, and after Cadillac commissioned Bulgari to design the instrument panel of its [then] new XRS, it included a Bulgari watch with each SRX purchase.
The crossover has been effective, with Cadillac owner visiting Bulgari showrooms and vice versa. That is a common theme – both manufacturers seems to fare well fro the co-branding effort.
“These are not consumers who are looking for a logo watch,” Clarifies Teguns. What they are interested in is a name-brand watch that is associated with their automobile of choice.”
For Porsche aficionados there has been no substitute for the International Watch Company’s Porsche Design collector watches, which the Swiss-based manufacturer began creating in 1978. The line of watches expanded in the early 1980s, when the IWC introduced the Ocean 2000, its Porsche-styled titanium diving watch.
IWC has discontinued making watches for Porsche, and [in the spring of 2005] the timepiece manufacturer created an industry-wide buzz when it announced a co-branding deal with Merceded-AMG.
Unveiled in April 2005, the Ingenuir chronograph is made of titanium and was kept tightly under wraps until its official debut. With a price tag between $4,000 and $8,000, the limited edition timepiece is moving quickly.
“That is one way they build a lot of excitement about these watches, “ Teguns said. “They kept it as secret as possible and people get anxious about being able to get one. A lot of them are limited editions, so people get on a waiting list. It’s a lot like unveiling a new car.”
The appeal isn’t limited to cars that consumers drive; it also honors autos that race fans enjoy observing. When Audemars Piguet designed a watch in honor for Formula One racing great Juan Pablo Montoya, they found a best-selling line. The designs, which always area limited edition, incorporate some of the features of the race car to give a sense of Montoya’s fast-paced style. Similarly, Omega has a line of brisk sellers bearing the name of racing great Michael Schumaker.
“The biggest partnership going on right now is between Breitling and Bentley,” says Teguns, explaining the two first teamed up [in 2002] Breitling Bentley Le Mans.
“They cleaned up with that and decided to do some co-branding together.”
The partnership has been incredibly successful, with a line of exclusive chronographs that include the Breitling Bentley 6.75, the Breitling Bentley GT and the Bentley Motors Chronograph.
“Those watches are huge sellers,” he said, noting that the large size of the watches is appealing to many as the name and craftsmanship. “When people see them they just melt.”
Just like cars, watches attract collectors and investors who appropriate them for their design and their value.
“People who buy watches at this level generally have eight or 10 watches, “ Boulle says. “There are definitely people out there with 15, 20 or even 30 watches. They have special winding boxes so [the watches] will keep running, even if they aren’t being worn.”
Collectors, he says, have done well over the years by investing in watches.
“It really is like buying the right car. “People are sophisticated investors,” Boulle says. “You can wear them, enjoy them – and then when it comes time to trade, you can do very well.
What makes watches tick? Even among high-end timepieces there are dramatic difference in their form and function. Here’s the difference between different types of luxury watches available.
Automatic watch – These timekeepers derive their power source from the physical movement of the person wearing the watch. That means if the watch is not worn for an extended period of time, it will stop running. A small shake will get it ticking again. Because of the precise engineering that goes into them, automatic watches tend to cost more than their quartz counterparts.
Quartz watch – Less expensive than automatic watches, quartz timepieces are battery-powered and more readily available.
Even among automatic watches, there are differences in the basic operations. A caliber automatic watch is more precise than a standard automatic. The higher the caliber, the greater the precision the watch’s movements will be. Since automatic watches operate without batteries, the timepiece will gradually begin to “lose” time. For example, after a month of wear, a low caliber automatic may be off by about 12 minutes, while a high caliber timepiece will be off only by a minute or two. In the same way, a high caliber watch that is not worn will go much longer before it stops ticking.
In the end, automatic vs. quartz comes down to personal preference. What is most important, experts say, is that buyers select a watch that suites their style and personality. Source: Environmental Studies.
See Previous SingleStylingDad Articles
- June 2010 SingleStylingDad Article - Wild Past Prestigious Future
- May 2010 SingleStylingDad Article - Smokin' The Competition
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This story was reprinted with the authorization of Madison West Communications and American Driver Magazine
