By Paige Reddinger and Jen Paolini

Time Out

If the watch industry has learnt anything in recent years, it’s to pay attention to secondary-market valuations. While prices have softened in the face of tighter markets, watchmakers at the high end are realising there’s still money to be made in their own circular economies.

Some are already there—independents such as Richard Mille, F. P. Journe, and MB&F began reselling in 2015, 2016, and 2018, respectively—but when Rolex announced it was launching a certified pre-owned programme (CPO) in December 2022, it was a game-changer: Few brands have the power to shift an entire industry dynamic more than the Crown. By January 2023, Audemars Piguet followed suit, announcing that its own CPO would launch by the end of the year. Both brands have seen after-market auction prices, and those achieved by dealers, reach stratospheric heights since 2020.

Beyond the financial benefits, these programmes are also touted by brands as a service to clients. Finding a Rolex or an AP at retail remains a sport akin to unicorn-spotting. A pre-owned offering at least promotes the possibility of buying a watch in store—albeit at a significantly higher cost than their (intentionally) scarce new models. The programmes also provide the guarantee of authenticity, a new warranty, and, in Rolex’s case, a nice wax-seal tag.

But are they too late to the party? Many vintage dealers seemed unfazed by the announcements. “I’m mostly focused on buying [older] watches, so I don’t see it affecting me at this point,” Eric Wind, dealer and owner of Wind Vintage, says. “Vintage buyers don’t even like to see a Rolex service card when they’re buying a watch, as that means it’s likely been polished and had parts replaced.”

New York-based dealer Gai Gohari believes pre-owned sellers will benefit from these CPO programmes. “Rolex can’t compete with [dealers] because it has certain standards to maintain, and then it’s also selling new watches,” he says. “It’s going to be hard to satisfy [the clients], because [the prices are] not going to make sense next to the modern stuff.”

At Bucherer, the retailer Rolex appointed to receive its debut CPO lot, a 2006 40 mm two-tone Cosmograph Daytona Ref. 116523 is roughly US$27,500 (HK$215,160), but the same model from the same production year, said to be in very good condition with box and papers, is going for US$20,771 (HK$162,510) on Chrono24, while a new 40 mm Rolex Cosmograph Daytona Ref. 126503 is US$19,500 (HK$152,565).

Patek Philippe president Thierry Stern is of the same opinion as Gohari. Stern told Robb Report in March 2023 that he has no intention of launching a CPO programme. “What I say to retailers is, ‘You want to do it, but how are you going to fix those watches? And what about price? Do you feel comfortable to have the new watch at US$50,000 (HK$391,050) and the same watch but pre-owned at US$200,000 (HK$1.5 million)?’” he said. “It’s not easy to deal with it. So, for Patek Philippe—no, it’s not what I will do.” As a brand whose motto promotes the passing of a Patek as an heirloom to the next generation, that stance seems fitting, at least.

But if Rolex’s new venture proves a success, there’ll be reverberations throughout the industry. The ripple effect is already being felt: eBay announced the launch of its Certified by Brand programme in late April, starting with high-end indie Perrelet, with Vianney Halter and Konstantin Chaykin to come. Expect more CPOs to follow. The question is, however, will you?

Modern Makeover

Audemars Piguet Code 11.59 Universelle Ultra-Complication RD#4

One of the most complicated watches of the 19th century gets a modern makeover. “In 1899, Audemars Piguet was involved in the creation of three ultra- complex calibres, including the famous pocket watch known as the ‘Universelle,’” says Sébastian Vivas, heritage and museum director at Audemars Piguet. “2023 marks [our] return to this ultra-exclusive field of excellence.” If the appearance of the Code 11.59 Universelle does not impress, a look under the hood of this 15.55 mm-thick beast certainly will—it features over 1,100 components, 23 complications, and 17 technical devices, including a grande sonnerie supersonnerie. It also does not need to be reset until 2400. On a mission to transform the traditional grand complication, AP made the Code 11.59 Universelle harder, better, faster, stronger, and easier to use than ever, despite its staggering number of functions. Of the four references, we’re most drawn to the beige dial with contrasting black counters and pink-gold indices and hands.

Calendar Design

Parmigiani Fleurier Tonda PF Xiali Calendar

Decoding the Chinese calendar is hard. Making one fit on the wrist is even harder. Parmigiani Fleurier saw the challenge and decided, “No big deal,” and gave us the Tonda PF Xiali Calendar, the third in a series of special editions dedicated to world calendars, which sports a smart, imperial-red dial with a “barley grain” guilloché pattern inside a stainless-steel case. How to accurately calibrate and synchronise the various complications of the multi-level dial— measuring the 24 solar terms, animal zodiac and corresponding five elements, moon phase, date, month, and time—is already a brain buster, but Parmigiani Fleurier elegantly pulls this complex arrangement together in a tidy design, combining elements from both lunar and solar calendars. A knurled bezel—the Parmigiani signature—draws the eye towards the dial, while the open caseback reveals the calibre’s Côtes de Genève finish and skeletonised, 18-carat pink-gold oscillating weight.

Supercar-Inspired

Roger Dubuis Excalibur Spider Flyback Chronograph

From the house of radical horological designs comes the Excalibur Spider Flyback Chronograph, inspired by the technological advances of supercars, adding another motorsports-themed notch to Roger Dubuis’s belt. Fusing the hand-finished RD780 movement with the chronograph complication as the centrepiece of the skeletonised dial, this 45 mm timepiece epitomises the watchmaker’s fine craftsmanship and ability to think outside of the box. A rubber strap with quick-release function and a pattern of stylised tire marks accentuates the automotive motif, as does the caseback’s rotor, shaped like the wheel rims of a supercar. One of the key features of the watch is the isotoxal 120-degree rotating minute counter, a patent-pending tripartite design that sounds complicated but is nonetheless easy to read.

Flying Tourbillon

Jaeger-LeCoultre Reverso Tribute Duoface Tourbillon

It has been 30 years since Jaeger-LeCoultre released its first tourbillon wristwatch, and the maison is suitably celebrating the anniversary with a striking new timepiece. Housed in a delicate pink-gold case that anchors the Reverso’s Art Deco origins, the Reverso Tribute Duoface Tourbillon features two distinctly different dials—on the front, a classic sunburst design with dauphine hands fenced by a chemin de fer minute track, and on the reverse, a second, smaller dial in black, plus a day-night indicator. Indubitably, the most striking component is the intricate tourbillon, reimagined by Jaeger-LeCoultre with a new ball-bearing system and centred balance wheel to better fuse with an ultra-thin, hand-wound movement of 254 parts at just 3.9 mm thick. Fully appreciate the painstaking craftsmanship of the guillochage engraving on the bridges—highly technical work done on a 100-year-old hand-operated lathe—and the Clous de Paris guilloché pattern.

Brand Revival

Daniel Roth Tourbillon Souscription

Among those with the most discerning vaults, Daniel Roth has been increasingly sought-after. The former Audemars Piguet and Breguet watchmaker branched out on his own in 1988 to become one of the first modern independents, making his name with a creative spin on classic and complex complications housed in a unique case shape. In 2000, the brand sold to Bulgari, which is now owned by LVMH. In 2023, Daniel Roth was placed under the purview of master watchmakers Michel Navas and Enrico Barbasini at La Fabrique du Temps, which previously exclusively made watches for Louis Vuitton. The result is a thoughtful homage to Roth’s original designs. The Tourbillon Souscription features his signature double-ellipse case (unveiled in a 38.6 mm-by-35.5 mm size), a new hand-wound movement with 80 hours of power reserve finished entirely by hand, and a dial crafted from a solid yellow-gold plate decorated with Clous de Paris guilloché. Only 20 pieces will be made available via subscription.

Dial Design

Rolex Oyster Perpetual “Celebration”

One of the most unexpected releases to have come out of Geneva’s 2023 Watches and Wonders trade show is this playful iteration of the Oyster Perpetual, showing that Rolex can indeed buck the sky-high expectations and have a bit of fun. “Bubbles”—as the motif has been unofficially nicknamed— gathers all the hues of the watchmaker’s 2020 coloured-dial range and reunites them in a joyful ball-pit-like design for three waterproof case sizes. Running on either the self-winding calibre 2232 or 3230—new mechanical movements entirely developed and manufactured by Rolex in 2020—the timepiece has a power reserve of up to 70 hours and comes with 18-carat white-gold hands and indices with Chromalight treatment, set against a turquoise-blue lacquer dial dotted with over dozens of individual enamel circles. Love it or hate it for its whimsical qualities, this is a statement piece and a conversation starter, and undeniable proof that the Crown stays on top.

Centenary Tribute

Richard Mille RM 72-01 Le Mans Classic

Speed meets horology is a running theme for cross-category collaborations, and Richard Mille presents its latest take with the limited-edition RM 72-01 Le Mans Classic, a tribute to 100 years of the legendary endurance race and its (much younger) biennial vintage racing festival. Only 150 pieces of this flyback chronograph are on the market. As with other Richard Mille designs, this open-worked timepiece does not play by the usual rules; the more-rectangular-than-circular tonneau case packs in a CRMC1 movement, with components crafted in titanium, aluminium, and vanadium. Its three subdials are asymmetrically placed, bolstered by the chequered Le Mans Classic flag at 11 o’clock and a date aperture at 7 o’clock. Another tiny detail built in by the watchmaker to echo the motorsport inspiration is the 3 o’clock function indicator, designed like a gearbox to point out the crown’s winding, neutral, and hand-setting positions. Now, here’s the work of a master who knows the watch landscape and wants to do something different with it.

Sports Watch

Patek Philippe Aquanaut Annual Calendar Ref. 5261R

How do you one-up your friend’s Aquanaut? By owning the first Aquanaut Annual Calendar. Patek Philippe invented the complication—which features a day/ date/month calendar that requires only one manual correction per year (at the end of February)—in 1996. Just one year later, the Swiss watchmaker introduced its first ladies’ models in the Aquanaut line, with quartz movements. Now the company is bringing its mid-1990s hits together in Ref. 5261R, in rose gold handsomely paired with a blue-grey dial and rubber strap and featuring a new self-winding calibre with a 21-carat-gold rotor. Patek might call it a women’s piece, but at 39.9 mm by 10.94 mm, it’s entirely unisex, which means, of course, more competition in finding one. Good luck out there.

Unisex

Vacheron Constantin Overseas Self-winding

For fans of Vacheron Constantin’s popular Overseas timepiece, the oldest continually operating watchmaker delivered good news that was perfectly in line with today’s trends: the release of 34.5 mm and 35 mm sizes. Both come in pink gold or steel with an easily interchangeable strap system to switch between the bracelet and a rubber or leather strap. The smaller pieces have an inky-blue dial, while the 35 mm versions—such as a pale-pink dial set with diamonds—come with case diameters that had to be slightly enlarged to fit the stones. While the latter version is arguably more feminine, it would turn plenty of heads for all the right reasons if worn by a man. (Look out for it on red carpets upon release.) Either way, you will hardly need to convince your significant other why either watch is a win-win.

Coloured Dial

Chopard L.U.C 1860

Chopard’s L.U.C collection is a quiet hero in the dress-watch category, turning out elegant timepieces with beautiful dial treatments and meticulous finishing to match its sleek but traditional design. The latest stunner in the line-up features a true salmon dial made from solid gold with hand-applied guilloché—the particular colour is achieved through a galvanic treatment rather than by mimicking the shade on a less-precious metal. The expert movement finishing has also earned this piece the prestigious Poinçon de Genève quality hallmark. If some of its features—including the white-gold, chevron-style hour markers—look familiar, that’s because this is a faithful re-edition of the first L.U.C model from 1997, at 36.5 mm. The only updates (beyond the dial) are its revamped L.U.C 96.40-L movement and a case made of Lucent Steel, a proprietary alloy that is composed of 80 per cent recycled materials.

Bracelet Innovation

Bulgari Serpenti Infinity

Believe it or not, Bulgari’s Tubogas Serpenti bracelet hasn’t been redesigned since its inception 75 years ago. That changed in January 2023, when the first Tubogas set with diamonds was introduced. “Fabrizio [Buonamassa Stigliani, Bulgari’s creative director of watches] had the genius idea,” Antoine Pin, Bulgari’s managing director of watches, tells Robb Report. “He said, ‘What if we manage to do the same design but we don’t use this technique?’” The traditional Tubogas uses a very thin gold band wrapped around a spring, which is too thin for diamond-setting. The solution? Using individual gold links separated by invisible pieces of rubber to maintain flexibility around the spring. “By doing so, we created links that are much thicker and also mobile so that we are able to do the gem-setting,” says Pin. The result is the Serpenti Infinity, which features diamonds that slither down the centre of the bracelet coil. The look and feel remain the same as the original’s, but the possibilities for new settings are now limitless.

Asymmetry

A. Lange & Söhne Lange 1 Perpetual Calendar

Probably the most iconic design in the A. Lange & Söhne catalogue is the Lange 1, and the 2021 Lange 1 Perpetual Calendar took this legacy a step further with even more features. While the 2023 reference keeps the same movement, size, display architecture, and off-centre subdials surrounded by a month ring and day-of-week indicator, Lange dresses up the face in a chic all-black finish with spiral guilloché details and a brilliant dash of blue in the moon-phase and day-night aperture. Open casebacks are a Lange speciality, and this timepiece is a brilliant showcase of the watchmaker’s hallmark gold chatons, blue-steeled screws, German silver plates and bridges, hand-engravings, and Glashütte ribbing. Unmissable is the 21-carat-gold rotor, stamped with the Lange logo and a pebbled pattern.

Case Design

Chanel J12 Hyper Cybernetic

Chanel went two-faced this year with the new J12 Hyper Cybernetic. It’s not the first time the house has created a timepiece with a split-personality dial (other iterations debuted in the J12 Paradoxe), but it is the most complex. The Parisian brand conceived an entirely original design with pixelated diamond squares that seem to bleed off the dial onto the case, reshaping it as they go. The watch is part matte-black ceramic and part white gold, and creating the jagged edge and cutting the ceramic demands a full day just to set up the machine required to shape the components and an additional six hours of machining to perfect the form. Another 23 hours is focused on the gem-setting. Unlike other centuries-old watchmaking houses where creativity is often stifled by tradition, Chanel’s avant-garde experimentation is moving the medium forward by leaps and bounds.

High Jewellery

Cartier Baignoire Allongée

Cartier’s perennially avant-garde and in-demand Baignoire Allongée (“elongated bathtub”) hardly needs an edgy update to remain relevant. Since its inception at Cartier London in the swinging 1960s, it has remained one of the coolest watches in the Parisian house’s oeuvre of multi-shaped timekeepers. But if you’re keen on icing out your competition, the latest mosaic-dial version should do the trick. In colours akin to the many shades of jagged glaciers, shards of mother-of-pearl, turquoise, onyx, and white gold are laser-cut and then assembled via marquetry techniques to achieve the dial’s graphic composition. It’s matched by a frame of diamonds, grey spinels, and blue tourmalines set in white gold in an inverted pavilion setting. Cartier’s curves have never looked so sharp.

Collaboration

Girard-Perregaux Laureato Green Ceramic Aston Martin

The latest piece to come from the Girard-Perregaux and Aston Martin collaboration since its debut in 2021 is, by some distance, the best. The Laureato Green Ceramic Aston Martin features a verdant ceramic case and bracelet, in honour of the marque’s own racing green, but it isn’t just any ceramic case—zirconium and metallic oxides were used to achieve this precise shade. Its nuanced finishes include a brushed bezel and bracelet contrasting with a polished bezel plate, giving it a look more like titanium than other shinier ceramic pieces on the market. The only reference to Aston Martin on the dial is the cross-hatched diamond pattern inspired by the company’s 1920s logo. Its decal has been placed discreetly on the sapphire-crystal back while maintaining an unobstructed view of the circular graining and Geneva stripes on the automatic movement.