If you're not into watches, the thought of paying a four-, five- or even six-figure sum for a timepiece may seem baffling. You can acquire a perfectly reliable timekeeping device for just a few pounds if you choose, or simply rely on the many electrical devices we're surrounded by these days.
"Watches are pieces of art, like a Picasso. You don't really need them," Rolf Schnyder, the enigmatic president of luxury Swiss watch house Ulysse Nardin, once said to me. "If you need the time, you have it on your phone, on a quartz watch — it's everywhere. You can buy two Ferraris for some of my watches, but you have choices."
Of course, he's right. None of us needs a minute repeater — a watch that chimes the time to the nearest minute at the touch of a button — but for those who own one, the exquisite craftsmanship behind it makes it fine art. A mechanical Swiss timepiece is Guernica in wrist-mounted form.
With that in mind, your watch says a lot about who you are - if you want to tell the world you're a real-life Thomas Crown, buy a Jaeger LeCoultre. The same is increasingly true of ladies' watches. More and more, the market caters for women who appreciate the inner workings of watch movements and the complications (functions, in layman's terms) they produce.
Because of this, Swiss watches are big business. The last decade was one of enormous growth for the industry, with exports hitting a peak of 17 billion Swiss francs in 2008.
Naturally, the picture hasn't been quite so hunky-dory since. Despite some initial (and frankly naïve) suggestions that luxury watches might be recession-proof, the industry took a 25 per cent hit in 2009, sparking fears in some quarters of scenes not seen since the watchmaking crisis of the 1970s, when an influx of cheap Japanese quartz watches brought 1,000 watch companies to their knees and saw two thirds of the workforce laid off.
Mercifully, for those who are into watches, the signs this year are that a Doomsday scenario is unlikely. First quarter reports from watchmaking behemoths LVMH and Richemont pointed to the green shoots of recovery. A cautious optimism is returning.
"In 2010, we're projecting growth of around 10 per cent," says Jean-Frédéric Dufour, president and CEO of venerable watch house Zenith. "That's not like the growth we saw in the four years leading up to 2009 but, thanks to the Asian market and the fact people still have money to spend, Zenith is expecting better times ahead. This year and next will be a time of reconstruction."
The picture at Bremont, an up-and-coming British watch company that launched its first collection in 2007, is also positive, but for different reasons. Still small by industry standards, the brand can afford its own philosophy.
"As a major player, you have to look at the trends and follow them in more detail," explains co-founder Giles English. "But, as a small player only making limited volumes, we are less swayed by the market and tend to design and build what we like and hope there are customers with similar tastes."
Those tastes are changing. This year's new collections, presented at the annual Basel and Geneva shows that mark the start of the watch year, suggested a more conservative approach to watchmaking. Out with the bling of the Noughties — in with stripped-back looks and genuinely useful watch complications, such as chronographs and dual timers.
"There is no doubt people are looking to buy watches that will hold their value," says English. "Brands that have over-distributed have seen second-hand values plummet as retailers raise cash through heavy discounting, and it will take a while for this to disappear. Luckily Bremont is not in this position," he adds.
Dufour agrees. "This year is about a return to the basics, to real watchmaking values. Customers want value for their money."
The newest Swiss watchesAUDEMARS PIGUET MILLENARY CARBON ONE TOURBILLON CHRONOGRAPH
Audemars Piguet is one of the most horological watch brands, as this spectacular piece shows. It features a gravity-defying tourbillon, chronograph and a ten-day power reserve, but the magic is in the carbon used, formed under 7500N/cm2 of pressure at temperatures of 2,400°C. Limited to 120 pieces. £213,200.
audemarspiguet.comBLANCPAIN L-EVOLUTION SEMAINIER GRANDE DATE 8 JOURS
For some reason, top-end watchmaking and sport endure a troubled relationship, so Blancpain, the world's oldest watch brand, deserves credit for L-evolution, a deliberately sportier piece than its more familiar offerings. The look is achieved by oversized 3 and 9 o'clock numerals, machined dial and red elements. £15,040.
blancpain.chBELL & ROSS INSTRUMENT BR03-94 PHANTOM
The wrenched-from-a-cockpit looks of the Bell & Ross Instrument series of square-cased watches are now widely recognised. The BR03 collection is the smaller of two sizes offered, but still weighs in with a 42mm case diameter. The Phantom somehow manages to be muted, thanks to a carbon powder finish. £3,550.
bellross.comIWC PORTUGUESE YACHT CLUB
If ever criticism was levelled at IWC's timeless Portuguese, it was because it didn't cater for sybarites who liked to rough it a bit. The addition of the Yacht Club to the collection has sorted that - with its stainless steel case, rubber strap, automatic chronograph movement and 60m water-resistance, this is a piece that looks as good under a cuff as it does underwater. £7,950.
iwc.chRAYMOND WEIL FREELANCER SUMMERTIME
Raymond Weil's new Freelancer Summertime collection reflects the industry trend towards ladies' automatics, and marries old-fashioned watchmaking savoir-faire with contemporary fashion. The generous 38mm case features a diamond-set bezel and 12 diamond-set hour markers. The alligator strap comes in three colours. £3,295.
raymond-weil.comLONGINES LINDBERGH ATLANTIC VOYAGE
In 1933, Longines equipped Charles Lindbergh and his wife with a chronograph wristwatch for their pioneering 47,000km flight around the North Atlantic. This elegant steel timepiece is a reissue of the original and has an automatic chronograph and tachymeter scale. But it's the period-inspired Arabic numerals, lacquered dial and blued hands that really make it. £3,460.
longines.comPATEK PHILIPPE 5980/1A-014
One of few brands to emerge stronger from the crunch, Patek Philippe is the envy of the industry. The body of Patek's line-up is classic-looking, but the Nautilus is a distinctly masculine, retro-inspired piece. This year's 5980/1A mechanical chronograph in steel only adds to the allure. £27,030.
patekphilippe.comZENITH EL PRIMERO STRIKING 10TH
Still the world's most accurate series-produced mechanical chronograph, with a movement launched back in 1969. This year's El Primero pieces include the stunning Striking 10th. Its central hand makes a full dial rotation in ten seconds and allows you to measure time to the nearest tenth of a second. £7,000.
zenith-watches.comROLEX OYSTER PERPETUAL DATEJUST LADY 31MM 5980/1A-014
Available in combinations of rose gold, steel and brilliant diamonds, with either dark rhodium, champagne or pink dials. There's also a floral dial motif version. Aside from its looks, the Datejust Lady bears an automatic movement that's certified for accuracy, and is water-resistant to 100m. £8,060.
rolex.comRICHARD MILLE RM 016 TITALYT
This is the first watch to be made of Titalyt, a highly resistant form of grade-5 titanium normally found on spacecraft. One of
a new breed of top-end watchmakers, Richard Mille is obsessed with innovation and detail - the RM 016's case requires 202 separate machine operations to achieve. £44,650.
richard-mille.comOMEGA SPEEDMASTER PROFESSIONAL APOLLO- SOYUZ '35TH ANNIVERSARY'
It's 35 years since the Soviets and Americans shook hands in space. Omega commemorates that remarkable day with a chronograph with a dial made of meteorite. Aptly, only 1975 will be made. £5,010.
omega.chBREMONT SQUADRON U2
Bremont's stock rises again with the Squadron U2, commissioned by pilots of the Lockheed U2 spy plane and tested at 100,000 feet. It's encased in black DLC-treated steel and boasts a movement officially certified for accuracy. This edition is only available to U2 pilots, but there will be three other models available to us mere mortals. From £2,895.
bremont.com
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