IWC offers customised guided virtual tours
An exciting new virtual experience will enable watch enthusiasts to explore IWC’s headquarters from their own homes. Via a live stream from Schaffhausen, visitors will be able to take a customised tour of the museum and manufacturing centre, as well as observe first-hand a watchmaker at work, using the Swiss company’s innovative new Cyberloupe technology. Offering the same insight enjoyed on the ever-popular in-person tours, each virtual journey will be adapted to the specific interests of guests and narrated in real-time by knowledgeable guides. The new virtual tours will be available from September 28th, via IWC.com.
Richard Mille at the 24 Hours of Le Mans
Speed records may or may not be broken at Le Mans. Stereotypes, on the other hand, definitely will! The Richard Mille Racing Team, an all-female driver line-up is revving up this, the 88th edition of the world’s most famous motor race. The Team, chosen after a rigorous selection process, comprises of Colombian national Tatiana Calderón, the young German Sophia Floersch, together with Dutch newcomer Beitske Visser. The Richard Mille logo will be proudly emblazoned, together with the one of the Paris Brain Institute. Active member of the Board of this world-leading research hub, Richard Mille is always keen to develop promotional activities to fund some of its state-of-the-art research into the very origins of mobility deep within our brain.
LVMH intends to file a lawsuit against Tiffany
LVMH was surprised by the lawsuit filed by Tiffany against the Group in the Court of Chancery of the State of Delaware. LVMH considers that this action is totally unfounded. This action is essentially based on the accusation by Tiffany that LVMH failed to take the reasonably necessary steps to obtain the various regulatory authorities’ approvals in a timely way. This accusation has no substance and LVMH will demonstrate this to the Delaware Court. The LVMH Board, besides the elements already raised, had the opportunity to examine the current economic situation of Tiffany and its management of the crisis. It noted that the first half results and its perspectives for 2020 are very disappointing, and significantly inferior to those of comparable brands of the LVMH Group during this period. LVMH will be therefore led to challenge the handling of the crisis by Tiffany’s management and its Board of Directors. LVMH therefore confirms that the necessary conditions for the conclusion of the acquisition of Tiffany are not fulfilled.
LVMH could give up Tiffany
After a succession of events which undermine the acquisition of Tiffany & Co, the Board of LVMH met to review the situation relating to the contemplated investment in light of these recent developments. The Board learned of a letter from the French European and Foreign Affairs Minister which, in reaction to the threat of taxes on French products by the US, directed the Group to defer the acquisition of Tiffany until after January 6th, 2021. Furthermore, the Board noted Tiffany & Co.’s requested to extend the “Outside Date” in the Merger Agreement from November 24th to December 31st, 2020. As a results of these elements, and knowledge of the first legal analysis led by the advisors and the LVMH teams, the Board decided to comply with the Merger Agreement signed in November 2019 which provides, in any event for a closing deadline no later than November 24th, 2020 and officially records that, as it stands, the Group LVMH will therefore not be able to complete the acquisition of Tiffany & Co.
Abel Ferrara awarded the Jaeger-LeCoultre prize in Venice
La Biennale di Venezia and Jaeger-LeCoultre are pleased to announce that the American director Abel Ferrara (Pasolini, Bad Lieutenant, King of New York) is the recipient of the Jaeger-LeCoultre Glory to the Filmmaker award of the 77th Venice International Film Festival (September 2 – 12, 2020), dedicated to a personality who has made a particularly original contribution to innovation in contemporary cinema. The award ceremony for Abel Ferrara is to take place in the Sala Grande (Palazzo del Cinema) before the screening Out of Competition of his new film, the documentary Sportin’ Life (Italy, 65′) with Abel Ferrara, Willem Dafoe, Cristina Chiriac, Anna Ferrara, Paul Hipp, Joe Delia.
Phillips presents Intersect a cross-category online sale
Open for bidding from 2 to 14 September, INTERSECT is an online-only auction with a one-stop lifestyle concept that embodies the idea of art-meets-luxury. Following the notable success of Phillips’ first cross-category online auction held in May, the second cross-category online auction assembled by its Asia team comprises a tightly-curated selection of contemporary artworks and editions, alongside watches and jewellery, totaling more than 110 lots. Featured in the sale are works by established and in demand artists such as Banksy, Yayoi Kusama, and Keith Haring, as well as cutting-edge contemporary artists such as Daniel Arsham, Josh Sperling, Izumi Kato, and Mr.. The sale also offers elegant wristwatches by Vacheron Constantin, IWC, alongside edgy timepieces from Urwerk, MB&F, and colourful jewels created by renowned jewellery houses including GRAFF, Bulgari and Van Cleef & Arpels.
A less intense decline for Swiss watchmaking
In spite of certain key markets increasing or remaining stable, watch exports overall continued to fall significantly in July. However, the downturn was only half of that seen in June. Swiss watch exports over the month amounted to 1.6 billion francs, a fall of 17.0% compared with July 2019. Watches priced at over 3,000 francs saw a dip in value of 11.1%. Performance in the main export markets for Swiss watches varied significantly in July. China (+59.1%) posted a second consecutive month of very strong growth. Exports to the United States (-0.6%) were stable compared with July 2019, after three months of extremely poor performance. The situation in Hong Kong (-42.9%) showed no real signs of improving. Surprisingly, the United Kingdom (+2.5%) showed some signs of recovery ahead of other European markets, which were either stable (Germany -1.1%) or down sharply (Italy -33.6% and France -30.6%). Japan, in fourth place (-32.1%), another country deprived of Chinese tourists, remained clearly in the red.
H. Moser & Cie says “Hello, Beijing!”
This August, H. Moser & Cie is opening new doors. For the very first time, H. Moser & Cie. watches will be available in China, at a boutique concept space. Designed carefully by a Swiss architect – as an elegant manifestation of H. Moser & Cie.’s minimalist aesthetic – this concept space has opened its doors in Parkview Green in Beijing and is now receiving visitors, admirers, and watch-lovers alike. Featuring the brand’s new Streamliner collection – with a latest addition to be launched on August 26th – this space marks the beginning of a new adventure for Moser which hopes to welcome new friends, and share the ‘very rare’ with watch connoisseurs.
Christie's New York Watches Online totaled $2.1 million
Christie’s New York’s Watches Online: The Collector’s Edition (22 July to 5 August), totaled $2,138,375 achieving 109% hammer above low estimate. There was global participation with registered bidders from 40 countries with 50% of sale registrants new to Christie’s. The top lot of the sale was a F.P. Journe Platinum Octa-Auto, which achieved $162,500 after a competitive 24 bids against a low estimate of $30,000. Other notable highlights included an Audemars Piguet, platinum minute repeating star wheel wristwatch, which sold for $100,000 against a low estimate of $20,000; a very rare Patek Philippe platinum reference 3445 with diamond hour markers, circa 1964, that sold for $81,250; a Rolex “Big Red” Daytona reference 6263, which sold for $75,000; and a Richard Mille, Titanium, Ref. Rm010 that realized $87,500.