Mad about vintage

Obviously I had an idea of the price such a piece could achieve, and my estimate evolved over the weeks as collectors registered for the sale. Still, I must confess that I was extremely surprised by this result which exceeded my expectations by several ten percent.

It’s a question of passion and emotion. There is no other explanation. Rationally, we can look at what’s going on in other sectors, art in particular, or draw parallels with other wristwatches that sold for significant amounts, but rarely beyond four and six million. At this level, though, it clearly comes down to emotional factors, which is what makes collecting so wonderful; it’s a world where not everything can be explained. What we can say is that the top-performing watches are quality items and quality, in vintage, covers several things: originality, an essential element, history, both of the watch and its owner, the watch’s condition and aesthetic. Then there is the rarity factor, governed by the law of supply and demand.

It’s true we’re witnessing the vintage phenomenon everywhere. With regard to watches, we can indeed wonder why fans of vintage buy watches that are full of drawbacks when a contemporary piece is perfect and covered by warranty. A survey by an American university shows that the popularity of vintage reflects the desire for traditional values in a world in the throes of crisis and profound change. It shows respect for the object and for handcrafting when we are inundated by throwaway products. And so we become attached to vintage products, knowing they are there to last.

I believe watchmaking experienced a watershed, a break point, which is why I say there is a before and an after the 1980s. With the revival of the mechanical watch and increased production volume came industrialisation, synonymous with using CNC machines on large series and computer-assisted design, to give two examples. While this doesn’t mean there is nothing worth having after the 1980s, manufactures changed levels from a technology point of view, and because of this we see the products from a different perspective.

Vintage clearly isn’t a threat in comparative terms, although we do need to put things in perspective. If we take the cumulative result at auction achieved by all watch brands, we reach annual revenue of around one billion, which we then need to divide by two to take contemporary watches sold at auction into account. Now, these 500 million represent barely 1.5% of the retail market of the leading Manufactures. We are clearly looking at a niche market. Ultimately, when people buy a mechanical watch for CHF 10,000, CHF 20,000, even CHF 100,000, what are they looking for? Precision, exemplary water-resistance, complications, or is it romanticism, sensuality, exclusivity. In my opinion, luxury items, or rather items that go beyond our everyday needs, because I don’t like to talk about “luxury”, must be stimulating, satisfying, timeless. And classic vintage watches play this role to perfection!