Timeless

by Gigi Cowell

No longer is the acquisition of a gold watch the result of 30 years of loyal service at a single company, given by the boss at a retirement dinner.

 

There is a growing cadre of young professionals— especially MBA, law and medical school grads—choosing to mark their achievements with especially high-end timepieces. These new buyers are well-informed and savvy consumers, looking for the ultimate “statement piece.”

In 2007, the Luxury Institute, a New York research organization that surveys the wealthiest consumers in the United States, conducted a poll of the top ultra luxury watchmakers. The Luxury Brand Status Index (LBSI) is established by rankings which are based on quality, exclusivity, social status and self-enhancement. Respondents were comprised of consumers with a minimum net worth of $5 million— those considered to be the ultimate connoisseurs of luxury. Surprisingly, two companies with high name-recognition, Rolex and Cartier, did not take the top awards.

The number one honor went to IWC, the International Watch Company, founded by an American engineer from Boston. IWC has been dedicated to engineering and mechanical perfection in timepieces since 1868. The company manufactures watches exclusively for men, and its Grande Complication model consists of 659 micro components, making it one of the most intricate mechanical timepieces
in the world. Limited in production to only 50 per year, this symbol of prestige is crafted in platinum with a black crocodile leather strap—and retails for $300,000.

Franck Muller took this award in 2006 for the Crazy Hours watch, a model that places the hour hand in an eccentric—and somewhat confusing order. A relative newcomer in fine timepieces, Franck Muller opened the company which bears his name in 1992. Designer of some of the most complicated watches in the world, Franck Muller was awarded “The Most Prestigious Watch Brand in America” in 2006. The Cintrée Curvex design has somewhat of a cult following, and features classic curved lines mixed with a little whimsy. Retailing at approximately $20,000, the Colour Dreams collection is
emblazoned with bold colors such as fuchsia, lime green and cobalt blue.

Patek Philippe came in second in the 2007 LBSI, and was honored for its Calatrava ‘Travel Time’ watch, a precision mechanism that is offered in yellow, rose or white gold and platinum with a sapphire crystal case back. Manufactured in Geneva since 1839, Patek Philippe’s Swiss precision timepieces are some of the preeminent symbols of performance and prestige. Produced in a limited quantity of only 244, their Perpetual Calendar with the red “dot” dial can be purchased “pre-owned” from a Beverly Hills discounter for a mere $290,000.

Kevin Gabriel, Director of Marketing for Tivol in Kansas City, states that demand is still high for traditional names in luxury Rolex, Cartier, and the increasingly popular sport line of TAG Heuer are Tivol’s three top sellers. Panerai, the company that merged Italian designs with true Swiss watch making, is becoming the “timepiece for people in the know,” states Kevin, “Panerai keeps the supply low, which produces high demand—and another level of exclusivity.”

Citing job promotions and special occasions as popular reasons for high-end watch purchases, he believes there is a new generation of “under 40” professionals that are looking for something more. “Buyers are looking for quality pieces that will not only express their lifestyle and status, but could eventually become heirlooms as well,” notes Kevin.

More than just a timekeeping device, a fine timepiece represents the sophistication, style, and sometimes the accomplishments of its owner. And more than just a part of your arm, your wrist might just become the new place to display your trophies.

 

Return to Ingram's Lifestyle