I’ve been in Geneva for the weekend ahead of the opening of Watches and Wonders, and it has been enjoyable, albeit soggy, walking around the hallowed streets, taking in the boutiques on and around Rue du Rhone.
I wondered whether Swiss retailers might have better availability of the unicorn watches that are never seen for sale when I tour the UK, United States or Germany, particularly after a year of inflation, interest rate rises and even a banking crisis for Credit Suisse put pressure on household finances.
Not a chance.
The usual For Exhibition Only signs for Rolex and Patek Philippe were as commonplace in the epicentre of Swiss watchmaking as they are in Leeds, Los Angeles and Leipzig.
Richard Mille and Audemars Piguet showrooms were stripped bare, and don’t think for a moment you can pop into a multibrand powerhouse like Bucherer and walk out with a hot H. Moser & Cie. or long-lusted after IWC ceramic pilot watch.
Who would buy a watch that loses 30% of its value the moment it leaves a store when a waiting list watch might be worth double its purchase price?
However, cabinets elsewhere were heaving with product, which got me thinking how simple it is to measure a brand’s success by how easy it is to buy one of their watches.
There are great alternatives to Rolex or Audemars Piguet but, because it is so easy to buy watches from their rivals, few customers seem to want them.
The reason for this is simple.
In an era when prices on the secondary market are at everybody’s finger tips, the value of every watch when it leaves an official retailer is there for all to see.
And who would buy a watch that loses 30% of its value the moment it leaves a store when a waiting list watch might be worth double its purchase price?
It’s unnecessary for me to list the brands and collections that are worth less than retail on the after market because everybody with a passing interest in watches knows what they are.
It would be unfair to say these brands are losers, but they are certainly not winning against the watches that nobody but super collectors (and, seemingly, flippers) can buy.
Who? Perhaps the people that like a watch for its aesthetics, function and feel rather than its value?