Apple has recently announced the launch of the high tech Apple Watch and whilst there is little doubt that the product will be successful, traditional luxury watchmakers are not currently viewing this as a threat to their businesses. They predict the impact will be more likely felt on the Low-Mid end price point.
During 2013, one in every 7 people bought a new watch and the Top 25 watch brands account for 80% of the entire watch market, so it will be interesting to see whether Apple will feature in the Top 25 watch brands in 2015 and at which company’s expense!
When considering the current leading watchmakers, one company maintains its dominance and reputation for excellence. Established in 1839, Patek Philippe remains a family affair. The current President, Thierry Stern, represents the 4th generation of the watch making powerhouse and is currently overseeing the 175th anniversary celebrations from the company headquarters in Geneva.
As part of the anniversary celebrations a unique timeline has been included within the company website, showcasing the rich company history including stories from past & present. Many one of a kind, historical pieces produced were coveted by emperors, kings, tsars and ruling families throughout Europe & Asia.
Former and current presidents of the company are well known for their dedication to maintain and nurture artisanal experience and rare handcrafts by continuingly endorsing the production of watches with lavish engravings and enamel decorations contributing to watches, which experts agree are some of the finest timepieces in the world.
Patek Philippe is notable for manufacturing all of its own watch components and holds an impressive repertoire of over 80 patents. The combination of traditional skills and unique watch making technology contribute to the continuing success story of the brand. Continuing growth and record auction prices highlight the appetite for exclusive, rare and precious timepieces.
Luxury watch making is a skilled art and, for a Patek Philippe watch, meticulous attention to detail is paid. All the components are manufactured in-house, including up to 1,500 individual steps to make the movements. As part of the quality control process, watches are run for on average 1,200 hours before it leaves the workshops to check the accuracy and performance of the watch.
The effort that is put into the production of these timepieces is often heavily appreciated by the owner and if any of our clients own a valuable or antique watch there is probably as much sentimental value as cost involved. They are often cherished items, which may have been inherited or subject to the influences of celebrity endorsements, history, or rarity. When it comes to protecting valuable assets, watches as well as jewellery are often the most vulnerable to risks of theft, accidental damage and loss.
Whether a client already has an expensive watch or intends to purchase a valuable timepiece, it is important to have the correct cover.
A luxury watch, whether a classic or a newer model, is a serious investment both in monetary and emotional value and should be insured correctly to help minimise the impact in the event of a loss. If you would like any advice or guidance please do not hesitate to contact us.