Earlier in the year, Patek Phillipe rented out a two-story building in downtown New York, redesigned it to look like a Swiss palace, and used it to showcase some of its most famous and rare timepieces.
The one-of-a-kind event, ‘The Art of Watches, Grand Exhibition New York 2017’, was unprecedented in its scale and grandeur, and signified a significant step forward in Patek’s mission of getting the elusive 20 something market more interested in its watches.
But that may be more difficult than they imagined. With their lowest priced starter watch, which is targeted at millennials, coming in at a cool $20,000, the reality is the 11-day pop-up exhibition is the closest most people will get to their handcrafted masterpieces.
However, this is beside the point. Even the idea that a luxury watchmaker such as Patek would think to invest so heavily in attracting younger generations says a lot about the changing state of the watch market, particularly vintage watches.
Vintage Patek Philippe watches are among the most intricate and highly sought after in the world, regularly going for record prices at auction. And today, the demand for them, as well as vintage watches from other brands, has expanded way beyond the realm of enthusiasts and hobbyists and into the wide eyes and deep pockets of the mainstream.
In follow up to the NYC event, the New York Times caught up with several experts from influential watch dealers and asked them why vintage watches are doing so well and what the future of the market looks like.
This is what they said, condensed down and split across three major trends that they all agree seem to be the driving forces behind the vintage watch market.
The importance of provenance
With an abundance of shapes, styles, manufacturers, and movements, provenance is becoming ever more important in the world of watches.
A significant origin and rich history can’t be replicated or made in a factory. In many cases, it can’t even be planned for. Much of the provenance of a watch comes down to the historical significance when looking back at the industry and circumstances as a whole, not to mention the uniqueness of its journey and the wrists it adorned.
And naturally, as time goes by, watches from significant time periods and historic watchmakers will only become more in demand. Rolex, Patek, Omega — the same trends for their mint condition and rare vintage watches that have been playing out for years aren’t going to slow down anytime soon.
As the market grows, so will the importance of provenance being supported by physical documents — a certificate, or an extract from the archive. Buyers will demand proof of authenticity and the value of watches with it will only become that much greater.
Independent watchmaking
Some of the most significant vintage watches are so because they were produced in small or limited numbers from independent watchmaking companies.
It’s the oldest trick in the watchmaking book: produce something of such quality and craftsmanship that everyone wants one and demand sores ahead of supply. But unfortunately, as big business gets their hands into the lucrative watch market, such independent operations can quickly be snapped up for a tidy sum and expanded into mass production machines.
Those that stay independent, tight-knit outfits will produce some of the most sought after watches in the long run. Sticking to this rule, vintage watches of brands like Richard Mille, Phillips Dufour, and Laurent Ferrier, to name a few, are set to go up in demand and value year on year.
Younger and more social
Younger generations like millennials don’t need watches to tell them the time — they have their phones or some other device for that.
But watchmakers like Patek are still appealing to younger buyers by following a different approach and framing their collections less like timepieces and more like ‘wearable art’.
In this way, watchmakers can get a foot in on the younger market and start benefiting more from social media platforms like Instagram and Facebook. This is the way dealers can make themselves known in the market and relate more to younger collectors.
A younger interest is also having a positive influence on diversifying the watch market. Brands are changing up their repertoire in attempt to be more interesting and stand out. This will make for an ever more interesting future for rare and vintage watch collectors.
Parkers is a century-and-a-half old watch retailer built on loyalty, reliability, and value for money. Browse our catalogue to see our latest stock of pre-owned and vintage watches.
