Chanel has given its signature J12 a facelift with a larger case, guilloche dial and sub-seconds. And the J12-365 also marks the first time Chanel is using its newly developed yellow gold alloy known as beige gold.

Since its introduction 14 years ago, the Chanel J12 has become a best seller on a massive scale. Though Chanel was not the first to popularise ceramic watches (Rado has that distinction), it made ceramic fashionable. And Chanel also introduced white ceramic into watchmaking with the white J12 in 2003. Though the J12 has no pretensions at being a technical timepiece, it certainly is one of the most important timepieces of this era. And so it is notable that the new Chanel J12-365 – this is intended to be on a lady’s wrist all days of the year – is available with a new yellow gold alloy. Named beige gold, after Gabrielle Chanel’s favourite colour, the new alloy has a hue in between the redness of rose gold and the pale colour of yellow gold. Rose gold has long been the dominant colour of gold in timepieces, particularly for high-end ladies watches; witness the remarkable popularity of the Rolex Daytona in Everose gold amongst ladies. That colour, however, has become commonplace, with multitudes of low-end timepieces sporting rose gold plating.  The revival of interest in yellow gold has long been predicted, but it has yet to materialise. Chanel offers its new J12-365 only in steel or beige gold, perhaps pointing towards yellow gold finally have its day in the sun again?

Exclusive to Chanel, the alloy takes after the favourite colour of Gabrielle Chanel and is an 18k gold alloy, meaning it is 75% pure gold in content. The new alloy goes along with a facelift for the J12. The most obvious changes are the case size – the J12-365 is slightly larger at 36.5 mm in diameter – and the new guilloche dial. Additionally, the J12-365 has a sub-seconds at six.

It is powered by the ETA 2895, an automatic calibre based on the ETA 2892 with a 42 hour power reserve. The J12-365 is available in white or black ceramic, with steel or beige gold accents. Each version is also available with diamonds set on the inner flange of the bezel.

Prices start at 8200 Singapore dollars (~US$6530) for the ceramic and steel models, climbing to 14,850 Singapore dollars (~US$11,800) for the ceramic and beige gold pieces. The steel models with diamonds are 20,950 Singapore dollars (~US$16,700), while the beige gold and diamonds watches are 27,320 Singapore dollars (~US$21,800).

Leica, arguably the grandest name in cameras, has lent its name to independent watchmaker Valbray for a series of wristwatches to mark Leica’s centenary. Valbray’s most notable product is a wristwatch with a shutter over the dial, which Valbray calls this the Oculus diaphragm system. The diaphragm shutter works exactly like the shutter on a camera, hence the collaboration between Leica and Valbray for the legendary camera maker’s 100th anniversary.

Operated by the rotating bezel, the 16 blades of the diaphragm shutter work exactly as they do on a camera. When open they reveal the chronograph registers on the dial, and once closed, they cover everything except the hour, minute and elapsed seconds hand.

The EL1 Chronograph (after the initials of Leica founder Ernst Leitz; the brand is a contraction of “Leitz Camera”) has a 46 mm titanium case with the tried and tested Valjoux 7750 inside. Ostensibly based on the aesthetics of Leica cameras, the Leica-inspired bits are not readily apparent; the applied “4.5” on the dial a reference to the aperture of the first Leica camera.

Despite the novelty of the shutter dial, the EL1 has an ordinary movement. It will have a far greater appeal for the die-hard Leica brand fanatic, rather than a watch collector.

And then there’s the steep price. Priced at €17,999 (~US$24,600), these will be available from Leica boutiques and Valbray retailers. A total of 100 of the EL1 will be made, with 50 in natural finish titanium and the other 50 in black DLC coating.

Christie’s Spring auctions 2014 will take place at end May in Hong Kong, with a bumper crop of watches on offer. As is typically the case with the Hong Kong sale, there is a preponderance of contemporary watches, from both established and also independent brands. Independent watchmakers have a strong presence in this sale, with timepieces from several of them on offer, including niche players like De Bethune and Ludovic Ballouard.  Notable amongst the independents is lot 2258, a Kari Voutilainen Vingt-8 in white gold with a custom order salmon guilloche dial featuring Breguet numerals. This is estimated at US$40,000-60,000.

Just a few lots on is an early Patek Philippe reference 3970, circa 1988, with the leaf hands and screw back found only on the second series watches. Specimens of the 3970 with leaf, or feuille, hands are the most beautiful of the series. This particular watch has significant oxidisation on the case, having been worn little. With an estimate of US$50,000-70,000, this is a reasonable entry into high end Patek Philippe.

For those with significantly deeper pockets, a pair of very special reference 5970 are also on offer. This reference succeeded the 3970, and at the very end of its production run Patek Philippe created a limited number of sets, each with four watches featuring special dials.

Lot 2605 is the 5970 in rose gold with a black dial, with a US$300,000-500,000 estimate. And with the same estimate is lot 2608, the same in white gold with a salmon dial. We published live photos of these earlier this month.

And from the same owner is lot 2612, a reference 5004 split-seconds chronograph with perpetual calendar in platinum, with a matching platinum bracelet. Estimated at US$500,000-800,000, this was made in very small numbers.

Arguably more historically significant, but also tremendously better value, is lot 2738. This is a Patek Philippe pocket watch with tourbillon regulator. Produced in 1930 and sold in 1947, this pocket watch won first prize at the Geneva Observatory trials three times (meaning it got first prize but did not place first in the category) and took the “first first” prize twice (first prize and first in category).  The tourbillon carriage was produced by noted watchmaker Hector Golay, and the movement subsequently finished, assembled and regulated by Francois Moudoux at Patek Philippe. This very special timepiece is estimated at US$150,000-200,000.

Another notable tourbillon in the sale is lot 2456. Omega created its self-winding, central tourbillon in 1994 for its centenary. The Omega central tourbillon features the tourbillon is the centre of the dial, with the hands on clear sapphire discs. These were made in small quantities and were never really popular, which explains the US$30,000-50,000 estimate.  Despite its relative obscurity, the Omega central tourbillon is a wonderful example of an unusual complication that has only been made by Omega and independent watchmaker Beat Haldimann.

German high horology is represented at the sale in a big way, literally. Offered for the first time at auction is the 46 mm Lange 31 in platinum. Weighing some half a pound, the Lange 31 was the world’s first wristwatch with a month’s power reserve, thanks to a huge, 1.8 m long mainspring.  The enormous torque from the mainspring is regulated by a constant force mechanism, which evens out the power delivery over its 31 day autonomy. This is estimated at US$80,000-120,000.

And Rolex of course requires mention. Modern Rolex watches are rarely noteworthy, but lot 2653 is significant. This steel and gold Submariner was made in a limited edition of 75 pieces in steel and gold for the 1999 handover of the Panama Canal from United States control to Panama (another 75 pieces were made in steel). Identical to a regular Submariner save for the Panana Canal logo at six o’clock and the edition number on the back, this is estimated at US$8000-12,000. This was consigned by someone involved in the Panama Canal handover, so is complete with a presentation certificate and coin struck for the event.

Also complete with boxes and papers is a GMT-Master reference 6542 with bakelite bezel. Circa 1959, this 6542 is complete with the box, warranty dated 1962 and sale tag. Making it even more desirable is the original bakelite bezel, few of which have survived due to the brittle nature of the plastic. This is estimated at US$45,000-62,000.

Amidst the craziness in vintage Rolex prices, there are still some modest buys available. One example is lot 2708, a 1973 Rolex chronograph reference 6263 with original box and papers. These are almost identical to the far more valuable Daytona chronographs, but because they are not the prices are more affordable. Estimated at US$15,000-23,000.

The Christie’s sale takes place on May 28 in Hong Kong. The full catalogue can be had from Christie’s.

A showcase of Cartier’s contemporary watchmaking, the “Cartier, Shape Your Time” exhibition is open in Singapore from May 24 to 25 at the Ngee Ann City Civic Plaza on Orchard Road. The event is open to the public, with guided tours available.



“Cartier, Shape Your Time” is an exhibition dedicated to Cartier’s key watch lines, most notably the iconic Santos and Tank, and also the official launch of the Calibre de Cartier Diver, the brand’s first ever true dive watch. The exhibition space is divided into five areas for each collection, including one for the Fine Watchmaking line of high complications, which includes timepieces from the SIHH 2014 collection like the innovative Astrocalendar. Multimedia displays, including touch screens, are on hand to explain Cartier’s watchmaking history, as well as its current creations. “Cartier, Shape Your Time” is open on 24 and 25 May 2014, from 11 am to 8 pm at the Ngee Ann City Civic Plaza on Orchard Road. It is open to the public, with guided tours available upon registration.

Whereas vintage remakes have only recently caught on for the watch industry as a whole, Longines has been rummaging through its archives for much longer. Its Heritage collection spans timepieces inspired by twenties pilots’ watches to the most recent, the Heritage Diver.

Available as a time-only model or a chronograph, the Heritage Diver is based on the cushion-shaped dive watches Longines made in the seventies. Both new models are very close to the originals in form and design, right down to the same 43 mm case diameter.

Rated to 300 m, the case of the Heritage Diver has two crowns – one for setting and winding, and the other for the inner rotating bezel – which were a signature feature of the Super-Compressor dive watch cases made by case maker E. Piquerez in the second half of the twentieth century.

These cases were used by a great number of brands, including Vulcain for its Cricket Nautical alarm. Though the Super-Compressor cases were also made with single crowns, it is the twin crown models that are synonymous with this type of case.

Both models of the Heritage Diver are equipped with sapphire crystals and available with either a nylon or rubber strap.

Pricing is 3340 Singapore dollars (~US$2670) for the automatic and 4690 Singapore dollars (~US$3750) for the chronograph.

The latest vintage inspired Jaeger-LeCoultre Reverso is a remake of the 1948 model, featuring a silver and blue dial with the distinctive “Fabriqué en Suisse” inscription as on the original.

Jaeger-LeCoultre hit a home run with the first Grande Reverso Ultra Thin (shown here in its Rouge variant), a remake of the 1931 Reverso with a black dial; that was recently joined by a chocolate dial version. JLC has been mining that vein ever since, with the newest addition being the Jaeger-LeCoultre Grande Reverso Ultra Thin 1948. Technically the new 1948 is identical to the 1931. It shares the same steel case measuring 46.8 mm long by 27.4 mm wide, with an unadorned reverse face suitable for personalisation. Inside is the tried and tested hand-wound calibre 822, the brand’s workhorse, oval-shaped calibre. The only difference is the dial, which is taken from the 1948 model.

It has a grained silver finish with the indices and minute track in blue, along with blued steel hands. And unlike the 1931 models which only carried the “Reverso” brand on the dial, the new 1948 has the Jaeger-LeCoultre logo plus “Fabriqué en Suisse“, which means made in Switzerland.

The new Grande Reverso 1948 on the wrist of Luke Tomlinson, captain of the England polo team

The reason for this is that Jaeger-LeCoultre as a corporate entity only started in 1937. Prior to that watchmaker Edmond Jaeger collaborated with Swiss movement producer LeCoultre & Cie. – most notably with the EWC movements made for Cartier – but each remained independent. The Grande Reverso Ultra Thin 1948 will retail for 12,800 Singapore dollars, which is equivalent to US$10,200.

Luxury watchmaking conglomerate Richemont just announced its full year 2013 results, echoing the rest of the industry, with slower growth and reduced margins due to a slowdown in China and currency effects.

Because Richemont’s stable of brands comprise almost entirely of high-end brands like Cartier and Jaeger-LeCoultre, save for Baume & Mercier, its results are a useful as a barometer for the fine watchmaking industry at large. For the full year to end March 2014 Richemont, which also owns Panerai and Vacheron Constantin, saw sales rise 5%, versus a 14% rise last year. Margins were down and net profit inched up by 3%. That was largely due to unfavourable currency movements and a continued weakness in Asia ex Japan, primarily in China and Hong Kong. This figures are in line with the performance of the Swiss watch industry as a whole. At constant exchange rates, Europe, the Americas and Japan all grew by double digits, while Asia, which makes up 40% of sales, was up only 6%. Notably, the highest growth in Europe came from the main tourist destinations, implying that demand from travellers, many of whom are from China, is still strong. Chinese demand within Asia, however, has slowed due to the political situation on the Mainland hence the poor showing in the region. As this is likely to persist, so will the impact on watch sales.  Though China will continue to be the world’s largest market for pricey watches, growth there will continue to be muted, especially for the higher end brands which Richemont focuses on. In contrast, the Swatch Group owns more accessibly priced brands like Tissot and Longines, which have been less affected by the overall slowdown in demand, hence the healthier figures in the Swatch Group’s 2013 results. Besides the geographical disparity in performance, another notable figure is the continued robust growth of retail revenue (meaning from Richemont owned boutiques) which was up 14%, versus the 6% growth in wholesale revenue (independent retailers).  This illustrates the unyielding push by the big watch brands to take more and more control of distribution channels and the resulting margins. Not only are brands opening more boutiques with more products being retained as boutique-exclusives, they are also pressuring retailers drop smaller, independent brands. Over the long term the influence and presence of the big watch brands will only increase. Richemont does not break down the performance of individual brands, save for Montblanc. The pen maker that grew phenomenally in the nineties has hit a wall and is attempting to refashion itself into a watchmaker because demand for luxury pens is moribund while watches still sell. Jerome Lambert, the former CEO of Jaeger-LeCoultre, was recruited last year to turnaround Montblanc, but the turnaround is still a work in progress.  Sales at Montblanc shrank 5% while operating profit dropped 64%. One likely reasonf for that is Montblanc is saddled with a large network of posh boutiques and the accompanying rentals, while its average selling price is pulled down by its leather goods and pens, unlike its sister brands which sell mainly watches or jewellery. Interestingly, from April 2014 Montblanc results will be integrated into the “Other” segment along with Dunhill, Net-a-Porter and various other businesses, removing it from public scrutiny. The group’s watch brands did moderately well, showing 9% growth in sales and a 6% rise in profit. Cartier and Van Cleef & Arpels together grew 4% in both sales and profit, with strong demand for jewellery. Cartier’s watches, which likely comprise around half of its sale, saw “moderate” demand.

Moderately in demand

With all the big watchmaking groups having reported their results (LVMH’s weak numbers came in January), it is definitive that 2013 was a slow year. There is no indication that 2014 will be a return to the form of the go-go years. Brands are slowly coming to terms with this, by introducing lower-priced products, but they still have some way to go.

Chopard has just acquired the Hotel de Vendôme, a luxury hotel located at the Place Vendome in Paris famed for its string of luxury stores. With Chopard’s flagship boutique on the ground level of the hotel, this purchase ensures Chopard will continue to be present in a vital retail location.



Illustrating the growing hunger for prime locations in the most expensive shopping districts amongst luxury brands, Chopard recently bought Union Hôtelière Parisienne (UHP), the company which owns the Hotel de Vendome, which sits on the Place Vendome. With just 29 rooms and 10 suites, the Hotel de Vendome is small, but definitely extravagant, with rates averaging US$1500 a night. More importantly, on the ground level of the hotel is Chopard’s flagship Paris store, making this take-over as much about diversification as securing the boutique’s location. Now that Chopard owns UHP, the threat of getting turfed out in favour of another watch brand has passed. Though the purchase of UHP diversifies Chopard’s portfolio, along the lines of what Armani and Bulgari have done with their own brand hotels, this reinforces an important trend in the luxury watch business – the scramble for the best retail locations. Three years ago Richemont purchased the former Old England store in Paris, located just a short walk from the Hotel de Vendome, for an estimated €70 million, turning it into a massive, 2200 sq m multi-brand watch boutique with an adjoining Cartier store. Unlike luxury goods brands like Louis Vuitton and Hermes, which already have stores in prime locations, watch brands are relatively late to the game. However, thanks to a decade of unbelievable prosperity, all the big brands have built up enormous war chests. Much of this money will go not towards acquisitions of other watch companies, but instead on real estate for retail boutiques, which give brands better margins and greater control over the customer experience (as opposed to independent retailers).

SJX is away until 18 May. He will return.

At the end of the production of the reference 5970, Patek Philippe released a limited number of four-piece sets of the 5970 with special dials, amongst which are these two watches in platinum and rose gold.

Produced from 2005 to 2011, the Patek Philippe Reference 5970 was the last chronograph with perpetual calendar to use a Lemania movement, marking the end of the outsourced ebauche era in Patek Philippe’s stellar chronograph history. As is increasingly the case with Patek Philippe’s discontinued references, at the end of its production Patek Philippe produced a limited edition of the 5970 featuring special dials never seen before. Just as it did with the last run of the Reference 3970, Patek Philippe created a four-piece set of the 5970 in the three colours of gold as well as platinum. These sets were a limited edition, several such sets were made, but the total number remains unknown. Sold via its Geneva boutique to special clients, a complete set has never before appeared at auction. In December 2013 Christie’s sold the yellow gold 5970J (with a champagne dial) from one four-piece set, achieving US$353,000, making it the most expensive 5970 without gemstones ever sold. At Christie’s Hong Kong sale later on 28 May 2014 two more special 5970s will be offered.

The first is a 5970P in platinum with a gorgeous salmon dial. We love salmon dials, and this one is just spectacular.

Finished with a vertical satin brushing, the dial is a pale copper colour. And like all the other watches in the series, it has a Roman “XII” and spherical indices for the other hours. combination of Roman and round indices is an odd aesthetic that’s hard to pin down, neither classical nor modern, but the watch is beautiful nonetheless. The hands are made of the same blackened gold that was used in the regular production, white gold 5970G.

The second is a 5970R in rose gold with a deep black dial. Black and rose gold is a common combination in wristwatches, but unusual for Patek Philippe chronographs. Unlike the 5970P above, this one has a glossy, lacquered finish on the dial. The design of the dial, however, is identical in all the watches of the four-piece set.

Both of these 5970s are powered by the same Lemania 2310-based movement found in the 3970. Such limited editions raise the obvious question of who is deserving of them? Patek Philippe likely has the richest client base of any watch brand, with multitudes of collectors having spent seven figures with the brand. That means the threshold for entry into the exclusive circle of clients who get such limited editions must be very, very high. And so it’s no surprise each of these will fetch at least as much as the 5970J sold last year, if not more. Herein is a lesson in making limited editions that differ only in the dial: if the edition is tiny enough and the model is a desirable one, the resulting series will be immensely valuable.  More details are available from Christie’s.