Greubel Forsey stuck to its founding principles, concentrating on exotic tourbillons of exquisite quality – notably with a negligible concession to affordability in the form of a new entry level wristwatch, the Tourbillon 24 Secondes Vision.

Greubel Forsey presented its most affordable tourbillon ever at SIHH 2015, the Tourbillon 24 Secondes Vision. Such might be interpreted as a sign of the slow luxury watch market, but the Tourbillon 24 Secondes Vision still costs 290,000 Swiss francs, only 10% less than the next model up the scale. Despite, or because of, the modestly reduced price, the Tourbillon 24 Secondes Vision is still as magnificently conceived as any other Greubel Forsey. At 43 mm in diameter, the Tourbillon 24 Secondes Vision is the smallest watch offered by Greubel Forsey. And it is also the slimmest, lacking the case bulge that characterises so many of its watches. The dial is appropriately simple, almost to the point of being plain.

But as is Greubel Forsey’s habit, everything is executed elaborately and expensively. The dial is a disc of silvered, 18-ct gold, with engraved numerals and markings that are then filled with enamel and fired. Such champlevé enamel dial markings were common on top-end watches in times gone by, they are fade-resistant and last forever.

The movement is also decorated in typical Greubel Forsey style, with a sapphire bubble in the back to accommodate tourbillon. 

Mechanically the movement is very similar to that on the current, and more expensive, Tourbillon 24 Secondes. It features a tourbillon inclined at 25 degrees that rotates at a brisk 24 seconds per revolution. And it is limited to 22 pieces in white gold. Two new versions of the GMT were also introduced. The private jet set now have the choice of a diamond-like carbon (DLC) coated titanium case (US$565,000), or in platinum with a frosted gilt dial (about US$660,000). Both are limited to just 22 pieces. Functionally these are identical to the existing GMT models, with a second time zone on the front along with a day and night indicator in the form of a globe, while a cities disc on the back indicates the time around the world.

The colour combination of the new platinum GMT was actually inspired by the Invention Piece tourbillons, which also combined a white metal case with a gilt dial.

The final watch revealed at SIHH is actually a work in progress. A working prototype of the Naissance d’une Montre, the result of Le Garde Temps, a collaboration between Greubel Forsey and Philippe Dufour.

The goal of the project is to teach a French watchmaker, Michel Boulanger, the skills necessary to manufacture and finish a timepiece the traditional way, meaning no electronic equipment. Once complete, Boulanger will return to the watchmaking school where he teaches to impart those skills on to the next generation of horologists.

As the photos indicate, the prototype is some way from being completed, but the wristwatch is promising.

The rest of our SIHH roundups are right here:

A. Lange & Söhne

Cartier

Greubel Forsey

IWC

Jaeger-LeCoultre

Panerai

Parmigiani

Piaget

Ralph Lauren

Roger Dubuis 

Vacheron Constantin

Cartier covered the spectrum of watchmaking at SIHH 2015, ranging from its most complicated wristwatch ever, all the way to a brand new, entry-level model, the Clé de Cartier – and everything in between.

Every year Cartier unveils the widest range of timepieces at SIHH 2015, being one of the largest watch brands globally. Despite the more subdued mood this year, the breadth of the line-up was no different, though the introduction of entry-level models like the Clé de Cartier and Rotonde de Cartier Chronograph demonstrate an awareness of market realities. The collection had something for everyone, including those with €600,000 to spare for the Rotonde de Cartier Grand Complication. Equipped with a minute repeater, perpetual calendar and tourbillon, the Rotonde de Cartier Grand Complication was developed in-house and is the most complicated wristwatch Cartier has ever made. Stacking the complications up into a very slim 5.49 mm high movement, the Rotonde de Cartier Grand Complication is an old school “grand comp” reminiscent of the super complications from the nineties like the IWC Il Destriero Scafusia and Blancpain 1735.

The movement is skeletonised, an aesthetic Carole Forestier, Cartier’s head of technical development, favours. The Breguet hands and the slim case gives the watch an elegant feel, despite the complexity. Despite measuring 45 mm in diameter and being in platinum, the case is lightweight, as the interior has been hollowed out to maximise resonance of the striking mechanism.

What makes it unusual is the compact winding mechanism, featuring a platinum micro-rotor with an efficient Magic Lever winding mechanism.

Also part of the Fine Watchmaking line is the Crash Skeleton, which we examined in detail back in December. Made in a limited edition of 67 piece, this is a strikingly unusual and beautiful watch. And it’s not just a funky design, the movement was designed to echo the shape of the case.

Also previewed here before is the new Rotonde de Cartier Annual Calendar. At 40 mm it’s smaller than its predecessor, with a cleaner dial and slightly smaller price tag, starting at  €25,000 in rose gold.

And the Rotonde De Cartier Reversed Tourbillon takes the inverted tourbillon movement developed several years ago and pairs it with a solid gold sun ray guilloche dial. You can read about it in detail right here.

The Astrotourbillon Skeleton is an open-worked version of the central carousel tourbillon developed by Carole Forestier. A barely-there movement anchored by in just three places sits inside an impressively empty 47 mm case – a very dramatic look. This is a limited edition of 100 pieces in white gold priced at €120,000.

The movement features an enormous, central tourbillon cage that rotates around the dial once a minute.

Introduced in white gold last year, the Tank Louis Cartier is now available in rose gold. The movement is mounted in a block of clear sapphire secured to the inside of the case by shock absorbers, giving it an uncanny floating effect. This is priced at €33,500.

A highlight amongst the jewelled ladies’ timepiece is the charming Rêves de Panthères. Three seated panthers, backs facing the wearer, gaze at the sun or moon; the hours are shown with a day and night disc, while the minutes are in the centre. The 9916 MC movement inside is a variant of the calibre introduced last year in the Rotonde de Cartier Day and Night. This will cost €130,000.

But arguably the brand’s most significant new timepiece sits at the other end of the price range. Named the Clé de Cartier (Clé translates as “key”), this is an entirely new case design with a novel crown.

With a cushion-shape similar to that popular in the seventies, the Clé de Cartier has a key-shaped crown that is aligned with the case, inspired by the keys used to wind pocket watches. Set with a blue sapphire insert, the crown also contains a spring mechanism that ensures it pops back upright when pushed back in. 

Inside the Clé de Cartier is the 1847 MC movement, used here for the first time. Conceived as a new entry level automatic movement, the 1847 MC is a basic calibre with rudimentary decoration. 

The use of the new movement means the Clé de Cartier costs 15% to 20% less than the equivalent Ballon Bleu models. Available in 31 mm, 35 mm and 40 mm versions, in either rose or white gold, the Clé de Cartier will definitely be offered in steel in time to come, and perhaps in a larger case size. 

Prices start at €13,760 in rose gold with a crocodile strap, rising to €27,410 for the same with a gold bracelet. The models with diamond bezels start at €40,740, and the diamond-paved version is €126,000. An addition to the successful Calibre de Cartier Diver line are two models with amorphous diamond-like carbon (ADLC) coated cases. One is in steel and the other is steel with rose gold accents.

Another relatively affordable timepiece is the new Rotonde de Cartier Chronograph that uses the 1904 CH-MC movement that is now standard in Cartier’s mid-range chronograph watches. This has a 40 mm case and an attractive symmetrical dial with blued Breguet hands.

It will be available in rose gold or steel with Cartier’s classic silver dial, as well as a 500 piece limited edition in white gold with a blue dial. Prices start at 10,000 Swiss francs for the steel model.

The rest of our SIHH roundups are right here:

A. Lange & Söhne

Cartier

Greubel Forsey

IWC

Jaeger-LeCoultre

Panerai

Parmigiani

Piaget

Ralph Lauren

Roger Dubuis 

Vacheron Constantin

Based in Berlin, Frank Buchwald makes impressive lamps from steel and brass, objects that are closer to sculptures than they are lighting. Based on an idea from French collector Alberto Schileo, Buchwald and the M.A.D. Gallery, the Geneva boutique of MB&F, conceived the Nixie Machine, a hand-made digital clock.

Resembling an Art Deco extraterrestrial, the Nixie Machine is completely at home with the rest of MB&F’s sci-fi and pop culture inspired objects like the Starfleet clock and MusicMachine.

Machined and finished by hand like the rest of Buchwald’s creations, the Nixie Machine comprises 350 components, including six Z568M Nixie tubes. Dated from the sixties, the tubes were made by RFT, the state-owned technology enterprise in East Germany, and are “new old stock” in watch collector parlance.

Nixie tubes are glass vials filled with neon gas, with a cathode that causes the gas to that orange when an electrical charge is applied. The Nixie Tubes used for the clock have Arabic numeral cathodes inside, and are able to display a variety of information, from the time to the calendar, depending on the programming of the circuit board.

A night time mode with a darkened display is also available, as is an alarm function. And the Nixie Machine is equipped with a GPS receiver for automatic time and date setting.

The Nixie Machine can also be programmed to scroll through all the digits in a tube when the time changes, maximising the lifespan of the tube by ensuring all digit cathodes are used equally.  Buchwald makes only six Nixie Machines a year, with 12 made in total. The Nixie Machine carries a price of 24,800 Swiss francs, including 8% tax, and is available from the M.A.D. Gallery in Geneva.

Lange finally unveiled its much awaited Zeitwerk Minute Repeater at SIHH 2015, along with additional versions of existing models, plus a completely revamped Lange 1 that retains the signature look but with a new calibre.

Over the last few years Lange has established a practiced routine for SIHH, a major complication fortified by a handful of facelifted models and one or two basic new movements. This year the highlight was the Zeitwerk Minute Repeater – a complication expected for years finally made its debut at SIHH 2015. That was accompanied by variations of the Datograph and Datograph Perpetual, and intriguingly a brand new Lange 1 that looks exactly the same as the old one. And in a minor but significant move, Lange for the first time offers a double fold clasp instead of the chunky deployant buckle that was the only choice before. The most basic of the 2015 additions was a trio of Saxonia models that have undergone minor tweaks – those were outlined earlier before SIHH. More significant is the new Lange 1, seemingly unchanged from the original, but now equipped with a freshly developed and arguably more sophisticated movement.

At 38.5 mm in diameter the new Lange 1 is exactly the same size as the Lange 1 launched in 1994 that is now the brand’s most recognisable timepiece. Essentially identical to the first generation, the new Lange 1 has a slightly narrower bezel and is 9.8 mm high, 0.2 mm slimmer than the first generation. The reduced case height is due to the L121.1 movement, a more sophisticated, though less decorative calibre than the one it replaces. The L121.1 features significant improvements over its predecessor: a free-sprung, in-house balance wheel, an instantaneously changing large date, and a power reserve that exceeds three days. That being said the new movement is less decorative, with fewer screwed chatons for instance, as well as a one-piece three-quarter plate.

Intriguingly the layout of the new movement puts the balance wheel adjacent to the crown, something practically unseen elsewhere. That means the movement has a logical layout in order to accommodate the asymmetrical dial layout, in contrast to the first generation that was constructed with help from its sister company Jaeger-LeCoultre. The new Lange 1 reflects Lange’s maturity as a company, showing off its ability to create a new movement, but also a more streamlined approached to construction and decoration.

The new Lange 1 is available in platinum with a price of €40,800, while rose or yellow gold it will cost €28,800 – are only marginally more (about €1000) than the outgoing model.

Also new is the Datograph Up/Down, now in rose gold for the first time. It is fitted with a black dial, a combination only available briefly in the first generation Datograph. Dial and case material aside, it is identical to the Datograph Up/Down in platinum. This will cost €64,500. 

The Datograph Perpetual in white gold returns to the collection, with a slightly different dial. As before it has an attractive grey dial, but it has been redesigned for consistency with the rest of the Saxonia line. 

The most obvious change is the replacement of Roman numeral indices with baton markers. Less apparent tweaks are the removal of minute numerals around the dial, and addition of text below the moon phase. 

The movement remains the same, and this is priced at €115,800.

Lange’s flagship timepiece for 2015 is the Zeitwerk Minute Repeater, the second repeating Lange wristwatch after the Grand Complication of 2013.

This is a decimal repeater with jumping hours, striking the time with hours, blocks of 10 minutes, followed by individual minutes. Though visually similar to the Zeitwerk Striking Time – both use the same 44.2 mm case – the Zeitwerk Minute Repeater is obviously a far more complex watch with a movement comprising some 771 parts.

The repeater regulator to the left

A close-up of the constant force mechanism

Both the hammers and gongs are on the dial of the watch, with the gongs taking the unusual outline of the jumping hours bridge instead of being round as is convention. According to Anthony de Haas, Lange’s product development chief, the irregular shape of the gongs has no effect on the sound.

Because of the space taken up by the jumping hour mechanism, there was insufficient space for a second barrel as a power source for the repeater. Hence the repeater shares the mainspring that powers the time display, though there is no detrimental effect to timekeeping while the repeater is chiming due to the constant force mechanism.

The consequence of is the repeater can only be activated a dozen times before the power reserve falls below the threshold that automatically blocks the repeater in order to provide enough energy for the time display. That threshold is indicated by a red dot on the power reserve scale. Winding the watch back up restores its chiming ability.

For that same reason, the time display freezes while the repeater chimes, none of the discs jump while it is chiming, though the seconds hand continues to run. Only when the repeater has stopped do the discs continue their motion. And as a safety feature the crown is disengaged while the repeater is in action, so the time cannot be set, preventing damage to the watch.

The repeater chime was soft, due to it being a hastily completed prototype, according to Lange. For now it is available only in platinum, a metal that de Haas notes sounds just as good as gold which is widely believed to sound better due to its lower density. 

For the privilege of owning the Zeitwerk Minute Repeater the outlay is €440,000.

And the last new addition is an accessory: a folding clasp with two blades that should fit smaller wrists better than the existing single-blade clasp. The price is unknown but if the current clasp is a guide (the single-blade platinum folding clasp costs US$7800) expect this to be frighteningly expensive.

The rest of our SIHH roundups are right here:

A. Lange & Söhne

Cartier

Greubel Forsey

IWC

Jaeger-LeCoultre

Panerai

Parmigiani

Piaget

Ralph Lauren

Roger Dubuis 

Vacheron Constantin

A unique timepiece, the Speake-Marin Jumping Hours features four hour hands jumping sequentially, with the stars, levers and springs of the mechanism forming the dial.

Equipped with an intriguing jumping hour mechanism, the Speake-Marin Jumping Hours is a one-off creation that takes the classic jump hour mechanism and multiplies it by four. All of the hour hands located in of the dial quadrants jump at the respective quarter hour, one after another. This is the second timepiece from Speake-Marin – now fronted by former James Bond Pierce Brosnan – with a novel, multi-hand time display first used in the Triad. When the minute hand reaches noon the hour hand at 12 o’clock jumps, followed by the hour hand at three o’clock when the minute hand passes the 15 minute mark. This continues until the central minute hand reaches 12 o’clock again, and the cycle starts anew. As each hour hand jumps, a tiny window adjacent to the minute hand axis turns red, indicating the respective hour has jumped.

Instead of the dial the complex quadruple jumping mechanism is completely exposed, showing off the fine hand-finishing of the gears and springs that drive the jumping hours.

The Jumping Hour mechanism is built on the Speake-Marin Eros movement, a self-winding calibre based on a Technotime movement with a five day power reserve. Shaped in Speake-Marin’s topping tool logo, the mystery rotor is blued steel, and gets its name from the fact that there appears to be no winding weight attached to the rotor. This is the same movement that equips most of Speake-Marin’s watches, including the single-handed Veshelda.

Made of steel with red gold accents, the case is 42 mm in diameter and in Speake-Marin’s signature Piccadilly style, with straight lugs and an onion-shaped crown. The Speake-Marin Jumping Hours is priced at 120,000 Swiss francs before taxes.

In 2010 Panerai unveiled the first oversized Mare Nostrum chronograph (PAM300), inspired by a prototype officer’s chronograph from 1943. That is now a desirable timepiece on the secondary market, so true to form Panerai introduced the Mare Nostrum Titanio PAM603 at SIHH 2015.

Translating as “our sea”, Mare Nostrum was the Roman term for the Mediterranean Sea, coming back into vogue during the Second World War. And it was for the deck officers of the Italian Navy of WWII that the original Mare Nostrum prototypes were developed.

Aesthetically the new Mare Nostrum is very similar to the 2010 model. The case is 52 mm in diameter, with a brushed finish and a wide, flat bezel. But it is made of titanium, making it less heavy than it looks (the 2010 watch was in steel).

The dial is a dark brown with gold hands and parchment markings. Panerai does excel at recreating the look of watches from times past, and the Mare Nostrum feels very much like a vintage watch.

As with several Panerai reissue models, the numerals and markers are engraved, then filled with Super-Luminova. Notably, the chapter ring is raised, sitting a step above the centre of the dial.

Inside is the Minerva calibre 13-22, here known as the Panerai OP XXV movement. It’s a traditionally constructed and finished movement with German silver bridges. Unlike the 2010 model, however, this has a solid back, keep the movement hidden. That is a shame as like all Minerva movements it is hand-finished to a high standard, far beyond what is typical of a Panerai.

The Mare Nostrum Titanio PAM603 is limited to 300 pieces in total, with 150 pieces produced each year in 2015 and 2016. The price is €37,000 before taxes, or 58,200 Singapore dollars with 7% tax.

For the 75th anniversary of one of its signature timepieces IWC has created the Portugieser Hand-Wound Eight Days “75th Anniversary”, a convincing vintage style wristwatch powered by the calibre 59215.

One of several new Portugieser watches IWC just unveiled at SIHH 2015 (including the Portugieser Annual Calendar), the Portugieser Hand-Wound Eight Days 75th Anniversary is a limited edition version of the first Portuguese Hand-Wound with a vintage-inspired dial. Though mechanically identical, the 75th Anniversary limited edition is modelled on a very rare variant of the original reference 325 Portuguese made in the 1930s.  The dial is an adventurous design – only the hour markers at each quarter are present, with the dial ringed by a bold variation of the traditional railway minute track. And IWC returns to the classic italic script logo in this limited edition, something that collectors are surely pleased about. The sole concession to modernity is the date window at six o’clock – a necessary evil in most modern watches. Being integrated into the sub-seconds means it is less prominent, with the round date window blending into the dial well.

Inside is the hand-wound calibre 59215, featuring an eight day power reserve. It’s a simply designed movement, with a small but free-sprung balance wheel, and mechanically applied decorative finishing. (Traditionalists prefer large balance wheels for their high inertia but long power reserves typically call for small balance wheels.) The overall aesthetic effect of the movement is not out of place with the vintage style of the watch.

The case is 43 mm wide an 12 mm high, large but relatively slim. Most notable is the domed, box-shape sapphire crystal that approximates the domed form of the Plexiglas used in vintage watches. It’s an attractive feature, and fortunately IWC is using this type of sapphire crystal for the first time on several SIHH 2015 Portugieser models.

The domed sapphire crystal

The Portugieser Hand-Wound Eight Days “75th Anniversary” is available in red gold with a silvered dial in a limited edition of only 175 pieces, or steel with a stark black dial in an edition of 750 pieces. Of the two the red gold version is more attractive, looking suitably vintage without being affected. The steel version looks slightly plain in comparison, despite the high contrast dial.  Price for the gold version is 22,000 Swiss francs or 29,500 Singapore dollars, while the steel model is 11,000 Swiss francs, or 15,800 Singapore dollars. Both are available only at IWC boutiques.

Modelled on a 1928 pulsometer chronograph and made to mark Vacheron Constantin‘s 260th anniversary, the Harmony collection of SIHH 2015 comprises six different models, each a limited edition. The median priced timepiece in the anniversary range is the Harmony Chronograph, a one-button, hand-wound chronograph with a traditionally styled movement as well as an unusual 45 minute counter.

Cushion-shaped with a 42 mm diameter, the Harmony Chronograph is powered the calibre 3300, a newly developed chronograph movement with traditional architecture and aesthetics. It is hand-wound, with a lateral coupling system and column wheel, the twin features found on old school, high-end chronographs.

And the balance cock is decorated with a relief fleurisanne engraving, echoing a motif from a pocket watch signed Jean-Marc Vacheron dating to 1755, the oldest pocket watch owned by Vacheron Constantin.

The dial is silvered with a pulsometric scale, just like the 1928 wristwatch that provided the template for the Harmony line. Notably, the movement features a 45 minute counter, while most chronographs count up to 30 minutes.

The Harmony Chronograph is limited to 260 pieces in pink gold, with a retail price of 105,600 Singapore dollars, including 7% tax. At current rates that’s equivalent to US$84,500.

For the new Luminor Submersible 1950 Carbotech PAM616, Panerai has turned to a carbon fibre reinforced polymer known as Carbotech for the case, bezel and crown lever bridge, the first time Panerai has used a carbon fibre composite.

Long popular with brands like Hublot and Richard Mille, it is now Panerai‘s turn to use carbon fibre composite for a watch case. The new Luminor Submersible 1950 Carbotech 3 Days Automatic (PAM00616) is named after the carbon fibre reinforced polymer used for make the case, bezel and crown lock bridge. Carbon fibre composites like Carbotech have a characteristic wave-like pattern due to the layering process used to make the material. Sheets of carbon fibre are laid on top of each other, with a polymer resin in between to hold it together. It is then put in an autoclave, a sort of high pressure oven, resulting in a light and strong composite. The distinctive striped appearance is due to the layers of carbon fibre inside.

Rated to 300 m, like most of the other Panerai Submersible watches, the case is 47 mm in diameter, with blue accents on the dial as well as parchment coloured Super-Luminova.

While the case is carbon composite, the screw-down back is titanium due to the fact that carbon fibre composite not reacting well to torsional (or twisting) forces. The PAM616 is equipped with the P.9000 automatic movement and a rubber strap. The Submersible Carbotech is part of the regular collection, with pricing yet to be announced.

Reaction to last Thursday’s surprise move by the Swiss National Bank (SNB) has been panic in some quarters. The sudden strength of the Swiss franc will have an impact on watch buyers, but the consequences are unlikely to be as significant as some fear. A strong franc makes the production cost (and other Swiss franc-denominated costs) of watches made in Switzerland more expensive. Depending on the currency, the equivalent production cost of a Swiss watch in foreign markets is between 15% to 40% steeper with the newfound strength of the Swiss franc. But not all of that will translate into an increase for the end consumer since the production cost is far, far away from the retail price of a watch.

Another relevant factor is geographical price parity. Swiss franc retail prices just got significantly higher than anywhere else. Parity will need to be achieved, but the solution is not going to hiking up prices internationally to match Swiss prices. Switzerland overall is not an enormous watch market, and most watches sold inside Switzerland are to tourists, rather than to its eight million citizens. The watch market is heated segmented into two: new watches at the retail level, and the secondary market (which includes grey market and parallel imports).

At the retail level, the consumer is unlikely to suffer a major impact – retail prices will not go up anywhere near 20%, 30% or 40% that some doomsayers are predicting.  For one, demand for luxury watches is weak, as evidenced by Swiss watch exports figures and results published by groups like Richemont. Watchmakers no longer have the near mythical pricing power they once enjoyed. Raising prices more will just dampen consumer demand even further.

What will happen is watch brands will have to give up some of their handsome margins, as will watch retailers. The divvying up of the downside will depend on the relative strength of each. Major brands with large turnover that retailers rely on for the bulk of their sales, the watchmaking superpowers like Rolex, Patek Philippe, Omega and so on, have more leverage to compel retailers to make a smaller profit. These big brands are also those with the greatest consumer demand, giving them a stronger bargaining position.

The watch brands that will be left out in the cold are the independents, with little bargaining power. Save for the few independent watch brands with a strong client base and consistent sales, most have almost no leverage over their retailers. Such independents either have to grin and bear it, or see their retail network shrink – something that was already happening before the Swiss franc jumped.

Since the secondary market is dependent on the retail market, whatever happens in the latter will translate into the former. The bigger brands with relatively good demand might see higher prices on the secondary market, but the overall impact is likely to be marginal.

As for the industry itself, the impact is also going to vary amongst brands and groups. The Swatch Group has more production in Switzerland than Richemont for instance, since the former is nearly entirely reliant on watches. Richemont, on the other hand, has about half its sales in jewellery.

Nonetheless, the the big groups and major brands all have healthy enough balance sheets to stay afloat despite the painful currency move. It is the borderline independent brands that will suffer most, which anyway were probably on their way out before the SNB gave them another push. For watch buyers the message remains the same – the watch business is suffered a significant and sizeable slowdown, and there will be compelling buys to be had.