IWC has a suite of instantly recognisable models synonymous with the brand, namely the Pilot’s Watches and of course, the Portugieser. But one collection does get as much recognition as its peers, despite being almost 40 years old. Named after the famous seaside city in Italy, the Portofino was introduced in 1984 (though the inaugural model didn’t yet have the Portofino name at the time) as an oversized pocket watch-style wristwatch, something of a clarion call to persist with mechanical watchmaking after the Quartz Crisis.

Now the brand has revived one of the classics from the line with the Portofino Perpetual Calendar. At 40 mm in diameter, it’s the most compact of IWC’s perpetual calendars and is equipped with an in-house movement from the 82000 family.

Initial thoughts

The perpetual calendar is a sought-after complication for its utility but also its aesthetics, especially when it includes a moon phase, which adds a touch of romanticism to the design. IWC’s latest take on the complication is straightforward, practical, and priced reasonably enough. In fact, it’s essentially a visually-simplified version of the Portugieser Perpetual Calendar 42, which uses the same movement but inside a larger case.

While not revolutionary in technical terms, the Portofino Perpetual Calendar is a solid performer with a concise design. It retains all the features that made the 1990s original appealing but adds a few contemporary touches in both design and the in-house base movement.

The legible and neat dial has a restrained elegance, resulting in an orderly, legible appearance. Consumers of this particular complication often ask the same question: can the calendar be easily read, preferably within five seconds? The answer in this case is yes, although the calendar markings are small, though that is typical of a calendar that relies on sub-dials.

And the concise design also extends to the details like the sans serif typography used for calendar and numerals and the removal of the four-digit year indicator that was long standard for IWC’s perpetual calendars.

But its most important feature is arguably the case size. At 40 mm, it is the brand’s smallest perpetual calendar and compact even relative to the broader market. This means it is easily wearable on almost any wrist.

And it is also thinner at 12.7 mm compared to its Portugieser counterpart that clocks in at 13.8 mm, which arguably makes it more of a dress watch.

All that comes at a price that’s about US$1,000 less than its Portugieser equivalent. That does give the Portofino perpetual an edge in terms of value, though the Portugieser does offer a bit more in terms of the case and dial execution.

Streamlining the calendar

The new Portofino Perpetual Calendar is a reinterpretation of the ref. 3541 produced in the 1990s. It was powered by the cal. 37582, an ETA 2892 combined with the perpetual calendar module conceived by the IWC’s famous watchmaker Kurt Klaus. Known for its reliability and robustness, the ETA 2892 is also slim, making it the perfect candidate for his calendar module. As a result, the ref. 3541 was a compact watch at only 35 mm in diameter and about 11 mm high.

An example of the Portofino Perpetual Calendar ref. 3541 from the 1990s. Image – Antiquorum

Echoing the original in both simplicity and size, the new Portofino Perpetual Calendar is 40 mm in diameter, while the case height is 12.7 mm, including a domed crystal.

That’s slightly tall but a consequence of the relatively thick base movement, which is the in-house cal. 82650. And like most IWC models, it is available in steel or 18k pink gold.

The case takes its cues from the 1990s original, so it’s all rounded and mirror polished. It is uncomplicated in both form and finish, which also means it’s missing some of the finishing details that its Portugieser cousin has.

The dial is a fuss-free silvered affair that does away with anything superfluous in its design, giving it a clean aesthetic. Its hands and baton indices corresponding to the case metal for a clean look that’s almost monochromatic but livened up by the blued hands and moon phase.

At the same time, the numerals for the five-minute markers gives it a functional appearance, though the leaf-shaped hands bring a classical, retro feel.

Each of the calendar indications is in conventional sub-dials with pointers. And replacing the four-digit year display is a leap year indicator in the form of a small aperture within the day-of-the-week register.

At six o’clock is the moon phase display that will have the moon and stars either rhodium or gold-plated, depending on the case material. Unlike most moon phase displays that are accurate to a day in 122.5 years, this is driven by a “precisely calculated reductionist gear train” that results in a one-day deviation after 577.5 years.

Like most contemporary IWCs, the case shows off the movement through the sapphire back. The ETA-based calibre in the 1990s original has been swapped for IWC’s proprietary cal. 82650, first introduced in the Portugieser Perpetual Calendar 42 in 2020.

Part of the 82000 family of movements, the cal. 82650 is one of the brand’s smallest in-house calibres, but nonetheless retains the brand’s signature Pellaton winding system and a respectable 60 hours of power reserve. Notably, the pawls and wheel of the Pellaton system are made of black ceramic, rendering them wear resistant.

With open-worked bridges that reveal the gear train and winding mechanism, the movement is very much typical of IWC in terms of its aesthetic. In other words, it’s a relatively simple movement, but looks fancy in a good way.

The decoration is very much standard IWC. Though done industrially, the decoration is attractive in both form and colour. The open-worked bridges add texture to the movement, while the details like the bevelling and graining are done neatly.

The ceramic components of the Pellaton mechanism

Concluding thoughts

Priced at US$24,000 in stainless steel and US$33,500 in gold, the new perpetual is amongst the most affordable perpetual calendars in its present catalogue powered by an in-house movement, making it a value proposition for someone seeking a perpetual calendar that’s more sophisticated than the ETA-powered offerings at the entry-level of the category.

Key Facts and Price

IWC Portofino Perpetual Calendar
Ref. IW344601 (steel)
Ref. IW344602 (5n red gold)

Diameter: 40 mm
Height: 12.7 mm
Material: Stainless steel or 18k 5n gold
Crystal: Sapphire
Water resistance: 50 m

Movement: Cal. 82650
Functions: Pellaton automatic winding system with a perpetual calendar with display for the date, day, month, leap year, and a perpetual moon phase with central hacking seconds
Frequency: 28,800 beats per hour (4 Hz)
Winding: Automatic
Power reserve: 60 hours

Strap: Blue calfskin strap with buckle

Availability: Now at IWC boutiques, IWC.com, and retailers
Price: US$24,000 for stainless steel, US$33,500 for rose gold

For more, visit IWC.com.

For almost as long as I’ve been interested in watches, I’ve tried to find an objective way to visualise the stratification of the various luxury watch brands. I’m as fascinated by the process of watchmaking as much as the products themselves, and I wanted to find a way to differentiate brands based on the production techniques they employ, yet do so objectively.

I believe you can tell a lot about a brand’s values and capabilities by looking at their methods, but it can be difficult to penetrate the smoke and mirrors of luxury watch marketing to see what’s really going on behind the curtain.

An objective measure: watchmaker-hours per watch

In my review of the Saxonia Thin last year, I used the metric “watches per watchmaker” to illustrate the economics of A. Lange & Söhne. While this is not a perfect metric, it is simple and quantitative, and crucially, it can often be derived from publicly available information.

Taking this analysis one step further, I added Swiss, German, and Japanese national statistics for working hours to calculate the maximum possible number of watchmaker-hours per watch for more than 50 luxury watch brands.

The start of the map, the Saxonia Thin

How to interpret this metric

The watchmaker-hours metric is not the number of hours that a watchmaker spends on every watch. Rather, it’s the theoretical maximum number of hours that a brand’s watchmakers could possibly spend with each watch. This workrate can be viewed as a simple proxy for the amount of human involvement that each individual watch can get during the production process.

For example, Ferdinand Berthoud is able to invest up to 643 watchmaker-hours in each watch. This is the ceiling; the actual number of hours that a watchmaker spends with each watch will be somewhat less, though it will still be a substantial number, which makes sense given that each of the brand’s watches receives more than 100 hours of hand finishing alone.

The peak: 300+

At the highest level of watchmaking, brands produce fewer than five watches per employee per year, resulting in an average of 834 watchmaker-hours per watch across these 15 brands. Collectors often refer to brands in this category as “independents” but this term lacks precision; not all of these brands are truly independent, while some industrial brands further down the list are.

With production organised around a high degree of hand craftsmanship, output is naturally constrained by the time it takes to produce each watch, ensuring limited production. To put this in perspective, the 15 brands shown above make less than 500 watches per year, combined. In contrast, Rolex makes more than 2,000 watches every day.

The Sylvain Pinaud Origine shows what is possible with artisanal methods

In this category, watches are sometimes referred to as “handmade”, but this term is a bit of a misnomer. With a few exceptions, these watches begin life like any other, conceived using CAD software, with the larger components like main plates and bridges produced using CNC lathes, electro wire erosion, and other modern methods.

It’s what happens next that elevates these watches above the rest of the industry. Wheels and pinions are often produced using vintage manually operated lathes, and dials often benefit from hand-turned guilloche. In terms of finishing and complications, black-polished steel and inner angles are the norm, as are exotic complications (like a remontoir) and unusual escapements.

With such small annual production, most of these brands produce just one or two different movements and models. The outlier is Greubel Forsey, which has achieved the scale (around 115 people) needed to maintain production of several different models and complications including a perpetual calendar, a grande sonnerie, and a world timer.

The Greubel Forsey Hand Made 1

Artisanal-industrial: 100-299

Next we have brands that make, on average, 6-20 watches per employee per year and can invest a maximum of 100-299 watchmaker-hours per watch. This category is dominated, commercially and culturally, by A. Lange & Söhne and F.P. Journe.

At this level, lush hand finishing is expected; black polished steel is common and inner angles can still be found, albeit to a lesser degree. Among brands that maintain a complete collection of different complications (chronographs, tourbillons, minute repeaters, perpetual calendars, and world timers), Lange and Journe are the most artisanal, with capacity for up to 212 and 264 watchmaker-hours for each watch, respectively.

The fine craftsmanship of the latest-generation Lange Zeitwerk

The presence of Montblanc in this category may shock some readers, but this is only the ratio for the brand’s high-end production at its Minerva facility in Villeret which is set up to provide up to 196 watchmaker-hours per watch. In contrast, Montblanc’s core collection likely receives no more than three watchmaker-hours per watch. Part of the value of a market map like this is illustrating where exceptional collections from mainstream brands fit into the bigger picture.

A Montblanc Villeret split-seconds chronograph, something you won’t find at the brand’s ubiquitous airport boutiques

Another outlier in this segment is Urwerk. While most of the brands in this category are limited in output by the time invested in finishing, Urwerk’s finishing is more industrial than that of its peers. Instead, output is constrained by the extra time spent engineering novel displays and case structures.

The curious case of the Urwerk UR-111C

Industrial haute horlogerie: 30-99

The next category contains most of the well-known haute horlogerie brands, including the so-called “holy trinity” of Patek Philippe, Audemars Piguet, and Vacheron Constantin. These brands are regarded with special esteem for having kept the traditions of haute horlogerie alive throughout much of the 20th century. But as the map suggests, the ceiling for what is possible in fine watchmaking has risen significantly along with the growth of the luxury category over the past 30 years.

Many of the brands in this category have mastered the art of producing well-finished watches at industrial scale. This involves the use of machines for most of the finishing, embellished with hand finishing in key areas that are likely to have the greatest visual impact. A few of these brands flirt with inner angles, but this is uncommon; black-polished steel is rarely seen.

Worth noting is Patek Philippe, which employs 1,600 staff and produces about 68,000 watches per year, suggesting a maximum of 38.6 watchmaker-hours per watch. Looking at Patek’s mechanical watch production only, this number gets closer to 50 but still lags behind most rivals. This is important because it helps explain some of the choices the brand makes in its finishing.

For example, many collectors lamented the absence of any sharp inner angles on the new 5236 perpetual calendar. But the fact is that an average of less than 50 watchmaker-hours per watch is just not enough to add these kinds of sought-after flourishes to every watch, forcing the brand to ration these embellishments to their more elite pieces. While the absence is notable, good finishing is about much more than just inner angles and Patek’s movements remain at or near the top of this category in terms of overall quality.

The business side of the ref. 5236P

In contrast, Audemars Piguet currently produces about 48,000 watches per year with about 2,000 staff (up to 72.9 watchmaker-hours per watch). Even this impressive number requires rationing of inner angles, though they can be found abundantly relative to Patek.

Audemars Piguet recently announced plans to increase production to about 65,000 watches per year by 2027. It will be interesting to see how the brand meets these growth targets; were they to achieve this increase in volume with their current headcount, it would dilute their workrate closer to where Patek Philippe is today.

The gold winding mass of the Audemars Piguet cal. 4409 is finished by hand, with sharp inner angles, while the majority of the movement bears a machine finish (a very well done machine finish)

An outlier in this category is Richard Mille, a brand that stands out not only for its high average retail price of US$226,000, but also for outsourcing the production of most of its movements to external suppliers. Though Richard Mille recently introduced its first in-house movement, the CRMC1 chronograph, most of the brand’s watches rely on movements from Vaucher and Audemars Piguet Renaud & Papi (APRP).

These movements are manufactured and finished by their respective suppliers, before being assembled, tested, and cased at Richard Mille’s own facility. It means that the watchmaker-hours metric is undercounting the effort that goes into a Richard Mille watch. But the central question for this map is whether enough extra watchmaker-hours are spent by third parties to cause the brand to change categories.

For that to be the case, APRP and Vaucher would need to employ more than 100 staff solely dedicated to Richard Mille’s movements. I think it’s unlikely that these suppliers require this many staff just for Richard Mille, so I’m confident the brand is categorised appropriately alongside peers like Audemars Piguet and Parmigiani.

An old-school Richard Mille RM002 with an APRP movement

Industrial fine watchmaking: 10-29

This was the most surprising slice of the market. From Bulgari’s ultra-thin record-breakers to Ulysse Nardin’s constant force Ulysse Anchor escapement and Nomos’ playful Bauhaus designs, these brands do things their own way.

Though this segment accounts for only about 200,000 watches annually, the brands that comprise it provide more than their fair share of innovation and creativity. And despite their nineteenth-century roots, many of these brands reject the staid codes of haute horlogerie, focusing instead on pushing the boundaries of industrial watchmaking.

I expected to see Jaeger-LeCoultre in the 30-99 range, but the brand’s production of 95,000 watches per year and headcount around 1,200 suggest a maximum of 20 watchmaker-hours per watch. The brand’s technical know-how is evident in the fact that it is able to produce so many watches with finishing (in its core range) on par with rivals like Glashütte Original, while also producing a wide variety of unusual complications like the Reverso Tribute Gyrotourbillon that clearly benefit from many hours of hand finishing.

When it comes to elaborate and unusual complications, Jaeger-LeCoultre is in a category by itself

Another surprise was Zenith, with a maximum of 29 watchmaker-hours per watch. Zenith tends to compete on price with Rolex and IWC, but the data indicates that about six times as many labour hours are available for the production of each watch compared to these rivals. While Zenith makes excellent watches, it’s hard to see where this extra labor effort is going, leading me to speculate that there is excess capacity in the production process.

Nomos is a standout brand in this category due to its low average price point. Nomos benefits from the same “Glashüttenomics” as Lange and Glashütte Original, with lower labor costs than in neighboring Switzerland. This means the brand can afford to invest more watchmaker-hours in each piece, raising the level of craftsmanship (and also value) compared to similarly priced Swiss rivals.

Industrial prowess: 1-9

Most large luxury watch brands have organised their production processes to spend no more than nine watchmaker-hours per watch. Big names like Rolex, Omega, IWC, Cartier, and Grand Seiko can spend a maximum of 3-6 watchmaker-hours per watch.

In seeking to appeal to a mainstream audience, these brands tend to stick to clearly defined aesthetic codes that have evolved over decades. Whether it’s the Rolex Submariner, Cartier Tank, Omega Speedmaster, or Breitling Navitimer, historical fidelity and unambiguous positioning are key. Prominent brand partnerships and A-list ambassadors maximize mimetic desire.

These brands are able to produce enormous numbers of high-quality watches thanks to investments in state-of-the-art manufacturing facilities, which are at the forefront of automation in the context of watchmaking. While final assembly is largely manual, production, finishing, and testing are done in large batches by primarily automated methods.

But that’s not to say their products are inferior. One of the great contradictions in watchmaking is the fact that industrial brands that make watches with the least amount of human involvement tend to have the most exacting internal requirements for precision, and also the longest warranties.

Testing a batch of 100 watches at Tudor. For context, this tray could hold the total annual production of Kari Voutilainen, Roger Smith, Akrivia, Bexei, and Raul Pages combined. Image – Tudor

In a category filled with brands that make hundreds of thousands of watches per year, Grand Seiko is an outlier, with an annual production around 45,000 watches. Though this volume seems almost artisanal next to a brand like Rolex, Grand Seiko is nonetheless at the forefront of mass production among the brands studied. Assuming a typical statutory work week, Grand Seiko can likely invest no more than 3.8 watchmaker-hours in each watch.

For a true apples-to-apples comparison, I excluded quartz and Spring Drive and focused only on Grand Seiko’s mechanical watch production, referencing Plus9Time’s detailed manufacture visit from 2016 which documented 60 watchmakers producing 30,000 watches annually. While Grand Seiko has recently transitioned its mechanical watch production to a new facility and introduced the new cal. 9SA5, the bulk of the brand’s mechanical watch output by volume consists of the same core movements that were in production in 2016.

Artisan studios

I mentioned that the watchmaker-hours metric is not perfect. One of its inherent problems is the fact that it conflates a brand’s entire production into a single number, obfuscating the differences between a brand’s primary collections and its elite pieces.

This is a problem because many brands effectively operate artisan studios within their manufactures that operate semi-independently and produce watches with very different economics than those of the broader organisation.

The Patek Philippe ref. 5959P exhibits a level of craftsmanship that suggests at least 200 watchmaker-hours per watch, but the brand’s more industrial products make up the bulk of its annual production of over 60,000 watches

Examples include Seiko’s Micro Artist Studio and Montblanc’s Minerva manufacture. For these workshops, I was able to find enough data to segment them as standalone brands in the market map. Unfortunately, the team structures at other brands like Vacheron Constantain and Patek Philippe are not as well-defined and so I was not able to plot these specialist workshops individually. That said, I estimate that over 200 watchmaker-hours are allocated to these brands’ halo pieces, like the Patek Philippe ref. 5959 split-seconds chronograph.

Watchmaker-hours per dollar

The watchmaker-hours metric can also be combined with price data to visualise clusters of brands that offer similar levels of craftsmanship value. This graph helps illustrate which brands have more pricing power in the market and can charge the highest prices on a watchmaker-hour basis.

Glashütte Original is the standout value king, charging a mere US$78 per watchmaker-hour. Comparing the “big three” brands, Patek Philippe’s watches are priced at US$773 per watchmaker-hour, compared to about US$540 for Audemars Piguet and US$408 for Vacheron Constantin. Lange and Journe clock in at US$198 and US$225, respectively.

The closer a brand is to the red zone, the more costly it is on a watchmaker-hour basis

Because of their extreme top-right positions, excluding A. Lange & Söhne and F.P. Journe provides a better look at the lower-left sector.

The same data excluding F.P. Journe and Lange

The price of fame

Though it may seem counter-intuitive, mainstream brands like Rolex, Omega, IWC, Cartier, Breitling, Hermes, and Montblanc all charge more than the haute horlogerie brands on a watchmaker-hours basis. Their average prices are much lower, but their extreme production efficiency results in watches that cost more than US$1,000 per watchmaker-hour.

Watchmaker-hours throughout history

These numbers take on additional meaning when put into historical context.

According to data compiled by Professor Pierre-Yves Donzé, Louis Brandt & Frère produced 100,000 pocket watches with 600 staff in 1890. Assuming 12-hour workdays (working hours were much longer back then), this works out to a maximum of around 17 watchmaker-hours per watch. This is similar to rival Longines, which could invest a maximum of 20 watchmaker-hours per watch in 1901, and 19 watchmaker-hours in 1905.

By 1914, Louis Brandt & Frère had been renamed Omega (in honour of its flagship pocket watch movement) and reduced its maximum watchmaker-hours per watch to about 12, with 935 staff producing an estimated 235,000 watches annually.

However, neither Omega nor Longines could match the production efficiency of Tavannes, which imported American watchmaking equipment and, by 1913, was able to produce 2.6 watches per watchmaker per day, suggesting a maximum of around five watchmaker-hours per watch.

Today, thanks to modern advances in computer-aided design and manufacture, makers of mainstream luxury watches are able to produce millions of watches annually with just a few watchmaker-hours per watch, while offering significantly improved precision and durability.

The movement assembly workshop at IWC that is representative of large-scale watchmaking in the modern day. Image – IWC

Observations

Viewed through the lens of watchmaker-hours, the industry comes into focus. Previously ill-defined categories like “independents” and haute horlogerie can now be defined more objectively, with lines drawn according to quantifiable dimensions.

While I believe there’s a limit to the utility of thinking about solely about brands – in fact I encourage collectors to judge each watch on its own merits – I do think a market map can be helpful for visualising clusters of brands to calibrate expectations about their products. This is especially the case for new enthusiasts, but it can also be a helpful sanity check for even the most seasoned collectors.

This map highlights the massive differences in unit economics between the large and small brands, and illustrates the thresholds at which different levels of craftsmanship are possible. It also reveals the differing nature of exclusivity across the industry. Some of the brands most coveted for exclusivity, like Patek Philippe and Rolex, have been able to maintain this image despite their large production due to the fact that select models remain in short supply.

In contrast, watches from brands towards the top of the table are inherently more exclusive by nature of their production methods, which limit the number of watches that can be produced to just a few pieces each year.

Rexhep Rexhepi of Akrivia, which produces less than 30 watches a year

The map also highlights another important point. If a brand’s watchmaker-hours count is surprisingly low, it means that either less time is spent on hand craftsmanship, or more work is done by third-parties than is disclosed.

While it’s tempting to view each segment as homogeneous, there is still room for substantial differentiation within each tier. Not all brands have access to the same capital, intellectual property, or expertise. The industrial know-how of some brands means they’re able to accomplish a lot more with each watchmaker-hour. 

This is especially true towards the bottom of the pyramid where watches receive less human involvement; when a watch is made substantially by machines, the differentiated capabilities of those machines really matter. 

For example, Tudor has benefited tremendously from the industrial expertise of its parent company, Rolex. Once a sub-brand that relied on third-party movements, Tudor now punches well above its weight and offers higher quality than brands like Breitling and Panerai, despite a lower average price point.

A final observation is simply the overwhelming size of the larger brands. Cumulatively, the 50-plus brands analysed produce about 3.75 million watches per year with a maximum of about 34 million watchmaker-hours (averaging about nine watchmaker-hours per watch). But at the highest level, brands like Greubel Forsey, Roger Smith, and Bexei are able to spend more that 1,500 watchmaker-hours per watch, raising the median for this sample to around 75 watchmaker-hours.

Data Methodology

1. For production and average retail price figures, I relied on the 2022 watch industry report by Morgan Stanley and LuxeConsult, data provided by brands, and published interviews with brand executives.
2. For headcount data, I relied on data provided by brands, published interviews, and firsthand reports from manufacture visits. Where no data could be found, I used my own estimates.
3. Brands are arranged by estimated annual production volume from high to low within each segment.
4. Since not all employees are watchmakers, the model assumes that 85% of total employees are production watchmakers (a generous assumption). In cases where the true number of watchmakers is known, this adjustment was not made.

Going on the block at Christie’s upcoming Hong Kong auction is the Patek Philippe ref. 5004J “Michael Ovitz”. It’s lot 2520 and one of the watches from The Triazza Collection, an impressive accumulation of watches owned by a prominent Hong Kong businessman.

The collection is heavy on Patek Philippe. Amongst the other timepieces in the collection is the Patek Philippe tourbillon pocket watch that won first prize at the Geneva Observatory in 1931 (which is also being offered in the same auction) and the Patek Philippe ref. 2499 that once belonged to Eric Clapton (but is not for sale, yet).

“MSO” – Michael Steven Ovitz

The “MSO” initials on this ref. 5004J instantly reveal it was one of the many, I would two dozen at least, special-order watches that Patek Philippe made for Michael Ovitz starting in 2011.

Often described as a “super agent”, Mr Ovitz cofounded Creative Artists Agency (CAA), once the dominant talent agency in Hollywood. After a short-lived spell at Disney, he’s now known for his impressive art collection, some of which is on show in his equally impressive home in California.

Though the reason behind Patek Philippe’s accommodation of Mr Ovitz is not publicly known, industry lore has it that the watches were an expression of gratitude by the Sterns after Mr Ovitz assisted them in a significant way. Mr Ovitz has only commented on these watches publicly once, in a 2021 article in Robb Report:

“It was the first time Ovitz, who has been collecting for 35 years, placed a bespoke order, but his goal was ambitious: He requested several different references, each in a variety of metals, with one-of-a-kind dials.

His regret is not foreseeing two problems. The first was misunderstanding his own psychology: Too afraid he’d bang up his special treasures by wearing them, he never even took some of them out of the packaging.

‘My second mistake was that I didn’t ask them for an exclusive on the design,’ says Ovitz. ‘So I saw a lot of [Patek] watches showing up with my design, and I didn’t want that. I wanted unique pieces.’ 

Ovitz’s response has been to part company with some of the Pateks, recognizable for his ‘MSO’ initials discreetly placed at six o’clock.”

Many, if not most, of the “MSO” watches have emerged for sale on the secondary market, including special variants of the refs. 3940, 3970, 5050, and 5059.

Like many most special-order Patek Philippe watches, the “MSO” editions were probably unique, though similar enough to other special-order watches that one might be mistaken for another. Notably, many of the “MSO” watches resemble the special-order watches made for Eric Clapton a few years prior, particularly in the use of Roman or Breguet-style numerals and leaf-shaped hands.

Black and gold

This is actually the second time I was looking at this exact watch; the first time was when it was sold at Phillips in 2018. It was one of the highlights of the 2018 sale for me, and four years later it remains a highly appealing watch. It is a good looking watch in black and gold, a high-contrast combination that isn’t novel but instantly striking and usually attractive.

As with most special-order Patek Philippe watches, this ref. 5004J is only set apart by its dial, which has a lot going on. Although the dial is crowded to the point that almost every available space has been filled, the design manages to have enough clarity that it works well, both in terms of visual appeal and legibility.

The dial differs from the dial of the standard model in almost all respects. For one, it has a tachymeter on its periphery, instead of a plain seconds track on the standard dial. And it has another hallmark of special-order ref. 5004s that frequently have the 12 o’clock marker as either a Roman “XII” or Breguet numeral.

Intriguingly, the dial also has double dot markers. The hour markers are gold spheres, while the minute scale has round luminous markers every five minutes. While that might seem redundant, it somehow works well here.

The reason for the luminous dots on the minute track are presumably to match the luminous hands, but probably also done to distinguish the “MSO” edition of the model from the similar ref. 5004s done for Eric Clapton.

Dial aside, the rest of the watch is identical to the standard model.

The case consequently retains the same dimensions, which means it is small and very thick. The case is a little over 36 mm in diameter but almost 15 mm tall, a necessity to accommodate the height of the split-seconds mechanism.

And of course the movement is the CHR 27-70 Q, the manual-wind calibre based on the Lemania 2310. Because the split-seconds mechanism was an add-on to the base movement, the calibre never had neither the robustness nor reliability of its successor, which is an in-house movement developed to accommodate a split-seconds from the very beginning. But the CHR 27-70 Q has its fans, largely because it is no longer available, making it something of a historical artefact.

The first was in 2018 when the watch was sold at Phillips for HK$2.92 million including fees, equivalent to about US$374,000 – a big number for a ref. 5004J at the time. Now it’s back on the block with an estimate of HK$5.00-10.0 million, or about US$630,000-1.20 million, an even bigger number but unsurprising given recent sale prices for special-order Patek Philippe chronographs.

The ref. 5004J is lot 2520 in Christie’s Important Watches auction (lots 2306-2523) that begins at 1 pm on November 27 – the catalogue is available here.

It’s followed by the second session of the auction (lots 2201-2282) offering watches from The Champion Collection at 7 pm – see the full catalogue here.

Having already covered highlights in two categories – independent watchmaking and interesting complications – in Phillips’ upcoming Hong Kong auction, we now focus on a crowd favourite when it comes to complications, the chronograph.

We look at eight chronographs that stand out in The Hong Kong Watch Auction: XV. They range from an esoteric Patek Philippe made for an English football club owned by a Thai duty-free shopping magnate to and a fine specimen of the mythical Omega Speedmaster “MIR-90 90 Days” that spent three months on the Russian space station.

Registration for bidding and the catalogue can be found here.

The Patek Philippe ref. 5960/1A-011 made in 2016 to commemorate Leicester City becoming Premier League champions for the first time

Lot 813: A. Lange & Söhne Datograph, first-generation “Meter” dial

Since its introduction in 1999 as Lange’s first chronograph, the Datograph is of the German brand’s most iconic timepieces. Even independent watchmaker Philippe Dufour famously fawns over the movement – he owns an example in rose gold – that is a masterpiece of impeccable craftsmanship and attention to detail.

This example is a first-generation model with a 39 mm platinum case and a glossy black dial, arguably the quintessential Datograph.

Keen-eyed collectors will notice “METER” on the tachymeter scale, indicating this is one of the earliest examples of the model. The warranty confirms that with a 2001 purchase date. Lange began using “METERS” for the scale in 2005, which lasted until the model’s discontinuation in 2012.

But of course the star of the show is the L951.1, a hand-wind chronograph movement with both an instantaneous minute counter as well as a flyback, which allows the chronograph to be reset without stopping it – a useful feature for anyone else who needs to record sequential elapsed times in quick succession.

More than the technical features of the movement, its appeal lies in the visuals – the colours, materials, and depth give it an appearance practically unmatched even two decades later.

Accompanied by the original box and papers, this Datograph has an estimate of HK$320,000-630,000, or US$41,000-80,800. For more, visit the catalogue entry.

Lot 833: Patek Philippe ref. 5960/1A “Leicester City”

While the eyes of the world are now focused on the World Cup in Qatar, this watch tells another story of champion football (or soccer if you’re American). It was conceived to commemorate the achievement of a once-struggling English football club clinching its first-ever championship in the English Premier League.

In the 2015-2016 season, Leicester City Football Club pulled off one of the greatest sporting upsets of all time by winning the Premier League. It was a remarkable achievement for a team that had been languishing near the bottom of the league table for most of the previous decade, and started the season with bookmakers offering odds of 1-5,000 that it would win.

But win it did. And to celebrate this landmark achievement, the club’s billionaire owner, the late Vichai Srivaddhanaprabha, commissioned Patek Philippe to create a limited edition of the ref. 5960/1A that gifted to the club’s staff, players, and coach.

The founder of King Power, the largest duty-free retailer in Thailand, Srivaddhanaprabha was also known to be a watch collector and a client of Patek Philippe. He bought the club in 2010 but tragically passed away in 2018 when his helicopter crashed as it was leaving the Leicester City stadium.

Srivaddhanaprabha’s creation was based on the standard ref. 5960/1A. It has the same 40 mm steel case fitted with the distinctive “beads of rice” bracelet as well as the same white dial. But its hands are unique to this edition and rendered in the club’s colours of blue and yellow.

On its reverse, the transparent sapphire back is printed with a fox, the emblem of Leicester City. Just as with the standard model, this ref. 5960/1A is powered by the cal. CH 28-520 C movement has a power reserve of 55 hours.

According to Phillips, the size of the Leicester City edition is unknown, but it is known that the ref. 5960 was produced in at least thirteen serially-produced variants, with the Leicester City edition being one of the most uncommon. Notably, this is the first example to be offered at an international auction.

Considering its unusual backstory and rarity, the ref. 5960/1A “Leicester City” has an estimate above a standard model, HK$600,000-1.2 million, or US$76,400-154,000.

For more, visit the catalogue entry.

Lot 844: A. Lange & Söhne 1815 Rattrapante Perpetual Calendar

Introduced in 2013, the 1815 Rattrapante Perpetual Calendar is notable for being one of the few watches to combine a rattrapante chronograph with a perpetual calendar. Featuring a pocket watch aesthetic typical of the 1815 line, it’s a classically styled that will please traditionalists. And because it’s not quite as well known as its more famous cousins like the Datograph or Zeitwerk, it is something of a value buy on the secondary market.

Though the back you can admire the L101.1 comprising 631 parts with the typical Lange hand finishing and hand engraving. Notably, the calibre comes from noble lineage: it is derived from the movement in the top-of-the-line Tourbograph, so the technically-minded will see a resemblance between the two.

As is the norm for traditionally constructed split-seconds chronographs, this movement has double column wheels. One controls the chronograph, and the other the rattrapante function that is activated by a button at ten o’clock. Added on top is the perpetual calendar module that is set via recessed pushers in the case.

This example is in excellent condition with minimal wear and is accompanied by its presentation box and papers.

With a retail price of US$189,000 at launch, the 1815 Rattrapante Perpetual Calendar is something of a value proposition when new, given that the equivalent from Patek Philippe costs 50% more. But here it becomes even more attractive with an estimate of HK$640,000-1.28 million, or US$82,100-164,000.

For more, visit the catalogue entry.

Lot 897: Omega Speedmaster Professional ref. ST145.022 “MIR-90 90 Days”

Undoubtedly one of the highlights of the sale for its historical provenance, the Speedmaster “MIR-90 Days” was one of a handful of Moonwatches that flew in space for 90 consecutive days.

On December 2, 1990, the crew members of the Russian Soyuz TM-11, cosmonauts Viktor Afanasyec and Musa Manarov, along with Toyohiro Akiyama, a Japanese broadcast journalist, blasted off on the 11th expedition to the Russian space station known as Mir (Russian for “peace”).

Along for the trip were ten Omega Speedmasters that were intended as an experiment to determine the functionality of a chronograph and its components after a extended, continuous periods in zero gravity. These timepieces were first delivered to the European Space Agency (ESA) in the late 1980s before being sent on the expedition.

Although it went to space, this is still a typical Speedmaster Professional on the front with the distinctive “twisted” lugs and tachymeter bezel. Only on the back does it tell the full story with an engraved dedication that reads “90 DAYS FLIGHT QUALIFIED – SPACELAB MIR DEC.90-MAR. 91.”

This watch includes the original box bearing a medallion of the Soviet space agency. It’s in “new old stock” condition, having been in storage for almost 32 years. It has notably crisp lines on the case that are practically as sharp as they were when it left the factory.

The Speedmaster “MIR-90” is numbered “9/10” and is accompanied by an extract from the Omega Museum confirming its production in 1990. It has an estimate of HK$620,000-1.25 million or about US$79,500-160,000.

For more, visit the lot entry here.

Lot 963: F.P. Journe LineSport Centigraphe 

A technical virtuoso whose creations have garnered acclaim, François-Paul Journe is best known for his classically-styled watches with inventive complications, namely the Chronomètre à Résonance and Tourbillon Souverain. But he has long applied his brand of watchmaking to sports watches with the launch of the aluminium Centigraphe in 2011.

This example on offer is the latest generation of F.P. Journe’s trademark sports chronograph that does without the rubber caps on the bracelet links that characterised the earlier versions. It’s in rose gold, case and bracelet, and a large 44 mm in diameter, but with a sleek profile that’s typical of the brand.

As with all versions of the Centigraphe, it has the signature lightning seconds at 10 o’clock, featuring a hand that completes one revolution every second. This, in theory, allows the wearer to measure elapsed times of up to 1/100th of a second. 

And the chronograph is started, stopped, and reset with the “rocker” pusher at two o’clock that was designed to allow for quicker activation of the button.

Like its counterparts in titanium and platinum, the rose gold Centigraphe is powered by the manual-wind cal. 1506. It has a respectable 80-hour power reserve, but because the lightning seconds chronograph is powered by the same mainspring, the power reserve drops to 24 hours with the chronograph is running nonstop.

Notably, only the precious metal versions of the Centigraphe have the movement base plate and bridges in red gold. The titanium model, on the other hand, has them in aluminium for lightness.

If one is looking for a fascinating sports chronograph with a unique design. this should be on your radar. Accompanied by the original box and papers, the F.P. Journe LineSport Centigraphe is offered in a like new condition. It carries an estimate of HK$630,000-1.25 million, or about US$80,800-160,000.

Full lot details here.

Lot 968: Audemars Piguet Edward Piguet Chronograph ref. 25925BC

Two of the best value propositions in our selection are both Audemars Piguet (AP) chronographs, though unsurprisingly neither is a Royal Oak. The first is an Edward Piguet Chronograph, an example of AP’s rectangular form watch that was in production until the early 2000s.

Named after one of the brand’s founders, the Edward Piguet was an attempt to break out of the Royal Oak stereotype, but ultimately unsuccessful commercially. But two decades on – and at much less than its original retail price – the Edward Piguet looks pretty good.

While it doesn’t have the iconic status of the Cartier Tank or Jaeger-LeCoultre Reverso, it is an appeal, thoughtful design and in its chronograph variant, equipped with a fine movement.

The Edward Piguet has a slightly curved case with stepped sides that give it an Art Deco feel. This example is in 18k white gold with a semi-glossy black dial decorated with guilloche. Interestingly the dial has an unusual combination of both Arabic numerals and tablet-shaped markers for the hours.

Importantly, it is powered by the cal. 2385, which is actually a Frederic Piguet cal. 1185. A slim, sophisticated calibre, the cal. 1185 is an integrated, column-wheel chronograph movement that was also used by Vacheron Constantin, Blancpain, and Breguet.

Looking both elegant and slightly vintage, this watch is accompanied by an extract from the archives only. It carries an estimate of HK$42,000-84,000, or about US$5,400-10,800.

For more, visit the catalogue entry.

Lot 986: Zenith x SJX Chronomaster Revival “Poker Chip”

Our collaboration with Zenith last year was eagerly awaited and swiftly sold out. Fortunately for anyone who missed out, a like-new example has surfaced in this sale.

As detailed in our launch article, the Chronomaster Revival “Poker Chip” was inspired by the disco-era El Primero G383 that got its nickname from the funky dial design, but reimagined with Super-Luminova on a two-tone grey and black dial. Matched with a striking DLC-coated titanium case, the “Poker Chip” is unlike any other modern-day El Primero, especially on its luminous fabric strap.

Like the other Chronometer Revival models, the proportions are vintage – the case is 38 mm just like the 1969 original – but here executed in a modern way in micro-blasted titanium that’s been DLC coated.

And the movement is of course Zenith’s landmark El Primero 400 that’s visible through the open back.

As is often the case with Zenith, the “Poker Chip” has much to offer in terms of value, making it ideal for someone seeking an original and well made limited edition chronograph without breaking the bank.

Complete with its original box and papers, the Chronometer Revival “Poker Chip” has a modest estimate of HK$40,000-80,000, or about US$5,100-10,300, and no reserve.

For more, visit the catalogue entry.

Lot 999: Audemars Piguet Jules Audemars Tourbillon Chronographe

The other value buy from Audemars Piguet is the Jules Audemars Tourbillon Chronographe, a highly complicated timepiece that combines two sought-after complications, the tourbillon and chronograph – for a low estimate of just US$64,100.

First launched in 1982, Jules Audemars was a line of round watches and named after one of the brand’s founders. This watch embodies the traditional Jules Audemars design with a silvered, hobnail guilloche dial featuring pink gold applied numerals. It’s a straightforward expression of classical design that puts the emphasis on the tourbillon at six o’clock.

Like nearly all AP complications, the movement was made by Renaud & Papi, the complications specialist known for supplying Richard Mille. This cal. 2889 is both traditional constructed and finished to a high level. The tourbillon features a black-polished steel cage and bridge, while the chronograph has a lateral coupling and column wheel.

But in typical Renaud & Papi style it also has modern-day engineering within, here exemplified by the 72-hour power reserve, an impressive achievement for a movement made almost two decades ago.

Including its original box and papers, this timepiece is being offered in excellent condition with an estimate of HK$500,000-800,000, or about US$64,100-103,000.

Full lot details here.

Preview and auction details

All lots will be on show during the preview exhibition in the run-up to the auction. Both the auction and preview will take place at the JW Marriott Hotel in Pacific Place.

Preview
Open daily November 24-29 from 10:00 am-7:00 pm

Auction
November 28, 2:00 pm (lots 801-938)
November 29, 2:00 pm (lots 939-1070)

All times are local to Hong Kong, GMT+8.

For the full catalogue, as well as viewing appointments and online bidding, visit Phillips.com.

This was brought to you in collaboration with Phillips.

Descended from Piaget’s ultra-thin dress watches that first emerged six decades ago, the Altiplano is the brand’s quintessential dress watch in the modern day. Minimalist and refined, the Altiplano is pared back, legible, and well-proportioned – not to mention very thin – as expected from a brand that launched its first ultra-thin watch in 1957.

The latest addition to the ultra-thin lineup is the 21-piece limited edition that emerged from a collaboration between Piaget and auctioneers Phillips, the Altiplano Origin China Special Limited Edition. It will be available only at Piaget boutiques in China with the exception of the prototype numbered “00/21” that will be sold at Phillips’ upcoming Hong Kong sale on November 28.

Initial thoughts

Ordinarily found with a conservative and somewhat plain silver dial, the Altiplano gets a major makeover with a lacquered green dial paired with pink gold hands and indices that liven up its usual monochromatic look. It’s clearly a dress watch yet manages to stand out against all the other dress watches.

That said, the dial is almost perfect, but not quite – the date window with a white date disc looks out of place. I would have preferred the dial to do away with the date altogether.

The case remains the same as the standard model with a wearable and modern size of 40 mm matched with a thinness of just 6.36 mm that’s further enhanced by the slim lugs. Its height, or lack thereof, is thanks to the cal. 1205P, among the thinnest movements made by the brand.

Importantly, the China edition is affordable relative to the standard Altiplano. It retails for 10% over the regular production model, which is certainly a worthwhile upgrade given its aesthetic appeal.

Recognizable yet distinct

While the dial retains the overall look of the standard version, a few changes are apparent upon closer inspection, the colour being the most obvious.

Inspired by the picturesque landscape of China’s vast Qinghai-Tibet Pleateau (incidentally, altiplano is “plateau” in Spanish), the green dial is richly coloured and contemporary in comparison to the standard Altiplano that is inevitably silver.

Lacquered in three layers that thin out towards the edges, the dial has a deep green gradient finish. It’s match with pink gold-plated hands and indices in pink gold-tone print. The contrast between the green and pink gold renders the dial not only eye-catching but also highly legible.

But the tweaks to the dial go beyond its colour. For one, the seconds register is now free of the Arabic numerals found on the standard model, and instead replaces them with baton markers, resulting in a cleaner look that better suits the watch. A more discreet twist is the “secret” signature that forms the baton hour marker for eight o’clock.

Notably, despite being a China-only edition (that often have overt Chinese symbols or colours), the only iconography with an overt association with China is subtle and tasteful – a pink gold star in the sub-seconds register. It brings to mind the stars on the Chinese national flag, but according to Piaget it represents the North Star visible from the plateau.

The star on the seconds register is a reference to the North Star visible from the Qinghai Plateau

Although the dial is clearly well thought out, one detail stands out for being out of place. The date window is exactly the same as on the standard Altiplano models, which means it’s a white disc with black numerals, a colour combination that is somewhat jarring against the green-and-gold dial.

Perhaps the date was a technical necessity. Piaget does make a version of the same movement without the date function, the cal. 1208P, but that goes into an Altiplano model with a larger case, presumably one without the proportions desired by the designers of the China edition. But still a simple fix could have been implement to improve the look, namely a date disc in a dark colour for visual uniformity.

Delicately proportioned

The thinness of the Altiplano has always been a huge part of its appeal. Since the introduction of the hand-wind cal. 9P in 1957, Piaget has been synonyms with ultra-thin watches, culminating in the record-breaking Altiplano AUC of 2020.

Based on the 40 mm Altiplano, the China edition is not a record-setter but very, very thin. The fully-polished, 18k white gold case accentuates its thinness, which allows the watch to wear like a second skin. While minimalist in both function and form, it is still instantly recognisable as an Altiplano since no other brand offers as this many variants of such dress watches today.

Inside is the cal. 1205P that has a distinctive look characterised by an off-centre, 22k pink gold rotor and several winding wheels beside it.  Evolved from the cal. 12P of 1960, the cal. 1205P has been greatly improved over its predecessor, boasting a higher frequency and a longer power reserve, but still stays wafer thin. Measuring only 3 mm high, the movement relies on slimmed-down components and minimal vertical distance between parts to achieve its thinness.

The movement is finished in typical Piaget style that’s a combination of industrial and hand finish. The bridges are decorated with circular Côtes de Genève and while many screws are blued. And two details mark out out as a Piaget calibre, one is the “P” on the regulator of the balance cock and the other is the Piaget family coat of arms on the rotor.

Concluding thoughts

The Altiplano China edition possesses a good aesthetic that makes it appealing. It has been smartly conceived to liven up the model’s conservative looks with the addition of a striking green dial, which transforms the Altiplano into something bold and contemporary. And that comes at only a modest premium over the regular model, a difference that is easily justified with to the small number made and the enhanced visual appeal.

Key facts and price

Piaget x Phillips Altiplano Origin China Special Limited Edition
Ref. G0A47550

Diameter: 40 mm
Height: 6.36 mm
Material: 18k white gold
Crystal: Sapphire
Water resistance: 30 m

Movement: Cal. 1205P
Functions: Hours, minutes, seconds, and date
Frequency: 21,600 beats per hour (3 Hz)
Winding: Automatic
Power reserve: 44 hours

Strap: Green alligator with pin buckle

Limited edition: 21 pieces
Availability: Only at Piaget boutiques in China, with prototype to be sold at Phillips
Price: RMB228,000 (equivalent to US$31,900)

The prototype numbered “00/21” will be sold at Phillips’ upcoming auction, with an estimate “in excess of HK$250,000/US$32,000”. For more, visit Phillips.com.

Having looked at some of the most fascinating pocket watches and clocks on offer at Christie’s Important Watches auction that happens soon in Hong Kong, we now turn to attention to the genre that many collectors are now pursuing, independent watchmaking.

As expected, amongst the offerings going on the block are works from the big names like F.P. Journe, Richard Mille, and H. Moser & Cie. But beyond the usual suspects, the sale also encompasses hidden gems, like the highly complicated tourbillon perpetual calendar by Gerald Genta presented as a Cartier Pasha.

The Important Watches auction (lots 2306-2523), including watches from The Triazza Collection, begins at 1 pm on November 27 – the catalogue is available here.

It’s followed by the second session (lots 2201-2282) offering watches from The Champion Collection at 7 pm – see the full catalogue here.

The fully-engraved Gerald Genta movement inside the Cartier Pasha

Lot 2382: Cartier Pasha Tourbillon Perpetual Calendar

Considered one of the most successful watch designers of the 20th century – though his most influential designs were for Audemars Piguet and the Patek Philippe rather than his own – Gerald Genta was also responsible for some of the most complicated watches of the 1980s and 1990s when his namesake brand was at its peak.

In fact, the Genta brand was so proficient at making highly complex watches that Cartier tapped Gerald Genta as a movement supplier for its top-of-the-line complications in the 1990s. Having designed the modern-day Pasha de Cartier in 1985, Gerald Genta was also responsible for the movements in the most complicated Pasha models in the follow decade.

One of the fruits of the Genta-Cartier relationship was the Pasha perpetual calendar with tourbillon, a horological work of art with an open-worked that shows off the perpetual calendar mechanism. As with many of the Gerald Genta watches of the period, the Pasha has an elaborately executed dial with its sub-dials in mother-of-pearl.

Done in the classic Pasha form with a rotating bezel and a cap over the crown, the 18k yellow gold case has a sapphire crystal back that reveals a movement that’s been intricately engraved on almost every surface. The centrepiece is a one-minute tourbillon decked secured by a double “C” bridge.

At 38 mm the watch is compact by modern standards but still an eminently wearable size, especially for something so ornate. This under-the-radar watch unsurprisingly has a modest estimate of HK$120,000-240,000, or about US$15,400-30,700. For more, visit the catalogue entry.

Lot 2400: Gerald Genta Mickey Mouse Retro Fantasy “Hong Kong Handover”

Well before character watches became a thing with luxury watchmakers, Gerald Genta had a license from The Walt Disney Company. Starting in the 1980s, Gerald Genta produced watches bearing Disney cartoon characters as the Fantasy collection, often combined with the retrograde minutes display and its sister complication, the jump hour. Because of the enduring appeal of Disney’s best-loved characters, the Fantasy watches have retained a great degree of desirability even as the Genta brand has been dormant.

In typical Gerald Genta style, Mickey is portrayed on a mother-of-pearl dial

In 1997, Gerald Genta designed a special series of the Fantasy Retro to commemorate the handover of Hong Kong by the United Kingdom to China. Automatic with a 36 mm case, it was a limited edition of 97 pieces in steel, along with a smaller run of 19 watches in white gold.

This is one of the white gold examples. Housed in an 18k gold case, the ETA-based automatic movement drives a display that has Mickey Mouse’s left arm waving the Union Jack. His left arm also doubles up as the retrograde minute hand and traces the hour across a semi-circular arm before returning to its starting point to begin all over again. In his right hand Mickey has the flags of China and Hong Kong SAR. 

Numbered “9/19”, the Gerald Genta Mickey Mouse Retro Fantasy carries an estimate of HK$50,000-100,000, or about US$6,400-12,800. 

You can find out more in the catalogue.

Lot 2402: Gerald Genta Arena Chronograph Quattro Retro

As many of our readers would remember, Bulgari sought to revitalise its watchmaking division by purchasing Gerald Genta and Daniel Roth from the Singapore watch retailer The Hour Glass in 2000, a time when the major jewellery brands were putting serious money into building up their watchmaking know-how.

This watch is a Gerald Genta under Bulgari ownership. Even though this and others like it are often overlooked because of the change in ownership, the brand was putting out interesting movements at the time. The design is an evolution of the Gerald Genta original and equipped with a surprisingly complex movement.

First introduced in 1996, the Arena was groundbreaking at the time for combining two complications: the jump hour and the retrograde in a single wristwatch.

The Arena Quattro Retro takes the concept even further by adding a chronograph into the mix. And it is not merely an ordinary chronograph, but one with retrograde registers for both the hours and minutes. It also features a retrograde date indicator at six o’clock, hence the Quattro Retro name.

The quadruple retrograde display is driven by an in-house module built on top of a Frederic Piguet cal. 1185 movement, a slim and sophisticated movement widely used by high-end brands at the time, including Audemars Piguet and Vacheron Constantin.

The case design retains the original Genta style but scales it up to 45 mm for a maximalist, sporty aesthetic. Because the case is titanium, it is lightweight despite the size.

The Arena Quattro Retro has an estimate of HK$80,000-160,000, or about US$10,240-20,500. More details here.

Lot 2409: Ressence Type 1004 “Zero Series”

Ressence has been lauded for its minimalist design and clever mechanics, a direction the brand has pursued from its inception. Founded in 2010 by Belgian designer Benoît Mintiens, Ressence timepieces have an unmistakable aesthetic centred on a streamlined case and clean dial with an orbital display. Though mostly known today for its crown-less case, the brand actually got its start twelve years ago relying on conventional crowns.

Launched in 2010, the Zero Series was the first collection of serially-produced timepieces by the nascent brand. The line-up was essentially a single model but in four different dial colours: black (Type 1001), silver (Type 1002), light titanium (Type 1003), and dark grey (Type 1004), with a total production run of just 50 pieces.

The Zero Series featured an orbital-display dial with discs that rotated in sync to tell the time, thanks to a proprietary, patented module known as the Ressence Orbital Convex System (ROCS). And while the case already had the sleek lines that now define the brand, it also had an ordinary crown at three o’clock for both winding and setting.

With a retail price of about €10,000 at the time, the Zero Series watches were pricey for an upstart brand but are now affordable compared to Ressence’s latest products that boast substantial technical upgrades and innovation but also a much higher price.

As a result, this Type 1004 is something of a value buy for some looking for an affordable example of the inventive watchmaking of Ressence. It has an estimate of HK$90,000-180,000, or about US$11,500-20,500. For more, visit the catalogue entry.

Lot 2411: H. Moser & Cie. Nomad Dual Time

Amongst the roster of high-profile independents today, H. Moser & Cie. is a favourite for its often whimsical yet also elegant watches. In recent years the brand has become increasingly known for the whimsical, from the Swiss Alp Watch to the peculiar Swiss Mad Watch with a case made partly from Swiss cheese. But the Schaffhausen-based manufacturer has always had elegant watches in its stable, many equipped with practical complications like the Nomad Dual Time.

Low key but useful, the Nomad is a travel watch pared to the essentials. It has a second time-zone hand plus a discreet day and night indicator at 12 o’clock. But the second time zone hand can be hidden under the hour hand when not in use, transforming this into a three-hander that’s (almost) time only.

Measuring 41 mm in diameter, it is powered by the in-house cal. HMC 346, an automatic with a bidirectional “Magic Lever” winding mechanism and a solid rose gold rotor.

Notably, this example has a platinum case, instead of the more common white gold.

The Nomad Dual Time carries an estimate of HK$120,000-240,000, or about US$15,400-30,700, something of a bargain considering its original retail price was US$45,400.

For more, check out the catalogue.

Lot 2412: Daniel Roth Millennium Ref. 0357BCSL

Founding his namesake brand in 1989, Daniel Roth was one of the first independent watchmakers to reinterpret traditional Swiss watchmaking and establish his own distinctive style. He had honed the craft at Audemars Piguet and Jaeger-LeCoultre, but is most famous for helping resurrect the Breguet in the 1970s.

Like many independent watch brands of the time, Daniel Roth eventually left his namesake brand. His earliest creations possess the purity of a small-scale independent, explaining their renewed appeal for collectors. But some of the brand’s later watches are also interesting and tend to offer better value as they are frequently overlooked in favour of earlier watches.

Made just before the brand was sold to Bulgari in 2000, the ref. 0357 was a limited series of 50 timepieces in each colour of gold to commemorate the new millennium.

Encased in the signature double-ellipse case in white gold, this has hobnail guilloche dial with Roman numerals and blued steel sword hands. It also includes a pair of simple complications, an off-centre power reserve indicator and a moon phase, which bring to vintage classic Breguet pocket watches.

The watch is powered by the cal. DR200, an unusual form movement that echoes the shape of the case. It was produced by Jaquet, the movement maker now known as La Joux-Perret, and developed specifically for tonneau-shaped watches.

Accompanied by its box and certificate, this ref. 0357BCSL is numbered “18/50”. It has an estimate of HK$100,000-200,000, or about US$12,800-25,600. For more, visit the catalogue entry.

Lot 2416: F.P. Journe Chronomètre Souverain

Rightly regarded as one of the most influential watchmaker alive, François-Paul Journe is a technical genius whose creations have garnered both critical and commercial acclaim. Values of F.P. Journe watches have accelerated into the stratosphere in the last three years, leaving few options for someone who wants an entry-level watch from the brand. The most affordable watch (at least in a relative sense) from F.P. Journe is the simple but sophisticated Chronomètre Souverain.

First introduced in 2005, the timepiece draws inspiration from 19th-century marine chronometers with its functional aesthetic comprising a silvered dial with a power reserve indicator. But it is executed in the signature F.P. Journe fashion with Clous de Paris guilloche and blued steel hands.

This example is arguably the quintessential variant of the Chronometre Souverain with a 40 mm platinum case and silver dial. It contains the cal. 1304, a manual-wind movement featuring a twin barrels that provide a power reserve of 55 hours, along with bridges in 18-karat red gold.

Accompanied by the original box and papers, the F.P. Journe Chronomètre Souverain has an estimate of HK$280,000-480,000, or about US$36,000-61,400.

For more, visit the catalogue entry.

Lot 2225 (The Champion Collection): Greubel Forsey Quadruple Tourbillon

Greubel Forsey’s Quadruple Tourbillon is a remarkable feat that combines four tourbillon carriages configured to fit in a single wristwatch. First introduced in 2009, the timepiece is the most complex tourbillon made by Greubel Forsey, no slouch when it comes to the complication. The Quadruple Tourbillon was the result of four years of research and development that built on its predecessor, the Double Tourbillon 30°, and further elaborated upon in its successor, the GMT Quadruple Tourbillon. 

The movement has twin regulators, each a Double Tourbillon 30°, which are in turn linked by a spherical differential that improves its accuracy by 2.5 seconds per day according to the brand. Each of the regulators has an outer cage that makes one revolution every four minutes that encloses an inner one-minute cage inclined at 30° from the horizontal. Both Double Tourbillons are secured by clear sapphire bridges, allowing for an unobstructed view.

Unsurprisingly, the movement is made up of 535 parts, despite being a three hander – hours, minutes, and seconds – with almost half the number of components accounted for by the tourbillon regulators.

A large 45 mm in diameter and entirely platinum, the Quadruple Tourbillon certainly has a gravity to it. As is typical of Greubel Forsey approach, the watch has no half-measures; the movement is impressively finished, mostly by hand. It’s done in the typical Greubel Forsey style with frosted bridges outlined by wide, rounded bevels that are perfectly mirror polished.

Notably, this particular watch has a bonus in the movement – gold plates engraved with the signatures of Robert Greubel and Stephen Forsey, each screwed onto the barrel bridge, a personal touch on what can be deemed a horological tour de force.

Presented in unworn condition, the Greubel Forsey Quadruple Tourbillon is accompanied by its customary packaging and papers, as well as a servicing (up to a retail value of CHF10,000) that will be offered to the new owner compliments of Greubel Forsey. It  has an estimate of HK$1.8-3.6 million, or about US$230,300-460,600. You can find out more in the catalogue.

Preview and auction details

All lots will be on show during the preview in Hong Kong during the run-up to the auction. Both the preview exhibition and sale will happen at the Hall 3D of the Hong Kong Convention and Exhibition Centre.

Hall 3D, Hong Kong Convention and Exhibition Centre
1 Harbour Road
Wanchai, Hong Kong

Preview
November 26, 10:30 am – 6:30 pm
November 27, 10:30 am – 12:00pm

Auction
November 27, 1:00 pm (lots 2306-2523)
November 27, 7:00 pm (lots 2201-2282)

All times and dates are local to Hong Kong (GMT+8).

The catalogues for both sessions are online – the first that includes The Triazza Collection and the second comprising watches from The Champion Collection.

This was brought to you in collaboration with Christie’s.

Having just announced a limited edition with a gold case and semiprecious stone dial, TAG Heuer has debuted another all-gold Carrera, the Carrera Chronograph “JPS”. It features an 18k yellow gold case matched with a black-and-gold dial inspired by the 1158 CHN chronograph of the 1970s, a colour combination better known as the “JPS”.

That’s is short for John Player Special, a cigarette brand that sponsored the Lotus Formula 1 team in the 1970s. Its brand colours were black and gold, which was also the paintwork for the Lotus race cars. That led to the “JPS” label for the Rolex Daytona in the same colours, though the nickname has since been applied to sports chronographs in the same livery.

Initial thoughts

The Carrera “JPS” is essentially the same model that’s usually seen in steel, but now given a luxe makeover with a gold case and “JPS” dial. In typical Carrera style it opts for a two-counter look with a “ghost” seconds at six, resulting in a vintage vibe although the case is a very modern and slightly chunky 42 mm in diameter.

But the new Carrera really is all about the dial, which is no doubt meant to evoke what is now a million-dollar watch. While the market for vintage Daytonas has plateaued or even declined since its peak four years ago, the Daytona “JPS” has continued to sell for large sums, with a handful crossing the million-dollar mark over the past year. Besides the rarity of the model, the value also reflects the intrinsic appeal of the black-and-gold livery, which is both striking and easy to appreciate.

The Heuer 1158 CHN

The new Carrera attempts to capture the same look in a straightforward manner and mostly succeeds. It reproduces the high-contrast palette and also gets the details right, like the black date disc. That said, I would have hoped for a gilded outer seconds track like the namesake Daytona.

At US$21,500, the Carrera “JPS” is priced competitively for a solid-gold chronograph with an in-house movement. It is not a limited edition, so it should be easily available, though I foresee it being made in limited numbers since its price point is far above the average for TAG Heuer.

Formula 1 colours

The Carrera “JPS” has a black dial with a radially-brushed, metallic finish, along with two recessed registers in yellow gold gilt. The hands, applied hour markers, and even the frame for the date window are similarly gold plated.

Measuring 42 mm in diameter, the case is 3N gold, a richly-yellow alloy that’s been brushed on the sides and polished on top. It contains the Calibre Heuer 02, an in-house movement with an 80-hour power reserve. The rotor has been coated black and features gold-filled engraving to match the dial.

Key Facts and Price

TAG Heuer Carrera Chronograph “JPS”
Ref. CBN2044.FC8313

Diameter: 42 mm
Height: Unavailable
Material: 18k yellow gold
Crystal: Sapphire
Water resistance: 100 m

Movement: Calibre Heuer 02
Functions: Hours, minutes, seconds, date, and chronograph
Frequency: 28,800 beats per hour (4 Hz)
Winding: Automatic
Power reserve: 80 hours

Strap: Black alligator with pin buckle

Limited edition: No
Availability: Starting November 2022 at TAG Heuer retailers and boutiques
Price: US$21,500

For more, visit Tagheuer.com.

Having covered highlights from the independent watchmakers at Phillips’ The Hong Kong Watch Auction: XV, we now dive into the complicated timepieces in the sale that takes place on November 28 and 29 – an appropriate theme given that the three most valuable lots according to the estimates are complicated watches from Patek Philippe.

In this roundup, we look at nine lots that stand out. Some like the ref. 5207P with the uncommon mahogany guilloche dial are six-figure, headline lots, while others are value propositions that might slip under the radar but worth noting, like the Cartier Privé Tonneau XL Skeleton Dual Time.

Registration for bidding and the entire catalogue for sale can be accessed here.

The ref. 5207P with a brown guilloche dial and matching obsidian inlays in the case and slide

Lot 817: A. Lange & Söhne Lange 1 Time Zone “Buenos Aires”

Here, we have the Lange 1 Time Zone that was first introduced in 2005. With the trademark Lange 1 dial layout and oversized date, the Time Zone maintains the recognisable Lange 1 style with its “Golden Proportions” despite being able to do much more than a standard Lange 1.

This particular variant came about when Buenos Aires retailer Simonetta Orsini requested a limited edition for Argentina. The cities disc thus has Buenos Aires (“B. AIRES”) to indicate UTC-03:00, instead of Rio de Janeiro as is the norm for the model.

But more significant for the Lange enthusiast is the silver dial with blue hands and markings, a pleasing but rarely-seen combination associated with the uncommon Lange 1 ref. 101.027X.

Given that this was a 100-piece run, only a handful of the Buenos Aires edition have shown up on the secondary market, so this will likely enjoy significant interest. Accompanied by its box and certificates, the Lange 1 Time Zone Buenos Aires Limited Edition is numbered “39/100”. It has an estimate of HK$200,000-400,000, or about US$25,600-51,300. Full lot details here.

Lot 827: Patek Philippe In-Line Perpetual Calendar Ref. 5236P

If there is a complication synonymous with Patek Philippe, it is the perpetual calendar (though some might say it’s the perpetual calendar with chronograph instead). Historically inspired by some of the brand’s best-known vintage perpetual calendar watches, the ref. 5236P is a relatively new addition to the catalogue that, in a first for a Patek Philippe wristwatch, revives the straight-line calendar from mid-20th century pocket watches. It is both a subtle yet sophisticated update to the classic Patek Philippe perpetual that was well-received by both critics and collectors.

The watch marries the style of the in-line calendar pocket watches from the 1950s with the case of the “Disco Volante” perpetual calendar refs. 3448 and 3450. But despite the vintage inspiration in both display and aesthetics, the ref. 5236P sets itself apart as a contemporary timepiece with its design language, especially with the vertically-brushed, gradient blue dial.

Instead of separate month, day, and date indications, the ref. 5236P opts for a superior presentation that is clean and concise. The simplicity of the display belies the technical achievement of the calendar display, explaining why the ref. 5236P is both less common and more expensive than conventional Patek Philippe calendar watches.

Just a year old and accompanied by all its packaging, the ref. 5236P carries an estimate of HK$430,000-780,000, or about US$55,100-100,000. With a high retail price of US$140,000, this might be an excellent opportunity to get this below retail, though quite some luck would be needed given the scarcity of the model. Full lot details here.

Lot 856: Patek Philippe Ref. 866/12 “Guerre de Souabes” by Marthe Bischoff

Not a complication in a mechanical sense but perhaps even more complex to pull off, this the enamelled pocket watch by Swiss artist Marthe Bischoff (1900-1991) is an example of something exceptionally coveted – a Patek Philippe decorated with miniature enamel.

Bischoff, a master enameller, was a longtime collaborator of Patek Philippe whose work is on permanent display at the Patek Philippe Museum in Geneva. Mostly dating from the 1970s, pocket watches featuring her work are highly valued today and command high prices at auction. Last year a Patek Philippe pocket watch with enamelling by Bischoff on both sides sold for over US$700,000.

The Swiss artist was known for her intricate and colourful miniatures often based on historical paintings, exemplified by this ref. 866/12 that features a scene inspired by the Swabian War, or Guerre de Souabe, an event that helped cement the independence of the Swiss Confederacy from the Holy Roman Empire in the late 15^th century.

Even in this small miniature work, Bischoff’s talent is clear. Her juxtaposition of the blue sky in the distance with the gloomy foreground is a subtle portrayal of contrasts between the victors and the defeated.

And in contrast to the elaborate enamelled back, the front is an austere silver dial with gold dauphine hands and baton indexes.

The ref. 866/12 is accompanied by service papers brand and an extract from the archives that confirm its production in 1971 and sale a year later. It has an estimate of HK$600,000-1 million or about US$76,900-128,000.

Full lot details here.

Lot 887: Patek Philippe 175th Anniversary Chiming Jump Hour Ref. 5275P-001

When Patek Philippe celebrated its 175th anniversary in 2014, it released a collection of exceptional, limited-edition timepieces to showcase its mastery of complications. One of the most intriguing anniversary watches was the Chiming Jump Hour ref. 5275P, a contemporary reinterpretation of the tonneau-shaped jump-hour introduced for its 150th anniversary in 1989. Equipped with a newly-developed movement featuring high-tech silicon parts, the ref. 5275P has an unusual aesthetic with engraved decoration on both the dial and tonneau-shaped platinum case.

The cal. 32-650 HGS PS in the ref. 5275P is more than a mere jump hour. In fact, the hours, minutes, and seconds all jump – the seconds is a deadbeat seconds that ticks forward in one-second increments, while the minutes and hours jump one step at a time. And it is also an hour striker that chimes a single note at the top of the hour just as the hour disc makes its jump.

Moreover, the manual-wind movement has the lever and gear for the jumping hour mechanism in Silinvar, which is silicon with an outer oxide layer – the first time Patek Philippe has used the material outside the escapement or balance assembly. The movement unfortunately is hidden behind a solid back bearing a commemorative engraving.

The Chiming Jump Hour ref. 5275P retains its original documents and presentation box, and has an estimate of HK$3.0-5.0 million or about US$385,000-641,000.

Full lot details here.

Lot 900: Cartier Privé Tonneau XL Skeleton Dual Time

We cannot discuss form watches without mentioning Cartier. While its most famous case shapes are probably the Tank and Santos, the barrel-shaped Tonneau is an equally historic design. The Tonneau XL Skeleton Dual Time combines the classic Cartier case with a clever skeletonised movement that indicates two time zones that can be each set independently down to the minute.

The Tonneau XL Skeleton Dual Time was inspired from the Tonneau double fuseau (French for “double time zone”) produced by Cartier in several variants, both quartz and mechanical, in the 1970s to the early 2000s. But while those watches also showed twin, independent time zones, they were powered by two separate movements – essentially two watches in one case.

In contrast, the Skeleton Dual Time is far more sophisticated mechanically – it is powered by a single movement with two independent displays. The movement has a single barrel and regulator, but two trains, one for each time display. It’s executed in typical Cartier style, with the skeletonised dial and movement retaining an aura of classicism but showcase the complexities of the cal. 9919.

And because this is an “XL” Tonneau case, it is imposing on the wrist with substantial heft being in platinum.

The Tonneau XL Skeleton Dual Time is numbered “88/100” and includes with the original packaging and certificates. It carries an estimate of HK$320,000-60,000, or about US$41,000-82,100.

Full lot details here.

Lot 906: Grand Seiko Spring Drive 8-Day “Night Sky” Ref. SBGD202

All the watches featured so far have been from the Swiss (and German) establishment. Now let’s turn our attention to a brand from the other side of the world that’s been gaining prominence internationally, Grand Seiko. Known for its sterling quality and craftsmanship at a typically affordable price point, Grand Seiko also produces high horology of an artisanal nature at the Micro Artist Studio, the specialised workshop best known for the Credor Eichi.

One such artisanally-decorated Grand Seiko is the Spring Drive 8-Day “Night Sky” ref. SBGD202 that a captivating, sparkly black dial and a manual-wind movement finished by hand in a manner that rivals the very best.

As finely finished as its platinum counterpart but warmer in tone, this example in 18k rose gold watch has a substantial case with wide, bevelled lugs that give it an imposing, almost extravagant look.

The dial is a glossy black with gold flecks that’s meant to evoke the starry night sky effect. It’s created by a unique, in-house process that starts with plating, followed by several layers of lacquer, and finally a sprinkle of gold dust.

This delicately detailed watch is powered by the cal. 9R01, a top-of-the-line Spring Drive movement with an eight-day power reserve thanks to three barrels. Made of German silver, the full bridge on the back is modelled on the silhouette of the mountain range around Shiojiri where the Micro Artist Studio is located. Like all movements produced in the studio, the 9R01 is finished entirely by hand to a level that is comparable to the very best watchmakers in Switzerland.

If you are looking for a time-only watch with exceptional finishing and a mighty movement, this Grand Seiko should be at the top of your list. The Spring Drive 8-Day “Night Sky” has an estimate of HK$160,000-310,000, or about US$20,500-39,700 – a value proposition considering the low estimate is half the retail price.

Full lot details here.

Lot 936: Patek Philippe Advanced Research Annual Calendar Ref. 5250G-001

While the use of silicon in mechanical movements is now so common it’s taken for granted, the material was once extremely exotic. Proof of that is Patek Philippe’s Advanced Research Program, which for many years focused on industrialising silicon components for the brand’s movements. The first Patek Philippe watches equipped with silicon parts were all small-run limited editions, illustrating the experimental nature of the material at the time.

The very first model was the Advanced Research Annual Calendar ref. 5250G-001 that arrived in 2005. It had the same styling as the other annual calendar models of the period, but with an unusual grey dial featuring blackened hands and indices.

More important was the cal. 315 S IRM QA LU SI inside that was visible through a display back that showed off its single silicon component, the escape wheel, which sat under a magnifier on the sapphire back.

Specifically, the escape wheel was made of Silinvar, Patek Philippe’s trade name for silicon covered in a hard oxide layer. A revolutionary breakthrough at that time, Silinvar retains the same physical properties across extreme temperatures from -10 to 60 degrees Celsius, making it ideal for the escapement.

The ref. 5250G was produced in a very limited edition of just 100 pieces. This example has all of its original packaging and accessories and carries an estimate of HK$280,000-480,000, or about US$35,900-61,500.

Full lot details here.

Lot 938: Patek Philippe Grand Complications ref. 5207/700P-001

The star of this auction, at least in terms of modern watches, is undoubtedly the Patek Philippe ref. 5207/700P-001. The reference was first launched in 2008, becoming one of the most complicated Patek Philippe watches at the time. As detailed in our earlier review, this incredible timepiece features a minute repeater, tourbillon, and instantaneous perpetual calendar with moon phase and day-night indicator, all in a 41 mm platinum case.

The multiple complications in the ref. 5207 are thanks to the cal. R TO 27 PS QI, which is evolved from the movement in the discontinued ref. 5016 but upgraded to feature an instantaneous perpetual calendar that allows the calendar indications to jump crisply at midnight, instead of changing gradually over several hours as was the case with the earlier iteration of the movement.

This “like new” example of the Ref. 5207/700P is the first to be offered by an international auction house

According to Phillips, this reference was produced in at least five variants, with this example being one of the most uncommon. This has a mahogany dial with guilloche but more unusually a case and repeater slide inlaid with obsidian stone, replacing the engraving found on all other variants of the model. Adding to its rarity, this variant had a brief production run from 2015 to 2018.

This watch is the first specimen of this specific variant to be offered at an international auction. According to Phillips, the consignor purchased the watch in 2016 and kept it locked away since then. So now it is being sold in like-new condition.

The ref. 5207/700P-001 includes its original certificate, presentation box, and other accessories. It has an estimate of HK$5.5-8.5 million, or about US$705,000-1.09 million.

Full lot details here.

Lot 1035: Breguet Classique Hora Mundi Ref. 5727

Last in our selection is a brand that often doesn’t get as much attention as it should at auction, particularly its recent, complicated watches that are often underrated and value buys. One example is the Hora Mundi, a clever jumping world-time watch that’s been a staple in the brand’s collection for nearly a decade but not especially well known.

The watch features a unique world-time complication that displays two time zones, but only one is on show at any time. The button at eight allows the wearer to set the two time zones and also instantaneously switch between the two. Pressing the button switches home and local time, with the main set of hands, day-night indicator, date at 12 o’clock, and the cities disc all jumping to indicate the selected time. It is a complication that is both easy to use and ingenious.

Naturally the Hora Mundi retains the traditional Breguet style with its blued hands and guilloche dial, however, it has a larger-than-usual size of 43 mm due to the complexity of the jumping, double time-zone display.

Including its original box and papers, the Classique Hora Mundi has an estimate of HK$270,000-370,000, or about US$34,600-47,700.

Full lot details here.

Preview and auction details

All lots will be on show during the preview exhibition in the run-up to the auction. Both the auction and preview will take place at the JW Marriott Hotel in Pacific Place.

Preview
Open daily November 24-29 from 10:00 am-7:00 pm

Auction
November 28, 2:00 pm (lots 801-938)
November 29, 2:00 pm (lots 939-1070)

All times are local to Hong Kong, GMT+8.

For the full catalogue, as well as viewing appointments and online bidding, visit Phillips.com.

This was brought to you in collaboration with Phillips.

Presented to the world leaders who were recently in Phnom Penh for the ASEAN Summit, the ASEAN Lotus Tourbillon was created by the Prince Horology Vocational Training Center, the impressively-equipped watchmaking school set up by local conglomerate Prince Holding Group. (I visited the school in 2020 just before it opened its doors – see our report here.)

Produced in an initial run of 25 pieces for the summit, it contains a hand-wind movement that is as notable for both its hand finishing and the one-minute tourbillon regulator. Cambodian prime minister Hun Sen was personally involved in the design of the watch – he received the very first example – and posted photos of the watch on his Facebook page a few days before the summit with the comment “Khmer can do it”.

Initial thoughts

Having been aware of the project and its ambitions since I visited the school two years ago, I was expecting much of the Lotus Tourbillon and I wasn’t disappointed.

The quality of the execution is immediately apparent in the hand finishing of the components, particularly for the key components of the tourbillon, namely the cage and bridge. Equally impressive is the fact that it was developed and completed in under two years.

Admittedly, the Lotus Tourbillon is plain in terms of the dial and case aesthetics, but the mechanical excellence is obvious. Importantly, the movement is likely to make it into a series of watches that will be sold publicly to raise funds for watchmaking school, so stay tuned.

More broadly, the Lotus Tourbillon proves that high-quality watchmaking can be done anywhere. The school’s pipeline of projects, including a commercially available version of the tourbillon, will prove interesting.

A school watch

The Lotus Tourbillon is the work of the team at the Prince Horology school – principal Sack-Man Loui, senior advisor James Xu, technical advisors Maarten Pieters and Jessica Thakur, along with instructor Stéphane Monard. It took just 18 months to finish the project from drawings to finished watch, a remarkably speedy timeline by the norms of fine watchmaking. 

Started as a non-profit endeavour by Prince Holding Group, the school is fully equipped with top-of-the-line equipment, including lathes, milling machines, and jig borers, allowing its pupils to receive an education equal to that provided by WOSTEP, Switzerland’s best-known watchmaking academy. The first batch of students – all local Cambodians on full scholarships – recently graduated from the 3,400-hour course.

The rationale behind the development of the tourbillon was two-fold, to allow the Prince Horology school grow its repertoire while also providing it another means of support.

Some of the graduating class of 2022 with Ms Thakur (third from left) and Mr Loui (extreme right)

A classical design

Clean and simple on the front, the Lotus Tourbillon has a pale champagne dial bearing the ASEAN 2022 lotus emblem on the seconds register. This dial was selected by Cambodian prime minister Hun Sen out of several designs put forward by the school.

The case is a fuss-free affair in polished steel with a diameter of 43.5 mm. But it contains an formidable achievement, a hand-wind movement with a tourbillon regulator.

Because of its large size, the movement reveals much detail on a larger-than-usual scale. The bridges are rhodium-plated German silver, finished with Cotes de Geneve, and have the requisite polished bevels and countersinks. Another detail worth admiring are the teeth of the barrel ratchet and crown wheels that are all individually polished.

The winding wheels with polished teeth

The balance wheel with adjustable weights sits within a three-armed tourbillon cage made of black-polished steel that’s secured by a similarly black-polished steel bridge

The ASEAN Lotus Tourbillon is a limited edition of 25 watches that was gifted to the world leaders who attended the ASEAN Summit in Phnom Penh in November 2022. They included the leaders of the Southeast Asian nations who are ASEAN members as well as American president Joe Biden and Chinese premier Li Keqiang.

That, however, is not the last we’ll see of the Lotus Tourbillon. According to Prince Horology, there are plans for another version of the watch that will be sold publicly to raise funds for the school.