The major groups continue to record modest growth (a recent profit warning from Richemont was not directly related to the performance of the watch market) and the industry’s export figures published at the end of March showed the first reversal in a downward trend that dates back to June last year. Yet there was open talk of the difficulties faced by some brands during Baselworld, specifically in China and Hong Kong (watch exports to Hong Kong are down 10% so far this year). So who is compensating for this drop ? The answer so far appears to be the American watch buyer, since exports to the USA have grown 10% over the same period. Will it last ?

 

There was certainly no lack of creativity at Baselworld, with cutting-edge innovations in mechanical movements and a revival of even more artistic crafts. But, as some brands looked for safer options, there was also a marked return to more classical, smaller designs and – above all – some aggressive new pricing strategies.

 

Tiffany seems confident that the market still has capacity to absorb new watches, providing, that they have a horological legitimacy and universal appeal. The return of the American giant to the watchmaking scene came in April with a classically themed collection that is not without an interesting twist in the form of its quirky East-West collection.

 

One of the biggest developments of the year so far has come in the watch auction market, with the arrival of Phillips in association with Bacs & Russo. Aurel Bacs pulled together a superlative collection of timepieces for his inaugural auction and set a new world record at auction for a stainless-steel wristwatch: 4.6 million Swiss francs for a 1927 Patek Philippe monopusher chronograph. A perfect start for this new venture with Phillips, whose CEO Edward Dolman told WorldTempus that he wanted to “lead the market in vintage watches but at the high end”. Luxury watch brands might be navigating through troubled waters, but the sky is still the limit in market for the right kind of vintage timepiece.