The back of a metal watch
The back of a metal watch

Every watch collector knows you can’t just walk into a luxury boutique and expect to buy an in-demand timepiece, any more than you can walk into a gallery and pick up the latest Richard Prince. The space between demand and supply can be acute, and some watches acquire a status beyond value or taste. Here are six of the best compiled by James Gurney

 

A metal watch with a red face

An icon returns: Demand for Zenith’s heritage re-issues such as this Defy Revival is intense. It’s easy to see why. The faceted octagonal case and 14-sided bezel combined with the steel ladder bracelet, gives the £6,100 Defy a character as unique today as it was radical at its 1969 launch.

zenith-watches.com

A black watch with a tech style silver face

Go faster: If ever a watchmaker could adopt the ad slogan “reassuringly expensive”, it is motor-racing favourite Richard Mille. The 1.75mm RM UP-01 Ferrari, created with Ferrari, is the thinnest watch ever designed. All 150 watches to be made are reportedly reserved, at £1.88m.

richard-mille.com

a blue watch with a blue face and strap

Blue blood: François-Paul Journe set up as a watchmaker nearly 25 years ago, after restoring antique clocks. That tradition, combined with a modern aesthetic, has collectors content to wait for years, even for the simplest creations such as the Chronomètre Bleu, which retails for just under $40K, but resells for upwards of $50K.

fpjourne.com

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A blue strap watch with a silver face with a hint of blue

What is the world: Greubel Forsey raises watchmaking to an art form by preserving and reviving craft skills. That the brand is looking to bring prices down to below £200,000 (the covetable GMT Balancier Convexe is around $400,000) and reduce waiting times to under two years tells you all about demand.

greubelforsey.com

A silver metal watch with three black dots in the face

Classic cool: The value of the most sought-after vintage Rolex watches can reach absurd extremes. With others, such as the 1971 pandadial Daytona, the perfection of the design was enough to justify an estimate of up to €500,000 euros at Sotheby’s March 2023 Fine Watches sale.

rolex.com

A silver watch with a blue square face

Dreaming on: Demand for key Patek Philippe designs exceeds supply, reaches fever pitch for Nautilus variations and is beyond reason ($6.5m in 2021) for the Tiffany blue-dialled 5711/1A-018. For a white gold 5811/1G (£58,391), you might have a chance in a few generations.

patek.com

This article was first published in the Spring/Summer 2023 issue of LUX

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man with handbags and watches
man with handbags and watches

Founder of Xupes, Joe McKenzie

Joe McKenzie and his father Frank founded Xupes in 2009, selling a handful of pre-owned Cartier watches from their home in Bishop’s Stortford. The company now sells a curated collection of vintage handbags, jewellery, art and design pieces alongside refurbished luxury timepieces. Here, he speaks to Candice Tucker about sustainable luxury, the rise of the digital marketplace and future collectibles

1. What inspired you to enter the pre-owned luxury retail industry?

I’ve always been interested in and participated in the circular economy. When I was 13, I was buying and selling clothes on eBay. I’ve always had an appreciation for nice things (but couldn’t afford them!) with an interest in engineering. Buying pre-owned gave me the ability to own and enjoy nice clothes for a few months and then, often sell them for double what I paid. When I was 15, I taught myself to repair airsoft gearboxes. Airsoft was an increasingly popular sport at the time and I imported parts from China to offer one of the first repair services in the UK. This was my first proper job that gave me the ability to save up some money. My parents have always taught me the importance of independence and I guess my entrepreneurship started from a young age inspired by my father and grandfather who both ran their own successful businesses.

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The mechanics of watches always fascinated me (my great grandfather was a clock maker) and when I was lucky enough to be gifted one, I became immersed in the world of horology. With the knowledge and experience of buying and selling on eBay, I saw an opportunity to redefine a market that was growing and where others were not offering service or quality. I thought to myself: why shouldn’t the experience of buying a second hand (or pre-owned as we call it) luxury watch be the same or better than buying one new? This is how the idea of Xupes began, in my bedroom at university, and I set out to redefine the perception of buying a luxury pre-owned item. I was completing a degree in photography at the time, and I used this experience to focus on creating a brand that could become a leader in the sector.

watches

A selection of pre-owned luxury watches from the Xupes collection

2. Why are vintage watches becoming ever more popular at a time when everyone has a phone that tells the time and also a smart watch?

This is a topic which has been widely discussed. At first, people thought the smart watch would have a significant impact on the luxury watch market. But customers who own a luxury watch appreciate it for many other reasons beyond convenience. Smart watches provide a service and the technology that helps us streamline our lives day to day. A luxury or vintage watch is a work of art, something with history that tells a story and is an extension of our personality, that one day might be passed on to loved ones. They also can appreciate so have become collectable and in today’s world and alternative asset class. Often, for these reasons our customers have both for these very different purposes.

3. Have any watch brands become noticeably more popular since the pandemic?

The pandemic has had one major impact to our sector: it has accelerated a shift towards digital/online channels versus the high street, a shift that was happening already, but is now probably 5 years ahead of where it would have been had the pandemic not happened. At the start of the pandemic this created a rush of brands struggling to re-organise their businesses to be able to sell online, but it is only now, 12 months on, that many of them have managed to set this up properly whilst others are still developing their operations to cope with this change. I also think consumers are more conscious of the impact their purchasing is having on the planet, bringing a wave a focus on more sustainable luxury, within which the circular economy will play a huge part in years to come.

Read more: Uplifting new paintings by Sassan Behnam-Bakhtiar

This has all meant we’ve seen considerable demand grow across our most popular brands, which people couldn’t easily buy during the pandemic. Examples are Rolex, AP and Patek Philippe, but we’ve seen a new demand in vintage across these brands as well as Cartier, Omega, IWC, and Jaeger-Le- Coultre as customers start to diversify and deepen their interests and collections. Some of the more niche independent brands have also increased in their desirability such as FP Journe, George Daniels, Philippe Dufour, Laurent Ferrier and Moser & Cie. My personal belief is that next year will also be big for the Audemars Piguet Royal Oak as it is the model’s 50th Anniversary. I expect prices for vintage Royal Oak’s to increase significantly. Prices in the past 12 months have risen across the pre-owned sector in varying amounts driven by this shortage of supply.

4. What is the decision process when deciding which brands you choose to sell?

We created Xupes through interest and passion for what we do. Our whole service is built around experience and taking time to educate and often learn from our customers. We apply this to the collection we offer and only purchase around 5% of what we are offered. This is because we’re selective about quality, provenance and also the brands and models we select. We believe our collection of watches is one of the best in the industry. Whilst we want our customers to have the right variety, we won’t sell anything and everything and 75% of our inventory is focused across five key brands.

002_Daytona-Stainless-Steel-Gents-6239

A pre-owned Rolex Daytona Stainless Steel watch

5. Is there a clear demographic of the people buying pre-owned watches?

The demographic where we see the largest portion of our customers is 35-50 and 75% male as you might expect. The watches we sell are expensive items often purchased for a special occasion to commemorate a milestone in life or to celebrate a birthday or other event. It’s hard for our team to remember that people often work hard for years to treat themselves to a luxury watch. So many of our customers are professionals from a variety of walks of life. It’s important to add however we have seen an increase in our female customer base; one of our best customers is a female watch collector with over 150 watches in her collection. And we’ve also seen a shift new 20–35-year-old customers buying their first watch with a view to investment, something they can also trade up through our part exchange service.

6. Which contemporary watch brands do you envisage being future collectibles?

We’ve seen Richard Mille sustain huge growth in residual values in the pre-owned market over the past three years. Twelve months ago, we discussed whether this could and would continue, and whether it could be a fad and go out of fashion, but the demand and prices remain strong, and Richard Mille has done well to maintain demand. I believe some of the independent brands could become hugely coveted in the future as the watch market continues to grow. We’ve seen this with FP Journe and Laurent Ferrier as I mentioned as many pieces are made in such small volumes versus say Rolex or even Patek Philippe. We also witnessed the recent discontinuation of the Nautilus 5711 which saw prices spike by 25% in 24 hours in a market where this watch already commanded nearly 3 times premium on the retail price. Lange & Sohne’s release of the Odysseus was another example of a leading brand bringing out a steel “sports” watch which now commands a large premium. Rolex sports watches are always a safe investment and will have future collectability.

Find out more: xupes.com

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Reading time: 6 min
silver timepiece
silver timepiece

The new Oyster Perpetual Submariner, 41mm in Oystersteel. © Rolex/Alain Costa

LUX discovers Rolex’s striking new editions to the iconic Submariner, Datejust, Oyster Perpetual and Sky-Dweller collections

The New Submariner

Submariner Date © Rolex/Alain Costa

Rolex’s history with the world of diving dates back to 1926 when the brand invented the now iconic waterproof Oyster case. Following a series of experiments in collaboration with diving pioneers, the brand launched the Submariner in 1953 as the first divers’ wristwatch waterproof to a depth of 100 metres. Since then, the brand’s Submariner collection has gained iconic status with the Oyster case now guaranteeing waterproof to a depth of 300 metres.

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The latest editions to the divers’ collection – the Oyster Perpetual Submariner and Oyster Perpetual Submariner Date – both feature a redesigned, slightly larger case in the classic aesthetic of Oystersteel. Other variations of both watches include a 60-minute graduated Cerachrom insert in coloured ceramic, allowing divers to monitor their dive times.

diamond silver watch

Oyster Perpetual Datejust 31 in white Rolesor. © Rolex/Alain Costa

The New Datejust

Four new white Rolesor (combining Oystersteel and 18 ct white gold) versions of the Oyster Perpetual Datejust 31 include a diamond-set bezel and aubergine dial with the three other timepieces fitted respectively with a mint green, white lacquer or dark grey dial.

silver watch

Oyster Perpetual 41 in Oystersteel. © Rolex/Alain Costa

The New Oyster Perpetual

Rolex’s Oyster Perpetual collection features direct descendants of the brand’s original 1926 Oyster waterproof case. The latest model, the Oyster Perpetual 41, is available with a silver or black dial, whilst updates of the Oyster Perpetual 36 feature a range of vibrant lacquer dials in candy pink, turquoise blue, yellow, coral red and green.

Read more: Paris-based artist Cathleen Naundorf on photography, fashion & activism

Both models are equipped with Rolex’s newly launched movement, calibre 3230, which offers gains in terms of precision, power reserve, resistance to shocks and magnetic fields, convenience and reliability.

gold black timepiece

Oyster Perpetual Sky-Dweller, 42 mm, 18ct yellow gold. © Rolex/Alain Costa

The New Sky-Dweller

The perfect watch for frequent travellers, the Sky-Dweller displays the time in two time zones simultaneously and has an annual calendar. This latest 18ct yellow gold version of the Oyster Perpetual Sky-Dweller is fitted with the brand’s innovative Oysterflex bracelet made of high-performance black elastomer, promising both durability and comfort.

Find out more: rolex.com

 

 

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sports car on road at sunset
sports car on road at sunset

Aston Martin DBS Superleggera Volante

In the first of our supercar reviews, we take one of the world’s fastest convertibles for a spin: the Aston Martin DBS Superleggera Volante

What is the purpose of buying an expensive fast car? The manufacturers themselves have had plenty of focus-group conversation over glasses of Krug at owner events; and so have we at our own gatherings of friends and readers.

Two-seater fast cars generally fall into one of two categories: super sports cars, created to be able to go around a racetrack as fast as possible while remaining legal and reasonably comfortable to drive on the road; and what the industry calls grand touring cars, which can be just as powerful but are biased more towards comfort, theoretically for crossing continents.

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The two categories are bound together by looks – all of these cars are designed to garner attention – and indulgent, hedonistic design. In reality, not many people use cars from either category for the purposes they were designed for. You are as unlikely to take a multi-million euro Ferrari LaFerrari on a race track as you are to test your gold Rolex Submariner at the oceanic depths for which it is designed. And if you want to cross the continent in comfort, you will jump in a jet, and ensure your car is waiting for you at the other end, rather than endure traffic jams and police speed traps.

Which brings us to the Aston Martin DBS Superleggera Volante. This is a car that looks as exotic as it sounds: long, wide, sculpted and slightly brutal. It is not a show-off car like, for example, a Lamborghini, which is guaranteed to get the whole street looking at you; nevertheless with the primordial roar of its engine and its sheer presence on the road, it is a car that tells everybody around that you are here, and that you have made it.

Convertible car interiors

It is also the most powerful regular production Aston Martin, a significant statistic in itself. Get in and steer it down the road, and it doesn’t feel quite as wild as the horsepower figure, which at 715 is around five times that of the average car, might suggest. The steering is superb, with feel and sharpness. Some cars in this category have so much engineering to manage their enormous performance, that the sensations of driving are dulled. Not in the Aston, the noise and handling of which immediately let you know that you are driving something very special. It feels sharper, more alive, and more connected than the previous generations of powerful Aston two-seaters, while remaining comfortable and civilised enough not to shake you around, and that alone should guarantee it some loyal customers trading up.

Read more: Gaggenau presents new series of super-sleek combi-steam ovens

But it is also very much a grand touring car. You don’t feel that every prod on the accelerator will send you hurtling over the horizon and off the edge of the world, as is the case with some supercars these days. The DBS works through its rev range a bit more like a V12 engine of old, gaining speed with momentum, despite having distinctly new tech using turbochargers to aid its power delivery. To appreciate what you can do properly, you need a long stretch of road, ideally with a Mediterranean beach café at the end. Put your foot down, feel the car gathering pace relentlessly as the engine sears towards its redline. It’s a supremely satisfying feeling, and slightly old school with its delayed gratification. It is not a car that tries to handle like a go-kart with a rocket on it. Its pleasures need discovering slowly. But it certainly has a hard, supercar edge to it.

Nobody buys one of these for comfort and practicality, but it does reasonably well on both. There is plenty of space for two in the front, and some shopping bags on the back seats; only a masochist would want to actually sit in the back, although we did fit one teenager in with their legs across both back seats and the roof down. They had a whale of a time.

In an era where cars, even at the very high end, have never been better, but also have never been more similar in terms of engines and general engineering, the Superleggera Volante (Volante just means convertible in Aston speak) has two things that make it distinctive: character and class. You can buy faster cars for the money, and flashier cars, but James Bond circa 1966, teleported to today, would recognise immediately that he was driving an Aston as soon as he shut the door and hit the start button. Priceless.

LUX Rating: 18.5/20

Find out more: astonmartin.com

This article was originally published in the Spring 2020 Issue.

 

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Reading time: 4 min

Speed and posing in Monte Carlo: Francesca Peak revels in the most glamorous destination on the F1 calendar, courtesy of Rolex

Formula 1 Grand Prix de Monaco 2016When you think of Formula One, you don’t think of the gruelling driver training, the complex mechanics, or the global travel involved in an exhausting 10-month schedule. Instead, it’s the lavish parties, glamorous crowds, and beautiful surroundings. More than any other international competition, Formula One is a seductive combination of speed and charm, and nowhere is this more evident than at the Monaco GP.

Read next: Why this billionaire investor loves Switzerland

Since the first race was run on the Circuit de Monaco in 1929, the event has remained one of the most competitive and desirable for drivers and fans alike. Along with the Indy 500 and Le Mans 24 Hour race, it forms the Triple Crown of Motorsport, lusted after by every driver that graces the tarmac. And this year, about 10 years into being a Formula One fan, it was my chance to see the sport’s most legendary race up close and personal.

For this year’s Monaco Grand Prix, I was hosted by Rolex, Formula One’s official timekeeper, and taken underground – literally – to see all sides of the race weekend. Driving into the city from Nice airport, the colours of the houses and Mediterranean nonchalance drew me in, definitely something I could get used to. Oddly, the track is opened to pedestrians and cars when races aren’t taking place which, while making it much easier to drive up to the hotel, meant walking to dinner was a little unnerving.

Read next: Boodles’ Michael Wainwright on taking luxury overseas

Formula 1 Grand Prix de Monaco 2016

One question I always had about race weekends was what visitors do to amuse themselves on the mornings before qualifying and racing. The answer in Monaco is, of course, take a classic car for a spin along the Grande Corniche, the mountain road that connects Monaco and Nice. My ride for the morning was a navy blue Jaguar XK120, in perfect condition but seemingly produced in an age before seat-belts were compulsory. The almost dangerous lack of power steering and extremely low gearstick were certainly a glimpse into the world of Formula One before today’s technology kicked in – no wonder the drivers had to be thin and fit as marathon runners.

A rainy Sunday took us around The Paddock, otherwise known as the Beverly Hills of motorsport: this is where the teams park up their motorhomes for the weekend, worth tens of millions of pounds. The Red Bull motorhome is more of a floating disco – by day a modest bar, restaurant and press centre, by night a disco with live DJ and dancing until the early hours.

Read next: Constructing timeless elegance

Being shown around The Paddock by Sir Jackie Stewart (a Rolex Testimonee for nigh on 50 years) was an honour – this year celebrating the 50th anniversary of his first win in Monaco, Stewart spoke of the track and the sport with nostalgia, affection but a tone grounded in reality, as only a brutally honest Scot can. Walking through the teams’ homes with Stewart made one realise how revered and legendary a personality he is – the sport certainly couldn’t be blamed for forgetting those who made it what it is today.

The weekend ended with the race itself which, thanks to a dry qualifying session followed by a race in the pouring rain, made for a more interesting race than usual. We watched from the Norman Foster-designed yacht club, an impressive structure nestled next to the water on the edge of the track. While some braved the rain outdoors to watch the cars passing beneath, others stayed inside with a blanket and a glass of champagne to watch on television with live commentary by Jonathan Legard. Somehow everything’s more immediate when the commentator’s standing right behind you.

rolex.com

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Reading time: 3 min