Category Archives: Patek Philippe

Is Eleven James the Netflix of Luxury Watch Rental? Nope.

Word on the gold-paved street is that there’s a new luxury for less player in town, and the buzz has just begun. Eleven James, dubbed as the Netflix or NetJets of luxury watches, is here to help you live beyond your means for a modest fee. The premise: pay a monthly membership fee for access to a collection of luxury watches that they’ll lend you for two month periods before you can swap it for another luxury watch. Membership starts at $249 for three watches per year ($449 for six) and grants you access to collections “The Afficionado” (IWC, Panerai, Rolex, Hublot, Zenith, Cartier, Jaeger) and for an additional amount “The Connosiuer (all those, plus Patek, Audemars, Vacheron Constantin and Girard-Perregaux).

Eleven James Collection; rent luxury watches

Very Nice [via Eleven James]

My initial thoughts? Waste of money. Why would you throw money at something you’ll never own when you could just take your annual membership costs and buy a pre-owned luxury watch? These watches have all been worn before anyways and while they’re insured by Eleven James, it’s recommended you take out additional insurance in case of “incidents”.

Founder Randy Brandoff, former chief marketing officer of NetJets, insists that his experience with the luxury rental market proves that this is an in demand service. According to Randy via Forbes:

“At NetJets and Marquis Jet, I experienced firsthand how many consumers of luxury products are increasingly interested in access rather than ownership.  Private jets, vacation homes, classic cars, and many other historically prized possessions have all become accessible via various club and shared ownership programs.”

Right, Rando, but I don’t need (or even want, really) access to a private jet, Italian Villa, or vintage Mercedes every day. Maybe every weekend, but not every day. Luxury watches? I want to hoard collect them and treasure them daily, even if I do own 20 and have to bother with reminding myself to switch them.

But it’s not for me. It’s for the guy who’s leasing his Lambo and his mansion. It’s for the guy who already has 10 watches and is cool with paying $1599 a month for the opportunity to play dress up with The Virtuoso collection. It’s for the guy who owns a TAG or maybe even a Sub and has the taste for grail watches but not the budget.

Again, it’s not for me. This company is geared specifically towards men. I get it, it makes sense, but chicks love watches too. And no I don’t mean a diamond studded J12, I mean I think I’d look pretty baller in a rented Milgauss 116400GV or a rose gold and chocolate dial Daytona. It’s nice that “a gorgeous brunette” will deliver it (only in NYC though), but for a format like this, one that oodles of women and female teens have proven they’re very comfortable with, it seems like a misstep not to include us in all the scuba-diving-in-the-Galapagos-with-”your”-Rolex fun. The website does say more collections are pending though, so here’s hoping they can find some US Olympic swimmers to deliver the lady horology.

Rolex Daytona 116515 18k Everose Gold Ceramic Mens Watch

Why, thank you, Cullen Jones, watch delivery right on time (get it?!)

And why are the ladies so comfortable with this concept? Bag Borrow or Steal, Le Tote and, of course, RTR. Eleven James is less like Netflix and more like attainable luxury juggernaut Rent the Runway…which has its drawbacks. If you’re a dude, no that is not the name of a runway model escort service. Rather, it’s how your female Facebook friends can afford to wear a different designer cocktail dress to the seven weddings they attend each weekend. It is pretty awesome, but the dresses’ exclusivity have been diminished thanks to RTR’s immense popularity. There’s a finite number of dresses to rent, so you end up seeing the same Herve Leger dress on four different girls in the same month. Things that make you go “Hmm”: a surge in 24-year-olds rocking $1000 spandex on the regular.

Rent the Runway Herve Leger Naughty but Nice Dress

Have you seen this dress? Yes. Yes you have.

Now, the same thing might not (probably won’t) happen with Eleven James, simply because it’s a hell of a lot more unexpected that you’d be borrowing a $40,000 watch like it’s your sister’s favorite sun dress. But I have a feeling this news is going to spread fast, especially because the company only launched in December 2013 and I’m seeing fairly aggressive coverage of the company on finance and luxury blogs. It’s only a matter of time until Watch Snob goes HAM on this and every trader you know is wearing a different Patek Philippe every two months.

Antiquorum’s Used Watch Sale Makes Over $3 Million

Bidders bid on over 450 watches in Antiquorum New York’s September auction for Important Modern and Vintage Timepieces last week. These sales totaled over $3.6 million. The bids were made via commission, telephone and internet and they were from the UK, Asia and the Middle East. There were modern limited edition time pieces in excellent condition that were purchased for amazing prices.

Jaeger Le Coultre Reverso 210.1.15 18k Yellow Gold Mens Watch

Jaeger Le Coultre Reverso 210.1.15 18k Yellow Gold Mens Watch

The highest paid item was sold for $255,750. It was a Jaeger-LeCoultre Reverso Gyrotourbillion 2, No. 04/75. This time piece is a limited edition reversible pink gold watch. The visible Jaeger-LeCoultre caliber 174 with inclined 2 cage multi-axis spherical tourbillion. Other higher paid items were a Greubel Forsey Double Tourbillion 30 degree Vision, No. 58 was also sold for $219,750. An Audemars Piguet Ref. CCW1 Carbon Royal Oak Concept 2 was sold for $141,750 and a Hublot Ref. MP-02 Flying Tourbillion Titanium PVD Coated timepiece was sold for $147,750. A Patek Philippe Ref. 5070 Chronograph in yellow gold and one of the same brand with Ref. 5940 Perpetual Calendar in yellow gold were both sold for $62,500. The Patek Philippe watches are usually sold for the higher prices at these auctions.

There were timepieces with interesting stories behind them that were sold for higher prices as well. There was a lady’s Swiss gold pocket watch that had been given to HRH Princess Alice, who lived between 1843 and 1878 for her 12th birthday, by her parents Queen Victoria and Prince Albert. This incredible historic piece was sold for $26,250. Pieces such as this one always attract attention from buyers all over the globe, and create highly competitive bidding, as this one fetched over 8 times its worth. Antiquorum’s October 26th auction in Hong Kong is expected to feature a great collection of modern timepieces from Patek Philippe, Jaeger-LeCoultre and A. Lange & Sohne.

 

Patek Philippe 5110G World Time 18k White Gold Watch

Patek Philippe 5110G World Time 18k White Gold Watch

The Antiquorum is the world’s premier auction house for modern and vintage watches. They have a reputation for having the best information in the industry and only employ experts in the field of watches. It started in 1974 in Geneva and has generated its own place in the world of auctions by creating an atmosphere for a collector’s market for watches worldwide. They always obtain the highest bids, and are the only place to find exceptional timepieces that have set world records for their rarity.

Pre Owned Vacheron Constantin Platinum and Diamond Pocket Watch

Vacheron Constantin Platinum and Diamond Pocket Watch

As a great source for these collectors, the Antiquorum started selling these timepieces at auction in the early 1980’s, and ended up making an exciting market place for these sales. Some years later, the themed auctions were started with the Art of Patek Philippe in 1989, which was the 150th anniversary of the company. These themed sales are offered regularly where collectors and watch authorities can gain knowledge on each line. World records have been set with the Vacheron Constantin, the Tour de l’Ile, and the King Fouad I. Another record was set for the Mondani Collection of 309 Rolex watches in 2006.

There are about 10 auctions held each year in Geneva, New York, and Hong Kong, with previews held in other major cities around the world. There are also Antiquorum offices and agents in Paris, Milan, London, Munich, Shanghai, Tokyo, and Moscow. These offices are staffed with the most knowledgeable staff and experts, providing the best service available to any auction house in the world.

Patek Philippe Only Watch 2013 Contribution

Patek Philippe‘s contribution to the “Only Watch” charity auction is the very unique ref. 5004T, only the fourth known Patek to be produced in titanium, and the first of this series to be made in titanium. The ref. 5004T is no longer in the current collection, so this may be the only chance a collector has to get his hands on it.

This particular auction piece features a split-seconds chronograph and a perpetual calendar. This particular watch has been reworked; a redo of one of the great classics of the Patek Philippe Grand Complications collection, dated between 1995 and 2011.

Patek Philippe Only Watch 2013

via Only Watch

The ref. 5004T has a manually wound chronograph’s movement, the caliber CHR 27-70 Q. This movement is based upon the “Nouvelle Lémania” movement. It was produced for Patek Philippe and then it was completely redone in the company’s workshops. This particular movement was also used in the Patek Philipe 5070 chronograph, and a sophisticated split-seconds mechanism and perpetual calendar were added. This drew the total number of parts up to 407.

In fact, all of these features (and because the Patek Philippe being no longer for sale) mean this watch may set an auction record.

As for the actual auction, 2013 is the fifth edition of the Only Watch charity auction. It will take place in Monaco on September 28th. The auction benefits Muscular Dystrophy. Approximately 40 watch makers contribute to the auction, each one adding a unique piece up for bids. All of the auction’s profits will go to fund research of Duchenne Muscular Dystrophy.

Potential bidders know that Patek Phillippe produces some of the top selling watches in the world. It is also one of the most expensive brands on the market. Patek Phillipe as it is today, was founded in 1851. These timepieces are known for Swiss precision–and being among the most complicated watches ever produced.

Patek Philippe’s contribution to the “Only Watch” charity auction is the very unique ref. 5004T, only the fourth known Patek to be produced in titanium, and the first of this series to be made in titanium. The ref. 5004T is no longer in the current collection, so this may be the only chance a collector has to get his hands on it.

This particular auction piece features a split-seconds chronograph and a perpetual calendar. This particular watch has been reworked; a redo of one of the great classics of the Patek Philippe Grand Complications collection, dated between 1995 and 2011.

The ref. 5004T has a manually wound chronograph’s movement, the caliber CHR 27-70 Q. This movement is based upon the “Nouvelle Lémania” movement. It was produced for Patek Philippe and then it was completely redone in the company’s workshops. This particular movement was also used in the Patek Philipe 5070 chronograph, and a sophisticated split-seconds mechanism and perpetual calendar were added. This drew the total number of parts up to 407.

In fact, all of these features (and because the Patek Philippe being no longer for sale) mean this watch may set an auction record.

As for the actual auction, 2013 is the fifth edition of the Only Watch charity auction. It will take place in Monaco on September 28th. The auction benefits Muscular Dystrophy. Approximately 40 watch makers contribute to the auction, each one adding a unique piece up for bids. All of the auction’s profits will go to fund research of Duchenne Muscular Dystrophy.

Potential bidders know that Patek Phillippe produces some of the top selling watches in the world. It is also one of the most expensive brands on the market. Patek Phillipe as it is today, was founded in 1851. These timepieces are known for Swiss precision–and being among the most complicated watches ever produced.

Patek Philippe Magpie’s Treasure Clock Wins Sotheby’s Hong Kong Magnificent Clocks Sale

How would you like the title of “Worldwide Head of Watches”? That’s the job Tim Bourne has with auction house Sotheby’s. Earlier this year Bourne described the upcoming Spring Sales called Magnificent Clocks from an Important Private Collection with the following: “Never has a collection of Patek Philippe clocks of comparable caliber appeared in the market, making this collection extremely significant in contemporary clock design.” Mr. Bourne knows of what he speaks, as the recent auction that took place at the Hong Kong Convention and Exhibition Centre set some impressive marks.

panerai luminor, panerai watches, pre owned Panerai, panerai luminor pre owned

This Panerai Luminor sold for 47,500 HKD

The auction was estimated to bring in about $12.8 million, but instead totaled a surprising $28.4 million. The sale set new marks for highest total of timepieces sold by Sotheby’s worldwide, as well as the highest total for any sale of timepieces in Asia. The superstar watch of the auction of was a white gold Patek Philippe wristwatch that brought in an impressive $701,651, more than double what was estimated.

$2.31 Million was the price for “The Magpie’s Treasure Nest Clock”. Photo from Sotheby’s.

The top overall lot of the sale was another Patek Philippe creation called “The Magpie’s Treasure Nest Clock”. Estimated to bring in an estimated $640,000, the clock attracted 35 bids and eventually sold for $2.31 million, almost quadrupling the estimated selling price. It also set a new record for any Patek Philippe clock sold at auction anywhere. The vibrant clock is made of yellow gold and silver, with colored agate, diamond, ruby, sapphire and other precious materials that was made in 1992.

China Bans Luxury Advertising – Including Luxury Watches

China is a lucrative market for everybody today. It is compared to a rapid growing consumer market like that of the United States of the 1960’s. That means big consumption and a desire for big ticket items.

ROLEX White Gold Day-Date Wristwatch with After-Market Diamonds, rolex aftermarket diamonds

ROLEX White Gold Day-Date Wristwatch with After-Market Diamonds – not welcome in Chinese advertising.

But now, luxury watch makers have been thrown a curve. Even those with fancy “Year of the Snake” watches are under fire (ahem, Bvlgari). China has placed a ban on advertising luxury watches.

What? A ban on advertising watches? What is up with that?

CARTIER Rose Gold Ballon Bleu Chronograph Wristwatch, rose gold ballon bleu, pre owned ballon bleu

CARTIER Rose Gold Ballon Bleu Chronograph Wristwatch

You may not be aware but advertising bans have existed for years in the United States. Cigarettes and hard alcohol have been under restrictions for decades. These may be somewhat understandable but how about a ban on advertising luxury watches?

The Chinese ban on the advertising of luxury watches has caused some quick negative effects. Swatch reported an immediate drop of 3.3% in their stock. Richemont saw a drop of almost 2%.

PATEK PHILIPPE Ladies Rose Gold and Diamond Twenty-4 Wristwatch, ladies patek philippe

PATEK PHILIPPE Ladies Rose Gold and Diamond Twenty-4 Wristwatch

The problem lies with greedy politicians. It seems that in China liquor and luxury watches are a source of political graft. The Chinese government feels stopping advertising will curb the demand for these luxury timepieces, and that corruption will be lessened. Yep, all you need is a good bottle of baijiu, and a nice expensive watch and you are on your way to political favors in the People’s Republic. Unless of course you advertise it.

Interestingly enough, the party that is putting this policy in force in China is exactly the party that is accused of taking advantage of such corruption. The party apparently is now on a crusade to lead the charge against such corruption. After all, they can’t have politicians drinking and telling time correctly at the same time.

Raymond Z for Raymond Lee Jewelers, South Florida’s premiere source for buying and selling luxury watches and designer jewelry.