Articles' list >>> History of Wristwatch Collecting
The invention of the first clocks dates back to 1000 A.D. However, until the 20th century, the prices for clocks and watches were quite high all over the world. When it was necessary to estimate a timepiece, its accuracy was first of all taken into consideration. But it was not always the case, because many of the first clockmakers were also gifted jewelers who created timepieces that were appreciated more for their decorative than their horological value. Nowadays, although there is a wide range of cheap, but extremely accurate digital clocks, many people still prefer to own a timepiece of great beauty whether for everyday use or private collection. Wristwatches are really special for their elegance, functions and price.
Some Record-Breaking Watches
If we think about the price, one of the records was set by a vintage Patek Philippe wristwatch created in 1951 that has been estimated at ?60,000-?80,000 (approximately $85,000-$113,000).
The history of the Patek Philippe Company features many watch price records beaten at auction sales. The most prominent example is the $11 million record gained in 1999 at Sotheby's New York by one of the most complicated watches ever produced. The creation of the timepiece took three years of designing and five years of constructing and was completed in 1933. The gold pocket watch was made for the collection of banker Henry Graves Jr. It offered an accurate picture of the night sky over New York, as well as more than 20 other useful complications.
The most exclusive collectible watches have been produced by such great manufacturers as Swiss Rolex, Jaeger Le Coultre and Cartier, as well as recently revived German A. Lange & Sohne. Their value is determined by their name, quality of movement, case design, rarity and condition.
An unusual 18-carat gold pocket watch produced in 1900 by English manufacturer J.W. Benson has been estimated at ?15,000-?20,000 (approximately $21,000-$28,000). It features a number of complications, such as a perpetual calendar, moon phase, and a big and little chime.
The Appearance of Quartz Watches
Some time ago the mechanical wristwatches overcame quite a critical period caused by the appearance of quartz watches. From the 1920s to the late 1960s, the watchmaking companies produced only mechanical wristwatches with the timekeeping mechanism based on the movements of an unwinding spring. But in the late 1960s, both Swiss and Japanese manufacturers created a new type of wristwatches that used the vibrations of a quartz crystal for timekeeping. The Japanese introduced the idea for mass production and within a few years, precise and affordable quartz watches conquered the market.
By 1980, the Swiss watchmaking industry seemed to be on the verge of extinction. This crisis stimulated the collecting of vintage watches, because people believed that mechanical watches would no longer exist. Business executives and other wealthy personalities continued to purchase expensive mechanical watches as the means to confirm their status symbol beyond sports cars and elegant bespoken suits.
The Reviving of Traditional Watchmaking
The process of resurgence of high-end mechanical watches began in the latter half of the 1990s. The manufacturers were ready to produce unique timepieces being in demand at the luxury market. The Swiss watchmakers revived themselves by paying their attention to the vintage market and the interest in complications.
Swiss companies realized that their future depended on the niche market. In the 1980s, Blancpain, Breguet and other traditional brands concentrated at producing watches in limited numbers to provide a few collectors with the privilege of acquiring something exclusive. In 1989 Patek Philippe created limited editions of two types of watches for the first time to honor the 150th anniversary of the company.
Patek Philippe, the market leader, keeps on producing a limited edition every two or three years, while other producers such as Blancpain or Audemars Piguet launch limited editions of around 90 -100 timepieces once or twice a year. The price of a classic limited-edition collectible watch is over $10,000. Complicated watches are considered much more collectible than design pieces drawing the strongest interest and highest prices.
For Watch Collectors to Consider
Watch collectors often form their collections according to manufacturer, period or style. Some collectors prefer American manufacturers, such as Elgin and Waltham, rather than Swiss brands. Others stop their choice at vintage pieces, produced around 1960s. But timepieces which appeared within the last several years and still in production are also highly collectible.
Even if we pay our attention to the luxury market, prices vary greatly by maker, style, year, materials and condition. A vintage Vacheron & Constantin timepiece from the 1960s or 1970s could be purchased for $1,500 at auction, while the retail price for fresh limited editions developed by luxury brands is about $10,000.
When acquiring a watch at auction, it is advisable to study condition reports and determine one’s pocketbook.
Second-hand watches, or used watches still in production, are offered at a considerable discount on the retail price and usually provide a good piece for collecting. It is not so easy to discover collector pieces no longer in production stirring up much emotion among the collectors. Second-hand watches sometimes are found among collector pieces after 10-15 years.
Complicated watches, sport watches and watches in white metals like platinum are really popular all over the world.
|
