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New Book: The Hands Of Time – Celebrating 25 Years Of The AHCI
With Basel World only a days away now, we are beginning to see more and more press releases for new products, but just as exciting we will also have some great books to read. We’ve already told you about the launch of the wonderful new book from Elizabeth Doerr “The Twelve Faces Of Time”, now it gives us great pleasure to introduce a new book from master watcher maker Peter Speake-Marin and celebrated writer and photographer Ian Skellern; “The Hands of Time”.
Away from the glitz and the glamour often associated with the world of horology are a group of artisans producing some of the most fantastic watches available today. These makers are at the cutting edge of the watchmaking world, often to be found head down at the bench working on their latest prototypes. Many of these individuals are members of the Académie Horlogère Des Créateurs Indépendants (AHCI); which is celebrating 25 years this year. To commemorate this exceptional achievement the first ever AHCI book is now available, representing over two years of solid work from the book’s authors.
Conceived by master watchmaker Peter Speake-Marin and written by ace horological photographer Ian Skellern it features 200 pages of the best independent horological instruments available today. The book is beautifully bound and the paper has a nice quality feel and a classy shiny UV coating, this helps the contrast and really makes the pictures stand out from the page.
Celebrating the launch of the new book in style. © Speake-Marin
Rather than going for a more common photo of a watch movement the cover is a very classy white with red accents and the AHCI logo. This can probably be put down to the egalitarian nature of the AHCI which continues inside the book. Each member has the same number of pages to explain their watchmaking vision and display their creations, and the members are listed in the order in which they joined the AHCI rather than say a more normal alphabetical listing.
While many of the names maybe unknown to you, you will recognize the likes of Peter Speake-Marin, Felix Baumgartner (Urwerk) and F.P Journe who are becoming increasingly well-known in the mainstream marketplace. The book displays their products very well but it is the chance to see pieces from smaller makers like Andreas Strehler and Christian Klings that really appeals. The last entry in the book is the McGonigle brothers, two rising stars of the watch world. The text is especially interesting as I didn’t know Stephen also worked at Somlo Antiques in London, which is where Peter Speake-Marin also started, funny how things come around.
I can’t say that it is the sort of book that you would pick up and read cover-to-cover, but it is a great book for dipping into, and you are likely to learn something every time you read it. The only problem is that the pictures just make the credit card itch, oh to be a little bit richer!! Without a doubt this is a book you should have in your reference library.
The “Hands of Time” is available for purchase from the AHCI stand at Basel World from the 18th March until 25th March or from the dedicated website www.ahcibook.com for a very reasonable 60CHF.
What do you think? Leave a comment. | Filed under BaselWorld 2010, New This Week, Recommended Reading, Watch News
New Book: Twelve Faces Of Time – Horological Virtuosos
© Twelve Faces of Time – Horological Virtuosos, Elizabeth Doerr, Ralf Baumgarten, published by teNeues. Photo © Ralf Baumgarten. Alle Rechte vorbehalten.
If you’re a regular visitor to The Watch Lounge you hopefully would have realized that we are big admirers and supporters of independent luxury watchmakers. Not only are we in awe of their exceptional craftsmanship and commitment to their trade and but also of the courage and discipline required as a result of the “independent” moniker. As such, it is with great pleasure that we share with you a new book that celebrates twelve independent masters of contemporary watch-making aptly titled “Twelve Faces of Time – Horological Virtuosos”.
The author of this new book will undoubtedly be familiar to you and chances are that you have read a number of her previous works, both on-line and in print. We are of course referring to none other than the extremely talented and highly-regarded luxury watch journalist, not to mention good friend of The Watch Lounge, Elizabeth Doerr.
As a very well-respected voice in the industry, Elizabeth is the senior editor of the Wrist Watch Annual and has written countless articles for some of the world’s best known watch publications. In this new book, she combines her extensive knowledge and passion for watchmaking with the superb photographic skills of Ralf Baumgarten to produce a book that is both insightful and at the same time visually stunning.
© Twelve Faces of Time – Horological Virtuosos, Elizabeth Doerr, Ralf Baumgarten, published by teNeues. Photo © Ralf Baumgarten. Alle Rechte vorbehalten.
Featuring some of the best known and some might argue, elusive, independent watch makers of the modern era, including the likes of Philippe Dufour, Thomas Prescher and F.P Journe, the book provides 208 pages of unparalleled access to the world of master watchmaking complete with 196 black and white photographs.
Capturing in intimate detail the delicate artistry that is the hallmark of mechanical watchmaking at its highest echelons, Ralf’s globally regarded photographic skills marry seamlessly with Elizabeth’s storytelling abilities to give the reader a truly rare insight into the minds and worlds of these modern masters of our time.
An absolutely essential new addition for timepiece collectors and admirers of this finest of mechanical arts, the Twelve Faces of Time can be ordered on-line through the publisher teNeues for the very reasonable price of 79.90€ (US$95.00). The book will be available in Europe in February and to the rest of the world in March 2010.
In addition, if you’re lucky enough to be attending Basel World this year make sure you get along to official book signings on the 20th and 21st of March. Many of the watchmakers featured in the book will be there, giving those lucky enough to be in attendance the unique opportunity to shake some of the mostly highly prized hands in the industry.
© Twelve Faces of Time – Horological Virtuosos, Elizabeth Doerr, Ralf Baumgarten, published by teNeues. Photo © Ralf Baumgarten. Alle Rechte vorbehalten.
What’s A Tourbillon Really Worth?
Bell & Ross BR01 Tourbillon
Later this week we will be presenting our “on-the-wrist” review of this watch from Chinese manufacturer, Longio. Whilst not yet on the mainstream radar this Hong Kong based brand is really making a concerted effort to break into the luxury watch market by offering watches that have been constructed fully in-house, including the automatic movement which features a tourbillon complication.
This got us thinking: what is the real value of a tourbillon and its associated variations? Will the introduction of these Chinese made alternatives impact negatively on this value or has the damage already been done through the excessive use of this not so rare complication by over-exuberant European brands attempting to establish their watch making credentials?
Undeniably the tourbillon has to be one of the most commonly used complications in watch-making today, though that’s not to say that its still not an impressive piece of engineering. Notwithstanding that fact, at its heart its purpose is purely aesthetic and offers no tangible benefit to the wearer other than something attractive to look at on the watch dial.
Breguet – the original tourbillon master
It should be acknowledged here though, that there are those who take the art of the Tourbillon to another level. Brands such as Breguet or individuals like Thomas Prescher are names that immediately spring to mind. Thomas’ mind-blowing creations including the Triple-Axis Flying Tourbillon and the Mysterious Automatic Double-Axis Tourbillon provide exemplary illustrations of what a true master is capable of achieving with the tourbillon complication.
However, it seems that for most brands the humble tourbillon is the complication most often called upon to help them make the step from mainstream watch maker into the world of haute horologerie. Arguably this is because of the known complications available (and trust us, there are many more yet to be invented, just look at Ludovic Ballouard’s gloriously original Upside Down watch) the tourbillon is one of the easiest to make relative to the level of impact it has on the wearer. For example, a perpetual calendar, whilst far more useful simply does not have the same visual appeal as a flying tourbillon complication, although many would say that the latter is a redundant technology.
Chinese-made Longio Telamon Diving Watch with Classic Tourbillon complication
So this takes us back to our original question, what is the real value of a tourbillon complication?
In our opinion, the tourbillon is so widely used now that the introduction of Chinese brands which feature this complication (and there are many more than just Longio) will only have a marginal impact on the overall value of the tourbillon. Certainly it will make this attractive complication far more accessible to mainstream consumers but it seems to us that the European brands are doing more than enough to diminish the value of this centuries-old masterpiece of engineering that the impact will simply not be that noticeable.
Which brings us to our next question: is the inclusion of this somewhat common complication enough for a Chinese brand to break into the luxury market?
Again, in our humble opinions we think not. Yes, the fact that Chinese manufacturers have been able to create a tourbillon movement of their own (albeit a not too accurate one at +/- 30 seconds a day) should send up red flags over in Switzerland, but is it really enough to make these brands stand-out? Where is the creativity? European manufacturers have been incorporating tourbillon complications into their high-end timepieces for several decades, in our opinion if Chinese manufacturers really want to have a fighting chance at the upper-end of the market they really need to do something dramatically different!
The Santos 100 by Cartier with tourbillon complication
Of course we could be completely wrong. That’s where you come in, please leave your thoughts in the comments section below, whether you agree with us or not. It would be really great getting some discussion going on this topic as we are very curious to hear what you think!
ETA Withdrawal: The Fake Revolution ?
Nicholas Hayek of the Swatch Group
In accordance with its strategic plans, ETA will withdraw the supply of blanks at the end of 2010. As the company currently has the monopoly on this market, it is reasonable to expect that many other players will be keen to jump into the gap left empty by ETA. But who really can?
To find out, we spoke to the people in the know, the movement makers themselves.
The Eight Year Withdrawal
Mr Hayek, the president of the Swatch Group, has never made a secret of his plans for ETA: ideally, in the long run, the company will not supply any component of its own creation to any company, even within the Group itself, for cost reduction reasons.
Therefore, back in 2002, Swatch made the first move to put this plan into action, starting with blanks. But the Swiss Competition Commmission (ComCo) hadn’t a different take on this entirely. In their opinion the Swatch Group’s position in the watchmaking industry was simply too important to be altered without specific conditions; otherwise, such a withdrawal could jeopardize the economic balance of the industry.
Consequently, in 2004 Swatch was forced by the ComCo to continue the provision of its blanks to third party clients outside of the Group until the end of 2010.
A time-frame which is fast drawing to a close.
Many brands use ETA movements or modified variants, like this Limes model above.
Market Dominance
With a market share estimated, according to our information,at 75% of the 3.5 to 4 million “Made in Switzerland” watches produced each year, ETA all but controls the supply of watch movments. Especially when you consider that this figure would be closer to 90% if we exclude the number of watches powered by movements that have been created exclusively in-house, such as Rolex or Patek Philippe.
Looking at it in this light it is clear to see that the withdrawal of such a big player from the market would automatically free up a huge share of the market. But is it still really free?
Not necessarily.
Preparing For The Inevitable
You see, some of ETA’s more astute competitors have been slowly but surely positionting themselves to achieve maximum market share upon ETA’s exit. One company that has already taken a big part of the cake is Sellita. The company assembles more than one million ETA pieces per year – which gives it a comfortable lead over competitors almost to the point where some might wonder if there really is enough space for other players.
Other suppliers have also taken steps in preparation of ETA ceasing the provision of blanks. The La Joux-Perret Manufacture, which has built close business relationships with Sellita both as a supplier and a client, started their transition program back in 2004.
“This withdrawal is not a surpise to anyone. Before the economic crisis of 2009, ETA had aready raised its prices by 15%, and we have all known the approximate timing of their withdrawal from the blanks market since 2004”, explains Frédéric Wenger, GM, Manufacture La Joux-Perret SA. “Sellita has been in the market for many years, and thus they are best positionned to deliver generics at the comparable prices.”
And what would happen if ETA was also allowed to stop supplying finished movements, one day ? According to Mr Wenger, this is not a likely scenario;
“I don’t believe this is a realistic option. In this case too, their dominant position would create for them the same obstacle they had with the blanks supply. It would imperil some brands, or even spell death for others, which is definitely not an option in terms of competition and market regulation.”
It seems than, at least for now, that Mr Hayek’s desire to lock out his competitors will continue to run counter to his own success!
An ETA movement in a Swatch Group owned Certina
What about the end consumer ?
As we mentionned here, the type of movement used to power a watch, especially from the high end range is critical, but we assume that this is less important for low to middle-end devices. Moreover, Sellita’s products are now the strict equivalent of ETA’s. But maybe, as a guarantee against what the future may hold, brands should start investing money into develop their own movements, in order to protect their independence?
Unforutnately whilst this sounds good, it is not really realistic. Firstly, many brands simply don’t posses the expertise and the technology required to manufacture movements in-house. Even if they did, it is likely that cost of such movements would be at least twice the price of Sellita’s, thanks to the lack of economies of scale. And, in the end, it almost guaranteed that there will be some reliability issues, especially in comparison so some of the pieces that are shipped by the millions!
***
As promised we also had a chat with Mr Miguel Garcia, the General Manager of Sellita. Thank you to those who submitted questions, we tried to ask as many of them as we could.
Please enjoy.
Exclusive interview of Miguel Garcia – General Manager, Sellita
TWL: How do you think the recent announcement of ETA will impact Sellita?
MG: This is an anticipated situation, as we were, with some other companies, at the origin of the ComCo complaint, which has led to their obligation to keep on supplying blanks until the end of 2010. To date, Sellita is the biggest client of ETA’s blanks. We started producing our own substitute blanks in 2004 / 2005.
TWL: Are the ETA and Sellita blanks interchangeable?
MG: Yes, completely interchangeable, bar a few minor differences.
TWL: Even with ETA’s older pieces?
MG: Yes, I think, but don’t forget that ETA has to provide their customers with after-sale service for their entire catalogue, even after the end of their supply.
TWL: Do you expect an increase in demand?
MG: No. We produce one million units per year, and our goal is above all to maintain this level, in association with the highest level of quality. We don’t run for quantitative objectives, only for qualitative.
TWL: How can you expect your market share to grow ?
MG: We think 20% of market share is a reasonable goal. It allows us to work on reasonable volumes closely linked with our high quality standards, while also allowing space for competitors to enter the market.
TWL: Do you think that Chinese industry will try to fill the gap?
MG: With regards to Sellita, there are no business relationships in the pipe-line with any Chinese company, however good they may be. We defend and believe in the “Swiss made” brand, and it’s important to us to keep our know-how and our expertise here, and also to have local plants. To date, 97% of our production is Swiss made. To be honest, a partnership with a Chinese company has never even crossed my mind!
TWL: What do you think about the legal project to regulate the “Swiss made” convention, supported by percentages?
MG: This is outside my scope, but personally speaking, I think it’s a measure that can only promote and protect our know-how, guarantee our quality and consequently, at the end, protect consumers.
Retrait d’ETA : la fausse révolution ?
Conformément à ses prévisions, ETA va se retirer de la fourniture d’ébauches à la fin 2010. En situation de quasi-monopole, on pourrait s’attendre à voir de multiples acteurs s’engouffrer dans une si grande brèche. Mais qui en a vraiment la capacité ?
Un retrait programmé depuis 8 ans
M. Hayek, président du Groupe Swatch, ne s’en est jamais caché: à terme, le groupe n’a plus vocation à fournir des composants, quels qu’ils soient, à des tiers, ni à des marques de son propre Groupe.
Aussi, en 2002, Swatch décide d’en appliquer le premier effet aux ébauches. Mais la Commission de la Concurrence suisse (ComCo) ne l’entend pas de cette manière. Motif: la position de Swatch dans la fourniture d’ébauches à l’industrie horlogère suisse est trop importante pour être stoppée sans préavis, sans risquer de mettre en péril l’équilibre économique de la place.
En 2004, Swatch est donc contraint par la ComCo de poursuivre ses contrats de fournitures d’ébauches jusqu’en 2010. C’est de ce terme que nous approchons aujourd’hui.
Une position ultra-dominante
Avec une part de marché estimée selon nos sources à plus de 75% des 3,5 à 4 millions de montres « Made in Switzerland » produites chaque année, ETA est en situation de quasi-monopole. Cette part de marché monterait même à plus 90% si l’on ôte de ce volume de montres celles produites uniquement avec des mouvements manufacturés, type Rolex. Le retrait d’un acteur de cette taille libère donc une part de marché colossale. Mais est-elle encore à prendre ? Pas nécessairement.
En grande partie, un acteur a déjà repris une large partie du gateau : Sellita. La société assemble déjà plus d’un million de pièces ETA par an – de quoi lui donner une confortable avance sur ses concurrents. A tel point que l’on pourrait se demander s’il y aura réellement de la place pour un autre acteur.
Le marché déjà prêt pour le retrait d’ETA
La plupart des fournisseurs ont déjà pris les mesures nécessaires concernant les ébauches. La Manufacture La Joux-Perret, qui collaborait déjà étroitement avec Sellita en tant que fournisseur comme en tant que client, est en transition depuis 2004. « Ce retrait n’est une surprise pour personne. Les prix d’ETA avait déjà augmenté de 15% avant la crise pour les mouvements, et l’on connaissait leur date de sortie du marché des ébauches depuis 2004», souligne Frédéric Wenger, Directeur Général de la Manufacture La Joux-Perret SA. « Sellita est en place depuis de nombreuses années, et le mieux placé pour faire des génériques, de surcroît au même prix ».
Et si ETA poursuivait sur la même logique et stoppait également la fourniture de mouvements finalisés, à terme? « Je n’y crois pas, poursuit Frédéric Wenger. Là aussi leur position est trop dominante, ils se heurteraient aux mêmes obstacles que pour la fourniture d’ébauches. Cela reviendrait à mettre en danger, voire à condamner certaines marques, ce qui n’est pas envisageable d’un point de vue concurrentiel ». Dans l’immédiat, la volonté de M. Hayek de ne plus ouvrir sa production à des tiers semble compromise…en raison de son propre succès !
Et pour le consommateur final ?
Comme nous le soulignions ici-même, le mouvement est capital pour un certain niveau de marque, mais peu pour les entrées et moyennes gammes. D’autre part, les produits Sellita sont devenus en tous points de véritables génériques d’ETA. Peut-être les marques devraient-elles progressivement se mettre à produire leurs propres mouvements finalisés, par sécurité envers l’avenir, pour assurer leur indépendance ? C’est une situation peu envisageable. En premier lieu, parce que certaines d’entre elles n’en ont ni le savoir-faire ni la capacité technologique. Ensuite, parce que les mouvements ainsi créés seraient proposés, faut d’économie d’échelle, au minimum au double du prix de ceux de Sellita, par exemple. Enfin, il se poserait le problème de la fiabilité de ces mouvements entièrement nouveaux, comparés à d’autres déjà éprouvés sur des millions d’unités.
***
Interview exclusive – Miguel Garcia, Directeur Général de Sellita
Dans quelle mesure la récente annonce d’ETA va-t-elle impacter Sellita ?
C’est une situation que nous avions anticipée car nous étions, avec d’autres, à l’origine de la plainte déposée auprès de la ComCo qui a conduit à la prorogation des livraisons d’ébauches jusqu’à la fin de cette année. Sellita est le plus gros client d’ébauches d’ETA. Nous avons donc des produits de substitutions disponibles depuis 2004 – 2005.
Les ébauches ETA et Sellita sont-elles interchangeables ?
Oui, totalement, à quelques rares détails près.
Même avec les pièces ETA plus ancienne ?
A priori, oui, mais de toutes manières il ne faut pas oublier qu’ETA sera tenue d’assurer le service après-vente de son catalogue.
Vous attendez-vous à une augmentation de la demande ?
Non. Nous produisons un million d’unités par an, et notre objectif est avant tout de conserver ce volume en y associant la plus grande qualité. Nous ne sommes pas sur des objectifs quantitatifs, mais qualitatifs.
Comment votre part de marché va-t-elle évoluer, selon vous ?
20% de parts de marché est un objectif raisonnable. Cela nous permet de travailler sur des volumes auxquels nous savons apporter une qualité maximale, tout en laissant suffisamment d’espace pour la concurrence.
Pensez-vous que l’industrie chinoise puisse s’engouffrer dans la brèche ?
Concernant Sellita, nous n’envisageons aucune relation commerciale avec l’industrie chinoise, si bonne soit-elle. Ce n’est pas dans notre philosophie. Nous défendons le « Swiss Made », et il est important pour nous de conserver notre savoir-faire et de produire localement. A l’heure actuelle, 97% de notre production est Swiss made. A vrai dire, une association avec une entreprise chinoise ne m’a même jamais traversé l’esprit…. !
Que pensez-vous à cet égard de la proposition de loi pour réglementer, pourcentage à l’appui, la mention Swiss made ?
C’est une question qui dépasse le cadre des mes fonctions, mais à titre personnel, c’est selon moi une mesure qui ne peut que favoriser notre savoir-faire, garantir la qualité et donc, in fine, protéger le consommateur.
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