The world’s best new watches, from Patek Philippe to Audemars Piguet and Beyond
The Big Idea: Time Out
Last year, Swiss watch exports hit an all-time high of over $22 billion, according to a report by the Federation of the Swiss Watch Industry. Exports to the US were up 55 percent, and saw year-on-year growth of 37.5 percent in January 2022. The industry is clearly in strong health.
Despite this, many collectors are not able to buy the watches they want. Go to any Rolex boutique and you’ll find almost zero inventory. To tell retailers this, lack of demand due to the pandemic, a general increase in interest in watches and supply-chain issues are all to blame.
Watches from the big three Rolex, Patek Philippe and Audemars Piguet, are always hard to come by, but this year models from all manufacturers are experiencing unprecedented demand. Even if you’re lucky enough to snag one at retail, you could end up on a waiting list for years. “Demand is going through the roof. Patek has always been like this, but Rolex has been so since 2018, and it continues to get tougher even as Rolex continues to make more and more products,” says watch buyer Joe Perez of Seattle-based retailer Ben Bridges Jeweler Huh. “They’ll grow 10 percent, but demand goes up 30 percent. So it continues to outweigh the product growth they’re making.” Audemars Piguet, with a promise to reserve a “larger share” for new customers, increased its production from 45,000 to 50,000 pieces, but even AP’s talent would still have to be jockeyed to buy. During a press conference earlier this year, Audemars Piguet CEO François-Henri Bennamias advises potential customers to “build and develop a relationship with us,” which means significant Face Time needs to be considered with retail managers.
The inaccessibility of wanted brands is creating a ripple effect. “Many people come to find watches and realize they are not readily available,” says Ruediger Albers, president of Vamp Jewelers in Manhattan. “However, they are open to alternatives.” He cited Girard-Perregaux’s Laureato as a recently popular choice for sport watches like the Nautilus and GMT-Master II.
Ben Bridge’s Perez says he’s seeing similar trends in brands like Cartier, Tag Heuer, Panerai, IWC and Breitling, whose goods have traditionally been easier to obtain. “Tag Heuer actually stopped shipping [to] Not every retailer started shipping again in November of last year and until the end of January,” he says. “They also canceled all orders because they could no longer supply any.”
Ultra-niche brands like Parmigiani, which make around 3,000 pieces per year, are driving phenomenal sales. It has a long run on its Tonda PF and Tonda GT models. “I’ve been in this industry for over 20 years and I’ve never seen anything like it,” says Parmigiani’s managing director, Gustavo Calzadilla. “Customers who previously wanted instant gratification are now waiting a year or more for the watch.” He said Sunak has prompted some of their retail partners to dedicate staff to managing allocations and tracking orders, deposits and delivery timelines.
The phenomenon has also been limited to jewelry sales, where some retailers have seen customers vying for VIP status. “There are a lot of big diamonds flying out the door,” Perez says. “Prices are going through the roof right now.”
The moral of the story? Call your local authorized dealer not only on speed dial but also for dinner.
