Luxury Watches - Luxurious Once Again
WORLDTEMPUS - 17 January 2011
As a watch aficionado, attending SIHH is as important as New Years Eve is for everyman: the previous year will be remembered and the coming year anticipated. So how was 2010 in horological terms, according to Danish retailers? Well, it was…rather good! That having been said, Denmark was not hit too hard by the financial crisis and Danish retailers really only took a hit during the worst times. In terms of hard cash, this translated to watch lovers with money to spend being able to finally pick a Rolex Daytona from the window at list price. Never before had several luxury Swiss watch brands been so obtainable — and at times even offered with a substantial discount.
That was then, this is now. The tough times seem to have been forgotten and dealers are once again replying with, "But we can put you on the waiting list, sir," to clients merely looking for a standard Rolex Oyster Perpetual for the wife or a simple Unitas-machined Panerai Luminor Marine for themselves.
Waiting lists for certain watches were not uncommon prior to the financial crisis. This was of course due to a combination of a rising demand from new markets such as Russia, China, India and even some South American countries - but also due to the fact that Swiss timepieces is considered the ultimate luxury for the both male and female wrists.
Speaking of the Chinese
And while we're on the subject of China: The Chinese love Denmark — and many other countries, admittedly. They love Denmark not only for the Little Mermaid and its quaint atmosphere: Denmark is a popular travel destination for Chinese tourists, and one of the most important locations for Chinese fur procurement.
The Copenhagen Fur auctions attract so many wealthy businessmen that certain Danish retailers have created small outlets here. Danish retailer Hvelplund (an official dealer for Patek Philippe, Breitling, Jaeger-LeCoultre, IWC, Piaget, Chopard, Breguet and several other Swatch Group brands) pioneered taking advantage of this concentrated group of b and wealthy buyers.
Owner Paul Hvelplund tells Worldtempus, "Kopenhagen Fur asked us several times if we wanted a small shop within the auction grounds. And we thought why not benefit from the b buying atmosphere there? Also, the Chinese are always very busy when visiting the Kopenhagen Fur auction. They rarely have a lot of time to visit the center of Copenhagen while here. Basically we needed to meet them where they were."
Chinese Effect on Luxury
Chinese buying sprees have obviously had their effects on certain Copenhagen retailers, as they buy not only large quantities, but also rather luxurious timepieces, leaving the showcases stocked only with mid-range timepiece. This means that the dealers no longer have to offer discounts to make the sale. Which brings me back to the subject of luxury timepieces being luxurious — again.
Luxury was — and should be — for the privileged few. If everybody can afford high end horology and even get a large discount, then it can no longer be termed luxury. Attainability is not part of luxury; being hard-to-get is part of what makes us want the dang critters!
The SIHH watch fair held within the white walls of the Palexpo exhibition halls will open its doors for the 21st time on Monday, the 17th of January. And believe me, the atmosphere there will not be on exuding discounts and piles of back stock. True luxury is back. Thanks in great part to the Chinese — and other BRIC countries.
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