Auctions - Interview with Edward Dolman
I was lucky enough to work with Aurel Bacs at Christie's and I recognize his particular position in the marketplace. He is an extraordinary expert and a trusted advisor to most of the top watch collectors in the world. So when I found out that he was thinking of setting up his own company I thought we should have a conversation. Because I want to build up an auction house at Phillips that builds on what we have already established and looks at specific areas of the market and attempts to be the best it possibly can.
I am determined to set the highest possible standards and Phillips has just opened a new sales room at Berkley Square in London which has had a similar sort of impact because it gives us a viewing capability that is unmatched by any of the traditional auction houses in London. It is spectacular and it gives an idea of our aspirations and the standards we are setting. We want to offer the best environment for people to sell and buy in.
We are currently developing a spectacular space in Geneva for our auctions and brokerage business, about which we will be making some announcements in the coming weeks. But we definitely feel that an important part of our business will be private brokerage and auctions. What we are hoping is to become the trusted brokerage at the top end of the watch business.
It will be important. We can offer the key watch collectors the best possible service and the best possible access to watches. The brokerage and private sale side of the business will allow us to develop this kind of relationship and give people opportunities that they might not otherwise get. It's a key part of our business plan.
Yes, over the next couple of years, possibly as soon as November in Hong Kong, we will roll out a series of auctions worldwide. The final auction plan will be Geneva, Hong Kong, New York and London.
We have set ourselves some aspirational goals. We want to lead the market in vintage watches but at the high end. We are not about volume and we will be dealing with relatively low volumes but high values. Who knows how we will stack up against our competitors? They may decide to go into a much higher volume, low value business. Actually, you can see that already and we think this is the wrong way to go and we are going in the opposite direction and I think it is the right strategy for us.
I believe generally for Phillips that we need to give clients more choice and I think we will make a big impact.
I am always amazed at how low some of the estimates are and how well they compare with retail. If you look at some of the watches in the Rolex Day-Date sale they are below today's retail price, so to someone thinking about buying a watch this is an interesting alternative to buying from a jewellers. The watch may well maintain its value better than a new watch.
I have a small collection but coincidentally one of the watches I don't have is a Rolex Day-Date, so this is the perfect opportunity for me and there are a number in the sale that I like. Aurel always manages to get a bid out of me somehow.
No, we are allowed to bid but the way we do it is governed in a special way. We have to leave bids in writing before the sale.
Baselworld - Expectations
WORLDTEMPUS - 22 March 2011
Expect to see hordes of people, nose flat on the doors before the fair opens. These people will most likely rush to Rolex's showcases and Tweet and blog their blurry pictures in order to be the very first to show the new products from the world's most famous watch brand. Even the tiniest changes to existing references will have readers of the online forums and blogs oooohing and aaaahing. Such is the world of Rolex fans - every year.
Rolex
Personally, I can wait for my presentation of the Rolex news, but I do expect to see a new Explorer II. At the very least, there should be a new dial and hand configuration. Rumor has it that this new Explorer II was all set for launching last year, but for some reason Rolex decided to wait another year. We shall see.
I also expect to see an all-steel version of the Rolex Submariner No-Date in the maxi case with ceramic bezel inlay. It would only be a natural evolution for Rolex to add this model to the "maxi case" sports collection.
Breitling
Breitling introduced its in-house B01 movement two years ago, and the famed watch brand has since introduced a couple of models sporting this new movement. I expect to see more models using this new movement, and probably not only B01 and Navitimer models.Patek Philippe
It is always a great pleasure to visit the enormous Patek Philippe stand in Hall 1. Even if you can't get inside for a presentation, the showcases surrounding the outside of the luxurious booth present the horological luxury that Patek Philippe does so well. The Nautilus collection is growing and it would be nice to see a gold version on a bracelet instead of a strap. This goes for the three-hander as well as the complicated models.
Hermes
Thanks to the recent dialogue between LVMH and the Hermes management, I certainly look forward to getting a closer look at the new watches from Hermes. I have never paid much attention to the watches from this company, but the "We are not in luxury; we are in quality" remark made by Bernard Puech, president of the board of directors of Hermes, when LVMH recently purchased 17.7 percent of the shares in the company makes it extra interesting to see if the watches are also part of this "quality."
Bulgari
In one breath, Italian luxury provider Bulgari also became part of the LVMH family when the group purchased 51 percent of the family-owned company. Will the Daniel Roth and Gerald Genta designs still feature Bulgari on the dial or will LVMH break the ties that were such a topic last year? Maybe it is too early to find out, as the takeover is rather recent. But, then again, maybe we can find out.
Either way, this is bound to be an interesting year at Basel. Stay tuned to Worldtempus for the coverage.