What's hot at Harrods...
What's hot at Harrods...
Paul's comment: Why he's buying vintage watches...
Luxury goods company Piaget has agreed arecord rental at 169 Bond Street of 965 (approx $1,600) per square foot.
This is thought to be both a British and European record for retail space.
It eclipses the 820 per square foot previous record achieved in 2008, again in Bond street, by Dolce and Gabbana. All along Bond Street there are stand alone shops like Patek Philippe and Rolex.
In addition every jewellery shopand every famous clothes brand has asubstantial ranges of watches.
Collecting watches comes of age...
This is one of the fastest growing areas of collecting.
Recession, what recession?
The Harrods "Watch" room has just had a record year.
The department is now such an important part of their overall profitability that they have taken back space from another concession to increase the floorspace. Harrods has 12 million visitors a year (3rd most visited destination in Britain).
Different nationalities seem to have different tastes...the Chinese for instance favour familiar brands like Omega, and like slim cases and clean dials.
This is a modern collecting phenomenon.
It seems to be fuelled by the limited edition releases and exclusive offers, and again Harrods has benefitted from being one of the chosen outlets for the very limited collections. They are regularly selling individual watches priced at over 250,000, and are making sure that all the "elite models" are in stock wherever possible.
Certain watches are selling out within hours of coming back into stock. A good example is the Rolex Submariner at 3,380 plus. It is amazing in the worst recession that anyone can remember in their lifetime that record prices are being achieved, and premium prices on the retail price are now the norm very quickly after release. High-end collectibles rely on there being a very solid secondary market that continues to drive the premium above the original retail price or previously achieved collectors price. The average selling price is also creeping up. The market size is growing exponentially with Investors, collectors and just new entries looking for something to look good on the weekend, for dress occasions, work, for gifts, or just a statement by many men who do not wear jewellery but like the idea of wearing a watch worth hundreds of thousands or in some cases millions of pounds.
We will be bringing you examples of watches where we believe that they are still undervalued and a good opportunity to find a solid entry point into this exciting area of collecting.
Watches have the added value of being very portable and slipping under the radar as they travel around the World and provide a very immediate currency in any location.
This is going to be particularly strong in the emerging markets, and is already evident in China and Russia.
The World is getting smaller, and time in itself is increasingly important, and the recent sale of Gandhi's watch tells the whole story, and we believe that this is a story that will run and run... Happy watch collecting!
Record prices are being set every week. Check out our Watch news stories