Timepiece Tuesday: Christie’s, Patek Philippe, Tag Heuer, Ulysse Nardin, Breitling, Philip Stein and Oprah

Christie’s Sets Record for Watch Sales Led by Patek

With its final auction of the fall season on December 14 in New York, Christie’s International wrapped up a record-breaking year for fine and rare watches that realized $91.2 million in total sales—the highest annual total ever achieved for watches by the global auction house. Every watch sale hosted at Christie’s salerooms in Dubai, Hong Kong, Geneva and New York achieved sell-through rates above 90 percent by value. The top watch of the year was a Patek Philippe Reference 1527 manufactured in 1943 that sold for a record $5.7 million at Christie’s Geneva (pictured). In fact, it was great year for Patek Philippe, as the top seven watches sold in 2010 and the top nine out of ten watches sold for the year by the auction house were from the Swiss luxury watch brand. Christie’s top four Patek watches sold for more than $1 million. “We have welcomed in a wealth of new collectors to this field in the past year, and witnessed an exponential growth in buyer participation from Asian countries, led primarily by mainland China and Hong Kong,” said Aurel Bacs, international head of Watches at Christie's. “At the same time, established collectors from the private, trade and institutional sectors in Europe and the U.S. continue to add great depth and strength to this category.”


TAG Heuer, Parsons, Name Watch Design Winners
TAG Heuer and Parsons The New School for Design today unveiled the winners of the “Art of Watchmaking,” a 10-week competition that charged eight teams of Parsons product design students with reinterpreting TAG Heuer's classic Monaco chronograph. Each member of the three teams will receive a monetary prize and a Tag Heuer timepiece. In addition, TAG Heuer has the potential to produce one of the first-place designs as a limited-edition piece. During the review, each of the student teams showcased three concepts, and discussed their inspiration, target consumer and design philosophy. Ideas ranged from a Monaco with a rotating case to designs inspired by the New York City transportation system. First-place honors went to the team of Yong Yi Lee, Yoav Menachem and Amit Ran, whose designs included numbers to appeal to collectors (top photo); second-place honors went to the team of Enrique Diaz Rato de Zabala, Michelle Organ and You Jin Sung, whose designs included a black ceramic timepiece with neon accents (second photo); and third-place honors went to the team of Yusuke Sekiguchi, Christopher Beatty and Helen Kim, whose designs included a piece with naturally grown crystals in its dial (third photo). Read more about the design competition here and here.

Ulysse Nardin Opens First U.S. Boutique, Announce Plans to Build U.S. Headquarters

Ulysse Nardin, opened its flagship boutique in the United States at the Boca Raton Town Center Mall on December 16 with a ribbon-cutting ceremony and celebration attended by more than with 400 people, including famed baseball pitcher Randy Johnson. The luxury watch brand partnered with Bobby Yampolsky of East Coast Jewelry to open its first boutique in the U.S. The nautical-inspired store has more than 80 of the brand’s timepieces, including three models from the limited edition Boutique line. Following the ribbon cutting ceremony, Ulysse Nardin announced plans to open a 7,000 square foot U.S. headquarters in Boca Raton in the spring of 2011. This facility will be the company’s only repair center in the U.S. and will include up to 10 fully Swiss-trained watchmakers. The Swiss company manufacturers 20,000 watches per year, priced from $5,900 to $1 million.

Philip Stein is an Oprah Favorite

The Limited Edition 25th Anniversary Oprah Watch by Philip Stein was featured on the Oprah Winfrey Show's recent episode of “Oprah’s Favorite Things.” It was third time the Miami, Fla.-based watchmaker and retailer was featured on the annual Favorite Things show. However, it is the first time the company designed a watch just for the show. The signature dual dial watch has an applied silver letter “O” celebrating the television star, philanthropist and businesswoman. Philip Stein designers carried the theme further with applied silver numbers “2” and “5” commemorating Oprah’s 25th anniversary. Limited quantities of the 25th Anniversary Oprah Watch, available in a diamond style with a total carat weight of more than one carat, and a non-diamond style, are being offered to the public through select retailers and online. and interchangeable straps. Each watch comes packaged in a custom designed box featuring the Oprah 25th Anniversary logo.

Breitling Opens First U.S. Boutique

Swiss luxury watch brand Breitling opened its first U.S. store in New York on East 57th Street. Breitling watches retail from $1,000 to $300,000, and 90 of the brand’s latest models will be available for purchase at the store.

Ulysse Nardin's $1.1 Million Timepiece Highlights Superyacht Charity Event

The $1.1 Million Royal Blue Tourbillion Haute Joaillerie

PALM BEACH, Fla. – The guests circled the marble outdoor pool area Saturday at the Mar-A-Lago Club, Donald’s Trump’s Mediterranean-revival palace, as night fell. The men wearing formal tuxes, the women in flowing gowns with jewelry that sparkled like stars against the night. They entered the main banquet room with drinks in hand and sat down for the final gala and live auction of the 24th Annual Showboats International Boys & Girls Clubs Rendezvous.

Patrik Hoffmann

In the midst of it all, playing a prominent role throughout the three-day event, was Patrik Hoffmann, CEO of the Swiss luxury watch brand, Ulysse Nardin. Hoffmann and the watch brand helped the event raise more than $1 million for the Boys & Girls Clubs of Broward County by contributing about $200,000.

Held November 10-12 at the Rybovich Yacht Club, the exclusive Rendezvous is the largest gathering of superyachts in the U.S. Twelve yachts, measuring from 44 feet to 197 feet participated this year. There are daily and early evening events at the yacht club and evening galas throughout the Palm Beach area.

On November 10 during a tour of the superyachts known as the “Rendezvous Yacht Hop,” Hoffmann commandeered the 197-foot Lime Light to showcase a selection of watches that would be featured throughout the event, including the $1.1 million Royal Blue Tourbillon Haute Joaillerie (top picture). The platinum watch case and bracelet are paved with 568 baguette-cut diamonds and 234 baguette-cut royal blue sapphires. The bridges and main plates are crafted in blue sapphire, allowing the flying Tourbillon to appear as if it is floating in an empty space. While this watch made the headline of this story it was actually overshadowed by some of Ulysse Nardin’s other offerings when it came to its impact on the event. Among the watches:

The Admiral, a marine chronometer specifically designed for and given to 16 members of the Rendezvous Fleet Admirals Club. These are persons who contributed $50,000 per year for the past five years to the Boys & Girls Clubs of Broward County. Each watch is engraved with the recipient’s name. The men’s model is on a rubber strap and on an additional crocodile strap with steel deployant buckle. The matching women’s model has a diamond bezel. The watch dial, caseback and strap also contains insignias and other descriptions identifying the person as a Fleet Admirals Club member. During the formal gala, each member was called up to the stage to be acknowledged, and to personally receive their custom timepiece from Hoffmann.

The Classico, the official auction watch. The sleek gold watch includes a caseback that can be personalized for the owner through a hand-engraved image. Five of the watches were auctioned off for $25,000 each during at the final night’s ball.

The Blue El Toro perpetual calendar timepiece was the surprise auction watch. It’s the newest GMT Perpetual model from the company and the only one currently available in the world. “It is the only perpetual calendar that you can set back and forth,” Hoffmann said. “Whereas many perpetual calendars work with springs and clutches, obviously, once it springs you cannot go back. Ulysse Nardin perpetual calendars work with wheels and gears. That’s why you can go back and forth.” It’s a patent owned by Ulysse Nardin used for all of its perpetual calendar timepieces that will end in about two years.

Hoffmann said Friday that there was a possibility of it being placed on auction but he didn’t sound too keen on the idea. However, later that evening, during the Palm Beach Celebration party at the Flagler Museum, all it took was a little “nudge” from Rick Case, founder of the Rendezvous event. In this case, the nudge by Case, one of the top car dealers in the U.S., involved calling Hoffmann in front of everyone in the room and telling them that the timepiece will be auctioned off the following night. The watch sold at auction during the final night’s gala for $75,000, well over its retail price of $55,000.

The Genghis Khan Unique Piece. This latest version of the limited edition Genghis Khan is the only one in the world with a mother-of-pearl background. The figures on the watch face are made of threaded gold. It also has a Westminster chime sound that signals the hour, quarter hour and minutes. The visible one minute tourbillon is integrated into the aventurine dial. It sells for $725,000 Swiss francs ($786,000).

Those who received an Admiral Watch are:

Felix Sabates

John Rosatti & Dawn

Robert Tomsich

Leslie & Tom Murphy

Linda & Doug Von Allmen

Leslie & John Dane III

Cindy & Terry Taylor

Christine Lynn

Suzanne & Larry DeGeorge

Gene Reed

John Devaney

Marti & Wayne Huizenga

Rita & Rick Case

Richard & Mary Anne Kull

From left: Wayne and Marti Huizenga receiving an Admiral timepiece from Patrik Hoffmann and Rick Case.

Ulysse Nardin to Unveil Watch at Monaco Yacht Show

Ulysse Nardin has been named an official sponsor of the 2010 Monaco Yacht Show and the Swiss watch brand is celebrating the superyacht exhibition’s 20th anniversary with the new, limited-edition Monaco 2010 Marine Diver, to be unveiled at the opening of the event.

The latest addition to the company’s Marine Diver collection, the Monaco 2010 showcases Ulysse Nardin’s evolution in watchmaking technology, beginning with the Monaco’s specially treated stainless-steel case. Having undergone a complex vulcanization process, the case (45.8 millimeters in diameter) has a matte-black rubber coating, presenting a sporty aesthetic and comfortable feel. The case-back reveals a self-winding movement. The watch will be limited to 100 pieces and individually numbered.

This is the second year that Ulysse Nardin is serving as an official sponsor of the Monaco Yacht Show, being held September 22-25 at Port Hercules, Principality of Monaco.

Kering Acquires Ulysse Nardin, Pays 13 Times Earnings For High Watch Brand

Ulysse Nardin Marine Diver

Kering makes another jewelry and watch acquisition. This time the French multinational company said Wednesday it will acquire a 100 percent stake in the Swiss luxury watch brand Ulysse Nardin. The watchmaker will join Kering’s recently formed “Luxury – Watches and Jewellery” division headed by Albert Bensoussan. Kering added that the Ulysse Nardin management team, led by Chai Schnyder, president of the Board of Directors, and CEO Patrik P. Hoffmann, will remain in place.

Kering (formerly known as PPR) hasn’t been shy about upping its stakes in the “hard luxuries” category (jewelry and watches). François-Henri Pinault, Kering’s chairman and CEO, said that in a statement that Ulysse Nardin, as one of the last remaining independent haute horlogerie brands, will reinforce its growing jewelry watch division, which consists of Boucheron, Dodo, Girard-Perregaux, JeanRichard, Pomellato and Qeelin. Three brands (Italian jewelers Pomellato and Dodo; and Hong Kong jeweler Qeelin) were acquired by Kering within the past two years. Those acquisitions along with Ulysse Nardin are evidence of the company’s pursuit of luxury jewelry and watch companies. Kering also owns brands in the high fashion, lifestyle and sports merchandising categories.

In addition, both companies say the acquisition will allow Ulysse Nardin to expand more rapidly in Asia. Expansion in Asia is something else Kering has been open about in recent years. 

“Ulysse Nardin benefits from a rich heritage, high profitability and solid growth prospects,” Pinault said. “Independent high-end watchmaking manufactures are rare. This is an opportunity that we had to seize, particularly because this structural acquisition will enable us to take advantage of numerous synergies with our existing brands. We have great ambitions for this company and we will help it continue its international expansion whilst staying faithful to its roots and its identity.” 

The company declined to give an acquisition price but during a conference call Wednesday, Jean-Marc Duplaix, Kering CFO and Jean-Francois Palus, Kering managing director, said the company paid 13 times Ulysse Nardin’s 2013 earnings before interest, taxes, depreciation and amortization. Palus said it is a “fair (price) for a brand with such a rich heritage high visibility and growth prospects.”

As a private company, Ulysse Nardin doesn’t disclose much of its finances or manufacturing volume and Kering wouldn’t release those details. An analyst at the conference call asked if media estimates of annual sales of 250 million Swiss francs and annual turnover of 27,000 pieces per year were accurate. Duplaix responded by saying the “assumption you mentioned is quite sensible and so is the volume of watches the brand is selling per year.” He added that Ulysse Nardin “will become the backbone of our watch business.”

Ulysse Nardin, based in Le Locle, Switzerland, specializes in creating ultra-complicated timepieces, many of them considered groundbreaking achievements, using cutting-edge technologies and state-of-the-art materials. For example, it was one of the first companies to use silicon in its timepiece movements and is one of the few Swiss watchmakers to have its own production capacity for critical watch components, particularly regulating systems.

The independent company was founded in 1846 by Ulysse Nardin with its roots in the nautical world for navigational purposes. It was taken over and re-launched in 1983 by Rolf W. Schnyder who transformed it into a highly profitable business. After his unexpected and sudden death in 2011, Chai Schnyder, Rolf Schnyder's wife, and Hoffmann took over the lead of the company. 

The company still benefits from a very strong brand identity based on its historical expertise in marine chronometers.

“Joining Kering is an opportunity for Ulysse Nardin,” Chai Schnyder said. “It will allow the brand to carry on with its international expansion and continue to innovate, while assuring the long-term future of its knowledge and expertise and communiqué.”

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes website.

Ulysse Nardin and Randy Johnson to Create the ‘Big Unit’ Limited Timepiece

Patrik Hoffmann (left) and Randy Johnson making the announcement of the partnership Monday in the owner's box of Chase Field. Photo credit: Anthony DeMarco

PHOENIX — Swiss luxury watch brands often partner with professional athletes who have amassed achievements in sports where speed, stamina and accuracy are required, such as auto racing, boating regattas, and track and field. Ulysse Nardin took a bit of a different route when it signed pitching great Randy Johnson as a brand ambassador during an event in the owner’s box at Chase Field, home of the Arizona Diamondbacks, where Johnson played for six years and enjoyed his greatest success.

Johnson and Ulysse Nardin, known for its luxury nautical timepieces, announced that the two will partner to create a timepiece known as the “Big Unit,” which is Johnson’s nickname, referring to his 6-foot, 10-inch size. The watch will be released sometime in late 2012 or early 2013. 

Johnson and Hoffman looking over the prototype of the timepiece box. Photo credit: Anthony DeMarco

“I don’t think we had to go too far out of the box for creating a name,” Johnson said during a private interview at the event.

Johnson was known for throwing 100-mile-an-hour fastballs with consistency and accuracy during a 22-year major-league career that included five Cy Young awards (the highest honor for a major league pitcher) and a 2001 World Series championship with the Diamondbacks, where he shared the Most Valuable Player honor. So he had all of the qualities of high-speed athletes in his left arm.

In addition to his baseball achievements, Johnson, an avid watch collector, was also a friend of the Ulysse Nardin brand, which made it even easier to approach the former pitcher about being an ambassador, said Patrik Hoffman, Ulysse Nardin, CEO.

“I think for us it’s important for us that we have someone who is really a true ambassador of the brand, which means I can say that Randy was already a friend of the brand for a long time,” Hoffman said.

A sneak peek of what the box will look like. Photo credit: Anthony DeMarco

Hoffmann also said the partnership with Johnson is within the strategy of the brand to use athletes or celebrities as ambassadors in countries where the timepiece brand is popular. For example, the brand has partnered with world renowned cricketer, Yuvraj Singh, in India.

“For us, whoever we choose in countries like Russia or India or now the United States, we always choose someone we call a legend,” Hoffmann said. “That is important for us. I live in US for 13 years and I know baseball and like baseball and that has some influence as well.”

Below is an unedited interview from Jetset magazine with Johnson in the Arizona Diamondbacks owner’s box that includes a few interruptions by a singing group rehearsing the National Anthem prior to a game against the Colorado Rockies:

Johnson has been collaborating with the luxury watch brand in the design of the timepiece.

“I was just trying to incorporate a little baseball feel in the watch, whether it was something maybe on the bazel or the face or even the hands, or somewhere in the watch that would give you a baseball feel,” Johnson said. “I’m sure they will tastefully incorporate a baseball feel to a limited edition watch.”

Both Johnson and Hoffman are being secret about the details of the watch, which is still being created. It will be part of the Ulysse Nardin Marine Diver line collection. It will incorporate baseball themes, as already noted. And, it will also be unusually large. “If you call the watch the Big Unit it has to be a big watch,” Hoffmann said. As far as how many of these timepieces will be made, they refuse to say but just note that Johnson has 303 total wins in his long, successful career. 

Unedited video from a Jetset magazine interview with Patrik Hoffmann, CEO of Ulysse Nardin, in the owner's box at Chase Field where he discusses his relationship with pitching great Randy Johnson and how they came about to work together to create the "Big Unit" limited timepiece.

Johnson became attracted to luxury timepieces while traveling to different cities while still a ballplayer.

“In certain cities there are really good restaurants. Well, in certain cities there are really good watch stores. I enjoyed looking at them and you figure that over 22 years, I accumulated a nice collection,” he said. “To be with this watch company is really nice because I have several of their watches.”

He also freely admits that his knowledge of timepieces is growing.

“I learned a lot about watches and different timepieces and I’m constantly learning.” He said. “Obviously, when you’re buying expensive timepieces, it’s nice to know what you’re buying, what makes it tick…. I have a very small background when it comes into knowledge but I know what I like and know a lot of other people like watches and it’s something cool to collect. It’s not for everybody.”

He says he compares having a luxury timepiece named after him among his greatest honors, as far as public acceptance.

“I thought it was pretty cool when I was on the cover of Sports Illustrated and the box of Wheaties. I thought I have arrived. But to have a watch, I mean I’m obviously honored.”

Chai Schnyder, Patrik Hoffmann Take Control of Ulysse Nardin

Chai Schnyder has been named president of the board of directors and Patrik P. Hoffmann was appointed CEO of the luxury watch brand Ulysse Nardin. They replace Rolf W. Schnyder, who died unexpectedly on April 14. He held both positions.

Chai Schnyder is the widow of Rolf Schnyder (both pictured left). She holds a Master of Science in Manufacturing Engineering from Queen's University Belfast, U.K.

 Hoffmann (pictured with television host Jay Leno), spent the main part of his professional career in the watch sector, and has been a leading member of the staff at Ulysse Nardin. He joined the company in 1999. As director of the U.S. corporate offices in Boca Raton, Fla., Hoffmann played a significant role in the success of Ulysse Nardin in North and Central America.

The actions were taken during a special meeting of the shareholders, board of directors and management of the watch brand, based in Le Locle, Switzerland.

“Thanks to the innovative energy of the company, and in harmony with the intentions of the visionary Rolf W. Schnyder and his tireless pioneering spirit, we stand by the strategy of independence,” Hoffmann said in a statement.

Schnyder acquired the family firm of Ulysse Nardin in 1983 and since that time held the role of president and CEO. Under his leadership, Ulysse Nardin became a prominent brand in the mechanical watchmaking sector, with innovations such as the first astronomical wrist watches.

Ulysse Nardin Shocked and Saddened by Sudden Death of its CEO

Rolf W. Schnyder, CEO of the Swiss watch manufacturer Ulysse Nardin, unexpectedly died on April 14 after a short illness. He was 76.

“With the passing of Rolf W. Schnyder, the watchmaking industry has lost one of its greatest visionaries, while Ulysse Nardin has lost an important source of innovation for the firm. We are profoundly moved and distraught at this sudden loss. Our full sympathies are with his wife and his three children, to whom we would like to express our sincere condolences,” said Susanne Hurni, press officer and head of media relations at Ulysse Nardin.

“Because a succession plan was already in place, the operational running of the business by the current members of management can be kept going without interruption, and continued in the spirit of Rolf W. Schnyder’s vision,” Hurni added.
 
Rolf W. Schnyder had acquired the family firm Ulysse Nardin in 1983, and since that time held the role of president and CEO at the helm of the manufacturer with its wealth of tradition. Under his leadership, Ulysse Nardin rose once more to the top of the mechanical watchmaking sector, with numerous innovations such as the first astronomical wrist watches.

The company is based in Le Locle.

Ulysse Nardin Opens Boutique in South Florida

Luxury Swiss watch brand Ulysse Nardin opened its second boutique in the United States at the Aventura Mall in South Florida. The 775 square-foot store has a collection of more than 100 of company’s timepieces, including three models from the Limited Edition Boutique Exclusive line, presented in a nautical inspired setting.

The line includes the Blue Toro, the Freak Diavolo Platinum, and the Blue Executive Dual Time.

Blue Toro

The Blue Toro is a limited edition certified chronometer with a self-winding perpetual calendar that is conscious of leap years, so it doesn’t have to be reset.

The Freak Diavolo Platinum pays tribute to the original Freak’s pioneering spirit by expanding its use of silicium and its tourbillon. Named after its devilish-in-appearance power-reserve backing it showcases advancements in technology, materials and design and is limited to 10 pieces.

Blue Executive
Dual Time

The Blue Executive Dual Time is comprised of a patented Dual Time system with pushers that instantly adjust the hour hand to a different time zone while the home time indicator continues its’ 24 hour cycle.

Ulysse Nardin offers custom personalization of its timepieces, allowing customers the option of engraving a personal inscription on the timepiece’s serial number plate.

The Aventura based boutique is an addition to the U.S. headquarters and flagship boutique both located in Boca Raton. The headquarter houses the company’s only service center in the U.S. with six Swiss-trained watchmakers. In addition to the brand’s two boutiques, Ulysse Nardin timepieces can are available at 65 authorized retailers nationwide.

Ulysse Nardin’s timepieces are produced with 250 craftsmen in the company’s production facility in Le Locle, Switzerland, where 20,000 units are created annually.