November 2020
Issue 01
The Collector’s Journal INCLUSIVE TO EVERYONE, EXCLUSIVE TO THE FINEST WATCHES THEWATCHBOX.COM
page 04
TIME AROUND THE WORLD A History of Patek Philippe World Timers
F.P. Journe: Oscillating for Generations
Days to Spare: The World of Long Power Reserves
An Endless Exchange: Shop the Collection
PAGE 08
PAGE 12
PAGE 16
UNITED STATES +1 866 858 8434
HONG KONG +852 5804 3363
SINGAPORE +65 9662 5466
MIDDLE EAST +971 4 2841661
SWITZERLAND +41 32 722 12 80
Inside the Issue
Page 08: F.P. Journe Chronomètre à Résonance: The Golden Era
Page 04: A modern-era Patek Philippe world timer; Ref. 5131R
04 08 12 16 18 2
Page 12: De Bethune DB28, featuring a 5+ day power reserve.
TIME AROUND THE WORLD A History of Patek Philippe World Timers GENERATIONS Exploring the F.P. Journe Résonance DAYS TO SPARE The World of Long Power Reserves AN ENDLESS EXCHANGE Featured Timepieces IN CONVERSATION Edouard Meylan, CEO of H. Moser & Cie.
THE COLLECTOR’S JOURNAL | THEWATCHBOX.COM
First class secondary market.
Issue 01 | November 2020
The Latest
Tune into WatchBox Studios for weekly industry insight, reviews and education for collectors, by collectors. GAME ON: EXPLORING THE F.P. JOURNE LINESPORT COLLECTION When F.P. Journe debuted the ultra-light LineSport collection in 2011, the unorthodox choice of material for case, bracelet, and movement was a shock to those accustomed to François-Paul Journe’s distinct style of traditional watchmaking. Fast forward just nine years, and while the collection has evolved considerably, the watches within the LineSport line-up continue to impress with technical excellence. Watch Now
AFTER HOURS
MARKET WRAP
IN CONVERSATION
Global Watchmaking: More than “just” Swiss Made
GPHG Wins, Holiday Wish Lists, and Daytonas, including Paul Newman’s “Other” Daytona
The Past and Future of H. Moser & Cie. with CEO Edouard Meylan
Time for an upgrade? Make room on your wrist for a new watch. Sell or trade your pre-owned for cash or credit.
SELL
TRADE
TALKING TIME with Tim Mosso
Join Talking Time with Tim Mosso on Facebook for endless conversation about watches and more.
Follow Along New arrivals and exclusive content, right at your fingertips.
@WatchBox @WatchBoxStudios @WatchBoxGlobal @WatchBoxGlobal
FOR SALES INQUIRIES, CONTACT JOURNAL@THEWATCHBOX.COM
3
4
THE COLLECTOR’S JOURNAL | THEWATCHBOX.COM
Time Around The World A HISTORY OF PATEK PHILIPPE WORLD TIMERS
BY JUSTIN MASTINE-FROST
A
s with many complications on the market, the world timer is anything but a modern creation. First invented by Louis Cottier in 1931, it didn’t take long for Cottier to be commissioned to scale the caliber for a wristwatch. After a few successes with pocket watches, Patek Philippe (among others) came knocking, and before long the two first Patek World Time references came to fruition in the form of Reference 515 HU in a rectangular case, and Reference 96 HU using the already popular Calatrava case. While only four of the rectangular prototypes were ever manufactured, the Calatrava-cased World Timers were effectively the birth of one of the most collectible Patek Philippe watches in existence. Not long after, Reference 1415 was launched as a proper production-model world timer from Patek, though its production was modest, spanning from 1939 to 1954. These models consistently fetch north of $1M at auction these days, especially the rare examples that were produced with an enamel dial. Per available records, those enamel dials make up roughly a quarter of total production of the 1415.
Patek Philippe World Time Ref. 5131R with a remarkable cloisonnĂŠ enamel dial.
FOR SALES INQUIRIES, CONTACT JOURNAL@THEWATCHBOX.COM
5
Ref. 1415
A modern-era world timer: Patek Philippe Ref. 5131R
Ref. 2523
In its infancy, the first version of this caliber did not have a separate means of adjustment for local time. It instead relied on an outer bezel engraved with the various home cities, forcing its wearer to manually adjust the display of local time at 12 o’clock. It wasn’t until 1953 that Patek Philippe unveiled Cottier’s caliber 12-400 HU in their Reference 2523 world timer—the watch that paved the way for the eventual growth of the world time segment as a whole. The key difference at hand with the new movement was the move to a dual-crown configuration, and the repositioning of the world time city indications onto an outer ring of its dial. This logical change meant that the local time city could be changed via this second crown at the 9 o’clock position. The 2523 didn’t remain in Patek’s catalog very long, as after Louis Cottier’s passing in the late 1960s, the brand opted to pull the plug on the model. It took roughly 35 years for Patek Philippe to revive the much-loved world time complication, and the successor to Cottier’s masterpiece finally arrived in the form of the Reference 5110—a smartly executed evolution of the much-loved complication. The first noteworthy change is as much visual as it is functional. Rather than the second crown at 9 o’clock, a broad pusher was added to Reference 5110 at the 10 o’clock position. Taking the place of this crown from a functional point of view, this pusher allows its wearer to advance the local time, advancing one timezone with each push. Just touched down in Paris coming from New York? Simply press the pusher six times, and both the hour hand and the outer chapter ring with the cities and 24h scale will advance to the correct position. This mechanism was actually patented by Patek many years prior, closer to the end of Reference 2523’s life cycle, and yet the brand waited until 2000 to bring the watch to market.
6
THE COLLECTOR’S JOURNAL | THEWATCHBOX.COM
Ref. 5110
“WHAT MAKES THE WORLD TIMER CATEGORY PARTICULARLY INTERESTING IS HOW GLOBAL TIMEKEEPING AND REFERENCE CITIES HAVE CONTINUED TO EVOLVE THROUGHOUT TIME.” Ref. 5130R; powered by Caliber 240 HU
The evolution of an icon: Patek Philippe Ref. 5230
Powering the modern world timer, the caliber 240 HU was certainly no slouch in terms of both specifications and finishing, which is in part why it still stands in production in the current Patek Philippe Reference 5230 World Timer that came to replace the 5110. Patek did evolve the casing of its world timer, increasing from 37mm to 39.5mm as the 5110 was replaced by the 5130, and then down to 38.5 as this model was then superseded by the 5230, but all the while the caliber 240 HU remains unaltered. The micro-rotor self-winding caliber is a very modest 3.9mm thick and uses a Spiromax balance spring (made of a silicon-based composite proprietary to Patek), and a Gyromax balance wheel. Of course, finishing is one of the key details that differentiates Patek from the majority of its competitors, and thus the 240 HU is appropriately decorated and visible via an exhibition caseback. Elegant Geneva striping, perlage, and anglage abound, the caliber is a proper feast for the eyes, regardless of how well you know and understand the mechanics of timekeeping. Watch the 5230 Review Now
Ref. 2523
What makes the world timer category particularly interesting is how global timekeeping and reference cities have continued to evolve throughout time. Case and point, looking at this 2523 that sold at the Phillips Hong Kong auction in 2017, there are a good number of city names on this dial that would seem entirely foreign to someone of a younger generation. Ceylon, Bombay, and Calcutta have all been renamed as Sri Lanka, Mumbai, and Kolkatta, respectively as means of brushing off their colonist roots. There are also timezones that have shifted over the years, in particular Madeira in Portugal is now aligned with London as GMT +1, and Adelaide and Sydney, Australia are now only a half hour apart, marking GMT +9.5 and GMT +10. Depending on the production year of the watch in question, there are other deviations to speak of, all of which make these world timers a bit of a historical time capsule. There’s something to be said for “owning a piece of history,” and this sentiment couldn’t ring more true of the vintage Patek Philippe world timers out there.
FOR SALES INQUIRIES, CONTACT JOURNAL@THEWATCHBOX.COM
7
A rare reunion: past generations of F.P. Journe’s Chronomètre à Résonance
8
THE COLLECTOR’S JOURNAL | THEWATCHBOX.COM
Generations
EXPLORING THE F.P. JOURNE RÉSONANCE BY JUSTIN MASTINE-FROST
W
hen it comes to the many impressive creations launched by F.P. Journe over the years, few if any have garnered more attention than the Chronomètre à Résonance. It’s quite well known that François-Paul has always had an interest in the early works of Abraham-Louis Breguet, justifiably recognized as the “Godfather” of modern watchmaking. In the early 1800s, Breguet experimented with the concept of resonance in a watch movement, crafting three pocket watches with a pair of movements/geartrains in a single housing, affixed to the same mainplate. In 2000, FrançoisPaul became the first watchmaker to scale this principle down into a wristwatch, cementing himself into the watch industry record books one of many times through his illustrious and ongoing career. Since the turn of the millennia, the Chronomètre à Résonance has seen a delicate evolution through to its present day state, as well as a handful of special variations for some of the different F.P. Journe boutiques around the globe.
FOR SALES INQUIRIES, CONTACT JOURNAL@THEWATCHBOX.COM
9
Introduced as part of a special limited series in 2015, this Chronomètre à Résonance features a 38mm stainless steel case, marking the discontinuation of the 38mm size.
Series R
Series RT
THE FIRST CHRONOMÈTRE À RÉSONANCE, SERIES R As noted above, the first variant of the Chronomètre à Résonance arrived in 2000 as a subscription series wristwatch using the principle of resonance in its movement design. Only the second wristwatch to come from the manufacture of F.P. Journe, and preceded by the Tourbillon Souverain—an equally complex creation in its own right—the subscription series was soon followed by a proper first edition collection of the Résonance. This version was produced from 2001 until 2003, initially launched with a rhodium-plated brass caliber fitted into a 38mm platinum case, with either a white, yellow, or rose gold dial. Within this period, Journe also produced a limited 99-piece series of Ruthenium dial Chronomètre à Résonance watches, whose grey dials differ quite dramatically from their gold counterparts. The principles behind the caliber development draw very closely on those early works of Breguet, where its pair of unregulated balances oscillate side by side with very little clearance between them. The idea, fundamentally, is that the inertia of one’s oscillation will resonate through their shared mainplate, bringing the pair of balances into sync. To make this task even more challenging, the balances need to remain within five seconds of one another in order to remain in sync. Given Journe’s obsession with performance and accuracy that runs far beyond the conventional “Chronometer Certified” status pursued by countess other brands, him developing a caliber like this makes sense, and given its longevity and desirability over the years, he was more than capable of making it happen.
10
THE COLLECTOR’S JOURNAL | THEWATCHBOX.COM
VERSION 2: THE GOLDEN ERA, CHRONOMÈTRE À RÉSONANCE SERIES RN One of the biggest shifts in Journe’s overall watchmaking strategy was the move to crafting all of his calibers out of 18k rose gold. This shift began in 2004, and of course the Chronomètre à Résonance was part of this transition. As this second generation of the watch appeared, Journe also announced the availability of two different case sizes, deciding to offer it both in 38mm and 40mm versions. Overall proportions remained the same, however the second generation was also offered in a 18k rose gold case, matching its new caliber material. When it comes to time indication and other details, the watch remained unchanged, and this marked the beginning of special limited editions of the Chronomètre à Résonance hitting the market. Among others, 2005 saw the arrival of a titanium-cased boutique edition for the second anniversary of F.P. Journe’s boutique in Tokyo, a darker dial variant in platinum made for Orologeria Pisa of Milan in 2009, and a unique rose gold model with a black mother-of-pearl dial that appeared somewhere within that same timeframe are just a few of the variations that surfaced along the way. VERSION 3: DESIGN CHANGES COMMEMORATE A DECADE, SERIES RT As the tenth anniversary of the Chronomètre à Résonance came around, François-Paul decided it was time to update his masterpiece in a way that involved more than a simple change in materials. Rather than sticking with its conventional and symmetrical dual subdial display of hours and minutes on a 12-hour scale, Journe scrapped the original time indication on the left side
Series RN
Series RQ
The RTA features a 12-hour indication at 3 o’clock, and a 24-hour indication at 9 o’clock
and opted for an orbital digital time display on the first half of the caliber. This was only part of the equation, however, as the leading time display now indicated time on a 24-hour scale rather than 12. This modification also meant that the drive system and power required to run each of the two movements was now different, adding to further technical challenges in bringing the watch to market. While some might not be sold on the lack of symmetry that came with the 2010 model, there’s something to the digital time indication and metal plating that surrounds it which gives the piece an almost industrial/steampunk sort of charm that is both uncommon and yet oddly well-fitting in the F.P. Journe lineup. VERSION 4: THE SINGLE-YEAR AND RARE, SERIES RTA 2019 saw a bit of a twist on the reference, and one that only lasted the course of a year. Effectively a hybrid of the three previous series of Chronomètre à Résonance models, we see a return to the symmetrical subdials, albeit with a bit of a twist. Using the mechanics developed for the series three, the subdial on the left presents home time on a 24-hour scale. These pieces were only available in rose gold or platinum, fitted in 40mm cases and either leather strap or bracelets of their corresponding case metals. VERSION 5: A NEW ANNIVERSARY, AND A NEW CALIBER, SERIES RQ The twentieth anniversary of the Résonance called for a major update. Meet the thoroughly reworked Caliber 1520. Its power reserve of 42 hours
is stored in a single mainspring barrel, rather than having a pair each supplying their own half of the movement. A differential of sorts is used to split the power between each of the geartrains, and on each side, a remontoir d’égalite is used to ensure steady power transmission through the unloading of the mainspring. Though the total power reserve is considered as 40 hours, a resonance movement is a different beast altogether, so it is said the movement design ensures the two balance wheels stay synchronized. Aesthetically speaking you’ll notice a few key changes to this latest Chronomètre à Résonance. The subdial layout remains unchanged from the last edition, aside from an opening at the center of the dial. This opening shows the differential below the mainspring barrel, noting the key change in its movement configuration. At 12 o’clock, its power reserve has been reduced and simplified. Rather than sweeping across the majority of the upper quadrant of the dial, it takes up far less real estate, and has a clear indication of when it needs to be wound. Lastly, you’ll note two separate crowns; the top for winding and setting; and the bottom to reset and sync the subdials. With the change in movement, the Chronomètre à Résonance has gotten only a touch larger. Available in 40 and 42mm diameter variants (in either red gold or platinum, as usual), its case thickness has increased by 2mm, bumping up from nine to 11.
FOR SALES INQUIRIES, CONTACT JOURNAL@THEWATCHBOX.COM
11
Running from 5 to 31 days: F.P. Journe Octa Automatique Réserve, De Bethune DB28, A. Lange & Söhne Lange 31
Days to Spare THE WORLD OF LONG POWER RESERVES BY JUSTIN MASTINE-FROST
THE COLLECTOR’S JOURNAL | THEWATCHBOX.COM
De Bethune DB28 GSB
P
ower reserve is one of those things that isn’t always talked about or praised as much as it should be in the watchmaking world. We all love a good complication, but the technical capability required to deliver a long power reserve efficiently and accurately is a skill worthy of significant praise. To do so at the sacrifice of accuracy is easy, as this can be accomplished by just slapping in a big ‘ol mainspring and hoping for the best. The longer the power reserve, the more one needs to rely on innovation in materials and other elements to maintain accuracy. Shy of getting into things like the Hublot MP-05 and its 50-day power reserve, when looking at more conventional pieces, anything over the four-day mark is considered lengthy in comparison to industry convention. Much as some ‘standard’ in-house calibers have pushed their power reserves up to 70 hours ( just shy of three days), the real industry standard power reserves run around the 40ish hour mark. In the last five years or so, more brands have been pushing these boundaries, and as you’ll see below, the range of mechanical power reserve quickly escalates into the range of several days. DE BETHUNE DB28 Now available in a wide array of configurations, the beauty of the DB28 lies in more than its clever case design and fantastic finishing. The classic DB28 models (of which there are several variants out there now) has boasted an over five-day power reserve from day one, which isn’t as long as some of its competitors in this list, but still impressive given the slender proportions of its casing. The 42.6mm diameter titanium cases are only 9.3mm thick---not enough to be dubbed an ultra-thin by any stretch, but still quite compact for something as detailed and complex as a De Bethune. Watch DB28 Reviews Now
PANERAI LUMINOR 1950 10-DAY DESIGN MIAMI LIMITED EDITION (PAM 986) Launched in 2018 as a limited edition extension of an earlier reference, this sun-brushed blue Luminor is one of a 250-piece series launched during Design Miami---an event that runs each year adjacent Art Basel. Using the classic Luminor case with lock-down crown, the combination of a sun-brushed blue dial and faux vintage luminous hands and indices is a nice deviation from more conventional models. Powered by an older in-house automatic caliber, the P.2003 boasts a 10-day power reserve made possible by a trio of mainspring barrels. Its power reserve indication is an interesting one, as it displays reserve over a linear scale.
Panerai caliber P.2003 delivers 10 days of power to PAM986
FOR SALES INQUIRIES, CONTACT JOURNAL@THEWATCHBOX.COM
13
“BY CREATING A PIECE WITH A LONGER RESERVE, HE COULD CREATE A STABILIZED WINDOW OF OPERATION WITH OPTIMAL EFFICIENCY.” F.P. JOURNE OCTA AUTOMATIQUE RÉSERVE As a man obsessed with chronometric accuracy, there’s little surprise that F.P. Journe has thrown his hat in the ring in this category repeatedly. The interesting part of the equation here is that the Octa Automatique Réserve carries a stated power reserve of 120 hours (five days), however it is plenty capable of running a fair bit longer. For Journe, the idea was simple. By creating a piece with a longer reserve, he could create a stabilized window of operation with optimal efficiency. Outside the 120h range, the piece would certainly keep running, but within it you can expect stability that is at least equal or greater to that of COSC-certified calibers. A. LANGE & SÖHNE LANGE 31 31. That’s right, 31. Not hours, but days, which means a staggering 744 hours of reserve out of an otherwise conventionally designed wristwatch from the Glashütte powerhouse. To make this magic happen, we’re dealing with quite the substantial piece of metal, measuring 45mm in diameter and 15.9mm thick. Using only two VERY long mainsprings contained in a centrally positioned barrel, the Lange 31 is manually wound rather than self-winding like the two previous models discussed. This is primarily on account of the amount of effort that would be required to spool up these beefy mainsprings using a self-winding rotor. Watch the Review Now
A. Lange & Söhne Lange 31
14
THE COLLECTOR’S JOURNAL
F.P. Journe Octa Automatique Réserve; pictured in platinum and rose gold (below)
Caliber 9R01 powers the Grand Seiko Spring Drive 8-Day; SBGD201
Hublot Big Bang MECA-10
IWC Portugieser Annual Calendar Limited Edition
HUBLOT BIG BANG MECA-10 Polarizing as they are, I’ve long had a soft spot for the big bad Hublot MECA-10. Movement architecture modeled after the children’s industrial erector set known as Meccano, there’s something to the futurist/industrial skeletonized caliber with a 10-day power reserve that has long been calling my name. The simple time-only watch has a pair of unique ways to indicate the state of its reserve: a digital disc that shows the number of days remaining, and a red segment on its mainspring barrel that comes into view as the watch creeps towards the end of its running potential. Watch the Review Now
IWC PORTUGIESER ANNUAL CALENDAR LIMITED EDITION While most of our selections are light on the complication front and focus more on extended run time, the IWC Portugieser Annual Calendar delivers the best of both worlds. 44.2mm across and sporting a slick forest green dial, this in-house powered beast packages an easy-to-read annual calendar function with a 7-day power reserve, saving its owner the hassle of having to adjust the calendar function should the watch stay dormant for a few extra days than planned. While the intent of the Portugieser line is to play to a dressier crowd, this piece dances the line between dressy and casual, while displaying faint hints of the brand’s pilot-centric heritage.
GRAND SEIKO SPRING DRIVE 8-DAY SBGD201 Those more familiar with Grand Seiko are likely not surprised to see this reference surface in this list. Taking advantage of both mechanical and quartz technologies in especially interesting fashion, and mating calibers with cases, dials, and hands with finishing levels that trump pretty much anything in the price point makes a Grand Seiko a no-brainer recommendation. When talking about power reserves, the SBGD201 packs a mechanically driven 8-day reserve that powers its way through a quartz oscillator, so there’s no cheating going on as far as where the power comes from. The 2017 release was the first from the Grand Seiko Micro Studio, using the first of its new 9R series calibers with extended power reserves.
FOR SALES INQUIRIES, CONTACT JOURNAL@THEWATCHBOX.COM
15
An Endless Exchange WATCHBOX IS HOME TO THE GREATEST COLLECTION OF PRE-OWNED LUXURY WATCHES, ALL CERTIFIED AUTHENTIC AND COLLECTOR QUALITY. SHOP THE COLLECTION.
GRÖNEFELD
ROLEX
1941 Principia
Oyster Perpetual Sky-Dweller Reference: 326939
PATEK PHILIPPE
AUDEMARS PIGUET
Grand Complications Split-Seconds Chronograph, Perpetual Calendar, Reference: 5204/1R
Code 11.59 Perpetual Calendar Reference: 26394OR.OO.D321CR.01
Contact your client advisor at journal@thewatchbox.com for expert advice and sales inquiries. UNITED STATES +1 866 858 8434 | HONG KONG +852 5804 3363 MIDDLE EAST +971 4 2841661
16
THE COLLECTOR’S JOURNAL | THEWATCHBOX.COM
|
|
SINGAPORE +65 9662 5466
SWITZERLAND +41 32 722 12 80
H. MOSER & CIE.
A. LANGE & SÖHNE
Endeavour Flying Hours Reference: 1806-0201
Lange 1 Tourbillon Perpetual Calendar Reference: 720.032F
PATEK PHILIPPE
Grand Complications Perpetual Calendar Reference: 3970/002R
F.P. JOURNE Linesport Centigraphe
FOR SALES INQUIRIES, CONTACT JOURNAL@THEWATCHBOX.COM
17
IN CONVERSATION A FEW QUESTIONS WITH EDOUARD MEYLAN, CEO OF H. MOSER & CIE.
WHAT WAS YOUR FIRST WATCH; AND DO YOU STILL HAVE IT? My first watch was a very small Lemania automatic watch in steel with blue hands that I received from my parents in ‘83. Unfortunately, I don’t have it anymore. WHAT WATCH IS AT THE TOP OF YOUR PERSONAL WATCH WISH LIST? Beside Moser, the Chronomètre Bleu from F.P. Journe is at the top. WHERE DO YOU FIND INSPIRATION? All the time and everywhere. I try to stay open to new ideas and inspiration constantly. DESCRIBE THE ETHOS OF H. MOSER & CIE. H. Moser & Cie. is a family owned and run Manufacture. We like to see ourselves as a 193-year-old start-up, building a bridge between traditional and modern watchmaking. IF YOU WERE ADVISING SOMEONE ON A COLLECTION COMPRISED OF ONLY H. MOSER TIMEPIECES, WHICH 3 WOULD YOU SELECT? Endeavour Center Seconds Concept, Heritage Tourbillon Funky Blue, Streamliner Chrono or Center Seconds WHAT DO YOU DO TO UNWIND? I run quite a lot and spend time with my family. We try to go to the Alps every weekend. We have a place there and love spending time in the mountains. WHAT’S THE LAST GREAT BOOK YOU READ? Finding George Orwell in Burma by Emma Larkin
18
THE COLLECTOR’S JOURNAL | THEWATCHBOX.COM
FOR SALES INQUIRIES, CONTACT JOURNAL@THEWATCHBOX.COM
19
