Lessons Learned From Geneva Watch Days — Complicated Times Call For Complicated Watches
The 2024 edition of Geneva Watch Days was the hottest ever. Not only did the temperatures soar to unprecedented heights (30+ degrees Celsius), but more brands also showed their goods than ever before (52), and the number of visitors compared to last year increased by more than 70% (13,800). Some watch insiders expected an event held under a dark cloud due to slowing growth numbers. But the vibe was very good in the five-star hotels and air-conditioned brand boutiques around Lac Léman where the event took place. Yes, we live in complicated times, as the participants and visitors at “GWD” underlined. But these complicated times call for complicated watches. It’s avant-garde, groundbreaking, and spirited Haute Horlogerie that keeps the dream alive and puts smiles on watch fans’ faces. In an emotional universe like watchmaking, dreams ultimately power reality.
Before allowing myself to write about the inspirational, educational, seed-planting qualities Haute Horlogerie possesses and the crucial role an event like Geneva Watch Days plays in spreading the love for inspirational watchmaking, I’ll give you a few figures to paint the scene. In 2023, the Swiss watch industry achieved record sales totaling CHF 26.7 billion or US$30 billion. Sounds great, right? You also have to know that in 2023, the top four brands — Rolex, Patek Philippe, Audemars Piguet, and Richard Mille — had a combined market share of 43.9%. The increase is massive when you compare that figure to a pre-Covid 2019 market share of 36.9%.
Complicated times call for complicated watches
The numbers tell you that the democratization of luxury has failed. Of the top four brands, only Rolex is more or less accessible. However, with its steady price increases, the brand already started moving out of sight for those who, until recently, thought a watch with a crown on the dial was within reach. But Rolex’s unprecedented popularity among aspirational and seasoned watch buyers ensures the brand’s success for possibly decades to come. Patek Philippe, Audemars Piguet, and Richard Mille operate on a much higher level than Rolex regarding average retail prices. But among an affluent crowd, these manufacturers have become go-to brands. In the wake of the top four brands, many struggle. It’s not easy to sell products that also saw a series of price increases to people who need to consider their expenses.
Urwerk EMC SR-71 Blackbird
Luxury seems to be back to its old status — unreachable for the masses. You see it in watches and fashion. Unattainability rules, just as it once did, but before the days of social media, it did so more anonymously. Now billions of people know all about the lifestyle of the ultra-rich. It might lead to the misconception that you’re also entitled to a similar way of living that includes yachts, supercars, villas, and high-end watches. But luxury isn’t a human right; it’s a privilege. The lifestyle of the few might be observed in the palm of the hands of the many, but it moves further and further out of reach from the vast majority of people worldwide.
The new Daniel Roth Tourbillon in pink gold next to the first execution in yellow gold
Learning to love the unreachable
Even when something like luxury watchmaking is out of reach, it can still be enjoyable. If ownership is not the main motivation, Haute Horlogerie can be enjoyed from afar by reading about complicated watches as a technical and historical phenomenon, for instance. And when you can visit an event like Geneva Watch Days, there’s a chance to come very close to the watches that are part of a privileged lifestyle.
GWD 2024 was open to the general public for five days and welcomed some 13,800 visitors, an increase of more than 70% compared to last year. Enthusiasts of fine watchmaking admired over 100 new timepieces displayed in 65 showcases free of charge. Of the people in attendance, 650 took advantage of guided tours given by experts from the Fondation de la Haute Horlogerie (FHH). Furthermore, nine symposia on themes of interest to the watchmaking industry were held, entertaining, informing, and educating many in a special venue, the Glass Box, right next to the Pavilion. And during a brunch organized by the FHH, around 150 watchmaking fans tested their knowledge in a quiz.
The informal setup of the event made it possible for horology fans to connect with watches, people working at different brands, and watch connoisseurs, collectors, and enthusiasts of all types. And in the Culture Club set up in the Pavilion, the FHH, the Grand Prix d’Horlogerie de Genève (GPHG), the École d’Horlogerie de Genève, the Horological Society of New York (HSNY), Horopedia, and The Watch Library organized different activities.
The superb movement of the Czapek Antarctique. It’s too bad you can’t see the equally superb aventurine dial.
It’s not always about ownership
Not all 52 participating watch manufacturers operate in the higher or most complicated watch echelons, but some key brands certainly do. These independent Nouvelle Horlogerie Maisons, such as MB&F, Urwerk, Greubel Forsey, and De Bethune, form the backbone of GWD. Other participants, like Laurent Ferrier, HYT, Czapek, Lederer, Louis Moinet, Armin Strom, and Vanguart, to name but a few, also feel at home in the complicated microcosmos the aforementioned pioneers shaped.
The purple edition of the HYT T1 Millésime Series and the new version of the Lederer Central Impulse Chronometer, which is certified by three observatories
Creations from passion-driven, artisanal watchmakers were not, are not, and never will be for the masses to own. But seeing them up close at GWD and enjoying them is very much possible. You can also enjoy these timepieces on the screen of any of your electronic devices because complicated, original, creative watches from the participating high-end Maisons are charismatic, intriguing, and enticing. They have depth and, in some cases, historical meaning, and they tell fascinating tales of impossibilities made possible.
From left to right: Gerald Charles Maestro 4.0 Ducati 30° Anniversario 916, Guebly Prologue Chapter 1, Greubel Forsey Hand Made 1 (the Hand Made 2 is still under embargo, unfortunately)
Enjoy the show
The number of unconventional complications you get to see in a short amount of time is simply mind-blowing. The days I spent with many GWD exhibitors reminded me of the days I became interested in mechanical timepieces. The world of watches didn’t only revolve around retro designs, the color of the dial, and resale values. Again, I wanted to know all there is to know about constant-force mechanisms, different types of escapements, the perfect angle of a tourbillon, and so on. Did I ever think about case diameters, the price of the presented pieces on the secondary market, or owning one? No, never. I enjoyed the show while learning stuff from technical and creative geniuses, and my love for mechanical watches got a serious boost.
Laurent Ferrier Classic Auto Sandstone
It’s not about the logo, it’s about what’s inside
Another interesting aspect of the high-end horology displayed during GWD is that it’s not about the logo on the dial. Most of the complicated pieces you see are judged not by their cover but by their inner workings. “Panache over prestige” is the motto, you could say. And that’s exactly the approach I advise most watch enthusiasts to take. Forget about certain logos; forget about making a statement of status. Make a statement of style and personal uniqueness instead.
ArtyA Purity Stairway To Heaven HMS Wavy
Also, forget about what your watch will be worth in a decade; make sure you can afford it now, and enjoy it for years to come. You’ll be fine if you pick something because it fits your tastes, needs, and desires. And when you wear it all self-assuredly and with flair, you’ll make a better impression than when you would have worn what you think you’re supposed to wear according to the Instagram algorithm.
Louis Moinet Speed of Sound
Complicated times call for complicated watches: it’s necessary to enjoy watches again in an uncomplicated way
Earlier this year, I wrote a story entitled “Make Complications Great Again.” My choice of words upset a few, but I don’t think the story did because it was all about love for watches. If you’re interested in the inner workings of a complicated timepiece you will never be able to wear, you can get inspired and motivated to buy a mechanical watch that shares its essence with that unreachable creation. And one of the benefits of true knowledge is that it helps you see beyond the logo on the dial. You are no longer interested in safe reproductions of vintage timepieces and have now become open-minded enough to appreciate new designs.
The three versions of the HYT T1 Millésime series, two in titanium and one in pink gold
Airplane spotters
You could argue that GWD is a bubble filled with detached brands. But that’s looking at it from the perspective of someone who wants to be part of a small group of collectors who can afford ownership of the dream-worthy creations on show. You don’t have to own something to enjoy, appreciate, and admire it. Watch fans should follow the example of airplane spotters, for instance. And before you start feeling insulted, hear me out. Plane spotters are not “in it to win it,” so to speak. They admire the beauty, grace, and power of screaming jet engines or the roar of a Rolls-Royce Merlin engine in a Spitfire. They take pictures of airplanes, feel excited when they spot a special livery or an atypical “bird,” and live happy lives.
The Jacob & Co. Bugatti Tourbillon in shiny blue titanium features a V16 engine block in a transparent sapphire automaton
Watch enthusiasts should take note and apply the same attitude of not wanting to own what they admire. Failed ownership leads to envy, jealousy, and bitterness. Instead, avoid grumpiness and let yourself be inspired by wonderful creations. Let it uplift and motivate you to find the watch that suits you.
The latest version of the Girard-Perregaux Tourbillon with Three Flying Bridges
Why do complicated times call for complicated watches, again?
During my time at GWD, I never once discussed the undeniable fact that the market for luxury watches, as a whole, suffers from lower sales than last year, inventories are getting higher and higher, and watches spend a lot of time in the shop window before being sold. This is because the brands I visited cater to an audience that doesn’t buy from many Swiss household brands operating in the lower and upper-middle price classes. Thus, spirits were high among the very exclusive producers of Haute Horlogerie. Those high spirits made me tap into my original enthusiasm for mechanical watches in general and appreciation for original timepieces.
Armin Strom Dual Time GMT Resonance First Edition
Coming back to piles of watch boxes in warehouses and watches collecting dust in shop windows, brands also need to look closely at themselves. Flying high on the COVID sales cloud was fun, but it was also unsustainable. Upping prices and production based on an anomaly is never a good idea. But this is a side note.
The perfect pair and final remarks
The H. Moser & Cie. × Studio Underd0g Passion Fruit Project is exactly what I’m writing about — kindred spirits from opposite ends of the watch universe coming together in a passion project. I know the Studio Underd0g watch isn’t available separately, making the €67,900 collaboration an elitist affair from an ownership perspective. But it does put the spotlight on a creative brand that is within reach.
De Bethune DB28xs Steel Wheels
True love for watchmaking is contagious when you encounter it up close and personal, as well as when you read about it, research it, and admire it from a distance. And that’s why complicated times call for complicated watches. They can shake things up, reset a rusty pattern, dazzle, and entertain you. Yes, they might be out of reach, but the best things in life often are. For example, you can’t own a sunset, but you can enjoy it. And next year, we can all meet at Geneva Watch Days 2025 for a healthy dose of complicated inspiration.
