The comeback of the mechanical watch has been nothing short of a miracle, except when it hasn't!
On the one hand, we're talking of a marvel of Lazarus proportions, because who would have thought during those dark days of the Japanese quartz invasion that Swiss analogue watch making would awaken from its death throes to live, thrive and, once again, bite the hand that fed it. In the late 1970s, as Neuchâtel fell, Geneva surrendered, and Biel-Bienne, and Grenchen were waving white flags, the joke was that the only chance of survival the Swiss had was to make their mechanical watches out of cheese and offer free yodelling lessons as part of a value-adding package!
Why, when the clamour for all things digital is reaching new and ridiculous heights, is the analogue/mechanical watch enjoying such a return to favour? The answer is that more than a measure of the magician's art has shadowed the revival of the analogue watch. Over the last two decades, some very clever and inimitably Swiss sleight-of-mouth has convinced an army of cashed-up individuals to part with their money and sign up for analogue watches.
Some of the zeal for new analogue timepieces is fuelled by those who have joined the ranks of what I term the 'horological petrol-heads'. These are the Knights Templar of the horological world, mainly men, who are driven by the intrinsic beauty and engineering of high end timepieces and who also have a love and deep respect for the unique culture and heritage of 400 years of fine watch making. You'll find them sharing their knowledge and passion in watch forums, in fact, anywhere that other horological petrol-heads congregate.
The other, much larger group, consists of 'Brand Junkies' and 'Wannabees'. Brand junkies are usually, but not always, moneyed professionals who have a wardrobe stuffed with Italian suits, a garage that houses one or two very good marques, a boat, ideally a history of indiscretions and money to burn on brands. They are, above all else, compulsively acquisitive. There's nothing wrong with using one's wealth to buy the finer comforts in life, but brand junkies and wannabees have fallen for some very creative marketing hype about the exclusivity of many brands of Swiss mechanical watches that don't stand up to exclusivity tests.
The brand junkie's compulsion to collect high-end 'names' or the products of Haute Luxe celebrities has more to do with vanity inflation, the need to feed a status habit, or the deep hope that some of the brand's exclusivity will rub off on him, or her. Wannabees are driven by similar urges, but don't have the readies to become fully paid-up members of the Brand Junkie brigade.
Because of their primary interest in exclusivity and their disinterest in the engine that powers the brand, brand junkies have been the target and indeed the greatest victims of the Swiss industry's sleight-of-mouth activities. Ask your average brand junkie what a 'manufacture' is and s/he will probably say that it describes a strategic type of dissembling, or whatever! They don't actually know that a manufacture is a top-end watch making 'house' that makes all of the components and parts of the watch movement in-house, and many Swiss brands are keen to help them maintain their ignorance.
Brand junkies pay thousands of dollars for a brand that is powered by an 'ebauche (Third-party movements, parts and components manufactured by suppliers of movements). A lot of watch 'brands' buy their movements and conceal that fact by engraving their names on the plates and rotors. The ETA 2892 movement is one of the more common 'ebauches that sits under many of the swanky and expensive names to which brand junkies gravitate.
What's this got to do with collecting Omega Constellations of the 1950s - 1970s? Read on, and all will be revealed.
Rolex, on occasions, and Panerai use ebauches, even if they choose one of the finer engines on this planet, namely the famous Zenith El Primero movement. Some other European brands buy Japanese movements and some are buying Chinese movements.
The use of 'ebauches is not the problem. The cottage industry tradition in Swiss watch making institutionalised the use of 'ebauches. They were originally made by rural folk as a winter pastime when they and their cows had to stay indoors because of the severity of the Swiss weather. It is the failure of many of the upper market brands to tell their customers that their watches are powered by 'ebauches that is the problem. What makes it even more galling is that the propaganda of many of these brands milks the exclusivity line for all it's worth.
And here's the rub, many of the swanky brands that attract brand junkies as effectively as jam does flies, will not retain their value or their collectibility. Because they are powered by relatively cheap 'ebauches (OK, some of the houses do work up a good finish on them, modify them, add more jewels, etc) they lose up to 40% as soon as they leave the showroom. If history is anything to go by, these brands will depreciate rapidly to the point where they have not much more value than the novelty of the case design and the worth of the metal from which they're made.
So if you are looking for both horological and monetary value, which houses actually make their own movements? Brands like Jaeger-LeCoultre, Patek Phillipe, and A. Lange & Söhne are true 'manufactures' because they use their own in-house movements, while brands like Audemars Piguet, Zenith, Chopard and Piaget will sometimes use 'ebauches for particular models and in-house movements for others. These brands offer true value and exclusivity and much higher levels of future collectibility, but they are very expensive.
There is a rush by some brands to change their course and manufacture some of their movements in-house, perhaps because they believe that, sooner rather than later, the game will be up, and brand junkies will begin to make distinction hitherto unheard of.
This leads us to Omega Constellations of the 1950s to the 1970s. The 300, 500, 700 and 1000 series of chronometer movements were all made in-house by the Omega Watch Company. They were some of the best movements ever made and this gives them intrinsic and horological value, ensuring their future collectibility.
The most important point of difference when buying any watch is the movement. Whether buying new or vintage, balance case design and metal content with a movement that is made in-house. This will give the watch true manufacture credibility and authenticity and real, not imagined, exclusivity.
(c) Desmond Guilfoyle, 2006
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