|
|
 |
|
| Watches |
Watchmaker’s Renaissance
James D. Malcolmson
01/01/2004
|
Whatever the motivation, Breguet watches have assumed a new importance on the auction circuit that can only benefit the brand. Offers Patrizzi: "As Hayek has started to buy back pieces for his museum, people have started to rediscover Breguet, both for the new pieces and for what was created 200 years ago."
By traditional measures, Hayek’s program has already demonstrated success. Sales are up some 400 percent, an impressive performance given the economic conditions of the past several years. Increased demand bodes well for those gauging the prospects for long-term value retention of their newly purchased Breguets. Owners, however, should be extremely mindful that sales, rather than aftermarket value, are the top priority at Swiss watch companies. "For the normal production pieces, I really make what I can sell," says Hayek. "I have no interest, for the time being, in selling Breguet as an ‘investment watch’ to rival other things like [stock] shares."
As the brand continues on an upward trajectory, production is likely to increase, making any forecast of the future rarity of the current production difficult. Despite this fact, some encouragement can be gleaned from the current product development strategy: "New watches become old," Hayek adds, "and in 10 years or 15 years, these watches will have a high value, because we’re doing new things and continuously renewing our models. Our limited editions will surely increase in value almost immediately, because we are very strict with the production of these pieces."
To own a Breguet, new or old, is to own a piece of watchmaking history. "Watch collectors are emotional about history," observes Hayek. "They have much more confidence in the brand today. It’s like a country with a long history that has been occupied by someone else. Now they are gone, and the culture is back."
|
|
|
|
|
|
|
