While the explosive growth of the vintage watch market over the past few years has revealed many hidden gems that once went unnoticed, some incredible timepieces remain hidden or forgotten around the world. A recent episode of PBS’ “Antiques Roadshow” was a great example of this, as an unnamed United States Air Force veteran brought in his mint condition “Paul Newman” replica Rolex Daytona for appraisal.
For the luxury watch industry as a whole, 2021 has been a mixed year. While the Americas and Europe continued to show solid growth over the year, the combination of political unrest and the removal of favorable import tax laws in Hong Kong left a serious effect on overall industry performance. Swatch Group is a perfect example. In the company’s 2019 sales report, launched this week, net sales outside of Hong Kong grew 5 percent over the previous year. Once Hong Kong is included in the numbers, however, Swatch Group’s net sales were down 1.8 percent worldwide. While Hong Kong produced a similar drag on sales for LVMH, that didn’t stop the luxury goods conglomerate from posting record growth numbers in its 2019 earnings report.
Geneva based De Grisogono, perhaps best known as a high-end diamond jeweler but also as a boutique watchmaker, has filed for bankruptcy this week. The statement comes amid claims that the firm, partially owned by both the state diamond mining company of Angola, has cost the Angolan government hundreds of millions of dollars because of shady dealings by Isabella dos Santos, wife of partial company owner Sindika Dokolo and daughter of former Angolan president José Eduardo dos Santos. Dos Santos, who was recently noted as the richest in Africa, has been accused in the “Luanda Leaks” documents of embezzling millions of dollars from the Angolan government through a complex web of state-sponsored bank loans. If the bankruptcy claim is accepted by the Swiss government, all 65 employees of De Grisogno stand to lose their jobs.
While some big brands have decided not to attend the Basel 2021 World Trade Show, not all the news is negative. The trend of vintage inspired replica watches indicates no signs of slowing down in 2021, as Swatch Group brand Certina has searched all the way back to 1968 in its archives for the latest iteration of the DS dive watch. While the bold style is straight from the ’60s, the specifications are thoroughly modern with a 43mm case diameter, sapphire crystal and a massive 500 meters of water resistance. It is really such a big shock.
