Twenty twenty-five will be shaped by several factors, ranging from major anniversaries for a trio of important high horology brands, to economic reality where the slowdown in demand will reshape retail channels (and already led one watch brand to go bust). And the coming year will also see the still-unknowable Rolex strategy unfold, which might happen under the radar but will definitely be interesting.

Big watches for a big year

Next year will be a milestone for trio of important brands. Audemars Piguet (AP), Breguet, and Vacheron Constantin (VC) will all mark significant anniversaries: 150 years at AP, 250 years of Breguet, and 270 years for VC. This implies some major timepieces or even mechanical objects are on the way.

Such watches are practically convention as landmark anniversaries are often platforms for brands to launch major watches. Some of the most complicated watches in contemporary watchmaking were anniversary creations – Patek Philippe marked 150 years with the Calibre 89, and then 175 years with the Grandmaster Chime.

The Patek Philippe Calibre 89 launched in 1989 for its 150th anniversary. Image – Patek Philippe Museum

In 2005, when VC marked its 250th year, it launched the Tour de l’Ile, which was the most complicated wristwatch in the world at the time, and also the most expensive wristwatch sold at auction that year. With that in mind, VC might be working on something that lives up to its status as a maker of haute horlogerie complications.

The Vacheron Constantin Tour de l’Ile. Image – Vacheron Constantin

Expectations are also high given the status of these brands in the watchmaking firmament. AP and VC are traditionally regarded as part of the “holy trinity” of Swiss watchmaking, albeit with their own distinct identities.

Both are coming off all-time highs thanks in large part to their luxury-sports watches, and now each is evolving in a different direction. AP is going all-in with contemporary art and pop culture, while VC is continuing its focus on classical art and museums like the Met in New York.

Arguably the most storied name of them all, Breguet has been less prominent in recent years, so its activities and launches for the 250th year will be telling in many ways.

Coincidentally, all three brands are now led by recently appointed chief executives. AP turned to an outsider, fragrance executive Ilaria Resta, who took over at the start of 2024, while VC and Breguet both promoted from within. Laurent Perves was just named chief executive at VC, and longtime Omega executive Gregory Kissling took over Breguet in October.

Whatever the anniversary watches are, they would have been in the works for several years, so the new leaders’ influence would be more on the events, marketing, and strategy rather than watches themselves – critics take note.

With the Berkley pocket watch, Vacheron Constantin launched the most complicated watch ever in 2024, so what’s in store for next year?

Revelations at Rolex

And on the topic of big brands, something is brewing at the biggest of them all, Rolex. No major anniversary there, but there’s something afoot in Acacias.

Sometimes around the middle of the year, I came across Coronet, an online magazine dedicated to Rolex. The gentleman behind the content is Dan Crivello, a longtime writer for Rolex Magazine, a longstanding blog dedicated to the brand. Although Coronet appears to have been founded in 2019, it seems to have only recently pivoted to a focus on Rolex.

With intriguing articles like an interview with the head of dial prototypes at Rolex, it seems that Coronet isn’t merely another online platform, but something supported by Rolex, either explicitly or implicitly. Several of its articles are so specifically sourced that they inevitably come from the brand, which neither leaks nor drops hints, meaning the dissemination of information is probably planned.

Home to many secrets, Rolex headquarters in Geneva. Image – Rolex

This is intriguing because Rolex has historically been tight-lipped about everything, so this might be an experiment that marks the start of something more in terms of the brand’s engagement with the public. Perhaps Coronet is be a place for Rolex to circulate news that the brand wants out there but doesn’t want to announce itself.

Given the exceptionally long time horizon on which Rolex operates, this might just be part of a wider strategy that will unfold in several parts over years. A handful of other clues relating to Rolex and its plans for brand storytelling have emerged, and time will tell how it develops.

Comings and goings

The anniversaries will be an opportunity for brands to sell more watches, a welcome boost in the current climate. From cars to wine, demand has steadily declined from pandemic highs. While that’s the story across the luxury industry on average, a handful of stars in each segment continue to outperform – Ferrari in cars, Hermes in leather goods and fashion (and surprisingly Prada as well), Rolex and Patek Philippe in watches. None of these market leaders will really have to worry about selling their wares.

For everyone else, however, it’ll be a worrisome year across segments. The families that control Porsche expect the value of their stake in the sports car maker to decline, while the share price of Kering, the group that owns Gucci and Yves Saint Laurent, has declined 40% over the course of 2024.

The Richard Mille RM UP-01 inside a Ferrari Roma. Image – Richard Mille

In watchmaking, tourbillon specialist Purnell recently declared bankruptcy. Brands or suppliers going under will be a sporadic occurrence, but certainly will happen with greater frequency than over the last five years. Competent or highly specialised suppliers in particular will most likely be taken over, with some luxury groups being on the lookout for such opportunities.

Even as brands depart, their ranks will be filled with newcomers. There are brands planning to (re)launch in 2025, reflecting the perennial optimism (and steady stream of investors) in watchmaking. One brave comeback attempt is Breva, a short-lived brand that existed for about two years a decade ago. Its specialty was a US$150,000 watch incorporating a mechanical barometer and altimeter. I don’t know yet what the new Breva will be about, but it will certainly be interesting to see how it unfolds.

Convergence

Many new brands, and also new launches from existing brands, will be social-media friendly, meaning the watches look distinctive in photos. This trend was already apparent for some time but really took hold during the pandemic.

This explains part of the recent popularity of the Cartier Crash, and also the high-contrast straps on otherwise plain watches that are common on social media. A decade ago I would never have imagined a Lange on a neon-yellow strap or an F.P. Journe on a bright white band, but now that’s almost standard dress.

A Crash of “Swinging Sixties” London

The result is going to be more form watches, like the Crash and Cartier’s other assorted shapes, and watches with open dials or no dials at all. The latter has become a recurring theme in independent watchmaking in particular and looks set to continue. If there is one category of suppliers that is doing well, it is those offering decoration to independents making such watches.

More retail channels

While there will be convergence in watches, distribution will continue to grow more diverse, despite most brands having moved towards the boutique-only model. That’s because the slowdown means watch brands will have to work harder to sell watches. This will translate into more availability for consumers as distribution channels widen.

Many brands will do less boutique-only and more third-party retail. While brands will continue to operate their own boutiques, they’ll likely open fewer of them – perhaps even close a few – and instead allow their third-party retailers to have stock.

Ironically, retailers might not be too keen to increase their inventory, or allow brands back in after having been unceremoniously closed down (particularly in the case of brands owned by luxury groups). There’ll be a lot of give and take here.

The strongest brands, however, will not change their distribution strategy. Image – Rolex

But it won’t just be watch retailers that watchmakers turn to for wholesale. Many brands, particularly smaller ones recently established, are increasingly open minded about how and where they sell their watches. Retailers can range from watch magazines and blogs to clothing retailers to luxury e-commerce platforms. This will become more apparent if the slowdown persists or deepens.

The diversification of retail channels will increase the variety of watches as brands customise watches for various retailers. However, imprudent expansion of distribution will diminish brand equity over time. One metric of brand equity is counting the number of limited editions on secondary market sites like Chrono24 and Loupe. This will probably creep upwards in the near future.

More affordability?

The broadening of distribution might even lead to price competition amongst sellers, though that will only be true for brands that make a lot more watches than they can sell at sensible prices.

Watchmakers will instead try to make their watches more affordable. But lower priced new models won’t arrive just yet, since it takes a few years to develop new products (though some larger brands might be able to pull it off quicker).

Affordable even when times were good

But some brands might postpone or even cancel pricey launches that were conceived during the good times. This holds true especially for new brands that found success in the four-figure price category, but have lofty ambitions to sell watches with six-figure price tags.

Brands are loath to reduce retail prices for current models, so boutiques will stick to retail prices for the most part, though some might dangle other incentives to get buyers to part with their money. However, third-party retailers are always more amenable to price negotiations than boutiques, which still translates into more affordability.

The rise of the East

Competitive offerings, at all levels of the price spectrum, will increasingly come from Chinese watchmakers. While historically known for entry-level watches, Chinese watch brands have rapidly advanced in terms of quality and design. Ironically, this is in part thanks to Western brands that relied on Chinese suppliers, providing suppliers a steady incentive to raise the bar.

However, Chinese brands don’t yet have the brand equity of establishment brands, and that will take a some time to build. Over the long term, the most successful will be brands with a coherent cultural identity, as opposed to hybrid brands that straddle cultures, for instance a “Chinese” brand founded by Westerners. The origins of the most successful brands are instantly recognisable – Ferrari is Italian, Hermes is French, and F.P. Journe is Genevois.

At the same time, it is sometimes difficult to figure out who makes what and who owns what in the Chinese watch industry, even for insiders within the industry in China. This can make ownership, provenance, and manufacturing unclear, which in turn gets in the way of building brand equity.

An example of refined watchmaking in China, the Qin Gan Pastorale prototype

Pre-owned

The secondary market has equally been affected by the slowdown, though the big players had to suffer major write-downs in their inventory. This is happening against a landscape populated by many more players that emerged during the pandemic boom. And even when inventory has been written down, inventory levels are high.

As a result, secondary market entities, ranging from auction houses to dealers, will to do more to stand out. This will reinforce two trends that have already taken hold.

The first: merchants evolving into social media influencers, primarily through videos, longer clips on YouTube and short ones on TikTok and Instagram. Some of these videos are like junk food – easy to consume but with little real value – but some are both entertaining and informative. Roman Scharf of Luxury Bazaar, for instance, was one of the first movers in this space and now over 470,000 subscribers on his YouTube channel that covers the business as well as watches in an engaging way.

The second is more “scholarship”, mostly in the form of guides to various types of watches. Such content gives context to a watch, and also reassures buyers that the watch has been “studied”. The more of a particular type of watch a dealer has to sell, the more likely he or she is to pen a guide for it. Such guides can vary in utility and quality, but even considering the commercial angle, the best of them are useful tools.

As we look back on the year, we take pride in the stories we’ve shared and extend our sincere appreciation to all our readers for their support. As 2024 draws to a close, we revisit some of our standout features, spanning in-depth explorations of complex movements, historical perspectives on timekeeping, and comprehensive reviews of the latest watch releases.

Our founder SJX looked at some of the most significant watches to emerge in 2024, including the record-setting F.P. Journe Tourbillon à Remontoir d’Égalité “15/93” prototype, and the fascinating Patek Philippe ref. 767 grand complication with double split-chronographs (which means triple elapsed time measurement) that was acquired by none other than the Patek Philippe Museum.

Together with David Ichim, he also co-authored a series of stories explaining notable Rolex innovations, including the brand’s most complicated watch, the Sky-Dweller; the instantaneous Day-Date; and the Deepsea with its unparalleled pressure resistance.

Based in Seattle, Brandon Moore nonetheless travelled to Geneva, where he visited the Vacheron Constantin manufacture in Geneva suburb Plan-les-Ouates and the Akrivia workshops in the city’s historic Old Town.

Brandon also managed to visit the Patek Philippe Rare Handcrafts exhibition at the brand’s Geneva Salon, resulting in his photoessay. And in between all that, he pondered the last two decades of the perpetual calendar’s evolution, a span that has arguably given birth to some of the most innovative calendar mechanisms in watchmaking.

A veteran watch journalist who has been following watchmaking since the 1980s, Carlos Torres, delved into the fascinating history of Brazil’s watch clubs, which were set up by retailers to promote fine Swiss watches. Such clubs were arguably the forerunners of modern-day group buys and social media communities, and one of them gave birth to the Patek Philippe Gondolo.

Members of the Patek Philippe club of Gondola & Labouriau

Carlos also explored the history of equation of time (EoT), a historical topic so rich it was a two part story – part I explains the history of the concept, and part II focuses on the evolution of the complication that measures EoT.

An engineer in training at EPFL in Switzerland, David Ichim specialises in the mechanical details. His stories are mostly technically inclined, and highlights include the three-parter detailing the Ulysse Nardin Freak – part I covers its history, part II the pioneering use of silicon, and part III its unique escapement.

Equally notable is his detailed exploration of escapement design in The Geometric Efficiency of Escapements.

Best known for having founded the eponymous auction house, Dr. Helmut Crott is one of the world’s leading experts in vintage timepieces, with a particular love of German watchmaking. His knowledge and love of the topic is encapsulated in his in-depth examination of the flying tourbillon, which was invented by famed Glashütte watchmaker Alfred Helwig.

A watch collector based in Seoul, Jason S. Lee, looked at many of the year’s new releases.

Having been a writer for SJX since the beginning of the year, he also reviewed some notable debuts that are part of his own collection, including the TAG Heuer Carrera Dato “Glassbox” and the Omega Speedmaster “First Omega in Space”.

There were relatively fewer surprises in 2024, perhaps because of the overall slowdown in demand for luxury watches. There were a few big surprises though, including the biggest one of all, the Patek Philippe Cubitus, leaving aside the leak thanks to a premature publication of Fortune magazine. Perhaps even more surprising and even bigger, both figuratively and literally, was the Bugatti Tourbillon, a hypercar inspired by a watch.

Also notable was the fact that there was little unexpected from independent watchmakers, which perhaps underlines the still-robust demand for watches by the indies, which stick to safe bets that are easy to sell.

Here’s a look at our team’s take on the unexpected launches of the year.

Biver Automatique – SJX

The first Biver watch was a carillon minute repeater with tourbillon that was finely finished, inside and out, but it was big, thick, and expensive. The follow-up, in contrast, was almost the opposite.

The Automatique is compact and elegantly wearable, with a clean design that has just the right amount of vintage flavour. The only aspect where the Automatique stays true to its predecessor is in the finishing, which is outstanding, inside and out.

The surprising bit about the Automatique is the movement. For one, it was developed by Dubois Depraz, better known as a maker of chronograph- and perpetual calendar modules mounted on ETA movements. Second, it arguably exceeds the movement of the Carillon Tourbillon in terms of design and decoration.

In fact, the JCB-003 movement has too much finishing for me, particularly the hobnail guilloche on the bridges (that is nonetheless done on a hand-operate straight-line engine). I would have preferred a cleaner surface finish, for instance traditional frosting or striping.

Still, the Automatique stands out as one of the most accomplished time-only watches in recent memory. At about US$80,000 in its basic configuration, the Automatique is pricey but competitive with other comparable watches.

Bugatti Tourbillon – David Ichim

While car enthusiasts had their own full year – from the Ferrari F80 to the Pagani Utopia – one particular supercar piqued the interest of horology enthusiasts, the Bugatti Tourbillon. Apart from the suggestive name, the supercarmaker’s latest creation is equipped with an unexpected feature: a fully-mechanical instrument cluster inspired by watchmaking.

In an unexpected development, Bugatti turned to Swiss movement specialist Concepto for the unique mechanical gauges that look, and function, much like classical clockwork.

The mechanical speedometer and tachometer assembly are comprised of racks, pinions and gears, and even feature jewelled bearings. The needles react swiftly at the automatic gear changes, dropping down or climbing up instantly, almost like retrograde indicators. 

While there is much historical precedent for mechanical gauge clusters built by watchmakers – Jaeger instruments were found in Aston Martins and Jaguars for instance – nothing like this has been accomplished in modern times. The Bugatti Tourbillon is one automotive collaboration no one saw coming, but it left car and watch enthusiasts impressed.

Chanel Couture O’Clock Musical Clock – SJX

Priced at over US$2.7 million – and sold quickly after launch – the Couture O’Clock Musical Clock is whimsical, complex, and extremely elaborate. Very much typical of Chanel’s house style, this is a clock that incorporates a music box and automaton. The music box plays a tune that was reputedly a favourite of Coco Chanel, while the automaton is a carousel with dancing mannequins.

Made largely by hand, the clock is decorated with diamonds, as well as 245 pieces of onyx inlaid into the base to form Chanel’s trademark quilted pattern. Even the key that winds the clock is precious: the key is solid 18k gold and matched with an 18k gold chain that together are set with over 350 diamonds totalling some 14 carats.

F.P. Journe Élégante “Gino’s Dream” – SJX

The latest Élégante is atypical of F.P. Journe. In fact, it’s the only F.P. Journe watch I know of with in “rainbow” colours. And the rainbow on the bezel isn’t even precious – the “gemstones” are actually glass-ceramic composite.

But understanding that this pair of watches were made to remember Gino Cukrowicz (1959-2021), François-Paul Journe’s longtime friend and business partner, then the watches make sense. Cukrowicz was as colourful as the watches, while being instrumental in F.P. Journe as one of the founding investors in the company. So the watches may seem unorthodox for the brand, but they actually capture its history perfectly.

Patek Philippe Cubitus – SJX

The Cubitus was one of the most discussed watches of the year, and also quite unexpected. Conceived as the new entry-level Patek Philippe model, the Cubitus is essentially a squared-off Nautilus.

While neither imaginative nor radical, the Cubitus is executed well in typical Patek Philippe fashion. The finishing of the case and bracelet are excellent, and the movement is high-quality, albeit industrial high horology.

Personally, I like the Cubitus design, especially its case dimensions that some criticise as too big. The 45 mm diameter gives it a big footprint on the wrist, but the case is impressively thin, which gives the watch a surprisingly elegant profile. The time-only ref. 5821 is only 8.3 mm high, which is very, very thin, especially in comparison to the diameter.

In my opinion, the fundamental weakness of the Cubitus is nothing intrinsic to the watch, but the price. The base model in steel costs just over US$41,000, which is a lot for a steel watch. This inaccessibility is a problem, both for Patek Philippe and the broader luxury goods industry, though it hasn’t truly affected bottom lines yet.

Rolex Perpetual 1908 in platinum – David Ichim

The Perpetual 1908 launched last year was warmly welcomed, with the sole criticism that the monochromatic dials felt a little bland. This year Rolex did the unexpected move and introduced the 1908 in platinum (ref. 52506), a wholly new take on the newly-minted model sporting a true guilloché dial.

While no stranger to exotic and artisanal dials, traditional engine-turning is a novelty for Rolex. The result is nothing short of remarkable.

The vibrant, “ice blue” dial with a “rice grain” guilloche works well with the stylised Breguet hands and applied numerals. For a brand that’s famous for hard-wearing tool watches, it looks like Rolex also found a winning recipe for the dress watch, blending tradition with modern design sensibilities.

Behind the engine-turned dial is the cal. 7140 — arguably the brand’s first serious attempt at an aesthetically-oriented movement.

While the decoration is clearly done by machine, the quality and consistency is laudable. Though it’s been dressed up, the cal. 7140 stays true to the Rolex focus on timekeeping, and the movement retains the high-performance features typical of Rolex.

Many of the year’s most notable watches were expensive, especially complications and independent watchmaking, but there were still a few standouts at the affordable end of the price spectrum. Some relied on familiar formulas, like the Grand Seiko SLGW005 or Tudor Black Bay 58 GMT, while others like the Louis Erard Vianney Halter collaboration were unexpected.

Here’s our team’s take on the year’s best watches under US$10,000.

Albishorn Type 10 Chronograph — David Ichim

A great debut from the recently-established micro brand is the Type 10 Chronograph. Albishorn’s tagline is “imaginary vintage” — drawing inspiration from actual vintage watches, but reimagined with an entirely novel composition, resulting in watches that are highly suggestive of an era without actually being remakes.

The Type 10 Chronograph exemplifies this philosophy. The hands, typeface, bezel, and slim lugs pay homage to mid-century aviator chronographs from the likes of Airain, Breguet, and Heuer. The unusual arrangement of the chronograph display however makes it entirely unique. 

Inside is a heavily reworked 7750-derived movement, that is positioned unconventionally, leading to the unusual crown and pusher arrangement along with the unorthodox chronograph layout. The manually-wound movement is also C.O.S.C certified and incorporates a chronograph-function indicator.

In fact, the calibre is arguably more than just heavily reworked, amongst other things, it has shorter pinions than a 7750, allowing it to be thinner while requiring assembly by hand. This reflects the technical talent of Albishorn founder Sébastien Chaulmontet, who was head of innovation at La Joux-Perret and then Sellita.

At a bit over US$4,000, the Type 10 is an appealing proposition. 

Grand Seiko 45GS Re-creation SLGW005 – Brandon Moore

The launch of the manually wound, high-beat cal. 9SA4 was one of the highlights of Watches & Wonders for me, and I immediately liked the watch in which it debuted, the “Birch Bark” SLGW003. And I still like that watch, just not as much as I like the vintage-inspired SLGW005 that debuted a few months later, which in my view is one of the most compelling vintage remakes on the market from any brand. And it’s priced a little under US$10,000, which is good value considering the movement.

The SLGW005 is appealing because it delivers on the promise of the original 45GS from 1968, which also contained a manually wound, high-beat movement that ticked at 5 Hz. While Grand Seiko has made 5 Hz movements for years, the cal. 9SA4 is a step up sophistication and performance, featuring an overcoil hairspring, a free-sprung balance, and a proprietary escapement that helps boost the power reserve to 80 hours, in conjunction with twin mainspring barrels.

Among the many mechanical movements produced by Grand Seiko today, the cal. 9SA4 is, in my view, the one that best embodies the spirit of innovation that led Grand Seiko to success in the 1960s and 1970s.

The cal. 9SA4, seen here in the SLGW003

In the SLGW005, that excellent, modern movement is combined with a faithful vintage remake. The vintage elements are nicely done, particularly the font choice for “HI-BEAT” and “36000”, which look a lot better than the painfully plain font choice used for the equivalent markings on the SLGW003. Even the Daini Seikosha lightning bolt symbol is present, lending the watch an extra bit of historical flair.

Louis Erard Le Régulateur Vianney Halter II – SJX

Louis Erard has been rolling out collaborations with independent watchmakers for a long time now, so there are many of them on the market. The second edition of the Vianney Halter regulator, however, stands out as the best collaboration to date.

Not only does it capture the look and feel of the Antiqua perpetual calendar at a modest price, but it is also unique amongst Louis Erard’s collaborations. While most of its past collabs employed the stock case and movement, with only a dial swap, the Vianney Halter II has a case, bezel, back, crown, and dial that are unique – all for a little under US$5,000, or about 10% more than past collaborations.

The detail on the bezel, crown, and dial are impressive for the price, especially in how they manage to replicate the look of the Antiqua. The bezel has gold-plated rivets, while the applied chapter rings on the dial have mirrored edges.

Like all Louis Erard regulator models, this suffers from a large and thick case due to the movement, but it is forgivable given the price.

Tudor Black Bay 58 GMT – Brandon Moore

It’s easy to understand the appeal of the Tudor Black Bay 58 GMT. The design is popular, the compact case fits most wrists well, and the movement is among the best in its class in terms of both its performance and its functionality, offering an independently adjustable hour hand for easy adjustments when crossing time zones.

Furthermore, it benefits from Tudor’s relationship to its parent company, Rolex, enabling it to lean in to the vintage GMT-Master aesthetic without coming off as a copy. It’s a difficult balancing act to pull off, but it works. And if that weren’t enough, the price is right, with the version on the bracelet priced at US$4,600, which arguably makes the BB58 GMT the best value amongst dual-time watches in this price segment.

Omega Speedmaster “First Omega in Space” – Jason Lee

The Speedmaster “First Omega in Space” (FOiS) offers a range of features that will appeal to enthusiasts, including a vintage-inspired “soleil” dial and the latest-generation Moonwatch cal. 3861.

While it does share the design of the original FOiS, and of course it’s a remake of the vintage CK 2998, the latest FOiS is an entirely distinct watch that’s arguably the ideal fusion of classic and contemporary.

Unfortunately, the FOiS also features prominently pronounced faux-vintage lume, which is inevitably controversial. However, it harmonises well with the dial’s blue-grey colour.

Lume aside, the FOiS excels in most tangible aspects, which makes its US$7,900 retail price on a bracelet (and a bit less on a strap) a good value proportion.

Perhaps echoing the paucity of highlights in indie watchmaking, the best complications of 2024 were not numerous, but those that stood out were outstanding. Vacheron Constantin, for instance, unveiled the most complicated watch ever, while Bovet solved the longstanding problem of summer time across continents in an enormous (and enormously expensive) wristwatch.

Here’s the team’s take on the best complications of the year.

A. Lange & Söhne Datograph Handwerkskunst – Brandon Moore

The iconic Datograph turned 25 this year, and collectors were treated to three different limited edition variants to mark the occasion.

We were first introduced to the Datograph Perpetual Tourbillon Honeygold “Lumen” and the Datograph Up/Down 25th Anniversary at Watches & Wonders, but Lange was arguably saving the best for last: the first Datograph to receive the brand’s artisanal Handwerkskunst treatment.

Featuring a hand-engraved tremblage dial and limited to just 25 pieces, the Datograph Handwerkskunst is a fitting way to celebrate a quarter-century of being best-in-class. While not particularly creative, this very-limited edition captures both the magic of Lange and its Datograph perfectly.

Bovet Récital 28 Prowess 1 – SJX

The introduction to our story on the watch sums it up best:

“The Bovet Récital 28 Prowess 1 is an ingenious solution to an age-old problem: accounting for daylight saving time (also known as summer time) in a multi-timezone wristwatch… the solution is extraordinarily complicated, requiring two dozen rollers and many more gears and springs.”

The 24 rollers, each with four positions, inside the Recital 28 allow it to switch between summer and winter time across continents, a first in watchmaking.

However, that results in a movement that is almost impractically large, explaining the 46 mm by 18 mm case. Wearability aside, the Recital 28 is an impressive technical achievement, especially since it largely an in-house development.

In fact, the movement has a part count of over 700, putting it in grand complication territory. In other words, it is an extraordinary complex answer to a simple question – but one that could not have been solved any other way.

IWC Portugieser Eternal Calendar – David Ichim

It was a full year for IWC, which debuted an entirely updated Portugieser collection. Among the numerous new Portugieser models, one stood out: the Portugieser Eternal Calendar.

The watch boasts two exceptional complications — an “eternal” calendar (which stays correct, without adjustments, for at least 400 years, unlike a conventional perpetual calendar that needs to be reset by a watchmaker during the same period) and the most precise mechanical moon phase.

Building upon Kurt Klaus’ calendar module that’s now an IWC signature, the watchmakers from Schaffhausen added a clever system that tracks the centuries to create the “eternal” calendar, while adding a complex gearing ratio for the moon phase display, making it accurate to a day in 45 million years. 

The watch itself is a modest departure from the traditional Portugieser design that installs a glass dial on the front and sapphire bridges in the movement. This gives the watch a more modern look but it still remains elegant at its core, albeit with a large case. The only gripe with the Eternal Calendar is the price, which is high despite the added complexity. 

Jaeger-LeCoultre Reverso Tribute Chronograph in pink gold – David Ichim

The history of Jaeger-LeCoultre (JLC) is marked by notable movements in great watches – not all of which were branded JLC.

One of those movements, however, was in a JLC watch. The cal. 829 from 1995 was a rectangular chronograph movement for the Reverso. The original was a limited run of 500 pieces, but last year JLC brought the movement back into production as the cal. 860. The new calibre was gently updated but largely similar to the original.

This year the brand launched the Reverso Tribute Chronograph in 18k pink gold, with both the famous case as well as the movement plate and bridges fashioned out of the precious metal. This calls to mind special Reverso models from the 1990s, which also featured solid gold movements. Admittedly, this watch is not wholly new, but it is particularly appealing.

The only element missing in the Tribute chronograph are the chronograph-function indicator and date, both of which were found on the 1995 model and added to the movement’s uniqueness. Nevertheless, the watch is appealing, especially with the striped dial and solid gold movement (though the high price is a challenge).

Piaget Altiplano Ultimate Concept Tourbillon – Brandon Moore

The Altiplano Ultimate Concept Tourbillon is a record-breaking watch, being the thinnest tourbillon ever made. Does that matter? Not really. At the rate that records are falling for slimness, its record will surely fall eventually. It’s equally certain that when a slimmer tourbillon is created, it will win by an insignificant margin; the difference will be measured by the tenths of a millimetre, at most.

The records don’t matter, because what makes the AUC Tourbillon special is the remarkable cohesion of its build quality and design, which work together to create an almost miraculous wearing experience that is unlike anything else. Though thinner than a five-franc coin, it manages to look and feel quite robust thanks to its novel materials, like a cobalt-alloy case. If that weren’t enough, it beats at a sporty 4 Hz, and is water resistant to 20 m, meaning it’s actually usable as a watch.

And best of all, it looks like a conventional watch with a round case and crown at three, avoiding a pitfall common to other record-setting ultra-thin watches that have to contort themselves into shapes resembling a credit card or biscuit.

Vacheron Constantin “The Berkley” – Brandon Moore

The creation of a watch like “The Berkley” is not something that happens every year. Though monstrously large, The Berkley is the most complicated watch ever made, surpassing its sister watch, the Reference 57260 that made for the same American collector almost a decade ago.

Among The Berkley’s 63 complications, the most significant is the perpetual Chinese calendar, which is a world first. While it’s said to be extremely complicated to set, the large size provides plenty of space for the various indicators, making it surprisingly legible and elegant for a watch of such complexity.

As an achievement, it rivals historical masterpieces like the Breguet Marie Antoinette and Patek Philippe Calibre 89. And The Berkley perhaps hints at what’s in store for Vacheron Constantin’s 270th anniversary in 2025.

Independent watchmaking continued its hot streak in 2024, with interest and demand for this niche segment holding up better amidst an industry-wide slowdown. But surprisingly – or unsurprisingly depending on how you look at it – there were relatively few outstanding new creations from the indies.

A handful, however, did stand out. We look at the team’s highlights of the year, which range from Konstantin Chaykin’s thinnest-watch-ever to the debut by Swiss-based Japanese watchmaker Takahiro Aigaki.

Aigaki Direct-Impulse Tourbillon – Brandon Moore

I still remember the moment I stumbled across Takahiko Aigaki’s Instagram profile earlier this year, because the close-up image of the tourbillon cage made me do a double take.

Sure, it was well finished, but in 2024 good finishing no longer provides the competitive advantage it once did; the top end of the market is just too competitive. No, what struck me was the unusual double direct-impulse escapement.

When the Direct-Impulse Tourbillon was finally revealed, it was worth the wait. While arguably a bit plain on the outside, the movement exhibits a degree of grace and technicality that is still quite rare. The watch is truly a sleeper, in the sense that the case and dial reveal little of the horological magic within.

Daniel Roth Tourbillon – Brandon Moore

It’s counterintuitive to be writing about the launch of the Daniel Roth brand in 2024, considering the man himself was one of the seminal independent watchmakers in the late 1980s.

But after a couple tumultuous decades, during which time the Daniel Roth name largely disappeared, the brand has found a new home within the LVMH stable, and is poised to be a major beneficiary of the group’s renewed focus on fine watchmaking.

The regular production tourbillon (left), and the souscription edition

First launched in a 20-piece souscription edition in yellow gold, the Tourbillon collection now includes a standard production model in rose gold. Aesthetically, the watch succeeds in its resemblance to early Daniel Roth tourbillons, with a few tweaks to details like the lugs.

But despite the visual similarity, the movement is completely new. Early Roth tourbillons were built on an off-the-shelf Lemania ebauche, coincidentally designed by Daniel Roth himself during his tenure at Breguet. In contrast, the new DR001 movement is produced by Louis Vuitton subsidiary La Fabrique du Temps (LFT) and features improved finishing and a pleasing form that perfectly fits the iconic double ellipse case.

Greubel Forsey Nano Foudroyante EWT – David Ichim

Greubel Forsey’s big moment of 2024 came with the introduction of the Nano Foudroyante EWT. A first for the brand, the chronograph is almost dwarfed by the flying tourbillon regulator that has a foudroyante hand fixed to the rotating cage. The foudroyante hand continuously makes one rotation every second alongside the one-minute revolution of the tourbillon carriage.

Despite its lightning-fast speed, the seconds hand barely registers in terms of mainspring energy consumption (thus leaving chronometry unaffected) as it requires energy in the order of nanoJoules. 

The timepiece also marks the 20th anniversary of the brand, but more importantly it suggests the innovative manufacture has returned to its original motivation of making chronometrical pieces defined by advanced mechanics and high finish.

The movement bears all the trademarks of a Greubel Forsey calibre — inventive architecture and on-point finishing to the smallest detail. The future looks bright for the independent watchmaker, which seems again ready to experiment with new concepts and complications.

Konstantin Chaykin ThinKing – David Ichim

One of the year’s most surprising creations by an independent was without a doubt Konstantin Chaykin’s ThinKing, an ultra-thin timepiece that measures just 1.65 mm in thickness. The watch comes as a surprise because it beats establishment powerhouses in ultra-thin mechanical watchmaking like Bulgari and Richard Mille.

In building the ThinKing, Chaykin heavily reworked basic watch components, from the stripped-down barrel to a regulator with the hairspring and flywheel fixed on different axis.

Beyond the audacious concept, the work must have been tremendous, given the fact that Konstantin Chaykin is a small independent manufacture without access to a large-scale research and development facility (or help from an external specialist).

The ThinKing manages to also touch on some aesthetic sensibilities — the regulator-style time display along with the engraved brand name make up a grinning face, a recurring motif in Chaykin’s Wristmon collection. 

Ulysse Nardin Freak S Nomad – Jason Lee

The Freak S Nomad is the first Freak to unite artisanal craft with its forward-thinking movement in a successful blend of tradition and high-tech. It features a hand-engraved guilloché dial that, in a unique twist, also serves as the barrel cover for the unconventional movement architecture.

Building on the Freak S introduced two years ago, the Nomad adopts a more subdued colour palette and introduces texture and depth with the engine-turned dial. Although the Nomad retains the underlying mechanics of the original, the aesthetic updates — most notably the rotating guilloche dial — lend the watch a sportier character that complements the design.

Not only does the Freak S have most of the movement mounted on a rotating carousel, it’s upgraded with twin inclined balance wheels in silicon, underlining the original Freak’s pioneering use of silicon.

Voutilainen Tourbillon 20^th Anniversary – SJX

The anniversary tourbillon captures the greatness of Voutilainen – exceptional quality and consistency. Every element is executed well, and it’s not particularly surprising or imaginative, the watch is greater than the sum of its parts. And as expected for Voutilainen, the tourbillon is priced reasonably for what it is.

Zoom into the watch, front and back, and the quality of work is apparent. The guilloche on the dial is tidy and refined, while the hands are clearly hand made yet almost perfect. While the dial designs on some of the prototypes were not to my taste, Voutilainen offers extensive dial customisation, which is another of the brand’s key strengths and something that many clients particularly enjoy (perhaps sometimes too much).

The movement is equally well done, a feat that is perhaps even more impressive given that few other makers can achieve this quality at Voutilainen’s scale. Not only is the finishing and construction excellent, Voutilainen also offers several finishing styles for its movements, again demonstrating the brand’s strength.

It is traditional in almost all respects, from finishing to construction, illustrating Voutilainen’s preference for old-school watchmaking. Mr Voutilainen doesn’t try too hard to be different or radical, but instead focuses on doing a few things very, very well.

More broadly, the watch also encapsulates the strength of the business that Kari Voutilainen has built, which now includes a dedicated guilloche building. The breath and expertise across its workshops enable Voutilainen to create the kind of quality found in the tourbillon, and at scale. This is both amusing and ironic given that Mr Voutilainen told me he dreamed of selling two or three watches a year when he first started out on his own.

Having looked back on the year that has just been, it’s now time to look ahead to see what 2024 may bring. To conclude the year we turned to notable industry figures to see what they think will unfold over the next 12 months. Looking to gain insights from the breadth of the industry, we posed the question to influential personalities in key segments, from independent watchmaking to luxury brands to movement specialists. Each of these individuals brings a unique perspective on the outlook for 2024.

Jean Arnault
Director of Watches, Louis Vuitton

“Twenty twenty-four might be one of these foundational years that the industry will talk about for the decades to come. Interest rates and the global economic outlook have successfully cooled the frenzy around watches for most brands, and this will continue into 2024.

Whether we see a scaled correction or a ‘soft landing’ will depend on Rolex’s management of the situation. Being such a dominant player among retailers, it will be the deciding factor for 2024.”

Rexhep Rexhepi
Founder, Akrivia

“The last recent years of speculation in watchmaking astonished and sometimes frightened me. One of the biggest challenges will be to get back to normal times. I predict that the industry will refocus on enthusiasts and connoisseurs once again, since competition will definitely be fiercer.”

Jean Arnault (left), and Rexhep Rexhepi. Image – GPHG and SJX

Felix Baumgartner
Co-founder, Urwerk

“When [Martin Frei and I] started Urwerk in 1997, we had one goal: creating watches rooted in the history of watchmaking – not by replicating but by respecting the philosophies of great watchmakers. This means using all the possibilities in materials, machining, and ideas, exactly what we do at Urwerk today.

Approaching 2024, this approach is starting to be widely understood and respected, reflecting the continued rise of independent watchmaking.”

Sebastien Chaulmontet (left), and Felix Baumgartner. Image – GPHG and Urwerk

Sebastien Chaulmontet
Head of Innovation and Marketing at Sellita

“I believe 2024 will mark a hard return to reality. The post-COVID hysteria is very likely to subside, and businesses will revert to a more conventional state. This will certainly signify a further decrease of speculative bubbles and crypto-like fervour [in watches], ultimately benefiting the industry in the long run.

Customers, hopefully, will take centre stage again, and they won’t have to beg to be placed on any kind of waiting list. Some less prestigious brands will certainly suffer much more, as they took advantage of the fact that the most famous ones were simply unable to fulfil the demand.

Some online-only brands, particularly those that were highly hyped, may as well take a severe hit, as they don’t benefit from brick-and-mortar sales channels to support them during more challenging times.”

Maximilian Büsser
Founder, MB&F

“We all expect a stabilisation compared to last years’ frenzy; the positive effect is that 2024 should see the return of real watchmaking lovers making up again the vast majority of clients – and what is left of pure speculators will have disappeared.

The brands and retailers who treated people with integrity and kindness during these crazy years should have gained considerable market share while those who did not, well… we will see.

On the craftsmanship front, normally the artisans and suppliers will be able to improve their flow and quality – insane stress and pressure from brands is always counter-productive for everyone.

Bottom line, we at MB&F believe that high-end watchmaking should come back to a more humane world and we are very much looking forward to that.”

Edouard Meylan (left) and Maximilian Büsser. Image – H. Moser & Cie. and MB&F

Edouard Meylan
Chief executive officer, H. Moser & Cie.

“2024 will be a year in which brands will take the time to breathe as the pressure of demand deflates. Consumers will refocus on true exclusivity and quality.

What I see essential for luxury watchmaking in 2024 is the mix between tradition and innovation in a delicate balance; the desire for personalisation and exclusivity as a continuous driver for the market; brands’ commitments to sustainability with a growing emphasis on environmental consciousness; a strong revival of vintage aesthetics and design elements; and an enhanced digital presence through e-commerce platforms.

Also, we can expect watchmaking to extend its reach beyond the confines of horology. Collaborations with renowned artists, designers, and celebrities are likely to produce limited-edition watches that are not only timekeeping instruments but also pieces of wearable art.”

Perhaps the most surprising aspect of the year was how predictable much of it was. We saw more sports watches with integrated bracelets and more time-only watches with ostensibly artisanal decoration. Paradoxically, most of the notable surprises came from establishment marques that would ordinarily be predictable. Amongst them are the Rolex Perpetual 1908 and Patek Philippe Calatrava 24-Hour Travel Time ref. 5224R, both thoughtful creations that are typical for their respective brands.

Here are our picks for the year’s best surprises in watchmaking.

Brandon Moore
Technical Contributor

An unexpected, but user-friendly complicated watch that debuted this year is the Patek Philippe Calatrava 24-Hour Display Travel Time Ref. 5224R, a simple dual time watch with a twist: both time zones are indicated on a 24-hour dial, eliminating the need for an auxiliary day-night indicator.

Not only is the functionality appealing, but the aesthetic and ergonomic execution is done well. While 42 mm may seem large for a Calatrava, the watch is visually smaller thanks to its abundant use of applied markers on the dial and stepped case and lugs.

Moreover, and importantly, it is different for Patek Philippe, which is notable since the brand usually errs on the side of the tried and tested. Who would have thought Patek Philippe would remake the Chronometro Gondolo into a wristwatch?

Richard Lee
Technical Editor

I was surprised when I first saw the Aquanaut Luce “Rainbow” Minute Repeater ref. 5260 because it adds a high horology complication and extravagant gem-setting into a watch that was originally an entry-level, no-frills model. In fact, the Aquanaut was originally conceived as the affordable version of the Nautilus. But now in the fully-set version on a bracelet, the Aquanaut “Rainbow” repeater retails for CHF2.5 million.

Launched just a month ago, the ref. 5260 is unquestionably well executed. The gem-setting is definitely top quality, particularly now that it’s in-house, and Patek Philippe’s repeating movements have been highly regarded for a long time. The ref. 5260 is powered by the R 27, the slim, automatic minute repeating calibre found in historical models like the ref. 3979 of the 1989 and current models like the World Time repeater ref. 5531.

From a strategic perspective, it also makes sense. Watches like this allow Patek Philippe to increase revenue without boosting production – one ref. 5260 is equivalent to about 100 base-model Aquanauts in terms of turnover. And with it the brand can develop the niche of gem-set ladies complications that is probably as lucrative as that of gem-set men’s complications, a segment that has a wider spread in the Patek Philippe catalogue.

SJX

Perhaps the year’s biggest surprise for me was the Perpetual 1908, the first true dress watch from Rolex in a long time. I had heard rumours of a more classical Rolex prior to Watches & Wonders, but expected an Oyster in formal dress, as the somewhat chunky Cellini was before.

But instead the 1908 is just 39 mm in diameter and 9.5 mm high, idea dimensions for a modern-day dress watch, and powered by an all-new movement, the cal. 7140. The movement is appealing decorated – surprisingly for a Rolex – and comparable to other industrial haute horlogerie offerings at the same price point, from Jaeger-LeCoultre or H. Moser & Cie. for instance.

The cal. 7140, a thin, self-winding movement

However, the 1908 has major advantage over its rivals, which is its Oyster case. Although it is thinner than any other Oyster model, the case still has a solid, 50 m water resistance, along with the trademark fluted bezel and screw-down back. The evident robustness of the case is surprising given its relatively compact size.

The only downside of the 1908 is the dial that’s sort of historically inspired but not quite perfect. But given that the 1908 is the opening act in the Perpetual collection, I can foresee more good things to come, albeit at the relaxed pace typical of Rolex.

The 1908 in white gold and Everose gold

Another of the year’s unexpected highlights came also from Rolex, the Cosmograph Daytona “Le Mans” ref. 126529LN. To start with, the Daytona “Le Mans” was launched off-season, in June instead of during Watches & Wonders in March. Rolex historically never debuted watches outside of the annual trade fair, though it has been doing so more often, with last year seeing the launch of the Deepsea Challenge in November.

As for the watch, it was surprising in two aspects. One is aesthetics: the chronograph registers are inspired by the vintage Daytona “Paul Newman”. Rolex hardly ever makes such overt references to historical models.

The Daytona “Le Mans”. Image – Rolex

The other, arguably more significant, is the movement. Inside is the cal. 4132, an evolution of the cal. 4131 found in the standard, and now second-generation, Daytona.

The technical changes are modest but smartly done – seven additional components, primarily reducing gears, that half the rate of rotation of the hour counter but preserve the same movement thickness. So the hour counter completes one revolution every 24 hours – a nod to the 24 hours of Le Mans – while the standard Daytona has a 12-hour counter.

Though a minor tweak, it’s a substantial change for an evolutionary new model. Most other brands would simply dress up a watch in racing livery and call it a day.

The “Le Mans” joins the Daytona in platinum as one of the few models with a display back. Image – Rolex

Beyond watches, a few surprise developments unfolded in the industry. One is F.P. Journe Le Restaurant, the watchmaker’s first branded restaurant. Located in downtown Geneva and helmed by a chef who once held a Michelin star, it was an unexpected move for the wider public.

Those who know François-Paul Journe, however, would have understood the rationale. Besides having owned other restaurants before, Mr Journe loves an evening with friends, food, and wine, something he used to host at an old-school Geneva restaurant; now he can do it under his own roof.

With the wider luxury goods industry moving into hospitality in an obvious way, from AP Houses to Louis Vuitton’s upcoming hotel, the restaurant also fits into a broader trend in the business.

Francois-Paul Journe with chef Dominique Gauthier. Image – F.P. Journe

The other expected news was Breitling’s acquisition of Universal Genève for CHF60 million, but paid over five years. Because Universal has been dormant for so long, the brand wasn’t on anyone’s mind, making the sale a surprise.

However, like the F.P. Journe restaurant, the acquisition of Universal makes sense considering the background. Breitling is now on its second private-equity owner, having passed from CVC to Partners Group. This might have changed the timeline, but still means an exit from the investment is necessary.

Given Breitling’s position as a sports watch specialist, none of the major watch groups are an obvious buyer, since the brand would be in direct competition with their current holdings, Omega at Swatch, IWC at Richemont and so on. But going public as a standalone brand is more challenging than doing so as a group of brands, making Universal merely the first step in Breitling chief executive Georges Kern’s longtime ambition.

The Breitling B01, coming soon to Universal Genève

But much more significant than Universal changing hands was the Rolex acquisition of Bucherer, Europe’s largest watch retailer. Although expected in the long-term, the announcement was a surprise, coming at the close of business on the last Friday of August, during the summer vacation period.

It was long known that Bucherer, a retail giant with almost CHF2 billion in annual sales with Rolex accounting for about half of that, would go to a charitable foundation after the death of Jörg Bucherer, the last family member to run the business. The expectation was the foundation would be somehow related to his hometown of Lucerne, but as it turns out, Bucherer’s ultimate owner is now the Hans Wilsdorf Foundation in Geneva.

Given the economic and historical ties between the two – the Rolex announcement of the acquisition noted “[Jörg Bucherer] is the last person still in activity to have known and worked with Hans Wilsdorf” – the takeover made sense. The implications for the wider industry will not be felt for a long time, given Rolex’s measured and prudent pace of business. At the time of the takeover, Rolex made it known that it would be business as usual at Bucherer.

Shortly after the acquisition, Jörg Bucherer passed away at the age of 87.

Independent watchmaking got hot in 2021, a phenomenon that accelerated into 2022 and continued in 2023. Perhaps because of that, the number of notable, impressive, or truly interesting debuts from independent watchmakers were few. Still, some of the 2023 debuts stood out for us. We rounded up our team’s favourites of the year, which range from Louis Vuitton and Rexhepi Rexhepi to Marco Lang’s open-source construction to an accessibly-priced Habring².

Richard Lee
Technical Editor

The Marco Lang Zweigeischt-1 is an impressively executed three-hand watch with the option of a novel shock-recording complication. However, it was released in 2020. Its inclusion in the 2023 list is because of the open-source technical plans for the entire watch, all of which were made public this year on Mr Lang’s website.

Mr Lang’s generosity in sharing his know-how is uncommon and to be applauded. The importance of this initiative can’t be understated. For one, it ensures the longevity of the Zweigeischt-1, since any competent watchmaker will have access to the design and construction, making servicing and repairs easier. Additionally, the accessibility of this information serves as a guidance and inspiration for new watchmakers who are attempting to create their own timepieces.

Garnering much attention this year, the Petermann Bedat Reference 2941 was lauded for being an original split-seconds chronograph design with an excellent level of movement finishing.

The visible components are highly attractive with no-compromise decoration. All the steel levers of the chronograph, for example, are bevelled and black-polished instead of having a conventional linear-brushed finish. And my personal favourite are the oversized jewel bearings that sit in bowl-shaped polished countersinks and serve to add colour to the movement landscape.

However, the finesse of the movement comes with a caveat: the split-seconds mechanism is hidden under the dial, instead of being a traditional construction and located on the back. A traditional construction would have been a perfect complement to the decorative capabilities of Petermann Bedat and the intricate, old-school chronograph mechanism. A rear-mounted rattrapante would have further improved the movement’s visual depth and complexity.

That said, the dial-side split-seconds is integrated well. While the base movement is based on the vintage Valjoux 13”’ family (that includes the famous cal. 23, 72, and 88), its going train had to rearranged to facilitate the split-seconds mechanism under the dial since the Valjoux 13”’ did not have a split-seconds to start with. In other words, a considerable amount of effort was required to integrate the split-seconds chronograph mechanism onto an existing base movement, rather than being merely an add-on module.

Being a small run of only 10 pieces – although a chronograph without split-seconds is almost inevitable in the future – the steep price of CHF243,000 is more justifiable, though it is still arguably too expensive for what it is.

The antithesis of the classical watches above is the MB&F HM11 Architect, a futuristic sculpture on the wrist that takes the brand’s contemporary design a step further. And its rounded, organic form and fairly compact footprint makes the HM11 equally suited to men’s and women’s wrist, making a diamond-set version likely.

Resembling a kinetic sculpture with four lobes, the novelty of the design lies in its swivelling case, which serves to change the position of the dials while also winding the mainspring barrel. The entire case pivots around the central flying tourbillon that is the centrepiece of the mostly-sapphire case.

Despite the unorthodox design, the HM11 has straightforward indications in each lobe – each has a sub-dial showing the hours and minutes, power reserve, and temperature, respectively, while the fourth lobe is the crown for adjusting the time.

Unusually-shaped cases are the norm for MB&F, but that doesn’t make them easy to pull off, explaining their rarity in the industry at large. Notably, sapphire parts with complex geometries are difficult to manufacture, while ensuring such cases are water resistant requires smart engineering and many gaskets – the HM11 has 19 gaskets and sports a passable 20 m water resistance. A conventional watch, on the other hand, has just three to five gaskets for a rating of 50-100 m.

Despite the complex construction, the HM 11 has few actual complications, making the CHF198,000 price tag relatively steep. But there is nothing else quite like it, even in the realm of unconventional, sculptural designs, a niche where MB&F excels.

Brandon Moore
Technical Contributor

It was a big year for J.N. Shapiro. The American independent moved into a larger manufacture in southern California and debuted the Resurgence, probably the most thoroughly American-made watch in more than half a century. In striving to meet the lofty standard of “U.S. Made” as engraved on the movement, which requires “all or substantially all” of the parts to be made domestically, J.N. Shapiro has become one of the most vertically integrated independent brands.

In fact, they’ve continued to make strides since the launch of the Resurgence and now even source American-made wire to craft balance springs in-house. In order to secure the necessary raw material, the brand had to place an order for 28,000 ft (about 5.3 mi or 8.5 km) of wire, despite needing just a fraction of that.

The need to manufacture as much as possible either in-house or domestically means that J.N. Shapiro doesn’t have the ability to tap on traditional industry suppliers that might be more price competitive or proficient. As a result, the Resurgence is expensive relative to the competition, with the gold version priced at US$85,000. The novelty and rarity of an American made high-end timepiece, however, ensures that it will have a ready clientele.

Another independent that largely flew under the radar this year is Hervé Schlüchter, who debuted the first watch under his own name, L’Essentiel Regulator. Once the head of Bovet’s manufacture, Mr Schlüchter says he learnt the art of decoration from Philippe Dufour before launching his own watch.

Despite being named “essential”, the watch tries to do it all. The dial is fired enamel, guilloche, and aventurine glass, while the movement is densely packed with decorative and stylistic elements. While the maximalist aesthetic can be overwhelming at first, the execution is outstanding. Furthermore, the movement design is distinct enough to feel like a very personal statement, enhancing its appeal.

More broadly, however, the Mr Schlüchter is just one of several independents that have emerged during the pandemic boom years. Majority of these new independents occupy the same space – elaborately finished time-only watches – leading to what feels like an oversupply of the same thing. Which of these brands will still prospering several years from now is unknown, but it’s practically a certainty that not all will.

Matthew Lopez
Writer

One of the notable releases from the independents this year was arguably underrated as well – we don’t see too much talk about it – and that is the Kudoke 3. It is a simple concept thoughtfully executed consisting of a novel hour display relying on a three-armed hour hand and three-level hour scale.

The triple-scale brings to mind the distinctive seconds register seen on early Daniel Roth tourbillons, though Stefan Kudoke himself cites Glashütte Original, where he once worked, as his inspiration as the brand had a chronograph with a similar display. Admittedly, the split-level dial prioritises design over functionality, but it is legible once you get used to it, and more importantly it is distinctive without being gimmicky.

Slim at just 10.3 mm high, the Kudoke 3 continues the aesthetic of its predecessors, with a silvered, frosted dial and heat-blued hands that exhibit a high level of detail at its price point. The same can be said for the movement, the Kaliber 1, a hand-wound calibre developed in collaboration with Habring².

Based on the Habring²’s proprietary A11, the Kaliber 1 has been remodelled to take inspiration from 18th century pocket English pocket watches, including a gilt-frosted full bridge, engraved balance cock, and heat-blued screws.

The Kudoke 3 starts at €9,350 for the standard steel version. There are few other watches in this price range that have comparable originality and artisanal craftsmanship.

SJX

Conceived in a relatively short period of time, the Louis Vuitton x Rexhep Rexhepi LVRR-01 Chronographe à Sonnerie was a surprise at launch. Few expected the world’s biggest luxury goods marque to be collaborating with an artisanal independent watchmaker, albeit one of the industry’s fast-rising stars.

Louis Vuitton’s inaugural independent project was executed with Rexhep Rexhepi, the founder of Akrivia. A double-faced watch with displays on both faces, the LVRR-01 combines a novel set of complications. On the front is a tinted sapphire dial with five-minute tourbillon, while the fired enamel dial on the back has the chronograph with an integrated chiming mechanism that strikes once every elapsed minute. And under that all is an all-new movement that incorporates a constant-force gear train to drive the chronograph and striking mechanism.

The LVRR-01 was launched with only a pair of prototypes, both of which needed refinements, most notably in movement cleanliness and the chunky lugs. But given the level of quality evident in Akrivia’s standard models, the production examples of the LVRR-01 will be impressive. Beyond the LVRR-01, however, the movement inside gives tantalising hints as to where Rexhep Rexhepi can go with the construction, particularly its double-sided nature and two-train, constant force set-up.

The Louis Vuitton endeavour is comparable to the long-ago Opus series by Harry Winston, and reflects the brand’s rapidly growing ambitions in high-end watchmaking. The upcoming collaborations will determine the significance of the project, but the LVRR-01 is a promising start.

And representing another segment of independent watchmaking entirely but no less worthy is the Habring² Chrono-Felix Top-Second, a watch that encapsulates the Austrian brand’s specialty of affordable but interesting watches.

The Top-Second has a discreet seconds indicator at nine o’clock – literally inside the “9”. Inspired by a similar 1960s complication, the indicator consists of a propeller-shaped discs that completes one revolution every five seconds. As a result, the aperture within “9” turns orange every 2.5 seconds, showing that the watch is running but without needing to start the chronograph.

Given the minimalist design of this chronograph – just elapsed seconds and minutes – the novel seconds indicator is ideal since it preserves the clean aesthetic of the dial without taking away from functionality.

Twenty twenty-three was a year where familiar complications were reimagined. The year’s standouts in terms of complications are characterised by good execution. Granted, most of of them are evolutionary, except perhaps for the Audemars Piguet Universelle, but a classic complication done well is arguably superior to a novel idea done badly.

We asked our team members well versed with the year’s complications for their favourites and here they are.

SJX

The year’s most complicated and most impressive (multi) complication came from a surprising brand, Audemars Piguet. Even though it was the Royal Oak Travis Scott and Royal Oak Concept “Spider-Man” that captured the headlines, the Code 11:59 Universelle was questionably AP’s most important watch of the year from a watchmaking perspective.

The Universelle manages to pack almost two dozen complications, including a grande sonnerie, perpetual calendar, split-seconds chronograph, and notably, automatic winding, into a case that’s just 42 mm wide and 15.55 mm high – a positively slender case by the standards of grand complications. By comparison, the F.P. Journe Astronomic is 44 mm by 13.7 mm, while the Patek Philippe Grandmaster Chime measures 47.7 mm by 16.07 mm.

AP managed to do that with sophisticated and ingenious engineering, most notably by integrating the split-seconds mechanism into the automatic winding hub. The clever technical solutions are also evident in the calendar, which has an extra-thin construction adopted from the Royal Oak RD#2 and an easy-to-operate interface. This user-friendly approach is also found across the other complications, making the Universelle arguably the easiest grand complication to operate – a substantial achievement in this rarefied segment.

Reflecting AP’s substantial stable of movements that are built on the same basic architecture, the Royal Oak Concept Split-Seconds Chronograph GMT, also launched this year, shares several similar features, including the oversized, two-digit date and the split-seconds integrated into the rotor. So for someone who just wants only the cleverly-constructed chronograph, this is an appealing proposition.

Admittedly, the Universelle isn’t the prettiest watch, although the open-dial version is substantially more appealing than its solid-dial counterpart. I can imagine a few tweaks that would enhance its attractiveness, at least in my eyes, so future iterations of the models are likely.

Another “big three” brand that merits a mention is Patek Philippe with its Minute Repeater Alarm ref. 1938P-001. Created to mark Philippe Stern’s 85th birthday – the model reference is his birth year – the ref. 1938P combines the brand’s R 27 minute repeater movement with the chiming alarm first seen in the Grandmaster Chime (which like the AP watches above show how mechanisms and movements can be iterated and shared).

The base movement means the watch is a conventional minute repeater activated via a slide on the case, but the additional alarm mechanism allows it to chime a pre-set time. Patek Philippe remains the first and only brand to have a time-striking alarm mechanism.

A monochromatic portrait of Mr Stern sits on the left half of the enamel dial – the most criticised element of the watch. On its fact the portrait looks out of place, but for a specific group of people – longtime, important clients of the brand who are personal friends of Mr Stern – it surely serves as a reminder of the relationship and Mr Stern’s stature.

Arguably more of a shortcoming is the case, which at 41 mm by 14.2 mm makes it one of the larger Patek Philippe complicated watches. So despite the classical, 1980s style case, this is a chunky watch.

At the other end of the spectrum in style and form is the Jacob & Co. Astronomia Revolution. While this might look like yet another Astronomia, the Revolution achieved something few watches have – rotate a large, heavy component at a relatively high speed all the time. This is typically difficult or even impossible due to the large amounts of energy required.

Specifically, the central carousel, made up of the time display, double-axis tourbillon, and ruby seconds indicator, makes one revolution a minute. Unsurprisingly, the Astronomia Revolution has a brief, 36-hour power reserve.

This is made possible by a one-sixth-of-a-second constant-force mechanism that recharges and releases every sixth of a second, with each release driving the carousel forward by one step. In other words, the carousel moves forward by six steps every second, giving it an almost-smooth motion.

The Astronomia Revolution is very much Jacob & Co. in style, so it’s not for everyone, and also in price, which at US$600,000 is difficult to rationalise.

Richard Lee
Technical Editor

I wish the Breguet Type XX was a little smaller and sans date – I admit I’m not a fan of the design – but the discussion around the aesthetics obscures the most important aspect of the watch, the cal. 728 inside. It’s not often that an all-new, in-house chronograph is unveiled, especially one that has novel features.

The main innovation of the cal. 728 is the flyback system that incorporates a latching mechanism ensuring consistent operation of the reset hammers. It is perhaps unfortunate that the large bridges plates conceal most of the parts underneath, as the interplay between the levers is interesting to observe in operation.

Additionally, the movement has the vertical clutch located directly in the centre of the movement, avoiding any possible stuttering of the chronograph seconds which may occur from an indirect train. This also pairs well with the high-frequency 5 Hz balance wheel, ensuring a smooth sweep of the chronograph seconds hand.

In short, the cal. 728 has a surprisingly sophisticated construction for a sports chronograph, with emphasis on with usability and performance. It would be interesting to see its use in future models.

While some might argue it’s not a complication per se, the Girard-Perregaux Neo Constant Escapement (NCE) sports a truly novel escapement that’s unlike any other. It combines a historical concept with cutting edge technology: Abraham-Louis Breguet’s “natural” escapement with double escape wheel and a silicon compliant mechanism made up of a blade that acts as a constant-force device.

With the original Constant Escapement having made its debut a decade ago, the NCE is a smart evolution of the original design – both mechanically and aesthetically. I appreciate the fact that Girard Perregaux decided to further develop this unique escapement, instead of leaving it as a one-off project consigned to the history books. This indicates the brand sees promise in the design, particularly since multiple additional patents relating to the escapement have been filed over the past decade in the lead-up to the release of the NCE.

Perhaps the most impressive aspect of the NCE is the careful integration of the silicon compliant mechanism, a groundbreaking addition to the conventional Swiss lever escapement. It is mechanically complex to constantly replenish the energy required to flex the silicon blade, which  necessitates the complex double escape wheel setup – resulting in a mechanical spectacle as it ticks and ticks.

Brandon Moore
Technical Contributor

While the A. Lange & Söhne Lange 1 Time Zone is far from the most complicated watch of the year, it excels at what it is. The second-generation of the model addresses the difficult problem of daylight savings time offsets in a novel and elegant way.

Most world time watches fail to adequately handle this issue, with the result that they display the incorrect time for many cities for about one month every year, limiting their utility. Lange has solved this problem with a simple window integrated into the pointer for the cities disc. If the window turns red, it means the selected city observes daylight saving time and the user may need to factor that in before joining a Zoom call, for instance.

The downside of its impressive functionality is the multi-step setting process. Unlike no-frills GMT watches or conventional Cottier-style world timers, the Lange 1 Time Zone requires several steps to set, including pressing and holding the pusher in order to set only the primary, local time dial.

Rounding out my list is the A. Lange & Söhne Odysseus Chronograph, a thoughtful take on the luxury-sports chronograph. With its central minutes counter and clever multi-function pushers, it makes a strong technical statement and fits perfectly into the Odysseus collection.

As expected of Lange, the L156.1 is an all-new calibre and not repurposed existing movement. The chronograph has a novel feature in the form of a memory-reset central seconds: the elapsed seconds hand will rapidly circle the dial as its resets, making the same number of revolutions as the elapsed minutes. Being instantaneous, the multiple revolutions are different to discern with the naked eye, but it is an unusual feature that adds a layer of complexity to the movement, although traditionalists might argue it’s a gimmick that’s out of place on a Lange.

More practical are the clever dual-use pushers. With the crown in the winding position the pushers function as expected to operate the chronograph, but with the crown pulled out to time-setting, the pushers serve to advance the twin calendar displays.

Notwithstanding its evident qualities, the approximately-US$150,000 retail price is a stretch. It feels like Lange is pricing this according to secondary-market value, rather than intrinsic features. Fundamentally this is a self-winding chronograph in a steel case, making the price hard to justify. Even Lange’s own 1815 Rattrapante, a split-seconds chronograph in platinum, costs just US$15,000 or so extra.