The 2024 Geneva Watch Days was the hottest yet. Not only did temperatures rise to unprecedented heights (over 30°C), but more brands (52) than ever before exhibited their wares, and the number of visitors increased by more than 70% (13,800 people) compared to last year. Some watch industry insiders expected the event to take place under dark clouds due to slowing growth rates. But the atmosphere was very good in the five-star hotels and air-conditioned brand boutiques around Lake Geneva, where the event was held. Yes, as the participants and visitors of the “GWD” emphasized, we live in complicated times. But complicated times require complicated watches. It is avant-garde, innovative and vibrant luxury watchmaking that keeps the dream alive and brings a smile to the faces of watch fans. In an emotional world like watchmaking, dreams are ultimately the driving force of reality.
Before I write about the inspirational, educational and seed-sowing qualities of Haute Horlogerie and the important role that events like Geneva Watch Days play in spreading the love of inspiring watchmaking, I want to give you some numbers to put things in context. In 2023, the Swiss watch industry achieved a record turnover of 26.7 billion Swiss francs (US$30 billion). Great numbers, don’t you think? You should also know that in 2023, the top four brands – Rolex, Patek Philippe, Audemars Piguet and Richard Mille – had a combined market share of 43.9%. If you compare this figure to their market share of 36.9% in 2019, pre-COVID, it’s a huge increase.
Complex times call for complex clocks
The numbers show that the democratization of luxury has failed. Of the top four brands, only Rolex remains relatively accessible. However, with its steadily rising prices, the brand is already starting to disappear from view for those who until recently considered a watch with a crown on the dial within reach. However, Rolex enjoys unprecedented popularity among aspiring and experienced watch buyers, probably ensuring the brand’s success for the coming decades. Patek Philippe, Audemars Piguet and Richard Mille operate at a much higher level than Rolex in terms of average retail price. However, among the wealthy, these manufacturers have become the go-to brands. After the top four brands, many others are struggling. It is not easy to sell a product that has experienced a similar series of price increases to people who need to consider their expenses.
Urwerk EMC SR-71 Blackbird
Luxury seems to have returned to its old status of being beyond the reach of the masses. This is evident in watches and fashion. Unaffordability reigns as it did before, but more anonymously, before the age of social media. Now billions of people know all about the lifestyles of the ultra-rich. This may lead to the misconception that you are entitled to a similar lifestyle that includes yachts, supercars, villas and luxury watches. However, luxury is a privilege, not a human right. The lifestyle of the few may be observable within the palm of the hands of the many, but it is becoming increasingly out of reach for the majority of people around the world.
Daniel Roth’s new tourbillon in pink gold follows on from the original in yellow gold
Learning to Love the Unreachable
Even if something like fine watchmaking is out of reach, it can still be enjoyed. If ownership isn’t your primary motivation, you can still enjoy fine watches from afar, for example by reading about complicated timepieces as technical and historical phenomena. And if you’re lucky enough to attend an event like Geneva Watch Days, you’ll have the chance to get up close and personal with the watches that are part of a privileged lifestyle.
GWD 2024 was open to the public for five days, welcoming approximately 13,800 visitors, an increase of more than 70% compared to last year. Luxury watch enthusiasts were able to admire more than 100 new timepieces exhibited free of charge in 65 showcases. 650 of the visitors took advantage of guided tours led by experts from the Fondation de la Haute Horlogerie (FHH). In addition, nine symposiums on topics of high interest to the watch industry were held, entertaining, informing and educating many in a special venue called the Glass Box, located right next to the pavilion. Around 150 watch fans also tested their knowledge in a quiz during the brunch organized by the FHH.
The event had a casual atmosphere, allowing watch fans to interact with watches, people working with different brands, and all types of watch enthusiasts, collectors and connoisseurs. Also, in the Cultural Club set up in the pavilion, various activities were organized by FHH, Grand Prix d’Horlogerie de Genève (GPHG), School of Watchmaking of Geneva, Society of the Watchmakers of New York (HSNY), Holopedia and The Watch Library.
A great movement from the Czapek Antarctique. It’s a shame we don’t see an equally great aventurine dial.
It’s not just about ownership
While not all 52 participating watchmakers operate in the luxury or most complicated watch echelon, several key brands certainly belong there. Independent Nouvelle Horlogerie Maisons such as MB&F, Urberbelle Forsey and De Bethune form the backbone of GWD. Other participating manufacturers, including Laurent Ferrier, HYT, Capek, Lederer, Louis Moinet, Armin Strom and Vanguard, are attuned to the intricate microcosm shaped by the aforementioned pioneers.
Purple Edition of the HYT T1 Millésime Series and New Version of the Lederer Central Impulse Chronometer Certified by Three Observatories
The creations of passion-driven artisan watchmakers are not, not now, and never will be available to the masses to own. But they can well be enjoyed up close and personal at GWD. They can also be enjoyed on the screen of any electronic device, as the intricate, ingenious and creative timepieces from the participating luxury houses are charismatic, intriguing and captivating. They are profound, in some cases filled with historical significance, and tell fascinating stories of the impossible becoming possible.
From left to right: Gerard Charles Maestro 4.0 Ducati 30° Anniversario 916, Gebry Prologue Chapter 1, Greubel Forsey Handmade 1 (unfortunately Handmade 2 is still off-limits).
Enjoy the show
The number of unconventional complications seen in a short time is simply astounding. My days with the GWD exhibitors reminded me of when I first got interested in mechanical watches. The world of watches is not just about retro designs, dial colors, and resale values. Again, I wanted to know everything about constant force mechanisms, different types of escapements, the perfect angle for a tourbillon, and so on. Did I ever think about the case diameter, the second-hand market price of the exhibits, or what it would be like to own one? No, not at all. I enjoyed the show, learned a lot from the technical and creative geniuses, and my love for mechanical watches really grew.
Laurent Ferrier Classic Auto Sandstone
It’s not the logo that matters, it’s the content
Another interesting thing about the luxury watches shown at GWD is that the logo on the dial is not important. Most of the complicated watches you see are judged on their inner workings, not their surface. “Fancy over prestige” could be the motto. And this is exactly the approach I would encourage most watch enthusiasts to take. Forget about specific logos. Forget about claiming status. Instead, claim style and personal uniqueness.
ArtyA Pure Stairway to Heaven HMS Wavey
And forget about how much a watch will cost in 10 years’ time. Make sure you can afford it now and enjoy it for years to come. Just pick something that suits your tastes, needs, and desires, and that’s good enough. And wearing it with confidence and taste will make a better impression than wearing what the Instagram algorithm thinks you should wear.
Louis Moinet Speed of Sound
Complicated times call for complicated watches, and we need to make watches fun again in a simple way.
Earlier this year, I wrote an article titled “Making Complications Great Again.” My choice of words offended some people, but I hope it didn’t, because the article was about the love of watches. If you are interested in the inner workings of a complicated watch you will never be able to wear, you may be motivated and inspired to buy a mechanical watch that shares its essence with those unattainable creations. And one of the benefits of true knowledge is that you can see beyond the logos on the dial. You are no longer interested in passable reproductions of vintage watches, and you are open-minded enough to appreciate new designs.
Three versions of the HYT T1 Millésime series: two in titanium and one in pink gold
Airplane Spotter
One could argue that GWD is a bubble filled with isolated brands. But that is only from the perspective of someone who wants to be part of a small group of collectors who can own the dream pieces on display. You don’t have to own something to enjoy, appreciate, or admire it. For example, watch enthusiasts should follow the example of plane spotters. Before you start feeling insulted, hear me out. Plane spotters are not “in it to win,” so to speak. They admire the beauty, grace, and power of a jet engine, or the roar of a Spitfire’s Rolls-Royce Merlin engine. They take pictures of planes, get excited about spotting a special paint job or a rare “bird,” and live a happy life.
The Jacob & Co. Bugatti Tourbillon in lustrous blue titanium features a V16 engine block housed in a transparent sapphire automata.
Watch lovers should keep that same attitude in mind and practice it – not wanting to own the watch you admire will lead to envy, jealousy and bitterness. Instead, avoid sulking and be inspired by great pieces. That will cheer you up and motivate you to find the perfect watch for you.
Girard-Perregaux’s Latest Version of the Tourbillon with Three Flying Bridges
Why do we need complicated watches in complicated times?
During my time at GWD, I never once spoke about the undeniable fact that the entire luxury watch market was experiencing a drop in sales compared to last year, with inventory building up and watches sitting in stores for longer periods of time before being sold. This was because the brands I visited catered to a customer base that did not buy from many of the big Swiss brands operating at lower and mid-range prices. So morale was high among the very high-end manufacturers of luxury watches. That morale boost allowed me to rekindle my original passion for mechanical watches in general and my appreciation for original timepieces.
Armin Strom Dual Time GMT Resonance First Edition
Returning to the piles of watch boxes in warehouses and watches gathering dust on store shelves, brands also need to take a hard look at themselves. The Covid-19 boom in sales was fun, but it was not sustainable. Raising prices and production volumes because of extraordinary circumstances is never a good idea. But I digress.
A perfect pair and a final comment
The H. Moser & Cie. x Studio Underdog Passion Fruit project is exactly what I was writing about: like-minded people from opposite ends of the watch industry coming together in a passion project. I understand that the €67,900 collaboration is an elitist event from an owner’s perspective, as Studio Underdog watches are not available on their own, but it does shine a spotlight on creative brands that are within reach.
De Bethune DB28xs steel wheels
A true love of watchmaking is contagious not only when you come into contact with them in person, but also when you read about them, study them, or admire them from afar. That’s why complicated times call for complicated watches. They shake things up, they reset rusty patterns, they dazzle and delight. They may be out of reach, sure, but the best things in life are often within reach. You can’t own a sunset, for example, but you can enjoy it. And next year we’ll all come together at Geneva Watch Days 2025 for a dose of complicated inspiration.
