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Fine watchmaking is associated with the Swiss like winemaking is associated with the French: other nations make watches, some of them of high quality, but it is in that mountainous country in the centre of Europe that the finest timepieces are created. |
In fact, much like the French standards for Champagne and Bordeaux, the Swiss have several organisations to ensure the integrity and reputation of Swiss watchmakers. The accepted standard for a Swiss watch is a Swiss movement, set in its case in Switzerland, by a manufacturer of Swiss origin.
One of the most famous of Swiss watch brands is Rolex, a company that has remained independent as so many of the other large brands have been bought by luxury goods conglomerates, Richemont and LVMH. Everybody knows the Rolex name: its brand value is up there with Coca-Cola and Microsoft and its history is largely the history of the wristwatch industry.
Peter Machlup, says that Rolex accounts for the majority of his business and part of his service is imparting to his clients the rich history behind each watch. “Rolex is easiest watch in the world to sell,” says Peter and because of their longevity, they hold value over time. “With most Rolexes, you can be sure you will be able to receive a good resale value if you decide to upgrade.”
The Rolex company nominates retailers worldwide, but over the years it has cut back drastically on the number. This has meant that demand for Rolex watches, especially the most collectable models, far exceeds supply, and has added to the allure of this top watch brand.
However, the strength of the Rolex brand is not only due to clever marketing; it owes a great deal to uncompromising quality of manufacture and design and excellent marketing, points out Peter. The range of its designs is actually quite limited, and has not changed greatly over the years, but it is testament to the watches’ quality that they are among the most collectable of all.
“To many Rolex is the ultimate yuppie symbol,” says Peter, “but there is far more to it. Behind that status value lurks the most unbelievable quality, and I say that as a watch lover, not as a watch seller.” Peter likens a Rolex to a Porsche, and it shares with that car superb brand management, performance and desirability.
Founded in 1905 by the German Hans Wilsdorf and his English brother-in-law, William Davis as Wilsdorf and Davis, it began as a small importer of movements, cases and dials. In 1908, Wilsdorf created the name Rolex, as it was easy to pronounce in all European languages and small enough to fit across a watch dial. The first glimmer of its later glory was in 1910, when Switzerland awarded the Rolex the first official chronometer certification ever given to a wristwatch. Four years later, in Britain, the Kew Observatory awarded Rolex a Class A certificate for precision.
Rolex wristwatches had proved themselves as accurate as the world's finest pocket watches just in time for World War One, when officers found that a wristwatch was much easier to use than a pocket watch in the trenches. Whilst almost all previous Rolex watches had been made for ladies, now Rolex produced mainly watches for men and by the end of the war, wristwatches became an accepted accessory for men.
Wilsdorf, however, realised that wristwatches were more susceptible to dust and other foreign other objects entering the case. He realised that the winding button had to be hermetically sealed. When he saw the patent for the screw down crown first proposed by Perret & Perregaux, he bought all rights and the first "Oyster" watch was introduced in late 1926. The Rolex Oyster was only one of many waterproof watch designs, but it was the most effective. Over the years Rolex has improved on it and today the top of the range, the Oyster Seadweller is waterproof down to about 1.2 km.
The Oyster was a real turning point and a perfect opportunity for publicity came in the shape of Mercedes Gleitze, the first English woman to swim the English Channel. There was some controversy over her swim so she offered to repeat her feat. Wilsdorf offered a new Rolex Oyster watch to Miss Gleitze, which she wore on her successful "confirmation" swim. A month later Wilsdorf launched the watch in the UK with a full-page advertisement on the front cover of the Daily Mail, the first time a watch company had ever done this. The watch worn by Gleitze on her historic swim was sold on auction just a few years ago.
In the 1930s, Rolex’s marketing and design excellence continued to develop. A window display for the Rolex oyster showed a goldfish bowl filled with water with the watch suspended inside – a radical departure from the generally staid displays used by other watch companies.
However, owners of the watch had to unscrew the winding button each day in order to wind it. Sooner or later the customers would forget to screw the winder tightly again, letting water into the watch, or the threads would wear out, with the same result.
The answer to this was found in 1931, when Emile Borer, head of Research and Development at the Rolex Bienne factory, patented the perpetual winding mechanism: the watch was wound with the movement of the arm. Until now, a weight swung backwards and forwards inside the watch’s movement. Rolex made a weight that swung round in a circular motion, allowing constant winding. Rolex bought the Perpetual Watch Company and the watch was called the Rolex Oyster Perpetual – the famous “bubble-back”.
Another milestone in the 1930s was a rectangular watch, called the Doctor’s watch because had a separate dial for seconds. This was also known as the Rolex Prince. It was not waterproof and had a manual winding mechanism, but its beauty assured its popularity. Today it is no longer made but is one of most collectable Rolexes, according to Peter Machlup.
The next major invention from Rolex was the addition of a date window in 1945. Over 55 years later, the Datejust is still in production and is probably the most recognised watch in the world. This watch was quite dressy and was available in stainless steel, steel and gold and all-gold. The gold model has, for over 50 years, been the widest selling all-gold expensive gold watch and remains a definitive object of status and wealth.
The 1950s were a very exciting time for wristwatches. Automatic and waterproof watches were freely available; many complications, such as calendars and phases of the moon were developed. Rolex, however, never really introduced complications. Instead, the company started to manufacture the sports-watches and chronographs that are such a big part of their range today, largely unchanged.
Matching watches to activity lifestyles became important as Rolex introduced its Tool Watch concept. In 1953 its famous Submariner was made, the world’s first diving watch. As an experiment, it was strapped to the outside of a bathyscaph (diving bell), taken to 2 131 feet below the surface, and survived in perfect working order. Later, in 1960, a Submariner was taken to 11 000m below surface and also withstood the immense pressure at that depth.
In the same year the Submariner was made, Everest was conquered and one member of the expedition, John Hunt, wore a Rolex watch. In 1954 the more simple but sturdy Rolex Explorer was introduced and the PanAm Company requested a watch from Rolex for its pilots. The GMT Master, recording two different time zones simultaneously, was the result.
Another interesting model was also made in the 1950s. The Milgauss could be worn in areas of high magnetism, which made it ideal for aeroplane pilots and workers in power stations. Obviously there was not a huge need for such a watch and very few were made, but this has made it very collectable. As Peter says, “It was never terribly sexy, but its rarity and unusual function has made it immensely valuable.”
In the 1960s, Rolex made the Cosmograph Daytona, named for the famous raceway in the United States. It was initially a manual wind watch, but in the late 1970s Rolex introduced its first automatic chronographs. However, they did not use Rolex movements. A chronograph has almost twice as many moving parts as other watches, so making these movements would have required a second factory. Instead, Rolex used the high-quality Vallejoux, and then Zenith movement.
Sometime in the mid-1980s, the Daytona became, in Peter’s words, “the hottest, sexiest, most desirable watch a man could have and has remained this way.” He says that demand has exceeded supply so much that price premiums are huge, especially for the stainless steel models. “In fact, the stainless steel ones, especially from the 1960s and 1970s, sell for the same price as the all-gold models.”
These sports watches – Tool Watches – are still a vital part of Rolex’s range and sales. With the introduction of the Cosmograph Perpetual in 1988 and the Yachtmaster in early 1990 Rolex has continued its unique blend of innovation and conservatism. Rolex has never followed the market, rather it has always led and its leadership has been confirmed not only by the market but also by a panel of the leaders of the Watch Business, who voted the Rolex Oyster "The Watch of the Century".
Peter points out that many people may have inherited a watch but, unaware of its value, have simply locked it away in a bank vault or left it to gather dust in the back of a drawer. If it is one of the brands that hold their value, he encourages them to find out what it is worth. “You never know – you may be sitting on a sizeable investment.”
Peter’s business differs from that of a watch retailer. “I am a trader. I will buy and sell, sometimes at small margins; I will trade in watches that are not available, swap watches for clients wanting to upgrade and I will find the unfindable.”
The main difference, however, is the experience of buying a watch from Peter. He clearly loves the cut and thrust of negotiation as much as he loves the watches themselves. Part of the pleasure is sitting in his stylish offices in the new Melrose Arch complex, sipping espresso, paging through his library of watch-related volumes and listening to him relate the background to each timepiece. It is easy to become more than just a buyer of one watch and to turn into one of the growing community of watch collectors.
Peter speaks about his beloved watches in the same knowledgeable and passionate way that as any collector of fine objets d’art. He also has the ability to inspire the same love in his clients. “Even the most jaded, world-weary customers will find themselves captivated by these beautiful timepieces and the stories behind them.”
NOTE: An interesting, little-known fact about the Rolex company is that it is a not-for-gain organisation. Profits are ploughed into research and development and go towards funding a great number of programmes and charities.
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