Steve McQueen’s Rolex sells for $234,000

Lot 416, Steve McQueen's Rolex Ref. 5512 "Oyster Perpetual Submariner" was one of the featured items in Antiquorum's summer auction held in New York City.

New York–Watches and memorabilia from the late Steve McQueen, the legendary actor who rose to fame during the 1960s in films such as Bullitt and The Great Escape, were among the pieces that inspired frantic bidding at Antiquorum’s summer auction in New York City.

The June 11 auction brought in a total of $5,706,324, with McQueen’s own vintage Rolex, Ref. 5512, fetching an impressive $234,000–twenty times its estimate and a world record for that reference.

A total of 81 percent of the 416 timepieces in the summer auction were sold by lot and 122 percent were sold by value. Bids came in from across the globe, including from Hong Kong, Taiwan, Italy, Germany, France and Romania. In addition to the telephone, room and commission bidders, 478 bidders competed via the Internet.

Among the additional McQueen pieces featured in the sale were the actor’s Scott Super Squirrel motorcycle painted by Von Dutch, which sold for $276,000, double its estimate, and the Heuer “Monaco” he wore in the 1971 racing film Le Mans, which sold for a world record $87,600.

“Today’s auction is clear confirmation that in the current market, collectors are looking for horological rarities with noteworthy provenance, such as Steve McQueen’s Rolex and Heuer,” Antiquorum President and Chief Executive Officer Evan Zimmermann said in a media release. “The excitement that we saw in the auction room was reflective of the desire collectors have for exceptional watches that truly stand the test of time and offer sound investment opportunities.”

Other watches that fared well in the sale included Patek Philippe’s rose gold Ref. 5004 and pink gold Ref. 5970, which sold for $252,000 and $132,000, respectively, as well as Patek’s “Limited Edition Annual Calendar with Silicon Escape Wheel,” Ref. 5250G, which fetched a record $138,000.

Rolex’s “Double Red Sea Dweller,” retailed by Cartier, sold for $91,200, and Ref. 6239, a stainless steel “Paul Newman Daytona” attained $84,000, while the “Pro-Hunter Black-Carbon Daytona” sold for $42,000.

Other high-grade luxury watches that did well included A. Lange and Sohne’s “Pour Le Merite,” which sold for $156,000, and Jaeger-LeCoulte’s “Platinum Master Minute Repeater,” which sold for $126,000.

Source: http://tinyurl.com/lowl9o

Chong Hing Jewelers Proudly Offers Complete Line of Patek Philippe Watches

Explore the world of Patek Philippe at Chong Hing Jewelers. The new Nautilus collection showcases the flattering redesign of Patek Philippe casually elegant classic.

Following the success of its recently launched website, leading Patek Philippe Authorized Dealer Chong Hing Jewelers proudly offers the complete line of Patek Philippe watches.

Los Angeles, Calif. (ELEGANO) August 10, 2009 — Esteemed Authorized Dealer of Patek Philippe watches and other luxury timepieces and fine jewelry, Chong Hing Jewelers follows the success of its recently revamped website by offering the complete collection of the Patek Philippe watches. 

Known to be at the pinnacle of high-end luxury watches, the recognized and the revered Patek Philippe brand occupies one of the most important ranks in the history of watch making. Valued for its complicated movement and its dedication to perfection, the esteemed Patek Philippe remains to be the top choice for luxury watches among sophisticated clientele. 

Having built a reputation for satisfying even the most discerning customer, Chong Hing Jewelers proudly offers its clientele the complete line of Patek Philippe watches.

“Chong Hing Jewelers boasts of a superb collection of luxury timepieces. We have the capability and the capacity to get even the most limited and the most unique timepieces of all luxury watch brands including the Patek Philippe. We also carry the latest collection of luxury watches. The moment a timepiece is released in Switzerland and made available in the US, we get the first priority,” says Edilbert Signey, Marketing Director of Chong Hing Jewelers.

Chong Hing Jewelers also offers a wide range of fine gifts such as cuff links, home décor, objets d’arts, crystalware, porcelain, charms and leather goods. Sign up for their online newsletter and be awarded with convenient updates on Patek Philippe timepieces, as well as other fine jewelry and watches.

About Chong Hing Jewelers: Chong Hing Jewelers, a purveyor of high-end watches and jewelry, has built a reputation for incomparable service and value. Chong Hing Jewelers is proud to be an Authorized Dealer for esteemed brands of exclusive Swiss watches, rings, necklaces, bracelets, earrings and other Gifts & Accessories. Chong Hing Jewelers’ collection of loose diamonds, engagement rings, 18k yellow gold, white gold, rose gold and platinum jewelry is sure to fit every personality, attitude and lifestyle for even the most discerning customer.

Ed Hardy Ladies’ Niji Silver-Tone Watch

A colorful bouquet of flowers brightens this watch’s stainless steel, square dial. Honoring the Japanese word for rainbow, niji, this bangle watch glistens with a polished finish.

Preventing the bangle from reaching a complete close, three steel letters pay credit to the creative designer, Ed Hardy.

This watch has a limited two-year warranty. Zales is an authorized Ed Hardy dealer. Jewelry designed by Ed Hardy offers a fresh and fashionable look based on intricate artwork inspired by edgy and creative tattoos.

($255.00)

More at: http://tinyurl.com/kozgo7

Omega and the Lunar Pioneers

Astronauts Harrison Schmitt, Thomas Stafford, Eugene Cernan, Charles Duke & Buzz Aldrin (From Left)

BIENNE, Switzerland, June 30/ELEGANO/ — The Speedmaster Reunites Four Moonwalkers.

It is one of the defining events in history: on the 21st of July 1969 at 02:56:20 GMT, Neil Armstrong stepped onto the Moon and was joined a few minutes later by Buzz Aldrin.

For a brief moment in time, the Apollo 11 mission united people from all over the world in a way that nothing else ever had. Everyone of a certain age remembers exactly where they were when they heard the words, “The Eagle has landed.” 

The era of lunar exploration was short: in the forty months which followed, ten more astronauts would walk on the Moon and then manned exploration of celestial bodies would stop. To mark its proud association with one of mankind’s greatest adventures, Swiss watchmaker OMEGA brought four of the surviving Moonwalkers together along with some of the other luminaries from NASA’s Apollo program.

Buzz Aldrin was joined by his colleagues Charles Duke (Apollo 16), Harrison Schmitt (Apollo 17) and Eugene Cernan (Apollo 17). Also on hand were Thomas Stafford (Apollo 10), Apollo flight director Gerald Griffin and James Ragan, the NASA engineer who was responsible for the rigorous testing which led to the OMEGA Speedmaster’s selection as the only watch qualified for all of the space agency’s piloted flights.

Nearly forty years after the adventures that placed their names in the history books, the astronauts shared their vivid recollections of their
missions and of the things only a handful of human beings have seen.

They also recalled President Kennedy’s audacious aim, voiced in 1961, of landing a man on the Moon and bringing him safely home before the end of the decade. At the time, one American astronaut had been in space for less than 16 minutes.

The astronauts speculated on what it would take to rekindle the enthusiasm to return to the Moon and more distant frontiers.

The space pioneers talked about the OMEGA Speedmaster which was part of each one of NASA’s manned missions since May 15, 1963. It was the
first and only watch to be worn on the Moon and was, according to James Ragan, “the only piece of hardware on Apollo which was unmodified throughout the program.”

It was a remarkable thing to see these men together in one place – they represented all of us in some of our finest hours and reminded us of what we can accomplish when we are united behind a common goal.

OMEGA is a company of the Swatch Group, the largest manufacturer and distributor of watches and jewellery in the world.

Luxury watch brand IWC rated best by wealthy

New York–Ultra-high-net-worth consumers have rated IWC the “Best of the Best” among 33 luxury watch brands, according to the Luxury Institute’s 2009 Luxury Brand Status Index (LBSI) survey.

IWC was the top-ranking watch brand for three out of four components of the LBSI survey, which identifies the top brands that exhibit true luxury in numerous categories based solely on the independently verified ratings of wealthy and ultra-wealthy consumers.

IWC also swept the highest scores as the luxury watch brand wealthy consumers are most willing to recommend and consider the most worthy of a price premium.

Consumers who rated IWC No. 1 described the brand as “rare and exceptional,” “the standard” and having “unique design and classic looks.”

Patek Philippe and Vacheron Constantin ranked second and third, respectively.

“At a time when many luxury brands are having identity crises in the midst of an economic crisis, IWC knows exactly who they are, what they offer and who they serve. They are a true 21st century luxury brand, as rated by the ultimate brand constituents: consumers,” Luxury Institute Chief Executive Officer Milton Pedraza said in a media release. “Additionally, Patek Philippe and Vacheron Constantin are consistently rated among the top luxury watches by ultra-wealthy consumers. The ability of these brands to be rated so highly year after year makes them brands that deliver the luxury value consumers look for universally.”

More at: http://tinyurl.com/nr96cy

Carl F. Bucherer Alacria Royal Limited Edition Watches

They look like candy, but they are priced like caviar. This is the new Alacria Royal collection from Carl F. Bucherer, and it is limited to just 25 pieces per each of the four models. The watch is a grand jewelry watch in the most traditional of means. They are meant to inspire awe and delight when looking at the jewel speckled surfaces and designs. The watches have diamonds and either blue sapphires, orange sapphires, emeralds, or diamonds. The cases are in 18k white gold, and delicately reverse tonneau shaped with pretty linked bracelets.

While the Alacria Royal watches are a bit hard to read in terms of telling the time, that is not their main purpose. These high fashion image watches demand attention with their unique and flashy designs. Oddly, there is a quartz movement in the watch as opposed to a mechanical movement. This is surprising from Carl F. Bucherer who takes such pride in their mechanical movements, but this is not uncommon for petite jewelry watches such as this. Due to the high level of gems on the on case, dial, and bracelet the Carl F. Bucherer Alacria Royal collection will retail from about $112k to $250 per watch.

More at: http://tinyurl.com/lv4vla

The New Breitling Airwolf, a long-awaited Instrument for Professionals

Breitling Airwolf

Long recognized as a leader in Swiss-made mechanical chronographs, the Breitling Company has recently established itself as a pioneer in the world of electronic watches as well.  Breitling is a favorite among pilots, aviators and anyone associated with the world of flight, so it is no surprise that they would want to be at the forefront of any technology related that enhances the flying experience.

Everything about the Breitling watches’ new “Airwolf Instruments for Professionals” is made with a pilot’s needs in mind.  First of all, it is the first Breitling Calibre 78 movement that uses chronograph “pushers” rather than locating the function controls on the crown.  This 1/100-second SuperQuartz chronograph includes a secondary time zone, perpetual independent alarm, countdown timer, and back light.   It even includes a slide-rule on the bezel.  The hefty case of the Breitling Airwolf is 43.5 mm wide, and topped with a double-coated sapphire crystal, and surrounded with a black PVD-coated bezel.  With bracelets available in either polished metal or sporty rubber, this watch is a model of efficiency and style.

How do all these functions help a pilot, you may ask?  Well, the dual time zone allows the pilot to calculate landing times in both the origin and destination time zones.  Ergonomically, the new curved push-pieces allow for easier manipulation, in flight.  The oversized hands and glowing backlight allow for greater visibility and legibility.

More at: http://www.watchesonnet.com/luxurywatches/breitling-airwolf-watch/

Chopard Projects a 10% Drop for 2009

With Swiss watch exports down by 24 percent in the first four months of this year, Chopard caught a break in May with a slight pickup in demand. As the independent watch and jewelry maker looks ahead, Chopard anticipates only a 10 percent drop in overall sales for 2009, according to a Reuters’ report.  

Chopard and other Swiss watchmakers are bracing themselves for the worst drop in watch exports in over 20 years. Middle-class customers impacted by job losses and their contraction of investment portfolios are key factors in Chopard’s drop in sales so far this year.

But favorable fourth-quarter sales are projected with demand remaining “resilient” for high-end timepieces, says Chopard’s Chairman Karl Scheufele in the Reuters’ report.

“We can see there is still money around and sometimes people still spend this money.” 

High end Chopard watches can cost upwards of $166,500.

More at: http://www.jckonline.com/article/CA6664025.html

Movado Group, Inc. Announces First Quarter Results

PARAMUS, N.J., June 9 /ELEGANO/ — Movado Group, Inc. (NYSE: MOV), today announced first quarter results for the period ended April 30, 2009.

First Quarter Fiscal 2010:
– Net sales in the first quarter of fiscal 2010 were $67.6 million compared to $101.4 million. Net sales for the quarter included $4.3 million of sales of excess discontinued product.
– Gross profit was $37.0 million, or 54.8% of sales, compared to $65.0 million, or 64.2% of sales last year. Excluding excess discontinued
product sales, adjusted gross margin in the first quarter was 59.7% of sales.
– Operating expenses decreased $15.3 million, or 24.1%, to $48.1 million versus $63.4 million last year.
– A net loss of $9.0 million, or $0.37 per fully diluted share, was recorded in the first quarter of fiscal 2010 versus net income of $1.2
million, or $0.05 per fully diluted share, last year.

Efraim Grinberg, President and Chief Executive Officer, stated, “Considering the ongoing difficult economic environment, we are pleased with our first quarter performance. In our seasonally smallest quarter, we experienced a sales decline but maintained a solid gross margin. We also took advantage of opportunities to convert excess discontinued product into cash. This coupled with cost reduction initiatives and stringent expense management led to better than expected results for the quarter. While we continue to be challenged by our retail customers’ relentless focus on lowering their inventory, we expect to see an improvement in these trends beginning in the second half of this year as our customers start to replenish inventory ahead of the holiday season. We remain confident that our strong portfolio of brands provides a compelling value proposition to our consumer base at all levels, from the high end of the luxury watch market to the more affordable fashion watch category. The strength of our brands, along with a well-diversified global business, strongly positions Movado Group to gain market share and to benefit from improvements in the marketplace.”

Rick Cote, Executive Vice President and Chief Operating Officer, stated, “The decisive cost savings initiatives we embarked upon last year are clearly materializing in our results, as first quarter operating expenses declined 24% from the year-ago period. We continue to execute these programs, which are expected to generate annualized cost savings of between $50 million and $60 million, most of which we expect to realize this year. Additionally, as expected, we have secured a new $50 million asset-based loan agreement with Bank of America. This three year facility replaces our current domestic debt outstanding and we expect that, together with cash from operations, it will be sufficient to finance our business on an ongoing basis. At the same time, we remain focused on cash flow management and are taking significant actions to lower our inventory, the benefits of which we believe we will begin to see during the second half of the year. Importantly, we expect to return to being free cash flow positive this year.”

Fiscal 2010 Guidance: While the economic environment remains uncertain, Movado Group now estimates fiscal 2010 fully diluted earnings per share to be approximately $0.50 compared to fully diluted earnings per share of $0.09 recorded in fiscal 2009. This guidance is predicated on an improvement in sales trends during the second half of fiscal 2010, as retailers purchase inventory in preparation for the holiday season, resulting in an expected high single-digit sales decline for the full year.

The Company’s management will host a conference call today, June 9th at 10:00 a.m. Eastern Time. A live broadcast of the call will be available on the Company’s website: www.movadogroup.com. This call will be archived online within one hour of the completion of the conference call.
Movado Group, Inc. designs, sources, and distributes Movado, Ebel, Concord, ESQ, Coach, Tommy Hilfiger, HUGO BOSS, Juicy Couture and Lacoste watches worldwide, and operates Movado boutiques and company stores in the United States.

As watch sales slide, brands cling to basics

Concord's "C1 Quantum Gravity," featuring a neon-green gel that rises and falls to indicate power reserve, retails for $430,000.

Basel, Switzerland–Just a few years ago, the buzz at BaselWorld revolved around million-dollar watches, head-spinning complications that left watch enthusiasts weak-kneed, and a large, ambitious expansion plan for the exhibition center that is home to the world’s largest watch and jewelry show.

The luxury watch business seemed to be rising fast on a trajectory that had no ceiling. But that changed this year, as companies talked of aggressive pricing and increased competition. Even the planned expansion of BaselWorld’s exhibition space, though approved in a local referendum, has been downscaled, with revised blueprints calling–literally–for a lower ceiling.

Blame the burst bubble on export numbers. Swiss watch exports ultimately increased 6.7 percent to about $15.1 billion for 2008, but the uptick came despite an abrupt downturn in the second half of 2008 as the U.S. economic crisis that went on to become a worldwide recession took hold. In the Americas, Swiss watch exports plummeted 40 percent for January to February 2009, compared with the same two-month period in 2008.

Francois Thiebaud, president of Tissot and chairman of the Swiss Exhibitors’ Committee, points out that the slowdown comes after several years of impressive growth, and he predicts that Swiss watch exports could still reach upwards of $14 billion this year–not too shabby when you consider that a few years ago, those figures would have set records. “If you go back to 2006-2007, we’re not doing too bad,” Thiebaud told reporters during the show’s annual press day.

Adjusting gamely to the new realities, BaselWorld 2009 brands were putting an emphasis on new movements rather than what Thiebaud described as “flamboyant finishing,” going for less extravagance in design and revamping old movements and legendary models to meet current tastes.

The industry’s mindset must shift toward after-sale service, and the way products are created and communicated to consumers, Thiebaud said in an interview at Tissot’s booth, where the brand unveiled its new exclusive movement, the Tissot Automatic Chronograph ETA C01.211. “There are two products that generate emotion: the car and the watch,” Thieubaud said. “Watches are something we keep, something we never throw away.”

More at: http://tinyurl.com/qngmz3