Dr. N.
Here at Chronosect we asked ourselves a question: what is the right value of a watch? What relationship does it have with the price? Are there watches that are objectively worth more than others, regardless of their market price?
The opportunity for this reflection came from a negotiation between traders close to us. For confidentiality reasons we will not reveal the identity of the people involved, nor whether the negotiation was successful or not, but it actually happened and the prices offered are those we report to you.
The watches
To deal with this topic we will compare two watches, a Patek Philippe 5035G annual calendar in white gold and a sporty Rolex in steel, the blue and black GMT “Batman”, reference 116710 BLNR.
Only two features these two timepieces have in common: the price, for both equal to seventeen thousand five hundred euros, and the NOS condition, i.e. "New Old Stock", watches in the state they were in when they arrived from the dealer, with stickers never removed, box and guarantee.
The Patek Philippe 5035G
The Patek Philippe we are talking about is an annual calendar. This means that it has a complication whereby when it comes to the end of a thirty-day month, such as November, the watch is able to jump to December 1st instead of marking the 31st as in October. It differs from the perpetual calendar because, unlike the first, it is not able to automatically switch from February 28th to March 1st in leap years. However, we are talking about an elegant evening watch, with a classic aesthetic and a diameter of 37 millimeters which, in addition to making it wearable in any context, places a limit on the watchmaker, who must find a way to insert it into a case with the dimensions a compact automatic movement equipped with a calendar complication. We are certainly not talking about an ultra-flat, but we are still faced with a significant miniaturization effort.
The Rolex 116710 BLNR
The Rolex GMT 116710 BLNR “Batman” It is a watch well known to the public. It is a great classic of Rolex sportsmen, the GMT, seen for the first time in 1955. This timepiece, initially designed for airline pilots, is capable, in its current version, of marking three time zones simultaneously. In 2005, Rolex launched the first GMT with a Cerachrom bezel, a ceramic material that is very resistant to scratches and wear.
In 2013, the GMT 116710 BLNR, short for Bleu Noir, or Blue Black, appears in the Rolex range. The reference is evidently to the double color used by Rolex in making the bezel. In fact, this is the first case of a one-piece two-tone ceramic bezel.
The two-tone rotating bezel of the GMT “Batman” characterizes this Rolex as much as the integrated Oyster bracelet, which is replaced, in 2019, by a Jubilee, in the new reference 126710 BLNR. The Rolex 116710 BLNR is therefore a discontinued model: this contributes to its demand on the market, according to a commercial logic of which Rolex is well aware. In fact, the House of the Crown always releases its models with very specific deadlines, in order to maximize both the interest in the new editions and the price of used ones. Finding that a used Rolex maintains its value is in fact the best way to convince a potential customer to buy a new one…
An impossible comparison?
The Rolex GMT 116710 BLNR is a steel sports watch with a diameter of 40 millimeters. Rolex's quality and manufacturing care are certainly not in question, but it is still a watch whose workmanship does not present overwhelming technical difficulties: after all, nowadays inserting an automatic movement into a 40 mm case with date and independent 24-hour hand, it is not a work of mechanical engineering worthy of a miracle. Furthermore, it is certainly a more widespread and less exclusive watch than the Patek Philippe with which we are, perhaps improperly, comparing it.
The Patek Philippe 5035G is an elegant evening timepiece featuring an indication of the time, date, day of the week, day of the month and month of the year. All in a thinner and more compact case than that of the GMT, also made of a more noble material such as white gold, which is befitting of a haute horlogerie object. The Patek Philippe 5035G with annual calendar is a watch with classic and unobtrusive lines, which can be appreciated by connoisseurs. Logically, it should be more expensive than a steel sportsman. Yet, they are equal in price.
Of course, our comparison doesn't make much sense horologically speaking. A complicated one, in the eyes of a watchmaker or even an enthusiast, always beats a sports one, unless the latter is made with particular technologies, or is ultra-flat, or has other "hidden qualities": but this is not the case of the Rolex GMT, an appreciated, very valid steel sports watch from a highly prestigious brand, but still an uncomplicated 40 mm watch.
Yet, these two watches sell for the same price.
Conclusions
It is well known that the luxury watch market is made up of both passion and reason. Any commercial operator prefers to work with easily resellable watches such as steel Rolex sports watches, rather than with valuable complicated ones from a more limited market. However, we believe that those who want to purchase a luxury timepiece for their personal pleasure should carefully reflect on the possibility of treating themselves, for the same investment, to a complicated one in precious metal from Patek Philippe instead of a sports one in steel...
