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Artisan hero Tech luxury ‘Read my pins’ The sensational Diamond-encrusted Madeleine Albright style of smartphones on her collection Slim Barrett are here My favourite pieces New romantic Page 14 Hold the line Page 16 Page 13

Saturday September 6 2014

Saleroom star Apple makes up The $15m pocket watch for lost time

The most eagerly awaited smartwatch is imminent. Will it disrupt the Swiss watch industry, asks Elizabeth Paton

onsumers have been bom- invested heavily in wearables. But traditional watch brands and barded by smartwatch Analysts at Kepler Cheuvreux esti- analysts say the risks have been over- launches by some of the mate that more than $3bn was spent stated, and see opportunities. world’s biggest technology on smartwatch research and develop- “The implications for us of a rise in companies in the past year. ment in 2013. wearables are clear,” says Jean- CThe fast-growing – and often-hyped – In the race to bring mobile commu- Claude Biver, LVMH president of wrist wearables sector is crowded nication to wrists, Apple has made watches and jewellery. “Adapt to this with new entrants – and the stakes big-name appointments, some of them new business model and don’t under- are about to get higher. from the ranks of Swiss brands owned estimate the technology. The most eagerly anticipated smart- by LVMH, the French luxury goods “But, at the same time, don’t forget watch is likely to be revealed next group. that it is not the first revolution expe- week. Apple is expected to unveil its The technology company poached rienced by the watch industry – and it smartwatch on Tuesday at a launch Patrick Pruniaux from TAG Heuer will certainly not be the last.” event near its California in July, where he had been vice- Swiss watchmakers have further headquarters. president of sales. reasons to remain confident, says Jon Long called the iWatch by industry Press reports have suggested the Cox, head of Swiss equities at Kepler

observers but likely to be launched rise of wearables could lead to prob- Cheuvreux. Photo: Charlie Bibby under a different name, the device has lems in the Swiss watch industry on a “The industry has modernised in been the subject of speculation not similar scale to those of the so-called the past few decades,” he says. “It is The most expensive watch in the in Geneva in November with an auction in 1999 when it fetched only among rival technology compa- “quartz crisis” of the 1970s, when far more in control of its distribution world at auction, the Henry estimated value of $15m. more than $11m. It is the most nies but also within the Swiss watch inexpensive imports from Japan operations and quality control.” Graves Supercomplication, will go The watch, created by Patek complicated hand-made watch industry – and with good cause. threatened to wipe out mechanical under the hammer at Sotheby’s Philippe in 1925, last appeared at ever made. (See Page 6) The technology industry has watchmaking. Continued on page 3 2 ★ FINANCIAL TIMES SATURDAY SEPTEMBER 6 2014 Watches&Jewellery Small company reveals mighty ambitions

Interview: Jean-Marc Pontroué, chief ‘You can favour another executive of Roger Dubuis, believes his young brand, but ours should brand deserves high status. By James Shotter be one of the top five’

oger Dubuis is one of the sales in Asia, 30 per cent in Europe, smaller watch companies CV: Jean-Marc Pontroué and 20 per cent in the Americas. in the portfolio of However, he plans to make cuts in Richemont, the Swiss countries including Spain and Italy, luxury goods group. But Education Ecole Supérieure de where there is neither sufficient local Rits leader has big ambitions. Commerce de Nantes or tourist demand to justify a “I always say you can favour presence, and bulk up in others another brand,” says Jean-Marc 1995 Joins LVMH, working at Givenchy where the watch market is booming. Pontroué, a Frenchman who has Countries at the top of the list been chief executive since 2011, “but 2000 Joins Richemont and works at include South Korea, where Roger if you are after an exceptional Montblanc, overseeing the brand’s Dubuis is opening three boutiques timepiece, Roger Dubuis should be diversification this year, and Saudi Arabia, where it one of the top five.” will open its first. The brand is also That would be quite an ascent for 2011 Becomes chief executive of Roger investing in China, the US, the a brand that has been in existence Dubuis Middle East and Macau. only since 1995, when it was founded Just three years after it arrived as an independent company by Roger there, the Chinese territory is now Dubuis, a Genevese watchmaker who Roger Dubuis’s largest market. had previously worked for Patek profile, however, Mr Pontroué is New stores do not come cheap, Philippe, and his business partner keen to stress that he does not want particularly in locations, such as and designer, Carlos Dias. the brand – whose watches are London’s Bond Street or Zurich’s In 2008, the brand – which makes known for their extravagant designs Bahnhofstrasse, that are favoured by only mechanical watches, complying and sell on average for €50,000 each luxury watchmakers. with the stringent standards of the – to grow so fast as to lose its aura Mr Pontroué says that the poinçon de Genève, the city’s seal of of exclusivity. overhaul of the brand’s distribution, quality for watchmakers – was Analysts reckon that the marque as well as the additional staff needed bought by Richemont. This was a now produces between 4,000 and for the new stores, will account for a difficult period, as the company 5,000 watches a year, and while Mr fair share of investment this year. battled with the economic downturn Pontroué will not confirm this, he But as befits a brand that prides and an excessive range of products, makes clear that the upper limit, at itself on the originality of its say analysts. least in the medium term, will not collections, Roger Dubuis will devote “Along with Baume & Mercier, it be substantially higher. sizeable resources to research and was certainly among the brands that “We will not produce in the next development. needed a lot of investment and that five years more than 6,000 timepieces “We are investing significantly weighed on Richemont’s margins for [a year], even though we could, and more in R&D, in terms of its share a while,” says René Weber, at Bank we have the demand,” he says. “We of our expenses, than any other Vontobel in Zurich. “But in the past will not exceed this number.” brand in our industry. I would say it few years, things have improved.” Nevertheless, the 50-year-old is about five times more,” Mr Like all Richemont’s brand chiefs, Breton – who worked for Pontroué says. Mr Pontroué declines to provide Richemont’s Montblanc for 11 years “We came with a world premier at details of his fiefdom’s revenues – and oversaw its diversification – says Jean­Marc concentrate on what we have.” of our distribution needs to be the last SIHH,” he adds, referring to which analysts reckon were about he aims to increase the amount of Pontroué: The brand currently sells through changed over the next five years, by Roger Dubuis’s Excalibur Quatuor, €60m in 2013 – or its profits. But he business Roger Dubuis does with its overhauling about 200 outlets, 20 of which are its closing branches in some cities, by the first silicon watch incorporating says that – perhaps unsurprisingly, network of retailers worldwide. distribution own boutiques. Although Mr closing points of sales that are not four sprung balances, which was given its size – Roger Dubuis has “If you want to develop your Pontroué plans to keep the overall relevant any more for our brand launched at the Geneva trade fair in been Richemont’s fastest-growing business, either you increase your number roughly constant, there will strategy,” he says. January 2013. marque for each of the past two number of points of sale, or you be some change in where the stores He is broadly happy with the “And we will come next year again years. concentrate on what you have,” he are located. geographical spread of the brand, with a world premier. R&D remains Despite his ambitions to raise its says. “We have made the decision to “We know that about 25 per cent which currently has about half its one of our priorities.”

Inside Watches &Rotonde Jewellery de Cartier Astrocalendaire Sparkling Tiffany Sixties Cinderellas Strong sales at the US Mid-20th century pieces, Time display Winding crown Leap year jeweller after senior oncecalendar shunned by Amphitheatre indicator adjustment management changes display collectors,

Tourbillon carriage are back Page 4 Winding weight Day, date and in month indicators

demandPL950 stamp Limited edition Prosperity in Peru Deconstructed Page number 13 A surging appetite for The mechanisms behind

luxury goods is driven by theSource: Cartier Rotonde de Cartier FT graphic an emerging middle class Astrocalendaire Page 4 Page 9 Slim Barrett Why the London-based Buccellati’s Green rubies designer stays true to his plans roots after 30 years Gemfields sources Private equity ethical stones in Page 14 partner pushes Mozambique change at Italian Glow head to toe Page 12 jewellery house Fine jewellers are creating Page 5 body jewellery with Bad-day brooches exceptionally high prices Patek’s 175th Page 15 Madeleine Albright, former Salerooms compete to US secretary mark the date, plus a of state, Old treasures short lifts the history lid on her On-the-road of the private valuations with super- collection Bonhams’ head of brand of treasures fine jewellery Page 6 Page 13 Page 17

Contributors

Elizabeth Paton Giulia Segreti Rachel Felder, Rachel Steven Bird Luxury industries Rome correspondent Garrahan, Simoney Kyriakou Designer correspondent Robin Swithinbank Camilla Apcar Syl Tang, Kate Youde For advertising, contact: James Shotter Researcher, How to Spend It Freelance journalists Charlotte Williamson: Switzerland and Austria +44 (0)20 7873 4038, email correspondent Simon de Burton Helen Barrett [email protected], Nicholas Foulkes, Commissioning editor or your usual FT Adam Thomson Contributing editors, representative. Paris correspondent How to Spend It Tracey Beresford Sub-editor All FT reports are available on Andres Schipani Claire Adler, Elisa Anniss FT.com at ft.com/reports. Andes correspondent Anthony DeMarco Andy Mears, Chris Lawson Follow us on Twitter at Jessica Diamond Picture editors @ftreports FINANCIAL TIMES SATURDAY SEPTEMBER 6 2014 ★ 3 Watches&Jewellery | News

“At the moment China is not a par- ticularly profitable market. This is partly because of taxes. But it is also because rents in the main shopping Swiss exporters take locations are very high, and staff costs are relatively high, even though they are not selling as much as staff elsewhere,” he says. “I assume that the [Swiss] watch- makers probably aren’t going to pass long view of China on much of this change to final retail, and as a result, the profitability of the Chinese market will go up for the Costlier watches will still incur 20% luxury tax, writes James Shotter watchmakers.” John Guy, luxury analyst at Beren- berg Bank, takes a similar line. “The ast summer, Switzerland relations, with concrete improve- on Swiss watch exports to China is luxury goods industry does not tend became the second Euro- ments, such as the reduction of tar- not likely to be that large, say ana- to cut prices, and I don’t think the pean country to sign a free- iffs, and greater protection of the lysts. impact of this tariff reduction will be trade agreement with China, ‘Swiss-made’ label in China,” he says. A watch bought in mainland China big enough to change that,” he says. following Iceland’s lead. On “That is very positive.” can be as much as 30 or 40 per cent “As a result, I don’t think we will see JulyL 1, the pact came into force. Under the terms of the deal, Chi- more expensive than if it had been a big jump in Swiss watch exports to For Switzerland’s watchmakers, nese customs duties on automatic bought elsewhere, according to René China.” among the drivers of the export indus- watches and quartz watches with non- Weber, an analyst at Bank Vontobel Mr Pasche at the FH acknowledges try, the deal is good news. The rapid digital displays – which between them in Zurich. that the luxury tax will remain a growth of the Chinese economy and account for 90 per cent of Swiss watch The price difference is particularly significant brake on sales of fine the penchant of its expanding middle exports by value – will drop from marked for watches that cost more watches in China. However, he points class for western luxury goods has their current level of between 11 and than Rmb10,000 ($1,600), as these out that with the signing of the free helped boost the value of Swiss watch 12.5 per cent to between 4.4 and 5 per are subject not just to import duties, trade agreement a working group was exports to China from SFr45m ($49m) cent over a period of five to 10 years. but also to a 20 per cent luxury tax, Deal: China’s premier Li Keqiang than the global average of SFr2,143, set up to discuss further bilateral in 2000 to SFr1.45bn in 2013. That Customs duties on other watchmak- which the free trade deal will leave in and former Swiss president Ueli says Mr Weber. arrangements between the Swiss and makes China the third-largest market ing products, such as alarm clocks, place. Maurer watch as pact is signed AFP Given that average prices are Chinese watch industries. One of the for Swiss timepieces, according to fig- movements and exterior components, The upshot is that, while plenty of already so low, and because the tariff topics for debate will be the luxury ures from the Federation of the Swiss will also be cut by varying amounts. Chinese buy expensive watches out- reductions will be phased in over a tax, he says. Watch Industry (FH). The only products that will not bene- side the country – typically in Hong period of years, Mr Weber does not If all goes to plan, Mr Pasche says As far as the industry is concerned, fit from lower duties are watch brace- Kong, but also in European countries expect them to translate into mean- the deal’s impact could go far beyond the main advantages of the deal, lets manufactured from precious met- such as Switzerland, the UK and ingful reductions in the prices of the Swiss-Chinese trade balance. which took more than three years to als and exported separately. But these France – relatively few choose to buy watches in China. Moreover, Swiss “We would like to do deals with the negotiate, are a reduction in Chinese account for just 0.05 per cent of Swiss them in China. As a result, most of ‘Watchmakers probably watchmakers have little incentive to other Bric countries – with Brazil, import tariffs and greater protection watch exports by value, according to the Swiss watches bought in China cut prices in the country because with India, with Russia,” he says. for intellectual property, says Jean- the FH. tend to be at the cheaper end of the aren’t going to pass on their cost base there is rising fast, “That obviously depends on them too. Daniel Pasche, president of the FH. While the reduction of trade barri- spectrum. The average export price of says Jon Cox, head of Swiss equities If this deal works well, perhaps it will “The deal will give a clear frame- ers is certainly a positive step for the Swiss mechanical watches sold to much of this change’ at Kepler Cheuvreux, a Europe-wide increase their interest in a deal of work for bilateral commercial Swiss-Chinese relations, the impact China was SFr616 last year, far lower financial services company. their own.”

Appleseekstomake up for lost time Continued from page 1 Swatch Group, the world’s biggest watchmaker by More significantly, Lux- sales, which accounts for ury brands, such as Rolex, about 70 per cent of Swiss Cartier and Patek Philippe, watch exports. Many of its will, he says, face limited Swatch and Tissot models challenges because smart- are priced at the lower end watches cost far less than of the spectrum. their Swiss counterparts, In the past, the company which means they are has dismissed the threat likely to appeal to consum- posed by smartwatches, ers with lower budgets. claiming it had little inten- “Crucially, the area of tion of working with tech- pricing overlap between nology groups. smart and luxury watches Nick Hayek, the group’s is very limited.” chief executive, told the Mr Cox estimates that Financial Times in March: about 66 per cent of Swiss “We have been in discus- watch exports by value are sions – not ever initiated by typically priced at more us – with practically all than $20,000 per timepiece. players in smart wearables. By contrast, most wrist However, we see no reason wearables available to date to enter into any partner- cost between $150 and $500, ship agreement.” with an average price point But Swatch Group has of $266. faced headwinds. It shares Aldo Magada, chief execu- have fallen 12 per cent this tive of Zenith, the LVMH- year and in July the group owned Swiss watchmaker, reported a drop in first-half takes the same line. profits for the first time in “We are not competing five years. It cited an uncer- for the same market,” he tain outlook in Hong Kong, says. “Wearables buyers the world’s biggest export look to a smartwatch for market for Swiss watches. specific information and Last week the group digital features, while cus- announced it would be add- tomers of classical luxury ing fitness functions to its watches seek technical per- Touch line of digital watches, in a move Nick Hayek: designed to disrupt technol- ‘Swatch ogy companies that have Group is well already taken fitness track- prepared for ing devices to market. wearables Suddenly, Mr Hayek market’ appears to be changing his line. “Everything that makes formance, craftsmanship millions of people more and design.” open to put something on Moreover, smartwatch their wrist will boost the prices are expected to stay opportunities to sell more low, because, as others watches, more jewellery,” point out, the technology he says. within quickly becomes “And why not, more obsolete. interactive objects on the Stephane Linder, chief wrist? We do not feel threat- executive of Tag Heuer, pre- ened. The Swatch Group is dicts that prices for smart- well prepared.” watches will be correlated Elsewhere, many industry to potential technology observers believe more obsolescence for the fore- middle-ground partnerships seeable future. “As long as between technology groups smart watches age quickly, and traditional Swiss prices will stay low,” he watchmakers may be says. imminent. Swiss expertise in design, One solution could be longevity and battery life introducing Swiss smart- could also prove an advan- watches that could be used tage, according to Luca with any open software Solca, a luxury analyst at infrastructure and would Exane BNP Paribas. not be reliant on mobile He notes evidence of programming that could declining usage by early quickly become obsolete. wearables adopters. “The Brands such as Swatch average wrist fitness device could also become suppliers is used for three to six to the smartwatch industry, months before it is left in a given its expertise in micro- drawer,” he says. “Why processing, flexible LCDs would the big Swiss players and tactile technologies. want to enter that kind of Mr Cox of Kepler Cheu- market?” vreux says: “The titans of But one company could Silicon Valley would gain be exposed to risks from more from co-operation a successful Apple product: with the Swiss houses than confrontation. “In terms of retail distri- bution, association with the big Swiss powerhouses could bring considerable cachet to the brand equity and consumer trusts.” For now, with Swiss watch exports hitting record highs and the sector growing at 7 – 8 per cent a year, according to estimates by BNP Paribas, those at the top of the fine horology industry are relaxed – at least outwardly. “Unless there is a major unforeseen socio-economic global crisis, the industry will probably enjoy another How Apple’s device may look record year,” says Mr Biver. 4 ★ FINANCIAL TIMES SATURDAY SEPTEMBER 6 2014 Watches&Jewellery | News Change of guard heralds new era for Tiffany

homegrown rivals, he calls Europe US group’s incoming “the land of opportunities for us”. Meanwhile, turmoil in Russia has chief sees Europe as muted what was meant to be a boom market. In Japan, where the group ‘land of opportunities’, has 55 stores, a rise in sales tax in April sent sales tumbling 13 per cent says Elizabeth Paton in the latest quarter. The diamond market remains vola- tile when it comes to Tiffany’s critical supply of precious stones. The com- he past 12 months have pany bought stones when prices were been marked by high-profile low, and is benefiting from this, but changes at the top of any change in prices would hit gross Tiffany & Co, the world’s margins – especially because Tiffany second-largest luxury jewel- is ramping up production of one-of-a- Tler by sales. kind, spectacular creations. The appointment in September of a But analysts say Mr Kowalski will new design director, Francesca Amfi- leave a strong team in place. Oliver theatrof, was followed six months Chen at Citigroup says: “The new fig- later by that of Ralph Nicoletti as ures at the helm are already making chief financial officer. A series of great strides at reinvigorating and executive reshuffles then took place revamping a classic American luxury within the sales, marketing and finan- brand.” cial planning departments, before the Mr Chen adds that although Tiffany biggest change was unveiled in July. stock trades at about 25 times forecast After 15 years at the helm, Tiffany’s Thinking outside the box: design director Francesca Amfitheatrof, appointed in 2013, has hinted she might review Tiffany’s trademark blue packaging AP earnings, investors seem convinced of chief executive, Michael Kowalski, its enduring global appeal. announced he would retire on March “Mr Nicoletti [the new chief finan- 31 2015, with Frederic Cumenal, presi- cial officer] is very focused on prudent dent, named as his replacement. Succession plan inventory management and managing “I am confident the company is networking capital, while Ms Amfithe- superbly positioned for the future,” atrof is adding a cooler, more modern Mr Kowalski said at the time, adding Smooth-talking Frenchman was groomed for leadership aesthetic lean to jewellery lines, with- that he would remain at Tiffany as out drifting from its core DNA. This chairman of the board. could well drive more self-purchasing For many on Wall Street, the news rederic Cumenal, 54, is vegetable oil producer Lesieur, Moët & Chandon was opened promotion to president and a by customers and reduce a reliance on Mr Kowalski was stepping down was smart, smooth-talking France’s second-largest food somewhere in the world every seat on the board. gifting trends.” long awaited, and his decision to Fand amiable, writes company, and at Mars. Fifteen second of every hour – about His remit as president was Having previously worked for appoint Mr Cumenal – formerly chief Elizabeth Paton. years at LVMH followed in 86,400 bottles a day. widened to include overarching Asprey & Garrard, Wedgwood, Gucci executive of Moët & Chandon, the Born in Bordeaux, he senior positions within the Tiffany & Co poached him in responsibilities such as and Chanel, Ms Amfitheatrof LVMH champagne house – hardly a attended the Institut d’Etudes wine and spirits business, 2011, charging him with the marketing, store development, launched her inaugural Tiffany T col- surprise. Mr Cumenal’s arrival at Politiques and Ecole most recently as chief management of its worldwide merchandising and design. lection in US stores at the end of Tiffany in 2011 to oversee worldwide Supérieure des Sciences executive of Moët & Chandon. sales and distribution After recent strong sales and August, offering up 50 pieces in sim- sales and distribution had coincided Economiques et Commerciales Mr Cumenal proved an operations. surging profits, it seems ple metal designs in golds or sterling with the strategic turnround and in Paris before going to adept leader at the champagne Mr Cumenal oversaw an likely that silver, with a price range from a few a new era for the New York-based Harvard Business School. maker, capitalising on demand aggressive international Tiffany’s new hundred dollars to nearly $20,000. jeweller. After graduation, he began for sparkling wine from both expansion after the company leader will Given the task of overseeing a con- Overexposure to recession-weary his career in sales and mature and emerging markets. targeted markets including ensure the sistent design across a diverse range consumers in north America and marketing at Procter & By the end of his tenure, he Europe and China. He was good run of products, lines and price points, the weaker sales of lower-priced fashion Gamble, followed by stints at estimated that a bottle of rewarded last year with continues. British-born creative director has also lines had hit the company’s earnings. suggested that she is willing to take A decision was made to expand inter- risks, hinting in an interview to nationally into new markets and take Vogue that even the pale blue Tiffany the brand further upscale. $124m. In stores open for at least a global outlook to ensure he can con- challenges. Despite the opening of a box could be made over. For some Targeted investment was then year, a rise of 7 per cent in global tinue making progress and exceed three-storey flagship Paris boutique observers, this would be no bad thing. poured into revamps and rollouts; the sales was reported, fuelled by gains in expectations. on Avenue des Champs-Elysées in “The brand has evolved enormously company now has 292 stores world- the US and Asia-Pacific and prompt- “Tiffany is broadening out its prod- June, sales in Europe have been under Michael Kowalski’s tenure, and wide. New product lines were intro- ing the company to raise its earnings uct lines into watches and leather muted because of strong currency in the past two years, the new guard duced, with ambitious merchandising forecast for the third time this year. accessories. As the company becomes headwinds and slackening local and ‘Tiffany is on track for have made exciting changes,” notes and advertising campaigns. Can it continue? less dependent on North American tourist traffic in Tiffany stores, ana- Citi’s Oliver Chen. The strategy has produced results. “Yes,” says Rahul Sharma, an ana- sales, Mr Cumenal will bring great lysts say. a good holiday season “It is well on track for a good holi- In Tiffany’s most recent quarter, lyst at Neev Capital. “And Frederic expertise.” Mr Cumenal has said he believes day season, continued shareholder reported last month, net earnings had Cumenal is absolutely the right man While expectations are high, Tiffany has neglected the continent. and sustainable growth’ support and a sustainable – and jumped 16 per cent year on year to for this job. He has the record and the Frenchman will face significant Although he faces competition from sparkling – long-term growth story.” Dazzling Lima becomes Latin America’s latest economic star

Patek Philippe, Hublot, Par- Murguía, a century-old jew- to Peru jumped from $1.2m Emerging markets migiani and Mikimoto. eller that stocks Rolex. in 2003 to $27.1m last year. “Today, Peru is an impor- “Increasingly, global Meanwhile, locally made A new middle class tant market and every day brands are entering the jewellery brands have been is putting Peru on global brands understand market,” he says, adding making inroads, with some us a little better,” says Mr that his sales have doubled setting up franchises over- the luxury map. By Noriega. “All the brands we in the past decade, almost seas, says Juan Carlos Andres Schipani sell are profitable.” He adds solely thanks to a growing Mathews, former exports that demand for some is number of local consumers. director of PromPeru, the outstripping supply. Paulo Pantigoso, manag- state promotion agency. n a grey August Mr Noriega says Aldo has ing partner at EY in Lima, “It is a sector with strong afternoon in Lima’s moved on from yearly aver- who follows consumption potential,” he says. Accord- Oaffluent district of age sales of $10m a decade ing to PromPeru, last year Miraflores, the Peruvian ago to $20m now. About 60 Peru’s jewellery exports government auctioned a per cent of sales are of jew- ‘There’s growth, were worth $45.6m. collection of luxury items ellery that it designs and Ilaria, a local producer of that once belonged to makes itself. The rest is there’s evolution. silver jewellery, has Vladimiro Montesinos, the imported. expanded into neighbouring now jailed ex-intelligence Across its seven stores, Increasingly, countries. chief. shoppers spend an average The growth in artisan- The star lot was a Corum of $5,000 per transaction, he global brands produced and manufactured watch encrusted with 400 says. Last year, Aldo sold a are entering the jewels can be linked to the diamonds – valued at some watch worth $500,000 and rising number of high-end $160,000. “Who would be three others priced $200,000 market’ tourists travelling to willing to buy the bling that each. ancient and ruined Inca belonged to a crook,” one A growing weddings mar- cities. bystander asked. ket is providing additional patterns in Peru, says the “Inca-inspired jewellery is Soon after, in a short but sales. Five years ago Aldo Andean country’s luxury a best-seller here,” says intense round of bidding, a sold 150 engagement rings a market is still in its Elsa Tello, Aldo’s stores young woman paid almost year. It expects sales to top “embryonic phase”. He fore- manager, at the brand’s $14,000 for a gold ring 600 in 2014. casts steady growth. flagship store in Cusco, the encrusted with a two-carat “There’s growth, there’s While Brazilian jeweller former capital of the Inca diamond. “There’s obvi- an evolution. Pricier stuff is H Stern is now one of the empire. ously a growing appetite for being sold. A new group of leading jewellery retailers It is also the gateway to bling in this country,” mur- people has entered the mar- in Peru, data from the Fed- the ruins of Machu Picchu, mured another observer. ket,” says Rafael Jiménez eration of the Swiss Watch a tourist hotspot packed Despite a recent slow- del Río, who owns Joyería Industry shows that exports with luxury hotels. down, Peru is feted as one Aldo’s inventory there of Latin America’s eco- runs from standing Inca nomic stars. It has enjoyed idols pleated in gold to Asian-style growth, averag- Andean crosses encrusted ing more than 6 per cent a with diamonds. year in the past decade. The brand’s wares are While Peru is still bur- displayed in the large stone dened by inequality and archway of a luxury hotel poverty, such growth has sited within a sumptuous created a substantial middle colonial mansion. class. More job opportuni- But despite social ties, higher wages and advances, people are wary access to credit mean many of display and ostentation more Peruvians today have in a country that until less money in their pockets. than 25 years ago was in A growing number are the grip of a guerrilla war, willing to spend it on hard explains Aldo’s Ms Tello. luxury, say jewellers. “The “The number of local cus- luxury market in Peru has tomers has grown, but secu- been growing constantly in rity is still a concern; we the past 10 years, and that have some way to go.” includes jewellery,” says Another problem is that Franco Noriega, brand man- unlike Buenos Aires and ager of Aldo, the Lima- Mexico City, Lima lacks an based jewellers. premium avenue or street In a country with a with a concentration of lux- strong mining industry that ury stores. is a top producer of gold Perhaps, however, the and silver, this family- emergence of Lima as a lux- owned jeweller has turned ury shopping destination is itself into one of Peru’s simply a matter of time. largest and most prestig- As Mr Pantigoso at EY ious luxury retailers, with says: “Ten years ago, not jewellery crafted by its own only were there no brands, artisans, and sales of inter- there were not even any national brands such as Inca gold: traditional designs are popular with tourists AFP shopping malls.” FINANCIAL TIMES SATURDAY SEPTEMBER 6 2014 ★ 5 Watches&Jewellery | News Kering finds strategic value at Ulysse Nardin

watches and jewellery division. silicon in its movement. Thanks to its dominant force in the production of Patrik Hoffmann: began with the manufacture of highly Innovation as well as Ulysse Nardin does not disclose strength, the element requires no mechanical movements, to sell to staying on as complex movements for its limited- much financial information, but esti- lubrication and it handles tempera- third parties. chief executive edition watches. But last year, it profitability explain mates point to an operating profit ture changes better than traditional But that obligation is being phased began to roll out the UN-118 auto- margin in the region of 25 per cent – materials. out, raising the prospect that inde- matic movement, its first designed as the recent acquisition, roughly double that of Kering’s Gucci The use of silicon has also signifi- pendent watchmakers will no longer a large-scale movement. watch division. Its annual revenues cantly increased the accuracy of be able to depend on Swatch as the The acquisition could have big says Adam Thomson are estimated at about SFr315m Ulysse Nardin’s timepieces, while pro- source for its movements. implications for Kering’s other watch ($343m), which compares with about longing the power reserve of its move- As John Guy, an analyst at Ber- brands, which have some in-house SFr375m for Kering’s watch division, ments because the material is hard enberg in London, says: “If you manufacturing but not nearly enough including Gucci timepieces. and light. The company went further, are solely reliant for your move- to cover production. s analysts dialled in to a That volume is likely to boost Ker- buying a business specialising in man- ments on Swatch in the next Ultimately, says one analyst, the conference call in July to ing’s overall watch sales significantly. ufacturing diamond coatings for sili- five or 10 years, life as an inde- industrial scale could help lift Ker- discuss Kering’s financial Yet Ulysse Nardin’s main attraction con, or Diamonsil, as it calls the com- pendent watchmaker is likely ing’s Gucci watches, which account results, there was one for Kering is strategic. bination. to get very tough.” for a chunky €180m of the group’s question that dominated: “Ulysse Nardin is a brand that has Such innovations could prove valua- Mr Guy points out that try- annual revenue, but whose cheaper Awhat did the Paris-based luxury and been on our radar screens for many ble for Kering as it looks to boost and ing to establish an in-house quartz movements have started to lifestyle group, formerly known as years,” Kering said in a statement. add value to its portfolio of compa- manufacturing operation now look out of place against the brand’s PPR, want with Ulysse Nardin, the “The opportunity has material- nies, allowing the group to share the is more than just about setting expensive leather bags and wallets. independent Swiss watchmaker it had ised...in an industry where the technology with other high-end down the cash. “Even if you have “Placing a Gucci watch in the same just agreed to buy? number of top-quality independent brands. the money, there is no skilled display as a Gucci bag is starting The answer, according to François- watchmakers is limited.” Ulysse Nardin has also worked to workforce that you can just to destroy brand equity,” says the Henri Pinault, Kering’s chairman and Founded in 1846, Ulysse Nardin was build its in-house capacity for manu- plug in and play,” he says. analyst. Using some of Ulysse Nar- chief executive, was that the luxury taken over and relaunched in 1983 by facturing movements. In an interview Ulysse Nardin already has din’s mechanical movements for group wanted Ulysse Nardin’s “rich Rolf Schnyder, who helped turn it into last year, Patrik Hoffmann said the that skilled workforce – Gucci could restore the bal- heritage, high profitability and solid a strong brand with big profits. company was now one of the few to the company has ance. growth prospects”. Under the stewardship of Mr Schny- make its own hairsprings, the deli- about 400 employ- Meanwhile, Ulysse Nar- The acquisition, for an undisclosed der and, since 2011 that of Patrik Hoff- cately coiled strip of metal that sits at ees, 150 of din’s innovation and auton- sum but estimated by analysts to be mann, who has agreed to stay on as the heart of a watch’s movement. whom work at omy are sure to play a close to €760m, came on the back of a chief executive, the watchmaker has Before long, he said, production would the move- central role in Kering’s string of Kering purchases in the developed a reputation for technologi- be sufficient for the brand to sell to ment factory ambitions. As Jean-Marc Swiss watch industry over the past cal knowhow and innovation in a third parties. in Switzer- Duplaix, Kering’s chief three years that have included Girard- market where quality and design are Analysts say that such autonomy is land. financial officer, said on Perregaux and JeanRichard. central to brand image. vital to long-term survival, given the The com- the July call, Ulysse It also followed the appointment in Just over a decade ago, for example, tectonic shifts occurring in the Swiss p a n y ’ s Nardin “will become April of Albert Bensoussan, a Ulysse Nardin created the Freak watch industry. Until now, regulators drive for the backbone of our respected industry figure, to Kering’s watch, which was unique in the use of have forced Swatch Group, the autonomy watch business”. Italian partner drives change at Buccellati

face to create a sheen; Private equity Ornato patterns, decora- tions based on natural Brand aims to hold forms; and handmade lace on to tradition. By and honeycomb patterns, created by a craftsman who Anthony DeMarco saws pentagon-shaped holes into precious metal with a fine blade. One collection in ince Clessidra, the pri- Buccellati’s New York bou- vate equity group, tique used a filigree tech- Sbought a 66 per cent nique unique to Sardinia. stake in Buccellati in March Maria Cristina Buccellati, 2013 for a reported €80m, communications director, the Italian jewellery house says: “It’s not so much the has changed rapidly. weight of the gold but the At Baselworld, the hard workmanship that influ- luxury industry watch fair, ences the price. Everything this year the brand is hand engraved, no matter unveiled its first engage- how long that takes,” she ment rings, bespoke adds. “It’s difficult to find watches and what it calls artisans that still do this.” “high-tech” jewellery – fine Mr Andretta says the cases for mobile devices. company is focusing on The products coincide with modern consumers. Covers a generational shift in the for iPad minis and iPhones Buccellati family, a fresh are billed as the world’s logo, a redesigned website most expensive, at €350,000 and a planned expansion of ($460,000) and €150,000 its boutique network. respectively. The surface of Andrea Buccellati, presi- each gold case features dent and creative director Rigato etching with sun- of Buccellati, says Clessidra burst designs made of white provides financial backing, gold and diamonds inspired professional management by Leonardo da Vinci’s and the ability to expand drawings of the sun. points of sale around the The cases were the first world. He adds that the pri- pieces by 25-year-old Luc- vate equity group, being rezia Buccellati, the fourth Italian, has an understand- generation to take over ing and appreciation of design and the company’s Buccellati’s heritage. The first female designer. “It’s a Milan-based fund special- big change for our com- ises in investing in Italian pany,” Ms Buccellati says. companies. “We’re very attached to the “The Buccellati family history but we’re starting to was facing a generational step into a new world.” change and we wanted an Mr Andretta has created a investing partner to expand bespoke watch service, where clients design their Lucrezia own Swiss-made timepiece. Buccellati, The company works in part- 25, is part of nership with five Swiss the jeweller’s movement manufacturers fourth to produce anything from a generation simple movement to a grand complication. Unlike most Swiss luxury the brand in the world,” Mr watches, where much of a Buccellati says. “The in- watch’s exterior design is vestment was important, determined by the shape not only in financial terms and function of the move- but also to find the best ment, these are designed management team.” from the outside in. Thierry Andretta, Buccel- “My approach to watches lati’s chief executive, says: is not complications but “Our strategy is to be the more the aesthetic design standard in Italian high-end point of view,” Mr Andretta jewellery. There will be no says. The watches start at compromise about the qual- $120,000. ity of its genetic code.” Alternatively, clients can Mr Andretta, formerly design a watch from scratch chief executive of Lanvin, with a Buccellati designer. the French couture house, Mr Andretta had noticed says his hiring in 2013 had that a few luxury watch to be approved by both companies were creating Clessidra and the Buccellati ultra-exclusive timepieces family. Under the new for Chinese customers. structure, the Buccellati Mr Andretta has the task family owns 33 per cent of of expanding the boutique the company while Mr network, particularly in the Andretta owns 1 per cent. Middle East and Russia. The Clessidra declined to com- company has four boutiques ment on the deal. in the US, four in Europe Mr Andretta says the and three in Asia. Buccellati family remains It considered entering the in creative control of the Chinese market but chose company, designing every to start with Hong Kong. piece of jewellery. About 70 The city, where the com- per cent of turnover is from pany has a boutique, is a jewellery, with 20 per cent shopping destination for from watches and 10 per wealthy Chinese. cent from silver ornaments. Buccellati plans to move The family relies on Ital- its New York store to 714 ian artisans skilled in such Madison Avenue, a five-sto- techniques as: Rigato etch- rey townhouse formerly ing, in which parallel lines occupied by French jewel- are cut on to a metal’s sur- lery brand Mauboussin. 6 ★ FINANCIAL TIMES SATURDAY SEPTEMBER 6 2014 Watches&Jewellery | Auctions Salerooms Christie’s joins rush to retail

best price on a vintage or gear up for Ecommerce modern watch,” says John Reardon, the New York- Auctioneer’s new based international co-head of Christie’s watch depart- site is a ‘step closer’ ment. to a shop, writes “In addition, they ask for a watch that is ‘right’ and Patek’s 175th Simon de Burton that they can buy with con- fidence in [its] quality and Not long ago, auction originality. Our new site houses survived purely by sells watches of uncompro- acting as intermediaries mised quality, vetted by our between buyer and seller, team of watch specialists earning money by charging and at competitive prices.” one or both a commission Currently, these are sold on the value of the sale. on behalf of private individ- But with stiffer competi- uals, who receive 100 per tion, tighter margins and a cent of the sale fee – which broader range of demanding means that, although Chris- clients, auctioneers have tie’s does vet each watch had to rethink that tradi- and guarantees its basic tional business model. integrity, there are none of Sotheby’s will offer the ‘Holy Grail’ of watches Sotheby’s, for example, the mechanical warranties sells mid to high-end jewel- or refund policies offered by to mark anniversary, writes Simon de Burton lery through its Sotheby’s conventional retailers. Diamonds retail business, “The service is something runs a fine wine shop from which is one step closer to he competition between the important collector of Patek watches. Timeless appeal: far, far larger, and there is a good “We began by creating a list of its New York headquarters full retail than an auction,” leading watch auction He commissioned the Supercomplica- sold for $11m possibility that the Supercomplication pieces which best represent the his- and stages curated selling houses to mark Patek tion in 1925 in an effort to outdo in 1999, the will be bought by someone who col- tory of the company from the 1840s exhibitions at its S2 galler- The Watch Philippe’s 175th anniversary James Ward Packard, an automobile Henry Graves lects the best of the best on a wide through to the 1980s and, as word of ies in Europe and the US. Shop will this year is hotting up. mogul and fellow watch enthusiast, Supercomplication scale, rather than simply by a special- the auction spread among key collec- Christie’s, meanwhile, offer a choice TChristie’s first announced a sale with whom he had spent years com- set an auction ist watch connoisseur.” tors, we found we were being offered has its own gallery in New of at least 30 devoted to the watchmaker that will peting as a collector. record Ms Schnipper says the watch has some really superb watches, almost York, and in 2007 acquired watches at a take place during the run of high-end And, with its 900 parts (among them been researched extensively since the all of which have been off the market the Haunch of Venison art set price auctions in Geneva in November. 430 screws, 110 wheels, 70 jewels, two 1999 sale, resulting in the rediscovery for the past 30 years. dealership, which has out- Two weeks later, Sotheby’s upped faces, nine dials and 18 pointers) of documents relating to its history – “Owners were encouraged by the lets there and in London. the ante, announcing that it plans to wrapped in a gold case measuring including one referring to Graves’ fact that the Rolex Daytona theme Now Christie’s has says Mr Reardon. “As the offer the “Holy Grail” of timepieces, 74mm in diameter and alone weighing intention to throw it into a lake dur- sale we staged last year realised launched the Watch Shop, Watch Shop grows, it might the Patek Philippe Supercomplication 540g, the Supercomplication did ing the 1940s because he feared knowl- $13.2m from just 50 watches, and [by an online retail boutique make good sense for us to pocket watch, originally made for the the trick. edge of its existence might lead to having seen that] the focus of atten- specialising in rare, vintage acquire our own stock. It is New York banking tycoon Henry With its 20 functions, it remained him being kidnapped. tion will now be heavily on Patek and luxury models. A soft such a simple concept, but I Graves Jr. The sale will be held two unsurpassed in complexity until 1989, The watch will have its own com- because of the 175th anniversary.” launch at the beginning of think it could revolutionise days after the Christie’s event. when Patek made its 33-complication prehensive catalogue for the Novem- As this report went to press, con- May resulted in a 30 per the way auction houses sell Graves’s watch last appeared at auc- Calibre 89 to celebrate its 150th ber 11 sale, which will include about tracts for many of the most important cent sell-through rate watches.” tion in December 1999 when it was anniversary. 10 more Pateks. consignments were in the process of within a week, according to Initially, the site will offer sold by Sotheby’s as part of the dis- The Supercomplication’s current ‘He feared Christie’s, meanwhile, expects to being finalised but among the con- Christie’s, with buyers from at least 30 watches at a persal of the contents of the Time owner remains anonymous, although have consigned about 75 exceptional firmed entries was an exceptional around the world spending time, each at a set price and Museum of Rockford, Illinois, founded the piece was displayed for several knowledge vintage Pateks for its standalone sale, Reference 1518 perpetual calendar between $3,500 and $58,000 available for immediate in 1971 by Seth Atwood, an auto parts years in Patek’s Geneva museum. of the scheduled for 8pm on November 9, wrist chronograph dating from on models from popular dial purchase, without the usual tycoon and horophile. Sotheby’s says the Supercomplica- with 75 more modern pieces, which around 1945. names such as Rolex, Patek additional fees associated The watch – which Atwood acquired tion could fetch $15m in November, watch’s will be offered as part of the regular One of just 281 examples made, it is Philippe, Omega and Tudor. with buying at auction. from Graves’s grandson – then but it could make considerably more. day sale. given additional value by having orig- The success has prompted New offerings will be attracted considerable presale public- Daryn Schnipper, Sotheby’s watch existence John Reardon, Christie’s watch inally belonged to the acquisitive the company to promote the highlighted through social ity thanks to its $5m estimate. In the division chairman says: “The collect- department co-head, says: “On many King Farouk of Egypt, whose remark- service more actively, and media, with potential buy- event, and after protracted bidding, it ing landscape has changed markedly might lead occasions lately, modern Patek able and wide-ranging collections it is now openly taking on ers able to contact a Chris- sold to an anonymous buyer for more in the past 15 years and, whereas the Philippe wristwatches have demon- were dispersed by Sotheby’s in an internet dealers and tradi- tie’s expert for advice. The than $11m, to establish an auction Graves Supercomplication was known to him strated inconsistent prices, so we eight-day auction in 1954, two years tional, pre-owned retailers. site will also feature news, record that remains unbeaten. largely to watch enthusiasts when it being decided to accept only vintage for the after he was overthrown in the Egyp- “Every day, we are con- interviews and in-depth It is important because of a combi- last appeared at auction it is now evening sale.” tian revolution. tacted by collectors, col- reviews of choice pieces. nation of factors. famous in the wider world.” kidnapped’ He expects the auction will gross up It is now estimated that the watch leagues and friends asking Graves is regarded as the most “The pool of potential buyers is also to $20m. will realise up to $500,000. us where they can get the christies.com/watchshop The discreet luxury brand that built a cult following

Nicholas Foulkes on the myths and mechanisms of Patek Philippe

atek Philippe is a in competitions followed. In mid-20th century watch generations disappeared or brand that comes 1873, the Geneva Observa- bracelets. It was hard not to were bought and sold. But P“close to a religion” tory began precision compe- be impressed by the care the Stern family maintained for watch collectors, accord- titions: the following year, with which components are the company’s independ- ing to John Reardon, co- Patek Philippe took the top catalogued and preserved. ence. chief executive of Christie’s five places. Patek Philippe does not At this time, Philippe watch department. In the 20th century, Patek seem to have thrown any- Stern, father of current At auction, the brand’s Philippe was unprepared for thing out, even during the president Thierry, intro- rarer pieces regularly break the great depression of the “lost” decade of the mid- duced the Nautilus, a Ger- the $1m barrier. And al- 1930s, and almost went out ald Genta-designed luxury though only a few can of business. The brand was sports watch to equal the afford its products, its eventually bought by a con- ‘Its restoration Royal Oak of Audemars advertising campaigns are sortium led by one of its Piguet. In 1979, he planned recognised worldwide. suppliers, a dial maker department the firm’s 150th anniversary But the brand behaves called Stern Frères. A mem- – then still a decade away – discreetly: there are no ber of the Stern family has houses drawers by starting work on a glitzy celebrity parties with been at the helm ever since. mechanical watch. rented film stars, no high- This same sense of an full of 19th- The Calibre 89, with its 33 profile sports endorsements unbroken link with the past century dials’ complications, took almost and no product placements. is important to collectors. a decade to make, but when Instead, a kind of mythol- Patek Philippe has archives it appeared in 1989, became ogy has been woven around detailing the year of pro- 1970s to the mid-1980s, crucial not only to the his- the brand, as collectors and duction and sale of each of when the mechanical watch tory of Patek Philippe, but industry watchers try to its watches. industry was on the brink also to the revival of inter- read meaning into the intro- I visited its restoration of extinction as it struggled est in complicated watches. duction of a marginally department in Geneva to compete with cheap and The expertise gained larger case size or a slightly and saw drawers full of accurate electronic quartz allowed for the reintroduc- different dial design. everything from 19th-cen- timepieces. tion of, among other things, When the brand aban- tury pocket watch dials to Watchmakers that had minute repeaters. doned the historic seal of Louis XV-style hands and been in business for Patek Philippe has since Geneva quality mark for its moved to a Geneva suburb own in-house quality seal called Plan-les-Ouates, to from 2009, the industry create a manufacture where pored over the decision. skills could be housed But Patek Philippe has under one roof. The move been around longer than freed one of its other the seal and most other Geneva buildings to serve brands. Of Geneva marques as a museum covering the that have been continu- history of the brand and the ously active in high watch- development of portable making, only Vacheron mechanical timepieces over Constantin is older. the past five centuries. But had it not been for a This year’s 175th anniver- failed Polish uprising sary is packed with special against Russia in 1830, events. There will be a series there would have been no of dinners and receptions in Patek Philippe, and no Geneva in mid-October, at 175th birthday celebrations. which special anniversary Among thousands of Poles watches will be unveiled. in exile was Antoni Norbert The celebrations end next Patek de Prawdzic, who set- year with an exhibition at tled in what was then the London’s Saatchi Gallery. Republic of Geneva, where But lively though celebra- he decided to go into the tions will be, Patek Philippe watch business. is already planning for the His first partnership with future. a Polish watchmaker in As John Reardon puts it: 1839 failed. But his second, “I will be looking for the from 1851, with French watches that will be on the watchmaker Jean Adrien cover of a Christie’s cata- Philippe who had perfected logue in 10 or 15 years’ a system of keyless wind- time.” ing, established a company that grew and prospered Nicholas Foulkes is writing throughout the 19th cen- the authorised history of tury. Patek Philippe, to be pub- Medal-winning triumphs lished by Random House in at world fairs and success Past master: founder Antoni Norbert Patek de Prawdzic 2015. FINANCIAL TIMES SATURDAY SEPTEMBER 6 2014 ★ 7 8 ★ FINANCIAL TIMES SATURDAY SEPTEMBER 6 2014 Watches&Jewellery | Watchmaking

Social enterprise The timepiece Made in the that was once UK (with a lethal weapon uxury watch brands have long laid claim to philanthropic Laims, some more convincingly than others, writes Camilla Apcar. Now one company is hoping the Swiss help) hardware in its watches will contribute to a better world. Launching this month with a price tag of $195,000, the limited edition, rose gold Inversion Principle is the A British maker is offering a modestly priced latest watch from Fonderie 47, a watch and jewellery brand set up in in-house movement, writes Simon de Burton 2009. One of the brand’s aims is to reduce the number of guns circulating in African war zones and other post-conflict regions. n-house” and “manufacture” makes no apologies for sourcing some The 10 timepieces have been are terms brands use to of its main components from China – manufactured in the Vallée de Joux impress on consumers that notably cases – but also makes use of in Switzerland and feature a they really do make their a large number of Swiss-made parts. sapphire crystal dial, enamelled own watches, as opposed to The new Calibre SH21 movement, minutes and seconds and a central, ‘Iscrewing together mechanisms which is made up of parts acquired three-minute flying tourbillon. bought from mass-market manufac- from nine Swiss suppliers, is the Each incorporates an AK-47 rifle turers. result of a business merger with a component from a weapon recovered For a watchmaker to attain manu- small movement maker called Syner- from an African war zone, and a facture status requires hefty invest- gies Horlogères, founded seven years hand-engraving of the former ment in time, design, tools and work- ago by Jorg Bader in Biel, one of the weapon’s serial number. force. Brands are being forced to com- leading centres of Swiss watchmak- Each sale, the company says, will mit to those costs, partly because ing. Mr Bader has worked in the fund the destruction of 1,000 assault ETA, the major movement maker, watch industry for 30 years and rifles through programmes run by restricts supplies to companies with invented the now-ubiquitous deploy- Mines Advisory Group, a UK charity. dial names outside the Swatch Group, ant clasp. Fonderie 47’s funding is currently its parent company. His most important employee is a Unadorned: the It is the finishing – or lack of it – designed and built from scratch,” says centred on the Democratic Republic Many manufactures charge a pre- German watchmaker called Johannes minimalist look of that is partly responsible for the low Samir Merdanovic, chief executive of of Congo, where AK-47 guns can be mium for their products, which are Jahnke. As well as developing modi- the C9 Harrison price of the C9 Harrison Five Day Eterna Movement, which recently bought for $20 or $30 – a significant seen as examples of elite craftsman- fied mechanisms for limited edition Five Day may not Automatic, the first watch to contain launched its Calibre 39 in-house move- amount that makes them a lethal ship. Now, however, a British-based Christopher Ward “big date” and suit all tastes the SH21 movement. In traditional ment, aiming to produce 100,000 a commodity. According to the World watch brand has introduced its first single-button chronographs, Mr high-end watchmaking, the decoration year to supply to other brands. Bank, average household income in-house movement just 10 years after Jahnke has spent four years designing of a mechanism using recognised fin- “Eterna Movement spent SFr20m amounted to $422 in 2013. it was founded – at what appears to be the SH21 from scratch using the ishing techniques can add as much as [$22m] over the course of five years in “In a place such as Congo, where a a very low price. motor industry’s Baukastensystem 30 per cent to the price of the product. machinery and assembly lines alone gun is worth [a significant Christopher Ward is offering a chro- principle of creating a basic platform The C9 Harrison Five Day’s move- in order to bring the Calibre 39 to proportion] of the money that nometer-certified, self-winding move- that can be easily adapted. ment is, however, entirely unadorned fruition,” he says. someone may earn in an entire ment, the Calibre SH21, with two This involved working directly with save for the “Chr. Ward” name on its However, Mr Merdanovic adds: “[If] year, the risk of mainspring barrels and a five-day each of the nine suppliers of the 112 ‘The price tungsten rotor – a look that may Christopher Ward is selling direct, having weapons power reserve in a watch that costs individual elements that make up the reduce its appeal to horophiles. then it should be possible to offer a sitting around £1,500 – about a third of the price of 164-part movement, with each compo- seems But Mr Ward thinks otherwise. piece with an in-house movement at after a conflict comparable pieces on the market. nent created to Mr Jahnke’s design. remarkably “The finish is intentionally minimal,” such a reduced price. Even so, the is pretty The company was founded in 2004 Although Christopher Ward he says. “It emphasises the fact that watch still seems inexpensive.” high,” says by Mike France and Peter Ellis – acknowledges those components are low for a the movement is strong, robust and The first batch of C9 Harrison Five- Peter former owners of the Early Learning not made by the company, it argues adaptable. Johannes has designed it day Automatics was available for pre- Thum, Centre chain of toy shops – and Chris- that its “in-house” claim is a legiti- movement so it can be used as a modular base to order in July, with deliveries expected founder topher Ward, an entrepreneur who mate one, because they have been spe- which complications can be added.” at the end of September. and chief learnt watch manufacturing in Asia. cifically designed and produced for designed The low price for which Christopher Currently, the manufacture has the executive From the start, it maintained a pol- the SH21 movement and are assem- and built Ward is making the SH21 available ability to produce numbers “in the of Fonderie icy of selling online only and direct bled in the Biel manufacture. has surprised experts, because the low thousands” annually. But if sales 47. from its base in Maidenhead, Berk- “We set out to create an ultra-relia- from cost of developing such a mechanism take off, plans are in place to enable a “It’s like shire, claiming to offer good quality ble, precision movement to match the is so high. significant increase in capacity, with having a watches at what some say are excep- most respected available in the indus- scratch’ “It seems remarkably little if the the ultimate aim of supplying move- pile of tionally low prices. The company try,” says Mr Bader. movement is, indeed, genuinely ments to other brands. money.” A turbulent take-off for Bremont’s high flying design

Movements Robin Swithinbank navigates the bumpy launch of an ‘in-house’ model

remont’s limited edi- tion Wright Flyer, Blaunched in July, seemed to have the quali- ties of a winner. The watch had collector appeal – each contains a piece of muslin used in 1903 to wrap the Wright broth- ers’ plane, the first heavier- than-air craft to take flight. But, more significantly, it Piece of history: Wright Flyer watches contain muslin used to wrap the original aircraft AFP was powered by what the brand described as its first “in-house” movement. Perret’s designers long and Foundation (Bremont paid of chronometer movements. Bremont had, it said, hard on this, and we’re an upfront fee – believed to This autumn, it will take designed the movement making some of the parts be hundreds of thousands of delivery of its first milling itself and was making some here in the UK. This move- pounds – for 14 square machine capable of manu- of the parts in Britain. ment is a stepping stone inches of the Wright Flyer facturing the base plates, But in the hours follow- to . . . making everything [in muslin) and, of greater bridges and rotors that will ing the watch’s unveiling in a watch movement] in the long-term significance, the appear in the BWC/01. London, talk among indus- UK.” emergence of the company “Bremont has ordered try enthusiasts worldwide Bremont now refers to as a legitimate British man- one machine, an NTX 1000,” turned sour. the movement as “proprie- ufacturer of watch parts. says Steve Finn, UK manag- Comments on online tary” – an exclusive calibre The episode struck a sour ing director of DMG Mori forums and blogs chal- made with parts that will note in a strong year for the Seiki, which will supply the lenged the claims for the be manufactured in a facil- brand, which sold its first unit. “For them, it’s proba- BWC/01 calibre, the accusa- ity in Henley-on-Thames, watch as recently as 2007. bly a £500,000 investment tion being that it was not Oxfordshire, where the In March it announced a by the time they’ve bought designed by Bremont but by company is registered. five-year partnership with the machine and got people La Joux-Perret, a specialist The controversy under- Boeing, a deal that will run to run it.” Swiss watch movement lines the fact that there is through the US aviation Provided it can recruit manufacturer with which no industry-agreed defini- and train the workforce, Bremont has worked in the tion of the term “in-house”. Bremont estimates it would past on both its limited edi- Over the past 20 years, ‘This movement be able to produce up to tions and its core collection some larger brands have 20,000 watches a year at the chronographs. bought specialist Swiss is a stepping new site, compared with the Bremont apologised, movement manufacturers, 8,000-9,000 it expects to acknowledging the move- absorbing them into their stone to making make this year. ment had indeed been own operations to create The company opened its designed in partnership “in-house” movements. The everything in first Asian boutique in with La Joux-Perret. It said practice of commissioning the UK’ Hong Kong last year and is that it had used a tried and an in-house movement from searching for retail space in tested gear train also used a third-party supplier and New York, where it hopes by the Swiss company in calling it “in-house” is more company’s centenary year to open a boutique by the other movement designs. common. in 2017. Most recently, it end of this year. The brand maintained, Justin Koullapis, techni- has produced a bespoke While the longer-term however, that the move- cal editor of The Horologi- watch to partner the much impact of the BWC/01 con- ment was otherwise unique cal Journal, says: “If Bre- vaunted Jaguar Light- troversy on the brand’s for- and exclusive to Bremont. mont were to produce a weight E-Type. tunes remains to be seen, “Yes, La Joux-Perret is movement that had a sub- The brand’s busy market- Bremont is chastened but involved, but our involve- stantial number of parts ing schedule reflects positive. ment is much greater than made in-house, it would be increased sales. Bremont “We do not feel any of the before, compared with say right and proper to say that reported 80 per cent growth discussion surrounding the the La Joux-Perret move- it’s made in-house – but in 2012-13, and expects a BWC/01 will have an ment we used in the Code- exactly where the line is further 40 per cent growth adverse effect on the breaker [a limited edition drawn is unclear.” when it reports at the end brand,” says Giles English, watch launched last year],” For Bremont, the contro- of the year. Bremont co-founder and says Nick English, one of versy surrounding BWC/01 Staff numbers have dou- brother of Nick. Bremont’s co-founders. overshadowed both a bled in the past 12 months, “The Wright Flyer has “BWC/01 is a joint effort – coup for the brand in secur- and it is on course to been the fastest-selling our designers have been ing a reciprocal relationship become one of the watch watch to our retail network working with La Joux- with the Wright Family industry’s top 10 producers of any we’ve made.” FINANCIAL TIMES SATURDAY SEPTEMBER 6 2014 ★ 9 Watches&Jewellery

Rotonde de Cartier Astrocalendaire

Time display Winding crown Leap year calendar Amphitheatre indicator adjustment display

Tourbillon carriage Winding weight

Day, date and month indicators

PL950 stamp Limited edition number

Source: Cartier FT graphic

Deconstructed Simon de Burton on the latest fine timepiece Long life, happiness – and perpetual calendars with 328-part movements

illiam Hague, leader of the House The technical ability to remain accurate only need adjusting during the three driven and uses an amphitheatre-like are unforgiving to the ham-fisted, because of Commons, is rumoured to have for the next 86 years, however, will be little century years that occur every 400 years – concentric display. one prod too many means the entire Wa peculiar talent for being able to more than an intriguing irrelevance to any the next being 2100 – when February 29 is The most obvious benefit is that the time adjustment process has to be restarted. name the day of the week on which a given owner who does not expect to live longer omitted, to account for the fact that the is far more easily read than with the usual To contain the 382-part movement, which date will fall. So challenged with July 12 than the average lifespan. accumulation of leap years over a period of jumble of discs and pointers. Equally, it includes a tourbillon regulator, Cartier 2017, for example, expect the swift But the perpetual calendar mechanism four centuries creates three extra days. reduces the risk inherent with perpetual created a hefty, 45mm case hewn from response: “Wednesday”. has been regarded as a demonstration of In 1925, Patek Philippe became the first calendar mechanisms of causing platinum and fitted with a sapphire crystal If the rumours are true, Mr Hague may horological mastery since it first appeared maker to reduce the mechanism to catastrophic damage if the watch is case back, through which can be seen the be interested in the latest timepiece from in the early 19th century. It is believed to wristwatch size, and since then the display adjusted at a time too close to midnight, leap year indicator. Cartier’s fine watchmaking workshops, the have been invented by Abraham Louis has traditionally taken the form of a system when the day and date pointers are The watch goes on sale this month, but Rotonde de Cartier Astrocalendaire. It Breguet, who incorporated it in to a grand of sub-dials with hands or discs driven by simultaneously preparing to move forward. those who part with the required £99,000 contains a perpetual calendar mechanism complication pocket watch for Marie levers and springs. The Astrocalendaire’s day, date and to own one of the 100 made will have to programmed to display the correct day, Antoinette. But in the case of the Astrocalendaire, month indicators can also be corrected, in wait until February 29 2016 to see its tiny date and month until 2100 – assuming its The genius is that the mechanism the movement – called “the brain” and either direction, simply by turning the pointer advance to the leap year position. owner is diligent enough to return it to its automatically accounts for long or short created by Carole Forestier-Kasapi, Cartier’s crown rather than by the usual system of That day, incidentally, will be a Monday. automatic winding box when not in use. months as well as leap years. So it should chief watchmaker – is almost entirely gear- multiple pushers set in to the case – which But Mr Hague probably knew that already.

Louis Vuitton to bring fine watchmaking under one roof

Nicholas Foulkes on the Geneva home of ‘creative independence’

he term manufac- A VIP area with moun- ture is in danger tain views is being prepared of overuse. In the to receive customers. watch industry, it Mr Chatti says that, from is usually used in a customer’s point of view, Tconnection with movements there is no substitute for that are conceived and con- seeing watchmakers at structed in-house rather work. “To understand high than bought in from suppli- watchmaking properly, you ers, and is intended to have to see it and you have imply skilled workmanship. to meet the watchmakers.” But there are no rules on Technical investment is what may or may not con- among the big changes to stitute a manufacture – the Louis Vuitton watch which might explain why brand in recent years. Hamdi Chatti, head of Louis Despite producing its first Vuitton’s watch and jewel- watches in 2002, by 2010 the lery division, avoids the brand still employed only term to describe the French two watchmakers, who luxury goods house’s new were primarily concerned 4,000 sq metre watchmaking with quality control at the facility in Meyrin, a suburb assembly plant in La of Geneva. Instead, he pre- Chaux-de-Fonds, where fers to talk about “creative movements arrived in kit independence”. form. The building, which offi- Of the 80 staff that will be cially opens in October, will working in Meyrin, about 25 place all LV’s watchmaking per cent will be watchmak- under one roof. Its assem- ers, another sign that the bly factory in La Chaux-de- brand has become much Fonds will close and many more ambitious in terms of of the workers will move its creativity. with the brand to Geneva. For example, the Escale Worldtime model, which launched this year, does ‘To understand away with hands, using a system of rotating disks watchmaking and a hand-painted dial. “We came up with the properly, you idea in-house, designed the watch, designed the move- have to meet the ment module on top of the watchmakers’ ETA base [produced by an external supplier], and we produced the dial.” The aggregation of all Léman Cadrans, the Geneva in the 18th century. Streamlined: the aggregated departments under one roof brand’s dial maker, will “The decision to open the departments will aid will also, Mr Chatti says, also be located here, as will factory was taken when we creativity and speed up the speed up prototyping and the haute horlogerie depart- bought Fabrique du Temps development process cut development times. For ment La Fabrique du because Geneva is the heart instance, before the brand Temps. of high watchmaking,” says acquired a dial-making Meyrin is already home to Mr Chatti. capability, prototypes could Roger Dubuis and Chopard, But while the choice of take a month and half, but and with the arrival of the the city may signal respect now it takes a week. new LV facility, the area is for the traditions of watch- LV is now capable of offering an alternative to making, Meyrin has also tackling the top level of Plan-les-Ouates on the other been chosen for pragmatic complications. side of the city as a centre reasons, not least its prox- “We produce minute of watchmaking. imity to the airport. repeaters – all of these are The new site, known as “As we are a retailer, we made in-house – and when- La Fabrique du Temps train our own retail peo- ever we produce a minute Louis Vuitton, references in ple,” Mr Chatti says, “and repeater it sells out right its title both the specialist the best way to train them away,” says Mr Chatti. movement supplier LV is to organise the training “The idea behind this is bought in 2011, and la fab- in the factory, so to be near that when you master the rique, the name given to the airport was very con- very top, you can master system of watchmaking in venient.” everything.” 10 ★ FINANCIAL TIMES SATURDAY SEPTEMBER 6 2014 FINANCIAL TIMES SATURDAY SEPTEMBER 6 2014 ★ 11 Jewellery The Rihanna effect Old treasures, new light Buying back Why the star is a latter-day On the road with Bonhams’ How archive collections make Elizabeth Taylor Page 15 fine jewellery expert Page 17 sound investments Page 16 The pink In search of unblemished rubies shrink leads to global ing the local community alongside its Ethical mining in ethical mining practices. Mr Harebottle says: “[Conditions Mozambique offers are] very dry, so one of our first com- price push mitments was to provide water. We consumers a way to have now dug eight bore holes, and built two schools, a market, a football Gemstones buy with a clear pitch, and bought and leased tractors to the local farmers.” As the Argyle mine winds He adds: “We’re doing our best, but down, demand ramps up. conscience, writes striving to do better. I’m not saying it’s perfect, but the area is better for Claire Adler reports Jessica Diamond us being there.” He has recruited a manager locally, while seeking outside help and advice io Tinto’s Argyle mine has pro- from organisations including the duced some of the world’s most World Land Trust. Rvaluable pink diamonds during oloured gemstones domi- Security is another problem. Garim- its 30 years of operation. But with nate today’s global fine jew- peiros, or unlicensed miners, operate limited reserves left and coloured ellery market, sparkling in illegally on the Montepuez site, which stones in high demand, the prices the windows of Bond Street, covers more than 300 sq km. commanded by the gems it produces Place Vendôme and beyond. Unlike emeralds, which require are expected to rise steeply. CRubies, particularly the deep red col- deep bore holes, rubies are found at a The mine, located in the rugged out- our known as pigeon blood, are depth varying from three to 10 metres, back of Western Australia, opened its among the most prized stones, making illegal mining a tempting annual travelling exhibition in but supplies had become scarce proposition. August in Sydney, showcasing 55 until recent months. What do these new supplies mean exceptional diamonds, comprising This was largely because of a US for those in the jewellery industry, or pink, fancy red and purplish-red ban on imports from Myanmar, one of those in the market to buy? stones unearthed this year. The the world’s most important ruby min- The cutting and polishing division stones will travel to New York and ing countries. But human rights of Gemfields, headed by Gabriella Hong Kong before the exhibition cul- abuses under the country’s military Harvey, will track the progress of the minates in buyers placing sealed bids dictatorship had led to sanctions. rough stones that were purchased in October. Yet demand remained high, espe- in June. But the event is not open to all cially in India and China, where red is She will act as a fixer between the comers. Just 150 purchasers of rare regarded as a symbol of wealth. lapidaries and the jewellery houses, diamonds are invited, and their The ethical conundrum continued with the aim of ensuring that those names have not been disclosed. In the until 2012, when Gemfields, a mining who want to buy high-quality rubies past, invitees have included Graff, Tif- company specialising in ethically will have access to a steady flow of fany, Moussaieff, Chow Tai Fook, sourced coloured gemstones, acquired stones, consistent in quality and size – John Calleija, Mondial and private a 75 per cent interest in the Mon- Rare commodity: supplies of rubies reached all­time lows after a US ban on imports from Myanmar, a leading producer exactly the gems in demand at the big gem collectors. tepuez ruby deposit in Mozambique. jewellery houses. Pink diamonds from Argyle are Gemfields held its first rough ruby Ms Harvey predicts that Mozam- among the most concentrated and auction in Singapore in June this auction in Singapore was 1.4 times “It was essential for us that none of time slots in the last three days. bican rubies will be highly visible in portable forms of wealth. Josephine year. Of the 2.03m carats on display, greater than the average number bid- the hard work of bringing the mate- Closed bids could be placed at any jewellers’ displays by Christmas. A Johnson, Argyle Pink Diamonds man- 1.82m were sold, generating revenues ding for emeralds and beryl from rial to auction was jeopardised by the point over the auction. marketing campaign is planned, and ager, calls them “one in a million” of $33.5m. Gemfields’ Kagem Zambian mine in next step in the process,” says Mr another ruby auction will take place because “for every million carats of The auction took place over six April and November 2013. Banks. “We asked everything, from an Harebottle, Gemfield’s chief before the end of 2014. rough diamonds produced from the days, with the floor-to-ceiling win- “Increased interest in coloured gem- questions about the companies’ distri- executive, is upbeat about the Meanwhile, Gemfields is consider- Argyle mine, only one polished carat dows at the Singapore Turf Club stones underpins our view of a grow- bution channels, to their factory con- company’s first foray into the ing its next move. “I’d love to be able is offered for sale at the tender”. allowing light to flood in, providing ing global appetite for high-quality ditions, to ensuring they had the nec- ruby market. to tell the sapphire story too,” says Significant stones in this year’s ten- optimum viewing conditions. and responsibly sourced gemstones.” essary funds to pay.” It has spent $34m at Mon- Mr Harebottle. der could fetch more than $1m per John Guy, a senior analyst at Ber- In line with Gemfields’ ethical poli- Sixty-two lots were on offer, pack- Itepuez, including acquisition costs, “I call it the traffic light of colour – carat, according to Ms Johnson. enberg, says: “The number of compa- cies, those invited to the June auction aged in varying degrees of quality, capital and operational expenditure, adding a third stone into our proposi- At Christie’s in 2013, a 1.92 carat nies placing bids at Gemfields’ inau- were vetted by Adrian Banks, product with participants allowed unlimited taking measures to limit the mine’s tion. I’m looking at Madagascar and fancy red rectangular cut Argyle dia- gural ruby and corundum [the min- director, with each lapidary required viewing access over the first three environmental impact (for example, also Australia, but as with all these mond ring sold for $3.25m. That sale eral name for rubies and sapphires] to complete a questionnaire. days, then restricted to 45-minute no explosives are used) and support- things, it has to be exactly right.” holds the record for the highest auc- tion price for a red diamond as well as the highest auction price per carat for a red diamond. After the sale, the stone was named the Argyle Renais- sance. But future supply is uncertain, par- ‘We need to be ticularly because the Argyle mine pro- duces more than 90 per cent of the world’s pink diamonds. Argyle says the mine will continue to operate until at least 2020 but would not com- contemporary’ ment on what will happen beyond that date. Accordingly prices of high-quality Boucheron pink stones from the mine are increasing. Interview Ecommerce is “Recently, prices have consistently appreciated 10 – 15 per cent a year,” on the jewellers’ agenda, says Ms Johnson. “Between 2002 and says chief executive. 2010, the index price for diamonds from the Argyle Pink Diamonds Ten- By Camilla Apcar der increased 108 per cent, while white diamonds rose 22 per cent. “More than half of annual produc- ne of the first decisions made tion goes into India, China and Asia,” by Pierre Bouissou after he she adds. Owas appointed chief executive Ehud (Arye) Laniado is principal of of Boucheron in 2011 was to bring the Mercury Diamond, a diamond pricing brand back to the Biennale des Anti- consultancy and advisers to Cora quaires, the prestigious art and International, a US jeweller whose antiques fair held in Paris this month. Pierre Bouissou: bespoke focus acquisitions include the 29.6 carat The French jewellery house, vivid Blue Moon diamond and the founded in 1858 by Frédéric Bouch- largest fancy vivid yellow diamond in eron, is best known for its predomi- but the first step is to revitalise exist- the world sold at auction, according to nantly gold creations. Having been ing stores. Sotheby’s. Mr Laniado believes acquired by Kering (formerly Gucci Japan is Boucheron’s second most demand for Argyle’s top stones could Group) in 2000, the family business important territory in terms of turn- soon outstrip supply leading to soar- returned to profit in 2006 after years over after Europe. Bridal offerings ing prices. of losses. have proved particularly popular and He says: “Argyle’s concentration of Mr Bouissou says he does not know the range of rings – from £2,300 but pink diamonds, its regular production why Boucheron had been absent from much more expensive for bespoke of stones averaging 0.75 – 0.8 carats the fair for eight years, but suggests items – is expected to expand. and their superior colour is not found the jeweller lacked a creative director Elsewhere, the focus is not on anywhere else. and a budget to support the standard expansion. Instead, Mr Bouissou has “Because the supply from Brazilian of stones expected. Its 60 exhibits this concentrated on identifying distinct and African mines is less constant, no year will include the Trésor de Perse products in each category. In 2012, alternative source to Argyle is fore- suite: two strings of diamonds joined Claire Choisne was appointed creative seen in the near future. This, coupled by a pair of cabochon sapphires. director, the first person to hold with growing Asian demand for its Exhibiting at the biennale is impor- the post since Solange Azagury- pink diamonds means demand for its tant, he says. As well as meeting cli- Partridge’s tenure ended in 2004. small to medium-sized pink Argyle ents, it “permits us to expose the “We don’t need to develop another diamonds could outstrip supply.” knowhow [of the brand]”. Boucheron product, but we need to be contempo- But one industry insider acknowl- will exhibit alongside other Place rary,” says Mr Bouissou. The brand’s edges that three decades of the Argyle Vendôme jewellers such as Cartier, Quatre ring illustrates the point. tender have benefited more than just Chaumet and Van Cleef & Arpels. Multi-textured in four shades of gold, the market for pink diamonds. Boucheron was the first jeweller on it was created in 2004 but was “not a “Argyle has invested heavily in the Place Vendôme in 1893, and it is huge success”, because of a lack of marketing and has done a magnifi- here that its workshop, salon and bou- investment in advertising, he says. cent job positioning its mine and dia- tique remain. The ring’s relaunch has transformed monds,” says Eden Rachminov, owner The market is clearly defined, Mr it into a best-seller, favoured by and president of Rachminov Dia- Bouissou says: “We don’t have com- younger, trend-conscious consumers. monds 1891. petitors. There are a lot of nice brands A £1,220 version is Boucheron’s entry- “All of which has helped pro- such as Cartier, Van Cleef, but Bouch- level product. mote pinks, but also col- eron is exclusive – is expertise – and But the brand’s focus in future will oured diamonds in we don’t want to open a lot of stores.” be bespoke orders rather than lower general.” Boucheron has 34 boutiques interna- price points. “The strategy of the tionally and its products are sold brand is not [to widen] access,” through more than 100 retailers. says Mr Bouissou. Focusing on territories and develop- Ecommerce is also on the ing a boutique for each has been an agenda, after an online project in objective for Mr Bouissou since his 2007 proved costly – and unsuc- arrival. While Place Vendôme serves cessful. Europe, Ginza in Japan, and Hong He is “completely confident” in Kong in China serving the Asia-Pa- Kering’s strategy for the brands cific region, there are no independent within its watches and jewellery boutiques in the US. arm, introduced in May. But he Sales of high-end jewellery, pro- does not yet know whether this will duced for private orders and in two mean more interaction with others annual collections, are very strong in in the division, which includes Russia, the Middle East and China. watchmaker Girard-Perregaux and Developing the retail presence has most recently Ulysse Nardin (see been more difficult in these areas page 5). because of the problems of recruiting Whatever the future holds, Mr Boui- and training staff, with China remain- ssou will continue to set the highest ing the greatest challenge. standards. “The problem for us now is The company plans increased to be perfect,” he says, “in terms of investment in the Asia-Pacific region, service, stock, window, everything.” FINANCIAL TIMES SATURDAY SEPTEMBER 6 2014 ★ 13 Watches&Jewellery | Collecting ‘On bad days, I wore carnivorous animals’

My favourite pieces Madeleine Albright signalled the political mood with the help of her symbolic brooches. As told to Kate Youde

hen I arrived at the state, I bought the brooch. I decided UN as US ambassa- that I would wear it when being dor in February sworn in. I was swearing with one 1993, it was after hand on the bible and one hand up the first Gulf war. and I look down and this pin is just ‘WThe ceasefire had been translated flapping because I had not fastened it into a series of sanctions resolutions. properly. My job was to make sure the resolu- I thought: “I’m going to screw this tions stayed [in place], which meant up, the pin will fall on the bible”. that I was instructed to say all kinds Because it was an antique brooch, I of things about [the then president of had not fastened it right. So, after all Iraq] Saddam Hussein. that, during the swearing in you can- A poem appeared in the papers in not see the eagle. Baghdad comparing me to many I got a brooch [as a gift from] Leah things but, among them, “an unparal- Rabin, the widow of Yitzhak Rabin, leled serpent”. So I decided to wear an who had been the [Israeli] prime min- antique snake brooch (far right, bot- ister and somebody that I had known tom) when I talked about Iraq. Some when he was ambassador to the US. camera zeroed in, and the press asked, She gave me a Cécile et Jeanne “Why are you wearing that snake brooch (copy worn in main picture), a brooch?” I said, “Because Saddam peace dove, and I wore it whenever I Hussein compared me to an unparal- gave a speech on the Middle East. leled serpent.” I arrived in Jerusalem and there I thought, well, this is fun, so I went was a necklace of doves in the hotel out and bought a lot of costume jewel- room with a note that said something lery – most of my things are costume like, “It takes more than one dove to – to depict what I thought was going make peace in the Middle East.” I to happen on any given day in the UN have a copy of that brooch and I wore Security Council. On good days, I it when Shimon Peres was given the wore flowers, butterflies and balloons, Congressional Gold Medal [in June]. and on bad days, horrible insects and I’m known for brooches. When I carnivorous animals. don’t wear a brooch, which I don’t I was the only woman on the Secu- when I exercise or go shopping, or rity Council at the time. The ambassa- when I’m on an aeroplane because it’s dors noticed, and they asked, “Why made for me and that I have always military medals].” This young man Box [in Washington DC], and they too complicated taking everything off, are you wearing...” whatever worn on Valentine’s day. My daughter opened a box and there was a beauti- showed me an eagle brooch (above, people ask, “Why aren’t you wearing brooch. President [George] Bush had is 46 years old. She said, “Mom, you ful brooch with two amethysts and top left) with spread wings and dia- a brooch?”’ already said “Read my lips: no new have to tell people I made the pin some diamonds. He said: “This is the monds. It was really pricey. I thought, taxes”, so I just said “Read my pins.” when I was five.” brooch my father gave to my mother “There’s no way I’ll get this brooch.” *Madeleine Albright was the 64th I have two [brooches] that are Another I call my Katrina brooch but she died as a result of Katrina and ‘I thought, I will buy Nobody believed that a woman and first female US secretary of state. favourites and they are a symbol that (right, bottom). I was in New Orleans we want you to have the brooch.” could become secretary of state, so I Her travelling exhibition of brooches, inanimate objects can have great emo- about a year after Katrina, the [2005] I said: “I can’t possibly accept,” but that brooch if I become thought to myself, “On the off-chance, Read My Pins: the Madeleine Albright tional connections. hurricane. A young man came they said: “No, our mother loved you I will buy that brooch.” But I really collection, is at Franklin D Roosevelt One is a coloured ceramic heart (far over and said, “My father is a veteran and she would want this to happen.” secretary of state’ did not think I would be. Presidential Library and Museum in right, top) that my daughter, Katie, and he earned two Purple Hearts [US I went to a shop I like, Tiny Jewel When I was named secretary of New York until November 2. Fool’s gold leads this groovy 1960s revival

Modernist designs from the mid 20th-century are the new saleroom stars, writes Helen Barrett

s a rule, fine it matched all that was hap- abstract amethyst and gold jewellers avoid “fool’s pening in fashion.” ring by Grima in July for Agold”, and not only Many collectors have £2,356 – double its pre-sale because its name is unflat- overlooked work from this estimated value. “We’re tering to the wearer. period for decades, experts finding more of it on the Pyrite is often next to val- say, and those designers’ market, so there’s more ueless. What is more, it is a uncompromising approach exposure.” brassy coloured material, might partly explain why. In the 1960s and 1970s, formed of jagged, cuboid But dealers and auction- leading jewellery houses crystals. But pyrite’s awk- eers are noting a resur- copied the modernists’ style ward forms and low value gence of interest in modern- to strong effect, says David did not stop an abstract- ist designs. A highly geo- Bennett, chairman of style 1967 gold evening metric, 1970 white gold and Sotheby’s jewellery depart- watch with a pyrite hinged aquamarine pyramid watch ment, Europe and the Mid- face cover by John Donald, by Grima was sold by Bon- dle East. “Grima in particu- the British designer, fetch- hams this spring for £18,750, lar had a huge effect on a ing more than £2,000 at auc- more than £10,000 over its lot of European jewellery.” tion at Bonhams in London estimated value. A gold and The appeal for women last year. diamond ring and earrings then and now, says Daniela Modernist jewellers, such suite also by Grima and Mascetti, Sotheby’s interna- as Mr Donald, working in designed to resemble a pile tional jewellery specialist, the 1960s and 1970s were is accessibility. not interested in rules, nor Fool’s “They are recognisable in persisting with demure paradise: because they were on the designs of previous decades. John border between costume They were preoccupied with Donald’s 1967 and real. Women feel more abstraction, texture and gold and comfortable wearing them scale. pyrite watch than a diamond necklace.” He and his UK contempo- Sotheby’s auctioned a raries such as David Tho- of logs, fetched £15,000 – pair of 1960s sputnik-shaped mas and Andrew Grima, more than £11,000 higher gold ear clips by Cartier in and Scandinavian and US than the estimate. July for £6,500, and an counterparts such as Georg Modernist jewellery is abstract 1970s gold ladies’ Jensen and Pierre Sterlé, sought by “private collec- belt, also by Cartier for sought to subvert jewellery tors who have grown up £8,750. design in the early 1960s. with that modern mindset. Jacquie Gray, creative “We had just come They don’t want pearls on director of Grasilver, a through a long period of double clips,” says James dealer specialising in rare austerity,” says Mr Donald, Nicholson, international modernist Scandinavian who continues to work as a head of jewellery, silver and jewellery, says finding jeweller in London. watches at Dreweatts & pieces of high quality is “From a designer’s point Bloomsbury Auctions. increasingly difficult as of view, we could do any- The change, he says, can competition increases. “Ten thing we liked in the 1960s. be explained in part by a years ago the 1960s were People were looking for dif- generational cycle. Estate hopelessly out of fashion. ferent jewellery.” collections of those who But now, the people that In a move away from the bought pieces directly from like it are wealthy [and] “boring” materials used by the designers’ studios are from all over the world.” his predecessors, he looked coming up for auction. David Chu, chief execu- at pyrite. The material was “It is certainly the turn of tive of Georg Jensen, says typical of the playful and jewellers from the 1960s and designers at the Danish counter-intuitive approach 1970s, the products of the company draw inspiration at the time. “I struck out art school movement from its modernist roots. He into using geometric with postwar points out that Georg shapes and pyrite ideas,” says Mr Jensen jewellery is today fitted perfectly. It N i c h o l s o n , manufactured in Thailand formed into who had with the same tools and square rods, and sold an with materials from the same suppliers the com- Sixties pany used in the 1960s. Cinderellas: Andrew Grima died in original 2007, but the Grima brand jewellery by and atelier continue in Lon- Grima is in don under the stewardship demand of his wife and daughter. Jojo Grima says her late husband’s work is worn by women who enjoy sculp- ture as much as jewellery, and “who have reached a certain point. They have enough big diamonds.” Today’s Grima, she says, tries to stay loyal to the design principles of the original pieces. How does she feel about the fresh interest? “More happy than surprised,” she says. “I always had huge faith [in his work].” 14 ★ FINANCIAL TIMES SATURDAY SEPTEMBER 6 2014 Watches&Jewellery | Designers New Romantic with a pair of pliers

Thirty years after setting up a studio in east London, Slim Barrett remains true to his artisan roots, writes Jessica Diamond

lim Barrett burst on to the aesthetic and brought further atten- British jewellery scene 30 tion. He designed the prototype for years ago with large, sculp- Vivienne Westwood’s orb motif, but – tural work made from unor- perhaps demonstrating a business thodox materials. Bronze, naivety at the time – he says he failed Scopper, oxidised silver and blown to negotiate a percentage of royalties. glass were fashioned into assured In 1989, he moved to Camden, where pieces with a startling punk aesthetic. he opened a gallery, exhibiting artists Since then, the 52-year-old Irishman including Grayson Perry and Andrew has established himself as a maverick, Logan alongside his own work, while eschewing a conventional career that also wholesaling his jewellery. would usually culminate in a Mayfair “This was a frantically busy time – boutique in favour of maintaining an the creative community was buzzing,” independent and creative workshop, he says. “If I wasn’t dropping tools with a style set firmly in his and clubbing, I was working through artisan roots. the night.” Today, he is best known for private Julia Bigham, a Slim Barrett collec- commissions, particularly bespoke tor and at the time a curator at the crowns and tiaras (he made Victoria Victoria and Albert Museum, remem- Beckham’s tiara for her wedding in bers the gallery. “It was a magical 1999). But his early influence and sub- world,” she says. “Everything he sold sequent output has long been seen as was unique.” groundbreaking. After five years, Barrett moved “He forged his own way regardless across north London to a 2,500 sq ft of current trends, following his whim space in Islington, a move he says he and artistic yearnings,” says Clare now regrets: “I became a manager Phillips, a curator of sculpture, metal- with eight people working for me.” work, ceramics and glass at the Victo- After the birth of his son in 1994 he ria and Albert museum in London. scaled down, reducing his operation “There was something about the by 80 per cent in 18 months and con- hand-drawn lines and rough-hewn centrating on private commissions forms that particularly appealed to and consultancy, making one-off those stranded in the urban environ- pieces for clients including Madonna ment of central London – a glimpse of and Mick Jagger. The Beckham wildness, romance and legend.” wedding tiara was among such At Barrett’s Bloomsbury workshop commissions. and studio, his background in sculp- “[Victoria Beckham] asked me to ture and fine art is plain to see. The sign a confidentiality agreement, and space is part metal workshop, part I said no. If I make jewellery for some- inventor’s den. The walls are neatly one, it’s a private arrangement, so I lined with tools – hammers, spanners, stood firm on that.” pliers – and high-fashion images of The tiara, still owned by Barrett, models wearing his pieces. An array was put up for sale at Bonhams in of projects past and present decorate November 2013, valued at the space: here lies a candelabra, £18,000-£25,000. It did not sell (bidding there a chainmail body piece. stopped at £14,000), but the publicity Upstairs in the eaves, drawers are was valuable. As Barrett says, “the stuffed full of past collections – more online spike was out of control for than 2,500 pieces, ranging from bold, several months”. medieval style crowns to delicate sil- Barrett did not work for more than ver linked pieces embellished with two years following a car accident in vintage crystal drops. 2008. But with the opening of Fort- Barrett’s artistic career began in the num & Mason’s jewellery department late 1970s at the Regional Technical in March 2013, he took his first steps College, Galway. Students took back into the wider retail market. classes in many disciplines – life Jo Newton, head of buying at Fort- drawing, painting, sculpture, pottery num, describes knowing Barrett and and photography, which suited his his work as “like having a well-kept love of experimentation. By deliber- secret. He thinks three-dimensionally ately not taking the end-of-year exams and scientifically.” and taking a year out, he was able to commissioned Barrett to make pieces “It was pretty rundown but that Head for business: What next? His accident, he says, repeat the course four times. for his catwalk show. All of this hap- was also great, because untapped Slim Barrett (top) has given him time to rethink his In 1983 he was travelling between pened within the giddy timeframe of resources were within walking dis- is known for goals. A five-year plan is in the offing, Galway and London, when a chance eight weeks. tance,” he remembers. “I was able to private that involves the seeking of substan- meeting on the streets of Camden Collections for Harrods and Harvey get my stampings, plating and metal commissions, tial financial backing (essential for proved pivotal. Nichols followed and, although Bar- supplies locally. particularly any independent to crack Mayfair), That day, Barrett’s girlfriend was rett still wanted to be a sculptor, the “The Kingsland Waste street market crowns and tiaras, and plans for a retail space in London. wearing jewellery he had made for instant success of his jewellery on Saturday morning was a great such as that made Dover Street would be his ideal loca- her, and it attracted the attention of ‘If I wasn’t dropping designs meant that he started show- [source of] collectables from house for the wedding of tion, he says. And he cannot resist a Tatiana von Saxe Wilson, a business- tools and clubbing, ing at London Fashion Week. clearances, piled on to the street and Victoria Beckham smile at the suggestion that he might woman, who introduced him to a cou- He shared a studio with Jimmy selling for a couple of quid.” (above, centre) end up neighbours with Victoria turier to Diana, Princess of Wales. I was working Choo, the shoe designer, in the former It was while in Dalston that Barrett Rosie Hallam Beckham – who will open her first The princess loved his work and Metropolitan Free Hospital building learnt to solder (his art college train- standalone store in the street this in turn introduced him to Bruce through the night’ in Dalston, east London, keeping his ing meant he could already weld). The autumn. “Well, wouldn’t that Oldfield, the fashion designer, who metal tools in an old army coffin. technique allowed him to refine his be funny?” The many Young creatives revive skills layered allure and styles of Georgian era

Emily Satloff, owner and Pieces of jewellery would such as ruby, emerald, gar- Ring the changes: Techniques designer of Larkspur & not only hold a lock of hair net, amethyst and diamond of agate agate’s concentric Hawk. but also feature locks – with the first letter of layers in a Mattijs Nearly lost arts are Ms Satloff, whose special- woven as chains or cords. each gem spelling a word van Bergen piece being rediscovered, ity is a technique known as Modern buyers may balk such as “regard”. “foiling”, creates earrings at the morbidity of human Ms Salzer’s modern inter- says Syl Tang and necklaces sold at Lib- hair. Horse hair, Ms Salzer pretation will spell out Comeback for Queen Victoria’s erty in London and Barneys says, allows her to use the words such as “cool” and in New York. Gems are set technique without the “hot” using coral, opal and favourite stone. By Elisa Anniss mid booths stocked on coloured foils in a “creepiness factor”. labarodorite and hematite, with diamonds at the closed-back setting, lending This month Ms Salzer will opal and turquoise. AAntique Jewelry & hues to the stones. expand Lulu Frost’s Experts say the resur- gate, chalcedony Italy, but the designer now bracelet gold set- Watch Show in New York “Gem cutting then wasn’t women’s fine jewellery gence of Georgian tech- formed from layers of plans to add gold and silver in a geo- t i n g , in July, a discreet box of what it is today, so this was niques is the result of a new Aquartz and often trea- settings to the range. m e t r i c f r a m e d enamelled rings stood out. common. But it didn’t have generation rediscovering cle-brown, has long been Lesley Schiff of London’s d e s i g n , with brown The six samples were to be only pure gems. Even ‘Life was hard. nearly lost arts. associated with 1970s cheap Talisman Gallery says the included in diamonds. It made by Cyrus and Rhi- Marie Antoinette owned “Georgian is an incredi- and cheerful hippy pen- return of agate has been the auction sells at Browns anna Shennum, jewellers paste jewellery [set and People tried to bly collectable period. I’ve dants roughly strung on prompted by a leap in house’s sale on in London for who own Bell & Bird, the faceted lead glass], because had a piece that went for pieces of leather. prices of precious stones. June 4. £24,017. retailer that specialises in it was the same workman- hold loved ones $30,000,” says Lenore Dai- But recently, fine contem- She points to Melissa Joy More modern takes Pippa Small, a London- 18th- and 19th-century fine ship but less expensive,” ley, a dealer who showed at porary jewellers have Manning, a US-based jewel- include designs by Amedeo based designer, finds that, pieces. says Ms Satloff. near with the Antique Jewelry & started to recognise its vari- ler who combines agate Scognamiglio, whose whim- like other semi-precious Inspired by mourning During the Georgian jewellery’ Watch Show. ety and versatility. geodes and druzy (the crys- sical cameos feature non- stones that she typically rings from the Georgian period, industrialisation 1stDibs.com, the high-end The material is fine- tals that form within a traditional images, includ- sources in India, agate is period, the Shennums cre- contributed to the develop- collectables website, reports grained, variegated with geode) with 14-carat gold on ing lions and monkeys. His becoming hard to find. Her ated their own range of ment of techniques, while an increase in sales of rare colours arranged in stripes, pieces that retail from £200. collection sells in London’s 18-carat yellow gold, three- “birth rings” – a bespoke global exploration made range at Net-a-Porter, the Georgian pieces, including a blended in clouds, or reveal- Idar-Oberstein, a town in Dover Street Market. stone fire agate ring (£3,200) angular band with enamel gems more available in online retailer, with a range gold chain link necklace, ing mosslike forms. For this the Hunsrück mountains in Mr Scognamiglio says a has an unusual, waxy inlay for adding inscrip- Europe. But poor sanitation called Code Words, which diamond bow chain ear- reason, it is not always as the west of Germany, is, favourite material is blue brown appearance and is a tions of loved ones’ and and disease also meant picks up on another Geor- rings and chandelier ear- instantly recognisable as it says Ms Schiff, a European agate. “We always carve variety of agate that she children’s names, alongside travel was a dangerous pur- gian trend – words spelt out rings this year. is in the bold, banded pieces centre for agate. She consid- one stone and use its layers says is not often used. a bezel-set diamond. suit in the newly sophisti- with precious stones. Clair Watson, 1stDibs.com created by Mattijs van Ber- ers the Victorian period the to create the design we “Like quartz, agate is not “[Mourning jewellery] is cated world, leading to jew- Georgian love token rings content and creative con- gen, better known as a heyday for such jewellery, envisage. With agates, we regarded as in the higher incredibly popular but can ellery being worn for senti- often used a row of stones – sultant, attributes the ready-to-wear designer. which included brooches can find several colours, rank of the gem kingdom,” be dark to some people, so mental reasons. revival to exhibitions at the “My silversmith mother and bracelets, fashioned and that’s its beauty. she says. “But it’s wonder- we found a way to adapt it “Life was hard. Peo- Victoria and Albert inspired me to use agate. with motifs such as the “I am a carver before I am fully freeing. With agate, for the modern world,” says ple were trying to Museum in London. Some of the very first Scots thistle or the Celtic a jewellery designer,” he there is less snobbery and Cyrus Shennum. hold their loved But the revival has pieces she made in the knot, made for wearing on adds. there are no rules about Finding new methods to ones near,” says some dealers 1970s featured large stones, tweeds or tartans. how it’s cut, so you can employ Georgian jewellery Lisa Salzer, cringing. “It’s and somehow the raw qual- “Queen Victoria sparked gate is also favoured really play around.” techniques has become pop- designer at important that ity of them touched me,” the fashion,” says Clare by more established Gabriella Kiss is an ular with a new generation Lulu Frost. new designers says the Dutch designer. Blatherwick, jewellery spe- Afine jewellers. “I love American designer who of fine jewellers such as the Ms Salzer are express- His pieces come in brown, cialist at Bonhams in Edin- the various patterns and sells exclusively in London Shennums, Larkspur & who uses ing the old black, honey yellow and burgh. Examples that are colours and varieties of at Mouki Mou in Maryle- Hawk, Lulu Frost, Lauren horse hair in techniques in blood red, and he recently signed Rettie, or Marshall & agate, ranging from moss or bone. But pieces such as X Khoo, Wendy Brandes, the brand’s ways which purchased green and purple Sons, Edinburgh, or those dendritic to Laguna or Bra- her dendritic quartz agate Elizabeth Locke and Eliza- George Frost cannot be mis- stones. But he says that honed from stone from the zilian or Botswana. Each earrings (£1,150) and ring beth Gage. line for men, taken for vin- sourcing the most beautiful Burn Anne source, known variety has its own charac- (£930) with their cloudy “The Georgian era [from created with tage,” says Pat pieces in the right colours for its grey, orange, red and teristics and patterns,” says appearance often confound 1714 to 1830] was a time her business N o v i s s i m o , and sizes can be a chal- pale purple colours, are Kimberly McDonald, a New customers, who cannot tell when jewellery became partner Marlon of Lowther lenge. increasingly sought after. York-based jeweller. what the stone is. widely available through Taylor-Wiles, says Antiques in To date, his pendants Pieces mounted in gold, Her pieces include a pen- Despite its long history, it new manufacturing tech- human hair symbol- London. have been set in copper or rather than the usual silver, dant that features a large is the varied appearance of niques and for the first time ised a lover’s significance, brass and sold in boutiques are also in demand, such as agate in a signature agate that keeps the stone jewellery wasn’t just for the particularly if the lover was A Lulu Frost love token such as Luisa Via Roma in a Victorian Scots agate asymmetrical 18-carat rose under the radar. extremely wealthy,” says at war or travelling. ring spells ‘Dearest’ FINANCIAL TIMES SATURDAY SEPTEMBER 6 2014 ★ 15 Watches&Jewellery | Trends

Body jewellery All go for the head to toe Rihanna: influence of a latter-day Designers and buyers are pushing the full-body look, writes Rachel Garrahan Elizabeth

ewellery has adorned ears, fin- among private clients in North and Taylor gers and necks since ancient South America. times, but hair, ankles and With pieces ranging from a $3,000 stomachs have tended to diamond toe ring to a gold and dia- ihanna, the Barbadian receive less of a show. mond hand bracelet for $200,000- pop star known for JNow, body jewellery is enjoying a $300,000, she believes demand is less Rher taste for avant period where designers and buyers influenced by trends and more by her garde and audacious body are seeking to bedeck their clients customer looking for something unu- adornment, has been a from head to toe – and everywhere in sual. significant influence on a between. “My customers are very confident generation of women who Delicate gold body chains peeked and aren’t following anyone,” she buy and collect fine jewellery, out in May from beneath models’ says. industry experts say, writes clothing on the catwalk at Louis Vuit- If a statement-making brow bar is Rachel Garrahan. ton’s 2015 resort collection. Lupita too much, there are easier ways to Whether on the cover of W Nyong’o, the actress, modelled Ann wear body jewellery, including hand magazine – where she poses Demeulemeester’s body chain-style bracelets, ankle chains and ear cuffs, wearing a septum ring for necklace for US Vogue in July. from high-end brands such as Piaget the September issue – or on After multiple orders for body jewel- and Mellerio dits Meller. stage wearing Jacquie Aiche lery through its custom ordering serv- Jacquie Aiche, a US designer, offers body chains and multiple ice, Editorialist, the luxury accesso- a collection that includes delicate rings, her enthusiasm for ries e-tailer, has added hand jewellery body chains favoured by Rihanna (see jewellery is translating into pieces by Oscar de la Renta, as well as panel, right). Ms Aiche designs body strong sales for the body jewels from smaller fine jewel- jewellery to be comfortable enough to designers she favours. lery designers to its autumn range. keep on during sleep or showering: Some compare her “There was a bit of a lag, but now “The jewellery becomes a part of you. influence to that of Elizabeth no one can get enough,” say Editorial- It’s like lingerie,” she says. Taylor, the actress and eager ist co-founders Kate Davidson Hudson She emphasises that body jewellery jewellery collector, whose and Stefania Allen. is bought by women of all ages. “It estate was auctioned at Ana Maria Pimentel, fashion direc- could be worn by a young woman in Christie’s in 2011. tor for women’s accessories at Nei- All over glamour: her 20s or by a mom in her 50s,” she Sasha Sorokin, a buyer at man Marcus, the US luxury depart- body chains suggests. Net-a-Porter says “She’s ment store, attributes the trend’s (above), and ankle Fine jewellery e-tailer Stone & taking that [Taylor] status for growing popularity to its prominence jewellery (below) Strand stocks Ms Aiche’s pieces, a fresh generation. She holds on social media among fashion editors by Jacquie Aiche including a $4,000 Gemfields shaker people in awe of her style and trendsetters, and to the way it hand ring. decisions, wondering what makes women feel when they wear it. Nadine McCarthy, the company’s she’ll wear next.” “It’s very empowering but it’s also chief executive, says body jewellery is Jeff Kim, a fashion stylist, Star power: Rihanna’s enthusiasm boosts sales Getty playful,” she says. particularly well-suited to the sophis- says the glamorous but The retailer initially stocked body ticated female collector who buys streetwise star and Mel jewellery in its fashion section but pieces for herself. “Body jewellery is Ottenberg, her stylist, have Other jewellers report a Nadine McCarthy of Stone has expanded the range to the fine all for the self-purchaser. Good luck to helped elevate body jewellery similar effect on sales. For & Strand, the online fine jewellery floor. the boyfriend who buys a body in particular from being Delfina Delettrez, a designer jewellery retailer, adds: “Body jewellery pieces are comforta- chain,” she says. perceived as somewhat whose single earring designs “People respond to her ble, wearable and make a woman feel Sasha Sorokin, buying manager for trashy to high fashion: “They the star favours, Rihanna’s accessibility on social media: super-sexy,” says Colette, a designer Net-a-Porter, has been selecting mid- make it edgy and luxurious influence is such that the she posts a lot of images of who offers a fingerless mesh glove in arm cuffs as well as foot and hand at the same time,” he says. Italian designer says she her everyday style that white gold and diamonds for $70,000. “We create sculptures that become jewellery for several seasons and Rihanna frequently wears works hard to meet demand. effectively show people how Ms Pimentel points to Lebanese fine an extension of the body or hand,” more recently added anklets and chest fine jewellery from a wide “I struggle to make enough to wear jewellery.” jewellers Yeprem, stocked at several says John Chakardemian, the com- pieces. She sees the opportunity for range of high-end designers. single earrings,” says Ms While Elizabeth Taylor was Neiman Marcus stores including Bev- pany’s managing director. “When you many more interpretations. And like Elizabeth Taylor, she Delettrez. showered with gifts of fine erly Hills and San Francisco, as being offer something new like this in the “There’s a long way to go for this typically wears multiple Jacquie Aiche also noticed jewellery by husbands and among the brands leading the trend. market, there’s crazy demand.” trend,” she says. pieces at once. a spike in sales of ankle boyfriends, Rihanna’s With a collection that includes He adds that the collection is selling “I’m still hunting for pieces that “She has changed the chains after Rihanna wore enthusiasm extends to diamond-heavy palm bracelets, a brow strongly in the US, Europe, Hong cover the body in unexpected ways. way people look at fine 12 at once in a recent paying for the pieces she bar worn across the face and a Kong and mainland China. When I see too many of something on jewellery and how to wear ensemble. “She’s been a wears herself. $400,000, one-of-a-kind snake necklace Coomi Bhasin, an Indian New York- the market I know a trend’s it,” says Lynn Ban, a loyal client since 2009, and “She doesn’t ask for or that wraps around the neck, shoulder based designer, says customers expect exhausted but the supply [for body designer whose coil rings the most random people get expect anything for nothing,” and chest, the brand says it spotted to pay a high price for body jewellery. jewellery] is not really there yet as far were created for Rihanna’s in touch with you after says Ms Ban. “In this day an opportunity for wearable, avant She added it to her collection in 2002 as the diversity of design is 2013 world tour and they’ve seen her wear and age, that is very garde pieces. and says sales have been strong concerned.” subsequently sold out. something,” says Ms Aiche. unusual.” 16 ★ FINANCIAL TIMES SATURDAY SEPTEMBER 6 2014 Watches&Jewellery | Brands Savelli holds the line with its emerald-encrusted smartphone

although Savelli will not on, say analysts. “Imagine a and had a connection to England. It has stores in cit- because of the jewellery high net-worth individu- Tech luxury say how many have been woman at a cocktail party fine jewellery via his ies including Paris, New approach. “There’s a fine als”, says a retail price of sold. Google’s Android oper- holding the phone in her father’s Vicenza-based jew- York, Hong Kong and line between extraordinar- $10,000 – $25,000 is accepta- ‘Insane’ gadget may ating system lurks beneath hand,” says Robert Burke of ellery business. Tokyo, and sells phones in ily well done and blingy, ble to his clients. “Some- the jewels. New York-based luxury Savelli launched in 2013 more than 50 countries. and it takes great finesse to thing fun and handheld at be a rational buy, Cheaper alternatives consultants Robert Burke in Harrods in London and Mr Savelli questions why, do something like this this price would enjoy reso- writes Elisa Anniss exist: the Blue Jeans Associates. “Savelli and Printemps, the Paris depart- given that 1.8bn smart well,” he says, adding that nance,” he says. Ostrich Elegante, also by Gemfields have been highly ment store, backed by insti- phones were sold globally the design of the product He adds that his mostly Savelli, starts at £7,450. It creative. It targets the fash- tutional and individual in 2013, Swatch, Richemont, has been well received. “prudent” US clients might osing a phone is has a specially developed ion customer.” investors. Cartier or even Samsung But in the US, sales of be fearful of losing a more inconvenient. Losing “ultra-bombé sapphire crys- Alessandro Savelli, the These included executives have not followed in exclusive luxury smart expensive piece and that La £145,000 limited edi- tal screen”, which Savelli Italian born chief executive, from LVMH and Richem- Vertu’s footsteps, leaving it phones have floundered. there could even be a level tion Emerald Insane smart- says is scratch-proof. says: “Our number one ont, Enrico Mambelli, the to lesser-known brands Even Vertu, the market of embarrassment attached phone by Savelli, one of Savelli is one of a few objective was to create an former chief executive of such as watchmaker Ulysse leader, has seen lower lev- to having spent up to only eight in the world, labels positioning them- elegant product.” Gianfranco Ferré, James Nardin’s Chairman and Le ‘There’s a fine els of market penetration. £145,000 on a phone. would be traumatic. selves where technology The 34-year-old entrepre- McArthur, chief executive Million, a solid gold mobile “The US is not really on our The solution to losing a The phone is encrusted and luxury meet, by copy- neur co-founded the com- of Anya Hindmarch, and phone by Goldvish. line between radar,” says Mr Savelli, add- phone? “Buy another one,” with 12.5 carat brilliant cut ing the techniques, materi- pany in 2011 with Ketty Peter Ashall, co-founder Peter Ashall, who co- ing that the brand is target- quips its creator. diamonds and 4.5 carat als and marketing practices Maisonrouge, a luxury- and former chief executive founded Vertu with Frank extraordinarily ing China and Hong Kong. But he adds that a large baguette-cut emeralds by of luxury watches and fine marketing expert he met at of Vertu. Nuovo in 1997, joined the Jason Campbell, a US- part of Vertu’s turnover is Gemfields. It launched this jewellery. Columbia Business School. Vertu, which was set Savelli board three years well done based commentator who based on returning custom- year in Harrods, the Lon- Phones that double as He started his career as an up in 1998, designs and ago. He says the brand and blingy’ describes himself as a ers, and hopes Savelli can don department store, fine jewellery could catch investment banker for UBS builds its luxury phones in appealed to him primarily “wardrobe therapist for follow suit.

Lalique luxury: Vesta Haute Wearable items are helping homeware groups Joaillerie necklace (left) from the brand’s current to reinvent themselves, writes Rachel Felder collection; 1901 art nouveau brooch in gold and pearl (right); undated 20th­century fish hat pin in gold (below right) From table to trinket – top brands downsize

uxury tableware brands and delicate rather than bright and £265 to £2,665. Its jewellery includes chunky rings and fluid neck- heritage and introduce it to a whole such as Lalique and Bacca- bold, and priced as investments. A business made up 9.3 per laces made of tiny silver pieces. new generation of shoppers?” rat are focusing on prod- Vesta Haute Joaillerie necklace, for cent of its €149.3m net Bernardaud, the French porcelain Some of these brands are returning ucts other than champagne example, with 2,672 small pavé dia- turnover in 2013. maker, has added to its ceramic range to their roots by offering fine jewel- flutes and paperweights. monds, costs £435,800, while its com- This month it of jewellery. lery. Christofle began by making jew- Recently,L such heritage names have panion bracelet, with precisely set dia- introduces its Wearable accessories help to break ellery in 1830, while René Lalique’s introduced fine jewellery lines – and mond detailing suggesting feathers Louxor collection, customers’ preconceptions of estab- precious jewellery from the 19th cen- with much higher price tags than decorating the wearer’s arm, is priced including a limited- lished brands as formal and fusty, and tury is in the permanent collections of might be expected. at £88,000. edition, collar neck- brands have taken this into account, the Victoria and Albert Museum in By offering premium jewellery, they Lalique’s focus on fine jewellery has lace with large dia- creating pieces that appeal to young London and the Metropolitan Museum hope to broaden their appeal to a led to an overhaul of its boutiques in mond-cut crimson women. of Art in New York. younger generation and attract new some markets. crystals set in silver, “I want the jewellery lines to be a Original heritage pieces continue to business. In June, it opened a Paris store on which is priced at little bit more fashionable instead of be collectable. A Lalique art nouveau “Our objective is to start attracting Rue de la Paix, which does not sell its £20,000. timeless,” says Stéphane Parmentier, enamel and diamond necklace, sold at a completely younger, new audience – core tableware products. Instead, the Baccarat aims to increase jewel- creative director of Christofle, who Christie’s in New York in 2009 for a smart, well-travelled customer that focus is on jewellery, with fragrances lery’s share of its global sales to 20 has worked with an international $446,500. appreciates design and craftsman- and scented candles added to the mix. per cent within four years. team of designers on its new collec- Many consumers regard even cos- ship,” says Maz Zouhairi, president Meanwhile, in the US, Lalique’s “It’s a way for us to open the door tion, launched this month. “In the tume jewellery pieces by these brands and chief executive of Lalique North recent store openings in Las Vegas to new customers,” says Dominique past, it was a little bit too ‘Frenchy- as solid investments. As NPD’s Mr America. and Bal Harbour, Florida give jewel- Delale, Baccarat’s vice-president of Frenchy’.” Cohen puts it: “There are very few Lalique has sold mid-market, col- lery equal billing with tableware, with jewellery and accessories. “They will ‘When you The connection between jewellery products that really retain their ourful crystal jewellery such as heart- boutiques elsewhere in the US under- enter the brand through those prod- and home items might seem unlikely, value, and the Lalique name certainly shaped pendants for years. But the going similar renovations in the next ucts – it’s like an initiation. These walk into but experts say that it is a logical does.” company says the introduction of fine 12 months. “When you walk into the activities are strategic to us, [giving] the store move. Luxury tableware, vases, paper- jewellery two years ago has helped store now, you’re not just seeing us some exposure and a way to “For a brand such as Lalique, enter- weights and the like, remain the core double jewellery sales, although it vases and bowls,” says Mr Zouhairi. enlarge our customer base.” now, ing the jewellery business is a natural businesses for these brands, but they will not disclose figures. The brand “You’re seeing a brand that, although But it is not only crystal purveyors progression, because it gives the have found a new niche with jewel- says total jewellery sales now make inspired by art nouveau and art deco, who have found fine jewellery an you’re not opportunity to utilise brand recogni- lery. up 15 per cent of its North American is presented in a contemporary and appealing prospect. tion, the heritage it’s built, the quality “Our customer also goes to Tiffany business, and jewellery sales are on fashionable way.” Christofle, the high-end silver- just seeing and the value the brand stands for,” and Cartier,” says Baccarat’s Ms track to make up a fifth of the brand’s Baccarat, meanwhile, has added smiths, has also seen an uptick in vases and says Marshall Cohen, chief industry Delale. overall North American business by more precious metals, such as gold jewellery sales, recently adding casual analyst of NPD Group, a market “With crystal, they have the oppor- the end of next year. and silver, to its crystal-based jewel- leather bracelets with silver hardware bowls’ research company. tunity to get much bigger pieces. Our Lalique’s precious pieces are ornate lery lines, which range in price from to an extensive assortment that “Why not be able to take the customers have both.”

Heritage names buy back their histories Retail in Rome

collection to create an exhi- some of the projects that do Ms de Plinval has since Past treasures at Domus Design bition,” says Pierre Rainero, put on these exhibits,” asks 1980 worked on buying back head of style, design and Mr Gilbertson. antique pieces, which are ne of Bulgari’s latest Archive collections heritage at Cartier. Fabergé says its strategy not easy to find, she says. marketing ventures are an investment The jeweller seeks exam- is already boosting contem- “For many years, the pro- Oopened above its ples of a particular period porary sales, and, although duction was very selective.” Rome boutique in July, for brands, writes or creative expression, with Mr Gilbertson will not give The 350-piece collection is writes Giulia Segreti. some sold on if a superior figures, he describes the open only occasionally to Domus occupies a two- Camilla Apcar example is found. “The plan impact of these exhibitions the public. Chaumet lends room, 100 sq m space – is to enrich it all the time, as “significant”. The house to other institutions as well part salon, part brand ow do fine jewellery but we don’t have a budget does not have plans to as organising public exhibi- exhibition area – and is houses prove status – it’s a question of opportu- assemble its own heritage tions, held most frequently intended to be where “the Hand prowess? nity,” says Mr Rainero. collection, nor does it have at its Hong Kong and Paris visitor will . . . understand Increasingly, many are Fabergé is another brand any to create an own-brand salons. what the key milestones for investing in heritage collec- attending to its heritage, museum, though Mr Gil- Other heritage collections the brand history have tions – archives of impor- but with a different bertson believes Bulgari’s are more private. Bouch- been”, according to Jean- On display: Bulgari jewels tant jewels from past approach. Having acquired opening of Domus in Rome eron and Van Cleef & Christophe Babin, chief decades. the worldwide rights to the (see panel, right) will Arpels, for example, have executive. October, and showcases But the business strate- Fabergé name from Uni- spark a trend among collections used solely for The space will be a more than 40 pieces from gies for acquiring and dis- lever in 2007 (previously other jewellers. the private purposes of the “natural extension of the private collections and the playing those collections used on products such as house and to inspire con- boutique”, and will also be company’s heritage are as varied as the pieces household cleaner and Bar- temporary creations. employed for private sales collection. they contain, and some bie dolls), restoring the jew- ‘We do not have Others, such as Chanel, and training. Other exhibitions are remain entirely private. eller’s brand and its associ- have smaller scale strate- Bulgari did not disclose planned, and the pieces on Cartier owns one of the ation with pre-revolution- a budget – it is a gies. The brand’s commer- how much it has spent on show will change to largest, oldest and most ary Russia is a priority, cial fine jewellery output is the project, but says that highlight different eras and public collections. In 1983 says Sean Gilbertson, exec- question of comparatively young at just the space is intended to styles. The next exhibition, the French jeweller started utive director. 21 years old. complement its efforts Hollywood on the Tiber, will to accumulate antique But Fabergé does not own opportunity’ Coco Chanel designed one elsewhere in the world to focus on the period in the pieces to be made available its heritage pieces. Instead, jewellery collection in 1932 promote its heritage, 1950s and 1960s when for cultural institutions to it borrows from private col- Cartier collection: brooch (above) and ear clips (below) and items are bought when including events and Rome served as a location organise their own public lectors and institutions Chaumet, the French pieces appear on the mar- exhibitions at its London for international filmmaking. exhibitions. The collection such as the Royal Collec- house, has a broader pur- ket, but progress is slow. boutique. It runs until January. consists of about 1,500 tion in London, sourcing pose with its collection. “[It] However, that collection “It’s important because Domus has been pieces, divided between jew- items on consignment or has a triple vocation: to be is still of use to the brand. we have a lot of markets designed to recall the ellery, clocks, watchmak- loan for its own occasional a source of inspiration “It gives us the freedom where the tradition of homes of wealthy families ing, objects and accessories. exhibitions through a brand for contemporary creations; to create what we want,” jewellery is recent,” says Mr in ancient Rome and the In that time the collection “heritage council”. to act as a renowned refer- says Benjamin Comar, Babin. “What has to be earthy tones of the city. has been the sole subject of “What’s the difference ence for the authentication international jewellery explained is not only the “The past has always 27 exhibitions internation- between whether we physi- of antique jewellery; director at Chanel Fine craft of jewellery, but also helped us; we have always ally, the latest at Shang- cally own the pieces, or and more generally, for Jewellery. what is behind the name.” taken inspiration from it,” hai’s Power Station of Art. whether we are able to French history of art,” “I hope that the pieces we Domus’s first exhibition, says Nicola Bulgari, vice- “We don’t impose any- advance the cultural says Béatrice de Plinval, are creating now will be the Magnificence of the chairman and grandson of thing. [Curators] select understanding of Fabergé, curator of museum and the legacy of Chanel in Italian Jeweller, will run until Sotirio, Bulgari’s founder. their own pieces within our [and] get involved with archives. the future.” FINANCIAL TIMES SATURDAY SEPTEMBER 6 2014 ★ 17 Watches&Jewellery | Antiques and vintage On-the-road valuations cast new light on old treasures

Helen Barrett rummages through private collections with Bonhams’ head of fine jewels

he sleek, shell-pink presen- Ms Ghika explains, was designed by Details: Another client proves Ms Ghika’s Fresh from storage in a bank vault, paste costume pieces to dazzling fine tation box is retrieved from René Boivin, who made “stylish, fash- Jean Ghika point. Her first item is a large 1970s many of the pieces “have not seen the family collections. The pieces are cov- a supermarket carrier bag ion couture jewellery – like Schia- inspects a charm bracelet by Hermès with a buckle- light of day in my lifetime, and I’m ered in bubble wrap, tea towels and and placed on the table. parelli [the Italian fashion designer]” bracelet from a shaped clasp, signed and in its origi- hitting 80”, the client says. newspaper. One client presents not a Its owner snaps open the in the 1920s and 1930s. private collection nal box. It is silver, but no matter – Ms Ghika picks up a delicate pearl piece of jewellery but an ancient-look- Tbox to reveal a strange assortment – “In the past 10 – 15 years it has (above); a pearl because of its provenance and style, and gold collar embellished with star ing, spoon-shaped metal item of fine old pearls, bright coral and gold become incredibly collectable,” she and gold necklace the bracelet could fetch up to £1,200. and moon motifs. It bears the mark of unknown provenance – the only time beads, diamonds and emeralds – fash- says. But the damage has been done. by Goldsmiths & A similar estimate is given to a gem- the Goldsmiths & Silversmiths Com- Ms Ghika is stumped. ioned into mismatched pieces: a Not even a photograph of the original Silversmiths set and pearl brooch created by an pany, precursors to Garrard & Co. When the session is over, she tots brooch, a tiny pair of earrings, a survives. Company (below); anonymous jeweller. “In this period you didn’t have jew- up the value of all the pieces that choker. Ms Ghika inspects each of the Jean Ghika (right). “But [the Hermès bracelet] is great ellery signed by makers in the way have passed across the table. The milky sheen of the pearls and pieces with a magnifying eyepiece Charlie Bibby because of the scale,” says Ms Ghika. that you do now. But it’s weighty More than £30,000 worth of clear white of the diamonds suggest before offering her verdict. At auc- “It’s a really chunky one and that’s and great quality,” she says. Her jewellery has been valued, fine quality but the designs are tion, the box’s contents would fetch the most desirable. It’s signed, and estimate is between £4,000 and about £10,000-worth of distinctly ordinary. between £1,200 and £1,500. we’re seeing prices rise sharply.” £5,000. which will be auctioned. “I spoilt it,” the owner says with a And if the original bracelet had Another client arrives clutching a More fine pieces emerge: a But regardless of val- sigh, as she slumps back in her chair. been intact? “It would be about nylon shopping bag, from which she chrysoberyl necklace in the ues, her regional tours, “I realise that now.” £20,000,” she says, in a carefully neu- retrieves handfuls of Victorian leather shape of a serpent, garnet-en- Ms Ghika says, always She has brought her jewellery col- tral tone. jewellery boxes. They open in ingen- crusted bangles and a bring revelations. lection to a satellite branch of Bon- The owner is mortified, but Ms ious ways, with hinges and levers bracelet with a diamond “People know what hams, the auctioneers, in Guildford, a Ghika is sympathetic: “That’s the revealing secret compartments. and pearl crest motif they have, but they town 30 miles southwest of London, to problem with inherited jewellery,” she The pieces inside form a substantial intended to be con- don’t understand the have her pieces valued by Jean Ghika, says as the box is packed away. “We family collection of late 19th-century verted into a context in the mar- one of the world’s leading experts in lead lives different from your mother- fine jewellery. Ms Ghika’s table is lit- brooch. Clients ketplace – that’s fine jewellery. in-law’s generation. And at least you tered with bracelets set with rows of arrive and leave what’s exciting.” Ms Ghika, Bonhams’ head of jewel- can wear them now.” white diamonds, delicate bar and throughout the lery for the UK and Europe, is based Ms Ghika has four more valuation spray diamond brooches and graceful, morning, carrying www.bonhams.com/ in the auctioneer’s saleroom in Lon- appointments this morning. She is gem-set collars. everything from valuation_events don’s Bond Street where she oversees expecting “very pretty period jewel- international sales of fine jewellery. lery – often things inherited. Late 19th Her most recent sale in April saw her and early 20th-century jewellery is auction $7.5m worth of rare diamonds, quite typical.” coloured stones and natural pearls. For Bonhams, sending a leading But she also tours the UK and expert to one of its regional offices is Europe giving “valuation days” – an an exercise in long-term relationship- appointment service where members building rather than instant sales and of the public line up to have their profits. “People ask me when is a private collections valued without good time to sell and what the market obligation. The format is reminiscent is like,” Ms Ghika says. of Antiques Roadshow, but without “They may not choose to sell at that the gawping crowds. point, but they may down the line. One such valuation day has brought And they may ask us to alert them if the dispirited jewellery owner to the market sees an Guildford. The contents of her box, increase for their she explains, were once a single item.” bracelet. “But it wouldn’t fit my wrist, Three types so I had it made into lots of items.” of jewellery She describes a r e i n the original art demand at deco design, auction, she bought in Paris in says. Most the 1930s and collectable is inherited from her period jewel- French mother-in- lery from the first law. It featured a quarter of the 20th jewelled clasp set in century: “the big rock crystal and was names – Cartier, Van strung with nine Cleef, Boucheron”. straight rows of pearls. Next, come natural “Is that the maker’s pearls: “So desirable – the mark?” Ms Ghika asks, market has gone up and up, pointing to the letter- and that’s been a result of over- ing inside the box. fishing, pollution. There just isn’t She reads it, then the supply.” draws breath. And jewellery from the 1960s and The now-dis- 1970s is fashionable she says. “We m a n t l e d have seen a huge upsurge because the b r a c e l e t , supply is finite.”

Second life for family diamonds as demand increases for bespoke designs by skilled jewellers

ewellery collectors seek out fine According to Nicole Carosella, who co- A new lease of life can mean costly vintage pieces, but not necessarily founded Sorellina, a New York-based repairs or replacements, even for early Jbecause they long for a period look. jeweller in 2011, demand is rising, partly 20th-century pieces. Many want the fine gems and metals because such commissions are cheaper Nicholas Luchsinger, international within to refigure into bespoke, modern than opting for new diamond creations. retail department director at Van Cleef designs with the help of experts. Others “I love it when a client brings me her & Arpels, says it is “quite common” for ask jewellers to rework old family jewels mother’s or grandmother’s diamonds clients to request the recreation of a in the same way – and some are making and I can design a ring that suits her partner for a lost earring or refashion a valuable discoveries in the process. personality,” Ms Carosella says. piece to fit a new owner, with prices Yana Zaikin, founder and artistic Sorellina’s Hail Storm ring, a one-off varying according to the style, setting director at London-based jeweller Emily design, was fashioned this way, taking and complication of design. H, cites a recent example when a gem Ms Carosella’s grandmother’s jewels, However, he says: “Our workshop has collector client brought her a Victorian then creating flower petals in platinum barely changed since 1906 and we have brooch studded with three scuffed and recycled gold studded with old excellent archives. You will not see the emeralds. The old piece became a set of diamonds of different cuts: single, full difference between the old and the bespoke jewellery with a six-figure value, and old mine cuts. new.” though neither client nor designer would “Each of the cuts reflects light Simoney have believed it at the time. differently to create more dimension Kyriakou The client suspected the emeralds and different types of sparkle,” Ms might be valuable, but as Ms Zaikin Carosella says. says: “You would not have known it Repurposed jewellery from the brooch, as the workmanship can be cheaper than was not great and the emeralds were new pieces, but scratched and not cut symmetrically.” craftsmanship still Ms Zaikin sent the stones for costs. For certification in a laboratory. “They were example, Colombian emeralds, with a hue unlike Sorellina’s anything else. After cutting and Puccini repolishing, the biggest emerald was necklace, about 17 carats and the two others were also made 10.5 and 10.6.” The largest emerald from vintage alone was worth more than £30,000. and modern Elsewhere, women are repurposing materials, is family diamonds into modern priced at New look: Sorellina’s engagement rings. $26,000. Hail Storm ring 18 ★ FINANCIAL TIMES SATURDAY SEPTEMBER 6 2014