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Restoration & Construction Techniques
TM October 2018 SETTING SERVICE STANDARDS AND EDUCATING THE HOROLOGICAL COMMUNITY Restoration & Construction Techniques AMERICAN WATCHMAKERS- CLOCKMAKERS INSTITUTE Don’t lose track of time.. CALIBRATE EVERY TWO YEARS Current machines Out of production machines • Watch Expert G4 • Expert red (serial # >3,000) • Chronoscope S1 G2 • Expert II & III • Micromat C for Chronoscope X1 • Watchmatic I, II & III Elma blue • Micromat C computer version • New Tech Handy I • New Tech Handy II • Watchmaster I & II Elma blue • Analyzer Q1 • Chronoscope S1 G1 • Analyzer Twin • Chronoscope M1 • Q Test 6000 • Wicometer Pro GPS receiver uses 4-5 satellites to transfer a 1 pulse per second signal (1 Hz) to the timing machine. STOCK # DESCRIPTION PRICE TS-CALIBRATION A TIME BASED, ACCURACY UP TO 1/5000 OF A SECOND PER DAY $150.00 * Allow for 1 week turn around time JULES BOREL & CO. PHONE 800-776-6858 FAX 800-776-6862 WEB JULESBOREL.COM IN THIS VOLUME 42, NUMBERissue 10, October 2018 Feature Shop Tip: Seth Thomas No. 124 TM October 2018 Collectors and Mainspring-Winding Arbor SETTING SERVICE STANDARDS AND EDUCATING THE HOROLOGICAL COMMUNITY Watchmakers Unite By Bob Little, CC, CW Restoration & Construction Techniques Under RedBar Group page 20 Official Publication of the American Watchmakers-Clockmakers Institute By Ken Nichols EXECUTIVE & EDITORIAL OFFICES page 23 American Watchmakers- Industry News Clockmakers Institute (AWCI) New Website for Authorized 701 Enterprise Drive AWCI News Watch Dealers Harrison, OH 45030 Vice President’s Message AMERICAN WATCHMAKERS- By Aaron H. Recksiek, CW21 CLOCKMAKERS INSTITUTE 866-FOR-AWCI (367-2924) By Aaron H. Recksiek, CW21 page 28 or 513-367-9800 page 5 Fax 513-367-1414 Popular Watch Blog Worn & [email protected] • www.awci.com Cover Image: www.facebook.com/MyAWCI Executive Director’s Message Wound Opens Online Watch By Jordan P. -
The Deloitte Swiss Watch Industry Study 2020 an Accelerated Transformation the Deloitte Swiss Watch Industry Study 2020 | an Accelerated Transformation
The Deloitte Swiss Watch Industry Study 2020 An accelerated transformation The Deloitte Swiss Watch Industry Study 2020 | An accelerated transformation About the study This report is the seventh edition of the Deloitte study on the Swiss watch industry. It is based on an online survey and interviews conducted between mid-August and mid-September 2020 with 55 senior executives in the watch industry. The study is also based on an online survey of 5,800 consumers in China, France, Germany, Hong Kong, Italy, Japan, Singapore, Switzerland, the United Arab Emirates, the United Kingdom and the United States. The year 2020 marks 175 years of Deloitte making an impact that matters. Today Deloitte is a thriving global organisation, which has grown to more than 300,000 people proudly carrying forth a legacy of connection and collaboration. We’re not trusted because we’ve existed for 175 years. We’ve existed for 175 years because we’re trustworthy. That’s our legacy. That’s our future. 02 The Deloitte Swiss Watch Industry Study 2020 | An accelerated transformation Contents 1. Key findings 04 2. Industry overview 05 2.1 COVID-19: Unexpected and unprecedented 05 2.2 Quartz watches: Continuing drop in exports and sales 07 2.3 China: Key for recovery and growth 09 3. Looking ahead 11 3.1 Beyond the pandemic 11 3.2 The Far East and high-end are vital for growth 12 4. Challenges remain 13 4.1 External risks: Protests and politics 13 4.2 Smartwatches: Industry missed the boat 14 5. Business strategies 18 5.1 Digitalising for a ’consumer first’ world 18 5.2 The pre-owned market heats up 23 5.3 Sustainability: The future is green 25 6. -
The Case of Switzerland and the World Watch Industry *
469 Technological discontinuities and flexible production networks: The case of Switzerland and the world watch industry * Amy Glasmeier tain and augment their competitiveness in a global Unrr~rs~t~of Texas at Austin, Texas, USA economy. On the eve of the electronics revolution, the Swiss watch production system, centered in the mountainous Jura region, was flexible, cost The twentieth-century history of the Swiss watch industry effective, and extremely profitable. Both horizon- illustrates how cultures and industrial production systems ex- tally and vertically disintegrated, the Swiss system perience great difficulty adapting to external change at differ- offered enormous variety while maintaining qual- ent points in time. The current emphasis on production net- ity and timeliness of delivery. “The multiplicity of works - unique reservoirs of potential technological innovation realized through cooperation rather than competition among enterprises, and the competition and emulation firms - lacks a detailed appreciation of historic networks, and that characterized the industry, yielded a product in particular their fragile character in times of economic of superior quality known the world over for high turmoil. While networks can and do promote innovation within fashion, design, and precision” [21, p. 481. an existing technological framework, historical experience sug- Beginning in the 1970s when foreign competi- gests their fragmented, atomistic structure is subject to dis- organization and disintegration during periods of technological tion hurdled technological frontiers in watch change. An exclusive focus on “production” ignores other movements, advancing from mechanical to elec- constraints that are powerful forces governing the reaction tric, electronic, digital and finally quartz technol- abilities of regions. Previous research has largely relied on a ogy, the Jura’s undisputed dominance ended. -
Rolex and Golf Information Sheet
ROLEX AND GOLF Perpetual Excellence For more than a century, Rolex’s quest for excellence through continuous improvement and innovation has underpinned all of the company’s activities – in its watchmaking and all its engagements. As part of Perpetual Excellence, Rolex seeks partnerships with individuals and organizations in the arts and in sport who set the highest standards of performance. Note Please note that the following is generic information in line with the “traditional” calendar. However, given the extraordinary circumstances that have impacted the world, the dates of some of these events are likely to change in 2021. ROLEX AND GOLF Rolex supports the most prestigious events, players and organizations in golf and encourages the development of the game worldwide. Its contribution to excellence in the sport is based on a rich heritage stretching back more than 50 years. Rolex champions both innovation and respect for the spirit of the ancient game. AT THE HEART OF THE GAME Rolex is a leading supporter of golf, with its universal commitment across the men’s and women’s game and from amateur through to senior ranks. The Swiss watch brand partners the principal professional tournaments and tours in golf, including four Majors in men’s golf that constitute the pinnacle of achievement for the world’s best players each year: • the Masters Tournament at Augusta National Golf Club (United States) in April; • the PGA Championship in May; • the U.S. Open in June; • The Open in the United Kingdom in July. This support extends to all five Majors in women’s golf. -
Annual Report and Accounts 2019 T H E W a T C H E S O F S W
ANNUAL REPORT AND ACCOUNTS 2019 THE OF WATCHES SWITZERLAND GROUP ANNUAL REPORT AND ACCOUNTS 2019 THE WATCHES OF SWITZERLAND GROUP THE WATCHES OF SWITZERLAND GROUP IS THE UK’S LEADING LUXURY WATCH SPECIALIST OPERATING IN BOTH THE UK AND US, WITH A COMPLEMENTARY LUXURY JEWELLERY OFFER. The Group comprises of four prestigious retail brands; Watches of Switzerland, Mappin & Webb, Goldsmiths and Mayors and has been transformed over the last five years into a modern, technologically advanced, multi-channel retailer with a foundation of success based on strong watch brand partnerships, impactful marketing and unrivalled customer experience. A range of icons are used throughout this report to highlight our performance in key areas GOVERNANCE FRAMEWORK Our governance framework allows us to consider stakeholders when making key decisions throughout BOARD LEADERSHIP DIVISION OF COMPOSITION, AUDIT, RISK REMUNERATION AND COMPANY RESPONSIBILITIES SUCCESSION & AND INTERNAL the year. PURPOSE EVALUATION CONTROL Read more Corporate governance page 56 OUR STRATEGIC PRIORITIES The Group’s strategy for continued growth and market share is focused across both GROWING BEING A STRONG DELIVERING CONTINUING TO EXPANDING REVENUE PARTNER FOR EXCEPTIONAL DEVELOP BEST IN MULTI-CHANNEL UK and US markets. AND PROFITS OUR LUXURY CUSTOMER CLASS PRACTICES MARKET LEADERSHIP WATCH BRANDS SERVICE Read more Our strategy page 9 AT A GLANCE The Watches of Switzerland Group is the UK’s largest luxury watch retailer with over 35.0% market share and accounting for half of Rolex’s sales in the UK. Sales of our top five luxury watch brands of Rolex, Patek Philippe, Omega, Breitling and TAG Heuer made up 70.0% of the Group’s revenue in FY19. -
Parallel Worlds
PARALLEL ISSUE 03 WORLDS 1 WELCOME TO PARALLEL Creativity is an addiction. So powerful that there is no cure for it – we hope. “More, more, more” says our brain while adrenaline pulses through our veins. We feel elated, we feel invincible, we feel happy. With Parallel Worlds we bring you what makes our heart beat faster – what we create and what we would have loved to create – in a whirlwind of amazing stories by some of the greatest writers we know. WORLDS Every day we celebrate creativity, friendship, inspira- tion and the simple act of being meaningful. If any one of these pieces or stories can engage you to think different or create something on your own, you will have brought that extra smile to our already sunny day. Maximilian Büsser 40 72 130 44 54 96 86 CHAPTERS ANIMAL KINGDOM WHEN MACHINES WERE P. 5 BEAUTIFUL BREAKING THE RULES P. 10 5 P. 21 BACK TO CHILDHOOD ON THE ROAD P. 123 P. 39 TEN YEARS OF MB&F DEFYING GRAVITY P. 14 0 P. 6 3 M.A.D.GALLERY OUT OF THIS WORLD P. 142 P. 89 120 22 4 5 ANIMAL KINGDOM P. 6 P. 18 LOVE BUGS THE SENSATIONAL MACRO PHOTOGRAPHY OF NICKY BAY P. 12 MAN, MANTIS, AND MACHINE P. 19 OR THROUGH ALIEN EYES FROM SIMPLE INSECTS TO BUZZING P. 14 INTERNET SENSATIONS ARACHNOPHOBIA JEEPERS CREEPERS 6 ANIMAL KINGDOM 7 LOVE BUGS In “Mechanical Entomology,” M.A.D.Gallery’s first themed exhibition, four artists pay homage to the unexpected beauty of creepy, crawly critters. -
Investor Overview November 2020 the Wos Group – Luxury Watch Overview
Investor Overview November 2020 The WoS Group – Luxury Watch Overview Luxury watches is a well-protected, high growth market with high barriers to entry, supply-driven dynamics and strong value accretion CHF bn 2019 up 3.0% vs 2018 25 China/HK bubble China/HK correction CAGR: 1970-2019 1996-2019 Exports to the UK up 0.1% 20 +5.4% +4.2% in 2009 15 10 5 0 1970 1975 1980 1985 1990 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Long-term Increase in Prices… ...And Sales Volumes (3) Global Swiss Watch Exports ASP Volume Global Swiss Watch Exports(3) +2% 3.7 5.3 5.1 3.5 3.4 3.4 3.4 5.0 4.9 3.2 4.7 4.0 4.1 3.7 2.4 3.7 3.4 1.9 3.4 3.3 3.4 2.9 3.2 3.3 1.2 1.6 1.4 1.5 1.6 1.7 0.5 0.7 2000 2005 2010 2015 2016 2017 2018 2019 2000 2005 2010 2015 2016 2017 2018 2019 Volume in millions Volume in millions ASP in CHF ‘000 (Watches > CHF 3,000) (Watches CHF 500-3,000) Source: Company information, Swiss Watch Federation statistics, OC&C, Bank of England; Note: Swiss Watch Federation data based on Swiss watches across all price ranges unless otherwise indicated. 2 What Makes the Category of Luxury Watches Different Luxury Watches are Underpinned by Unique, Attractive Characteristics • Swiss monopoly: no threat from technology or geography • Demand exceeds supply for key brands: Rolex, Patek Philippe and Audemars Piguet • High barriers to entry: tightly controlled distribution with a high level of investment in stores, merchandising, IT, marketing required; brand partnerships take many years to establish and develop • -
History of Rolex
HISTORY OF ROLEX Rolex’s status and identity are products of a history driven by a passion for innovation and a constant quest for excellence. A succession of pioneering achievements encompassing a watchmaking, industrial and human adventure, this story is interwoven with the history of the Oyster, the first waterproof wristwatch. Launched in 1926, the Oyster was the starting point for a collection of legendary watches. HISTORY OF ROLEX The success of Rolex is inextricably linked to the extraordinary spirit of enterprise of its founder, Hans Wilsdorf (1881-1960). Through his visionary genius and uncommon capacity to embrace all fields of the company’s activities – technology, communication, organization and distribution – and as the head of the company for more than 50 years, Hans Wilsdorf set the course for an adventure which has given rise to exceptional watches and an unparalleled brand. Today, his personality and his work continue to inspire the company and permeate its corporate culture. The entrepreneur’s influence is also evident in the aesthetics and principal characteristics of the watches that remain faithful to the original Oyster, as well as in Rolex’s ability to draw on its prodigious heritage to continuously advance towards new horizons. HANS WILSDORF AND HIS VISIONARY GENIUS The Rolex adventure began in the early 1900s. Born in Bavaria, Germany, Hans Wilsdorf started his career in watchmaking in La Chaux-de-Fonds, Switzerland. In an era when pocket watches were the order of the day, he was quick to see the potential of the wristwatch for the 20th century, despite their not yet being very precise and being generally considered to be items of jewellery of particular appeal to women. -
TIME out Who Weighed About Three Hundred and fifty Pounds and His Two Grocery Carts Crammed with Bags of Tostitos and Bot- Confessions of a Watch Geek
ELECTRONICALLY REPRINTED FROM MARCH 20, 2017 rence. Since turning forty, I’d started to PERSONAL HISTORY suffer from a heightened sense of claus- trophobia. A few years ago, I was stuck for an hour in an elevator with a man TIME OUT who weighed about three hundred and fifty pounds and his two grocery carts crammed with bags of Tostitos and bot- Confessions of a watch geek. tles of Canada Dry, an experience both BY GARY SHTEYNGART frightening and lonely. The elevator had simply given up. What if a subway train also refused to move? I began walking seventy blocks at a time or splurging on taxis. But on this day I had taken the N train. Somewhere between Forty- ninth Street and Forty-second Street, a signal failed and we ground to a halt. For forty minutes, we stood still. An old man yelled at the conductor at full vol- ume in English and Spanish. Time and space began to collapse around me. The orange seats began to march toward each other. I was no longer breathing with any regularity. This is not going to end well. None of this will end well. We will never leave here. We will always be underground. This, right here, is the rest of my life. I walked over to the conduc- tor’s silver cabin. He was calmly explain- ing to the incensed passenger the scope of his duties as an M.T.A. employee. “Sir,” I said to him, “I feel like I’m dying.” “City Hall, City Hall, we got a sick passenger,” he said into the radio. -
Who's the Grandest of Them All?
GPHG 2014 INDIA On September , competing watches will be exhibited at the Hotel Imperial, Delhi JURY DUTY ome October 31, the majestic Who’s the Grand Théâtre The exhibition will de Genève will travel to Delhi, Beij ing and Geneva grandest of Chost the 14th edition of the Grand Prix d’Horlogerie John Mayer de Genève. By the end of to be sure-shot winners. Mayer has a massive stash the evening, 14 watches In fact, last year, little- of vintage Patek Philippe, them all? will have been awarded known watchmakers Rolex and IWC watches top prizes in categories like Habring2 and including the best Ressence won top The Grand Prix d’Horlogerie Chronograph, Tourbillon, honours. Habring2 is a de Genève, the Oscars of the Calendar and Artistic husband-wife duo who watchmaking world, will be held in Craft, among others. run their own Austrian Switzerland this October. But even But don’t expect the watchmaking unit, while if you haven’t scored an invitation, usual suspects – the Ressence is just six years you’re still in luck. Many of the high-pro le Swiss old. “The GPHG is one of competing watches will be on haute horologists with the best ways for watch display this month in Delhi, says opulent showings at collectors to understand Nick Foulkes Varun Godinho BaselWorld and SIHH – up-and-coming brands. This British historian and author also writes about style and watches for GQ FOUR AVANT- ArtyA Broken Glass Sarpaneva Kosmos Rebellion Timepieces Konstantin Chaykin T-1000 Gotham Carpe Diem GARDE This wristwatch, shaped like Finnish watchmaker Stepan the head of a guitar, is one Sarpaneva makes only 35 This badass watch from the This Russian haute horologist PARTICIPATING of ArtyA’s saner models. -
For Immediate Release Antiquorum Presents
FOR IMMEDIATE RELEASE ANTIQUORUM PRESENTS IMPORTANT MODERN & VINTAGE TIMEPIECES SATURDAY, JUNE 26th, 2021 FORTE DEI MARMI AUCTION RESULTS The outstanding Important Modern & Vintage Timepieces Forte dei Marmi auction, in collaboration with Deangelis, achieved an outstanding EUR 4,4 million (incl. buyer’s premium) and two world records. MILAN, ITALY (June 29th, 2021) — On Saturday June 26th, 2021, Antiquorum, the world’s premier auctioneers of modern and vintage timepieces established in Geneva in 1974, hosted its very first outdoors auction in Forte dei Marmi, in collaboration with Deangelis. The last Antiquorum auction in Italy, was 25 years ago, on March 25th, 1996, in Milano, in Palazzo Dei Giureconsulti. Therefore, this event in Alpemare, which ended in remarkable results (EUR 4,401,835 incl. buyer’s premium), marks the return of Antiquorum to Italy and evidences the enthusiasm of the Italian market. More than 200 lots went under the hammer during the auction that began at 6:00PM and went on to 9:00 PM. Buyers are back in the room, with 51% of bidders that came in person in addition to bidders from all over the world logged in on Antiquorum.swiss. With rare lots from brands such as Rolex, Audemars Piguet and Patek Philippe, this auction demonstrated great interest amongst collectors and lovers of great watchmaking. “Coming back to the Italian soil to organize an auction after so long, 25 years, was a true challenge that our teams overcame with great success, in collaboration with Deangelis. After the international quarantine, it was such a joy to welcome back bidders in the room; actually, more precisely, on a beach, which makes this event our very first outdoor auction. -
Pricecutsareasignofthetimes
FT SPECIAL REPORT Watches & Jewellery Thursday March 27 2014 www.ft.com/reports | @ftreports Price cuts are a sign of the times Inside » Budgets blown for Swiss fairs Brands cannot Market expectations afford to stay away for Baselworld are despite rising costs Page 4 likely to be subdued, reports James Shotter Rethinking China New data suggest s record-breaking years go, appetite for luxury 2013 was a somewhat down- beat one for Switzerland’s watches may be on watchmakers. Although the rise again exports hit an all-time high, Aat SFr21.8bn ($24.8bn), they were just Page 8 1.9 per cent above the level achieved in 2012. For an industry used to double-digit Generation Y growth, the slowdown was something hits saleroom of a shock. So it is no surprise that as members Collectors in their of the industry gather in Switzerland at the annual Baselworld trade fair, 20s and 30s set which opens in the city on the the pace in Asia French-German border today, there is more than a little caution in Page 10 the air. “I think it will be a difficult year,” says Michele Sofisti, who doubles as Exclusive and head of Gucci’s watches division and irreverent chief executive of Sowind Group, the Swiss haute horlogerie company that Anticipation: the Baselworld fair opens in Switzerland this week Getty Inside the private owns the Girard Perregaux and Jean- Richard brands. world of designer “Of course, things can improve; it change of direction in an industry everyone pays very close attention to “For example, if we have a collec- showy watches, reflecting the zeit- Glenn Spiro depends on the world economy.