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 A
great watch is, and always has been an indicator of the wearer’s
wealth, prestige and elegance. Ever since the 15th century, when
the European nobility took to carrying pocket watches, they have
been regarded as more than just timekeeping devices. Because they
were so rare at that time, they were symbols of exclusivity. This
difference between the haves and have-nots endured for several centuries.
And it was almost 400 years later that watches became popular enough
for manufacturers to mass-produce them.
The marriage between watches and jewellery also happened much later,
in the late 19th century, giving rise to luxury watches and limited-edition
watches by some of the biggest names in the business.
 Soon,
Swiss manufacturers, who were and continue to be, at the forefront
of watch-making, started making watches that were not only beautiful
to look at, but also equipped with several complications (functions
beyond just indicating the time) such as chronographs, calendars
and lunar movements. Perhaps the difference between a great watch
and a painting or an expensive artifact is that high-end watches
are also prized for their utility.
Today, some of these instruments go for well over $100,000, and
a Patek Phillipe watch once broke sales history by going for $11
million at a Sotheby’s auction in New York.
A timeline of exclusive watches
 Experts
estimate that watch-makers like Cartier and Patek Philippe began
marketing limited-edition watches for connoisseurs during the First
World War. The market received its next big boost in the 80s, when
the Swiss watch industry went into a slump, giving rise to notions
that watch-making as an art, was on its way out. This spurred a
buying spree of vintage watches among the rich who wanted to get
their hands on them before they became too rare.
The market for exclusive watches was on fire again. Watch makers
today have become noticeably bolder in terms of design and functionality.
Hand-made watches though, continue to retain their charm and appeal.
 It
is perhaps an irony, that at the very beginning, watches were exclusively
made for the crème de la crème. Then, as technology
grew better and inventors from all over Europe and America fine-tuned
the inner mechanism of watches, they became ubiquitously cheap.
However, history has come a full circle. To date, limited-edition
wristwatches are usually the most expensive of all luxury watches.
The fact remains that they are, for most people, prohibitively expensive
and the only people who buy them are collectors, tycoons and connoisseurs.
However, manufacturers continue to produce these watches, sometimes
at the rate of just one at a time. Obviously, the profit margin
in such cases is non-existent. But the aim is to give the buyer
something that is timeless.
There is a certain something about a one-of-a-kind watch that no
one else owns. It confers upon the wearer the right to live on a
wholly different plane from others around him/her. Limited-edition
watches are also made to commemorate special events. According to
Biren Vaidya, MD, Rose Group of Companies, the Tag Heuer Tiger Woods
watch for example, did well in the Indian market.
The exclusive watch market was primarily geared towards the male
buyer until a few decades ago. Today, many manufacturers have rolled
out exquisitely expensive watches for women. At the India International
Watch and Clock Fair earlier this year, the Cartier Ellipse was
on display, at a whopping Rs. 16 lakhs!
Indian market - time to grow!
In India, the watch market has seen sluggish growth...until
now. With purchasing power going up and quantitative restrictions
coming down post-1997, international watch-makers are finding India
a viable market for buyers of premium and super-premium, class instruments.
But experts say that this segment could grow much faster. “The
demand for luxury watches is growing at about 20-25 percent. But
the conditions for growth are not ideal yet and the market has the
potential to grow at twice its current rate,” says Manishi
Sanwal, Brand Manager, Tag Heuer. It is clear that the Indian buyer
is definitely displaying a yen for expensive watches. Vaidya says
that his ‘Versace for Rose’ watches have done ‘exceptionally
well’ in the market. Sanwal rates the limited-edition Tag-Heuer
Mercedes SLR, priced at Rs. 1,75,000 as one of the successful pieces
this year, while the Monaco Vintage edition remains his personal
favourite. Indian watch-manufacturers have not been able to exploit
the luxury segment, but then, as experts contend, they’re up
against the Swiss who have been at the forefront of watch-making
for centuries. However, as Vaidya points out, “Indian manufacturers
have never ventured into the luxury market. But if we put our head
to it, we can achieve considerable success.”
As of now, some of India’s biggest brands in the limited-edition
space looks like a ‘whos-who’ list: Breguet, Ulysse Nardin,
Maurice Lacroix, Bvlgari, Chopard, Omega, Longines, Tag Heuer, Franc
vila and Dewitt. Many of them have rolled out expansion plans in
India, and have announced their intentions of introducing renowned
watch editions in the local market. What this means is, if you have
the desire to own something that is as exclusive and good-looking,
it’s time to hit the store. Your wrist will thank you for it.
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