Market
Bruno.M1's thought-provoking post delves into the perplexing market valuation of luxury watches, specifically contrasting a high-complication Patek Philippe with an F.P. Journe Chronomètre Bleu. He challenges the community to dissect whether horological merit or external factors like recognizability and social distinction now primarily dictate market prices. This discussion remains highly relevant as collectors navigate an increasingly complex secondary market.
Without wanting to start a discussion about the price as such, I do have to note that both pieces seem to have roughly the same market value. Hence the two Chrono24 screenshots.
That said, I think it is worth discussing why, in your view, both watches are assigned a similar value by the market. Patek Philippe was and still is the absolute high end among the major manufactures. The company has an exceptional history and is more or less the blue chip of the watch market. And yet, it seems that today most interested buyers are looking almost exclusively at the Aquanaut and the Nautilus. The earlier Lemania chronographs are still performing well, but take this example.
Here we have, without any debate, a very beautiful chronograph, and moreover a split seconds chronograph. I honestly wonder whether people today still realize how special that is. I have yet to meet the first person who would say this is not a beautiful timepiece. And yet the fact remains that this high end Patek is worth about the same as what is, in essence, a basic Journe.
Yes, the Chronomètre Bleu is an incredible watch, and in my opinion perhaps the benchmark of independent watchmaking. What a Paul Newman Daytona is for sports watches, the CB is probably the equivalent for the independent scene. But putting that aside.
Do both watches deserve the same price? Why or why not?
The F.P. Journe Chronomètre Bleu, or CB, holds a distinctive position within the brand's Classique collection, having been introduced in 2009. It stands as the sole F.P. Journe timepiece crafted from tantalum, a rare and challenging metal to work with, which imparts a unique greyish-blue hue to its case. This model embodies François-Paul Journe's unwavering commitment to chronometric precision and traditional watchmaking principles, drawing inspiration from the historical marine chronometers that demanded utmost accuracy.
At its heart, the Chronomètre Bleu is powered by the manual-winding Calibre 1304, an 18k rose gold movement visible through the sapphire caseback. This movement features twin barrels, ensuring stable power delivery over its 56-hour reserve, and is celebrated for its exceptional chronometric performance. The watch's design language is characterized by its striking deep blue chrome dial, which offers a captivating interplay of light. The off-center hours and minutes display, complemented by elegant Arabic numerals and a small seconds sub-dial at 7:30, creates a harmonious and instantly recognizable aesthetic.
The Chronomètre Bleu has become one of F.P. Journe's most coveted and recognizable creations, frequently serving as an entry point for collectors into the world of independent haute horlogerie. Its appeal stems from a confluence of factors: the technical brilliance of its movement, the distinctive and understated elegance of its tantalum case and blue dial, and the relatively limited production that fuels strong demand. Consequently, the CB commands significant attention and robust values in the secondary market, solidifying its status as a modern icon among discerning watch enthusiasts.
I will definitely choose the Patek Philippe chronograph. No question on it.
Now, subjectivity and trends seem to govern this kingdom in a strange way... Best, Nicolas
He was quite forthright that in the area above €5.000 (and this was more than 10 years ago) what goes into the watch and the price of the watch do not correlate anymore - it is purely what the market will bear 🤷🏻♂️ I still remember seeing the CBs offered for under 10k on C24 in 2016 and 2017 but that’s not where they are now. At the same time, the stated price does not mean the watch will move, or not at the price. Finally, I would at this point also immediately go for the PP 😉 But as you infer
The FPJ is quite underwhelming in person. It trades on hype and perceived value over actual quality.
Last year I attended a couple of brand holiday parties and the conversations revealed that most of this “collectors” have no clue nor care about the watch’s merits, but more so the “flex” of owning it and other people’s reactions. Nevertheless I’m happy for those who bought it for the right reasons and sad for those, who buy them out of compensation for their empty souls! It goes without saying, my choice would be the Patek.
At that price it has to be the Patek. I was offered the cb and few others before Covid, when you could go into journe on madison or the bal harbor mall, they would pour you a drink and you could buy a watch. In those days, you saved alot buying on the secondary.
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