L'Orologio 187 publishing

We are not in the habit of "tearing speeches in half", but if you have read the editorial in issue 187 of L'Orologio, you will certainly have realised that the subject matter, on the rules of the watch market (a sort of small "vademecum" to help you better orient yourself in this world), was missing an obvious conclusion. We apologise to you for the obvious oversight, as the concluding piece of the entire discourse was irremediably skipped as it went to press.

That is why we republish the full editorial here on the Blog:

Some clarity
Like all markets, the watchmaking market has its written and unwritten rules. Its many actors. Its places and its mechanisms. Which L'Orologio has been committed to illustrating and dissecting since 1992, to help you better orientate yourself in this world.
The watch market is vast and very diverse. The watch product ranges in price from 20 to around 1,000,000 (if not more) euros. It is difficult for anyone to get an accurate picture of this scenario. In this immense price range, of course, there are more or less competitive bands. It is easy to understand that the game gets tougher in a price range between €1,000 and €5,000, rather than between €300,000 and €900,000, where the number of pieces sold is proportionally lower. l'Orologio has accustomed you to discovering every month a selection of watches that are on the market, with reviews of almost exclusively mechanical models of an interesting level of quality in relation to their price category. A special eye has always been maintained for novelties, i.e. for those watches that the manufacturers present to the press a little in advance of the actual distribution, so as to allow you to get an idea of the product, leaving you time to research it, order it or just study it.
Our articles are not always and only intended to promote the purchase of watches (since we personally do not sell them), but to inform and spread watch culture: that is, to provide enthusiasts with the tools they need to make an informed purchase.
Our columns 'Experts Become', 'A Collector's Future' and 'How much is it worth', written by well-known experts in the field, are, for example, in this vein. If 'How much is it worth' and 'A future collector's item' are pages in which we make suggestions for a purchase according to its future value on the second-hand (or, as they say, vintage) market, 'Experts become' has a broader ambition. On the 'Experts' page, as we call it in the editorial office, we want to illustrate the mechanisms of the watch market, so that you can fully enjoy the experience of knowing, evaluating and buying the best watch for you. The topics dealt with on this page are the most diverse: markets, choosing a repairer, leasing, recognising fakes, how and why to engrave a watch, vintage Rolex dials, depreciation, watches at sea, warranties, sales between private individuals, buying abroad, silent auctions... Although we have omitted many of them, you can already see how, when put together, these articles can constitute a small vademecum for buying a watch.
Another very interesting topic we dealt with was that of resellers. What is the reseller? Nothing other than what used to be called a 'parallelist'. It is that merchant who manages to procure new watches through routes that bypass official distribution and, often, to offer them at prices below list price, with discounts that can range from 10% up to 40% and beyond. Of course, the existence of a parallel market harms official distribution to some extent, but it is an almost inevitable phenomenon, especially for those brands and models whose demand exceeds the actual availability on official channels. Buying from resellers is not illegal, but it must be remembered that these shops, while selling the watches together with their original warranty, cannot 'officially guarantee' the sale in the same way as an authorised dealer. This can cause serious problems in the event of a malfunction of the watch itself, which may not be recognised as a regular import by the Italian distributor and therefore be sent for repair directly to the manufacturer's headquarters, with time and costs rising accordingly.
Where do resellers get their watches? Often these are goods that return to our market from foreign countries, where that particular model is less sought-after than here, for example. Other times the watches come from the network of official dealers, who can in this way increase their sales volume and get rid of pieces that are 'inconvenient' for them, for which they do not have the appropriate clientele. In short, there are many ways and the scenario is vast, especially since there is a very wide range of watch models on offer from manufacturers, not all of which are suitable for being absorbed well by the market.
Does this variety and breadth of supply harm the consumer? We believe not. That is, if the consumer has the tools to evaluate his purchase. Tools that we are able to provide him with, with work that aims to build rather than destroy.
We certainly do not want to say that there are no flaws in the watch market. There are problems, as in every field. And as in every field, there are people who are more or less competent. And there is a turnover, both at the retail level and in the management of the manufacturers, which is natural and healthy for the whole system and from which arises an offer that varies according to the historical moment, the identikit of the typical consumer and the level of service required by the end customer, who is becoming increasingly demanding. Also thanks to the information of an independent trade press, which has been working in the sector for over twenty years.

Some clarity

Like all markets, the watchmaking market has its written and unwritten rules. Its many actors. Its places and its mechanisms. Which L'Orologio has been committed to illustrating and dissecting since 1992, to help you better orientate yourself in this world.

The watch market is vast and very diverse. The watch product ranges in price from 20 to around 1,000,000 (if not more) euros. It is difficult for anyone to get an accurate picture of this scenario. In this immense price range, of course, there are more or less competitive bands. It is easy to understand that the game gets tougher in a price range between €1,000 and €5,000, rather than between €300,000 and €900,000, where the number of pieces sold is proportionally lower. l'Orologio has accustomed you to discovering every month a selection of watches that are on the market, with reviews of almost exclusively mechanical models of an interesting level of quality in relation to their price category. A special eye has always been maintained for novelties, i.e. for those watches that the manufacturers present to the press a little in advance of the actual distribution, so as to allow you to get an idea of the product, leaving you time to research it, order it or just study it.

Our articles are not always and only intended to promote the purchase of watches (since we personally do not sell them), but to inform and spread watch culture: that is, to provide enthusiasts with the tools they need to make an informed purchase.

Our columns 'Experts Become', 'A Collector's Future' and 'How much is it worth', written by well-known experts in the field, are, for example, in this vein. If 'How much is it worth' and 'A future collector's item' are pages in which we make suggestions for a purchase according to its future value on the second-hand (or, as they say, vintage) market, 'Experts become' has a broader ambition. On the 'Experts' page, as we call it in the editorial office, we want to illustrate the mechanisms of the watch market, so that you can fully enjoy the experience of knowing, evaluating and buying the best watch for you. The topics dealt with on this page are the most diverse: markets, choosing a repairer, leasing, recognising fakes, how and why to engrave a watch, vintage Rolex dials, depreciation, watches at sea, warranties, sales between private individuals, buying abroad, silent auctions... Although we have omitted many of them, you can already see how, when put together, these articles can constitute a small vademecum for buying a watch.

Another very interesting topic we dealt with was that of resellers. What is the reseller? Nothing other than what used to be called a 'parallelist'. It is that merchant who manages to procure new watches through routes that bypass official distribution and, often, to offer them at prices below list price, with discounts that can range from 10% up to 40% and beyond. Of course, the existence of a parallel market harms official distribution to some extent, but it is an almost inevitable phenomenon, especially for those brands and models whose demand exceeds the actual availability on official channels. Buying from resellers is not illegal, but it must be remembered that these shops, while selling the watches together with their original warranty, cannot 'officially guarantee' the sale in the same way as an authorised dealer. This can cause serious problems in the event of a malfunction of the watch itself, which may not be recognised as a regular import by the Italian distributor and therefore be sent for repair directly to the manufacturer's headquarters, with time and costs rising accordingly.

Where do resellers get their watches? Often these are goods that return to our market from foreign countries, where that particular model is less sought-after than here, for example. Other times the watches come from the network of official dealers, who can in this way increase their sales volume and get rid of pieces that are 'inconvenient' for them, for which they do not have the appropriate clientele. In short, there are many ways and the scenario is vast, especially since there is a very wide range of watch models on offer from manufacturers, not all of which are suitable for being absorbed well by the market.

Does this variety and breadth of supply harm the consumer? We believe not. That is, if the consumer has the tools to evaluate his purchase. Tools that we are able to provide him with, with work that aims to build rather than destroy.

We certainly do not want to say that there are no flaws in the watch market. There are problems, as in every field. And as in every field, there are people who are more or less competent. And there is a turnover, both at the retail level and in the management of the manufacturers, which is natural and healthy for the whole system and from which arises an offer that varies according to the historical moment, the identikit of the typical consumer and the level of service required by the end customer, who is becoming increasingly demanding. Also thanks to the information of an independent trade press, which has been working in the sector for over twenty years.

en_GB