Issue link: https://www.balharbourdigital.com/i/44746
Panerai's 42 mm Luminor 1950 8-Days Chrono Monopulsante GMT features the first chronograph move- ment created entirely by the brand. Hublot's Oceanographic 4000 is part of its new range of ultra- technical carbon fiber watches. steel, forged carbon and rose gold, priced in the $30,000 to $55,000 range. At the luxury Italian watch maker Officine Panerai it's the new 44 mm stainless steel and leather Luminor 1950 8-Days Chrono Monopulsante, starting at $22,400, that's turning heads and motivating shoppers to reach into their pockets. Affluent consumers worried about the volatility in the stock market and the threat of another re- cession are beginning to tighten their belts on larger purchases such as cars, yachts and private aircraft, among other luxury goods. High end watches are no longer revered solely for their time-keeping ca- pabilities but, like high end jewelry and gold, also make for great investments that hold or increase their value over time. "Watches have become a commodity almost," explains Jasmine Bapic, manager of the Audemars Piguet shop at Bal Harbour. "A lot of clients buy to invest, and they also trade know- ing that if they buy well it will also sell well later." Beyond the investment potential, luxury watches have also become fashion's newest status sym- bol. "As much as other objects like prestige cars, designer jewelry and private houses can be commu- nicating tools, the watch has become a very powerful communicating tool as well," says Biver of Hublot, which recently introduced two limited edition watches—the $19,900 Aero Bang and the $24,900 Big Bang King Power—exclusive to its Bal Harbour shop. "For many the watch signifies what type of women or man you are, what's your status, what's your taste," he says, noting how the watch as status symbol is adding to the coffers of Swiss watch makers, many of whom are having their highest yearly sales on record ($1.9 billion as of June) despite worldwide economic turmoil. "You can't always com- municate that with a car or yacht, which is limited in terms of where you can take it," he adds. Thanks to the Internet and other new metods of research, watch connoisseurs are also becoming more savvy in their quest for quality. Diamond encrusted models from top brands like Harry Winston, Patek Philippe, Piaget, and Jaeger-LeCoultre remain big sellers at upscale jewelry houses, primarily because they look smart, have strong pedigrees and hold their value. "By nature, the high end watch industry is technical, mechanical and, more often than not, a man is more apt to appreciate that than a women," says Bapic, who acknowledges that more women are beginning to look beyond the sparkle and flash . "Women's watches are getting increasingly bigger and some are trading up to as much as 35 mm," she says, noting how more mechanical designs offer increased longevity and greater resale value while also requiring a lot less care. Audemars Piguet Lady Jules hand- wound skeleton tourbillon. Harry Winston's 42 mm Midnight Big Date in rose gold is powered by a self-winding movement. 200 BAL HARBOUR "Women's watches are getting increasingly bigger and some are trading up to as much as 35 mm." BAL HARBOUR 000