In the world of high-end luxury accessories, there is no question that men have gotten a bit of a raw deal. Their sartorial means of expression are limited: a quirky patterned tie, a colorful suit lining, or perhaps a pair of bespoke shoes. Meanwhile, favorite accessories of the past, like cufflinks, have started to fade from view or gone down-market, as in hats that have morphed into baseball caps.
But there is one accessory that has become as vital to men as having the right handbag is to women: the wristwatch. "Each watch is totally unique," says an impassioned luxury watch collector, Mark Victor Hansen, co-creator of the popular self-help series "Chicken Soup for the Soul" and co-author of "The One Minute Millionaire." Hansen says he has a collection of 29 ultra-luxury watches, including a diamond-faced gold Chopard watch, a Harry Winston Ocean watch and a rose gold TechnoMarine. He sees watches as the ultimate statement of prestige and status. It is, he says, "a badge of honor, it shows you have arrived."
In a world gone mad for iPods and mobile phones that flash the time as well as take pictures and play music, it might seem that the days of the wristwatch are numbered. In 2005, sales of watches priced between $30 and $150 declined by more than 10 percent from 2004, according to the Doneger Group, a fashion merchandising consultant in New York.
But the luxury wristwatch, meanwhile, has evolved and transformed itself. It is not so much about telling time anymore. You have the time all around you, in your car, on your computer, at your office. It is about self-expression.
In 2002, Louis Vuitton launched its first watch, the Tourbillon Tambour, which truly tests the idea of luxury self-expression. The watch can be personalized to incorporate the initials of the owner onto its face. Prices start at €150,000, or $178,000. The watch takes six to eight months to produce and the company has been averaging one watch a month since its launch.
This kind of personalization - choosing the types of bands, face color, the inclusion of precious stones or diamonds - have all helped to transform the wristwatch into something more. It is now a modern piece of jewelry.
And many well-heeled men own at least four or five, each bought, like a handbag, for a specific purpose (office, weekend, social functions and sports). The watch can also be a subtle means to announce social status since one can't bring a Porsche Cayen or Lamborghini to an office meeting or to a business dinner. A quick glance at a person's watch can reveal as much about the man as his handshake. People that collect watches are all fascinating people. Watches capture people's attention and start conversations. It is a great talking point for people who have everything. And talk they do. Not unlike knowing all the sports statistics by heart for a favorite sports team, luxury watch fans love to know all the bells and whistles their watch offers.
"They love to talk about all the complications," says Milton Pedraza, CEO of the Luxury Institute, a research company that examines the spending habits of the top 10 percent of the wealthiest Americans. "The complications are a great marketing device; each new complication gives them a reason to believe they have to buy another watch."
The four key factors that come into play when buying an ultra- luxury watch: quality, exclusivity, status and that ever elusive cachet of making the buyer feel special.
Top Brands for Wrist Watch:
Franck Muller
Patek Philippe
Harry Winston
For the penta-millionaires, the Franck Muller brand is best able to make consumers feel special across the entire customer experience.
There is no doubt that the future of the luxury watch industry is secure. We are in a time of the most extraordinary growth of wealth. When people make that first million, what they do first is go out and buy an exquisite watch.
