Geneva Watch Days 2023 Reflections

What’s Changing in an Industry Resistant to Change

It feels official that the end of summer is upon us. Geneva Watch Days has, for the last three years, marked the end of summer in the watch market and the return to work for everyone in the watch industry. The feeling in the city was one of excitement and anticipation. Watch fans have eagerly awaited new launches after a very slow summer in both releases and the secondary market.

This year Geneva Watch Days was punctuated by a very hot week preceding the event, and cool weather during Geneva Watch Days, itself. It really felt as though fall had arrived. Aside from the obvious seasonal changes, there were numerous changes I noticed from Geneva Watch Days 2022 to 2023 that really intrigued me.

The Bucherer Retail Stroe in Geneva, with a Rolex Sign on Top — **The Bucherer Retail Store in Geneva, with a Rolex Sign on Top**

Every watch media outlet covered this story in advance of Geneva Watch Days. This one caught me, and I think most of the industry, by surprise. It really wasn’t the acquisition I anticipated seeing from Rolex.

Bucherer will continue to operate independently, and of course this is subject to the approval of Swiss authorities. I don’t think this will have an impact on the availability of Rolex at retail for the moment, but what I find interesting is that they specifically call out that Bucherer is an after-sales service center for Rolex. After-sales is the thorn in the side of watch brands and sales. It can be expensive and time consuming, so if an opportunity exists to outsource it, I can understand why a brand like Rolex would seize it.

The larger trend that I look at from this perspective is the continued consolidation within the watch market, whether that is brands buying suppliers or retailers, or retailers buying brands. Everyone is looking to secure investment and shore up capital in the market cycle we are in, likely a two-year wind down in the market as people look to exit (see Forward Momentum S2E2 for more information on this). After interest in the watch market peaked during the pandemic, I believe we are in a two-year sell off cycle where those who came into watches during the pandemic are now looking to exit the watch market entirely, or some folks who got into the watch market are looking to exit because they see volatility on the horizon. Prices have already dropped on many watches and continue to come down across the market. Any way to shore up capital and ensure that your business can survive the next two years is critical for most brands and independents.

Other journalists I spoke to at Geneva Watch Days echoed the sentiment of brands taking positions in suppliers, and there were some rumblings around Geneva Watch Days about these moves. It will be interesting to see what investments and acquisitions are confirmed, but I suspect we might not hear anything until after Only Watch or even after the new year.

In many ways, this seems like a post Quartz Crisis reaction, where groups consolidated in order to stay afloat. I am not sure we are in quite such dire straits here, but I think many young brands realize that they need to seek investment in order to stay alive, whether that is from a bigger brand or retailer, or from a group of collectors buying into a sousciption/ equity owner model. I think this is a change that we will see more of in the coming months with brand launches.

Collector Involvement

There has been an evolution in the watch industry as collectors want to get more involved, want to know the goings on with their favorite brands, and be a part of product launches and be present to get updates from the brands themselves, rather than hearing from the traditional watch media. There is a group of hardcore collectors to whom this applies. There is a growing group of collectors who come to Geneva for Watches & Wonders, Geneva Watch Days, and often an auction.

This shift has occurred following the pandemic and was evident at this year’s edition of Geneva Watch Days. Collectors were in Geneva en masse this year, with some groups hosted by retailers who were in Geneva for meetings. It’s an interesting time to come to Geneva, much of the watch world is here, but for those collectors here with retailers, it is a hard trip. Scheduling times with brands and their CEO’s during this week is almost impossible because scheduling around Geneva Watch Days presents its own complications. They had very few chances, if any, to spend time with their favorite brand teams, or get the full experience at an atelier as so much of any workshop’s team is dedicated to setting up and preparing for Geneva Watch Days.

For the collectors that were in Geneva on their own, most set appointments with watchmakers and brands. Geneva Watch Days is mostly a B2B event with journalists here to cover the new releases. As a collector, you have the opportunity to see and try on all of the new releases in person, but most of the meetings aren’t geared towards collectors, they are geared towards retailers and media outlets.

I do, however, think this is changing with time. It is clear to me that more collectors are coming, and more retailers are seeing Geneva Watch Days as an opportunity to bring collectors to Geneva. I think more offshoot events will continue to evolve from the main Geneva Watch Days offerings, including atelier tours and more dinners with private clients. I worry to some extent that the event will grow well beyond its intended scope and it will become a second Watches & Wonders, setting a twice a year release schedule for brands.

One collector I spoke to made it clear that the watches were of secondary importance in their trip. For them, it was the opportunity to connect with friends, fellow collectors, favorite brands, and of course, see a few watches. Another collector I spoke to, @dr_audemars, said “the main reason for me to come to Geneva Watch Days is to meet friends from all around the world, both fellow collectors and people working for the brands. Some of the nicest pieces can often be seen on their wrists, it’s like a big get together of a few days.” They went on to explain that because Geneva Watch Days is mostly about independent brands “the personal contact is totally different from a mainstream watch brand. It’s smaller and cozier than an event like Watches & Wonders.

Of course it’s also to see the novelties and discover new brands, it’s the perfect moment to fall in love with a new timepiece and show your interest.”

It is for exactly these reasons that the collector community gathers in Geneva for Geneva Watch Days. The large involvement of collectors, the chance to meet new collectors, see amazing watches, and learn from other collectors, while getting to see amazing new watches all exist in Geneva. There is definitely a growing collector community scene at Geneva Watch Days and I look forward to seeing this scene grow and become very vibrant in the next few years.

Release Cycle

Like many collectors, I found myself bored in the space between Watches & Wonders and Geneva Watch Days. It’s important to maintain some perspective here and remind collectors that nothing usually happens during the summer in the watch industry. Brands may be working away on releases and plans, but the summer is a time of vacations and preparations for Geneva Watch Days. This summer was especially quiet as the brands prepared for a triple header this year of Geneva Watch Days (occurring every year), Dubai Watch Week (every other year), and Only Watch (every other year).

I wasn’t expecting crazy launches this year at Geneva Watch Days, yet I was pleasantly surprised at the number of releases. I think there is a lot in reserve for Dubai Watch Week and we’ve all seen what’s coming at Only Watch. I worry that this release cycle could cause serious harm to the brands. I worry that the pressure to create will hurt the brands from an R&D and creativity perspective. Having to produce for Watches & Wonders (even if not participating, every brand and indie participates in some way shape or form), Geneva Watches Days, Dubai Watch Week every other year, and Only Watch every other year seems a chaotic schedule for brands with smaller teams, and I wonder just how long this cycle can continue.

Only Watch

Having seen the Urwerk Space-Time Blade that isn’t traveling in the Only Watch exposition, I am excited. I will have more to report on this after seeing the entire collection next week, but for now I can say that I remain excited for the purpose of the auction and the beautiful watches it has produced. There are truly unique pieces in this auction that will not go on to be commercialized, and some that will be part of a production series.

There are a lot of great watches in this auction and I think there will be great results for many brands and for Only Watch this year. I will have more to report after I see the entire collection in a few weeks time.

Independents

It’s clear that interest in indies remains strong across the board. The independent brands who began this show demonstrated their interest in its continued existence and growth. There were also so many other independent brands and independent watchmakers who came to town for a day or two to share their products and share their creations with the world. It was great to have so many makers in Geneva.

Many nascent brands and young watchmakers were also present, meeting with collectors to showcase their school watches, their newest projects, and to launch their brands. I think the continued interest in the show, not just from the brands who organize the show, but all those small brands who come to share their projects with collectors and retailers, demonstrates that Geneva Watch Days plays an important role in the watch industry and in the release cycle for independent watches.

Big Brands

One thing of interest was the very subtle Patek Philippe sign in the lobby of the Beau Rivage, one of the main event spaces of Geneva Watch Days. This, to me, represents a shift in where this show is going in the future. The big brands want in. Who knows how long Geneva Watch Days will remain the small show that it was built to be. With collector and retailer involvement, it seems unlikely that big brands will be able to stay away.

I think big brands will continue to seek active participation in Geneva Watch Days and it will be on par and as important for the brands as Watches & Wonders. I think Geneva Watch Days is becoming another pivotal release time for the industry and I think more brands will shift their releases to coincide with Geneva Watch Days, whether they participate or not.

All in, Geneva Watch Days was a fantastic show and a fantastic success. Every brand had a release to exhibit and was excited for Dubai Watch Week and for Only Watch. I got to spend time with some of my favorite journalists, collectors, and watchmakers across a fantastic week. I came home with an entire hard drive full of photos for various projects, I saw friends from at least 10 different nations, and got to take the pulse of the watch industry. I am excited about the upcoming releases for the rest of the year and for an exciting auction season this fall.

Geneva Watch Days remains a strong summer soiree and sendoff, preparing brands, retailers, and collectors for the fall auction season, GPHG, and this year Dubai Watch Week and Only Watch. I will look forward to seeing the releases at Dubai Watch Week and see what happens with both GPHG awards and Only Watch results.