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By Laurent Martinez

During a visit to my friend Morgan Maillard, the head watchmaker at the Vacheron Constantin boutique in New York, he shared his journey of becoming a watchmaker in France and mentioned one of his friends, the independent Master Watchmaker Theo Auffret.

This piqued my interest, and I decided to delve deeper into the work of this young craftsman.

Theo Auffret

The golden age of French watchmaking was in the 18th century, marked by the establishment of the first French horological school in Paris. When thinking of the famous figures from that era, names like Jean-Antoine Lepine, Ferdinand Berthoud and the watchmaking genius Abraham Louis Breguet come to mind.

From left: Jean-Antoine Lepine, Ferdinand Berthoud and Abraham-Louis Breguet.

Today, when discussing the horology industry, Switzerland is often the first country discussed, with brands like Rolex, Vacheron Constantin, Patek Philippe, and Blancpain, among others.

However, behind these renowned brands, new names are emerging, including F.P. Journe and Laurent Ferrier, independent master watchmakers known for producing grand complications in small quantities. When researching French watchmakers, one name that consistently stands out is Jean-Baptiste Viot, a discreet watchmaker who serves as an inspiration to these talented young watchmakers.

Among his former apprentices is Theo Auffret, a rising star within the small community of independent master watchmakers.

The Auffret Paris Tourbillon Grand Sport was short-listed in the 2022 GPHG.

Theo Auffret’s journey as an independent master watchmaker is fascinating, reflecting a blend of traditional craftsmanship and modern innovation. His mentorship under J.B. Viot and subsequent training in Switzerland underscore the importance of historical expertise and contemporary techniques in his work.

It is remarkable how seamlessly he integrates old techniques with new technology, maintaining a balance between tradition and innovation. Theo is an avid reader who draws inspiration and ideas from various sources, including Breguet’s work from the 18th and 19th centuries (the Empire period), as well as contemporary timepieces like the first Richard Mille RM01 watch.

Auffret stands at the crossroads between the old generation of watchmakers, craftsmanship, and the new era. He is proficient in working with sapphire dial cutting and laser welding machines, combining high-end traditional techniques with modern industrial processes for decoration.

Tradition and New Technology

The goal is to preserve both worlds. Most independent master watchmakers today adopt a similar approach, remaining flexible with more traditional methods to customize watches and better serve their clients’ desires. Unlike high-end watch groups, small independent watchmakers prioritize craftsmanship over profitability, focusing on creating unique pieces rather than mass production.

Theo utilizes old techniques while integrating new technology into his work. He has developed his own methodology, starting with in-house conception and prototyping, followed by filing in a “dossier de plan.”

All design and drawings are done in-house, with a significant amount of work done on paper followed by computer work (CAO and CN). While initially, all processes were done by hand when developing the first prototype, there has been an evolution in his approach, collaborating with trusted subcontractors for specific parts.

In his workshop today, Theo has a station de decoration where he performs tasks like chamfering. He takes great pride in the fact that everything is done in-house, including assembly, tuning, testing, and quality control. He specializes in chronometry and ensures his tourbillons function flawlessly. In his own words, “Any piece leaves the place when the team is proud of their work”.

Two Brands

 Similar to Abraham Louis Breguet, Theo has developed two brands: a high-end timepiece collection featuring a series of ten tourbillons (his specialty) and a new series comprising fourteen to fifteen pieces for 2024. The entire process, from conception to realization, took three years and includes two models —classic and sport. The aim is to produce a maximum of thirty watches per year.

The high-end collection is financed by Theo’s second brand, Argon, also designed and conceptualized at the same location.

This company is jointly owned by Theo and Guillaume Laidet, who already manufactures and distributes brands like Nivada Grenchen. Each partner brings expertise to the table, with Guillaume contributing watchmaking skills, creativity, and experience, while Theo provides production capacity.

The new Space One line is set to launch this month, following ten months of development, with a different approach to engineering and production.

The Space One Tellurium

Targeting a series of 1,000 units, Theo’s philosophy mirrors Breguet’s Souscription (subscription) strategy in the 19th century, where a lower quality line was manufactured to finance high-end timepieces.

The Blued Titanium Space One

The partnership involves Theo the watchmaker, Guillaume the entrepreneur, and the Richard group, which manufactures bracelets, hands, and cases, providing logistical and technical support across three continents. The company retains 100% control over distribution, handling production and shipping internally, as creating a “jump hour/astronomy” complication watch priced around $2,000 leaves almost no margin for a distributor network.

The market for “Space 1” is global, while Theo’s tourbillon watches primarily target the Asia, the United States and the Middle East (specifically Dubai and Saudi Arabia), with around three watches reserved for foreign collectors residing in France.

The primary region of interest is Asia, particularly Singapore, where collectors are more open to new designs and concepts compared to other countries, contrasting with the United States, where the culture leans towards established brands. Today’s collectors seek high-end, unique pieces with exceptional quality. As margins are minimal, more effort and time are dedicated to each timepiece, ultimately increasing its value.

Theo’s typical clients start with mainstream luxury timepieces like Rolex, then progress to higher-end brands like Patek Philippe or Vacheron Constantin before exploring independent watchmakers like F.P. Journe, eventually culminating in independent craftsmen producing very limited series.

A new group of collectors invests in young independent master watchmakers, placing orders early to acquire unique pieces. Watches from this new generation of watchmakers are not typically sold at auctions; collectors prefer to retain them, unlike older-generation pieces from watchmakers like Philippe Dufour or George Daniels, which occasionally appear at auctions.

Theo is the only master watchmaker in Paris, while others are located in different parts of the country, such as Remy Cools in Annecy (producing twelve timepieces per year), Cyril Brivet-Naudot in Quimper (producing two timepieces per year), John Michael specializing in automata, and Pascal Coyon in Osgore (producing between five and ten timepieces).

It’s noteworthy that these talented watchmakers share the same clientele, with their watch prices ranging between 50,000 and 200,000 euros. Theo recently collaborated with the renowned Petermann Bedat located in Lausanne on the UniWatch model.

This new generation maintains close relationships, with Theo having good rapport with Vincent Deprez, Simon Brette, and Raoul Pages. He only accepts down payments for watches produced the following year, avoiding orders extending over multiple years to preserve the company’s autonomy.

With all his numerous ideas in mind, I suspect that Theo’s ultimate goal is to establish an atelier in Paris for assembling and finishing timepieces, doubling as a showroom.

My conversation with Theo was enlightening, providing insights into how these talented new watchmakers perceive the future of high-end watchmaking. I was pleasantly surprised to learn that they collaborate and support each other, reminiscent of Breguet’s era. While most of them prefer independence for creativity and quality, they face constant scrutiny from large luxury groups seeking to acquire new talent to expand their empires, often struggling in terms of creativity.

Here’s to the new generation of young independent watchmakers; may they continue to pepper the high-end watch landscape with beautiful and mechanically masterful creations.

instagram photo credits: @antoinedelagedeluget,  @laurent_xavier_moulin

Laurent Martinez is the proprietor of Laurent Fine Watches, Greenwich, Connecticut. Read more by him at blog.laurentfinewatches.com or visit his store’s site at www.laurentfinewatches.com

 

By Laurent Martinez

If you hear me say, “Life is an interesting journey, full of surprises,” Federico Restrepo embodies one of those surprises. Not only is his great-grandfather Henri-Paul Nénot, the appointed architect of the Nouvelle Sorbonne in Paris, but he is also related to Paul Landowski, the sculptor of the “Corcovado Christ” in Rio de Janeiro. 

Growing up Franco-Colombian in Spain, surrounded by luminaries like Fernando Botero and Gabriel Garcia Marques, he cultivated a rich tapestry of art, design, and creativity.

Originally on the path to becoming a philosopher studying at La Sorbonne, Federico Restrepo quickly realized philosophy wasn’t his life’s calling. While deciding what to do with this life, he was commissioned by his mother’s friend to design a lamp, which subsequently won the top prize at the international light trade show in Paris.

Federico Restrepo

He then started his first agency, Reason Pur, with a friend, and in 1993, he founded L’Ateliers, a company with a focus on design. His design company became very successful in the world of cosmetics, perfume, and luxury.

Notably, he designed the iconic bust-shaped perfume line of Jean-Paul Gautier, as well as designs for perfumer Roger & Gallet. 

Pocket Watches 

Restrepo’s passion for watches dates back to his childhood, where he scoured the “Los Encantes” flea market in Barcelona for pocket watches and sometimes dabbled in fixing them. His fascination grew, considering these timepieces as living hearts made of metal. 

Some of his earliest pieces were watches from Yema, Kelton, and other popular French watch brands. While he loved collecting watches from the 1970s, his dream was to design his own watches and launch an eponymous watch brand.

Due to health issues, Federico Restrepo had to close his company in 2000. During recovery, aboard the Concorde from Paris to New York, he began sketching a watch. From an altitude of 60,000 feet, he discovered that Earth took on an elliptical form (not a sphere), and it became his source of inspiration.

After designing a few models, he presented his work to Michel Guten, CEO of Cartier, who decided to help Federico start his watch company called Streamline. (He thought Federico’s background, family history, reputation, and designs were ideal for a new watch company). Unfortunately, September 11 happened, and his dream disappeared as fast as it came.

Re-Launch

When Covid erupted in 2020, Federico Restrepo decided to give his watch company a second chance, launching Restrepo watches.  From sketching and designing to manufacturing and packaging, Federico is always 100% behind the entire project.

He always keeps his initial elliptical design in mind, that silhouette that appeared to him aboard the Concorde, whether it’s for the Hasta La Victoria model made in honor of the legend of Simón Bolívar or the Caballero sin Armas series or the Mach 1 chronographs. 

Restrepo watches have interchangeable strap systems, which means you can easily switch between rubber straps and stainless steel bracelets. The watches’ pushers at 12 o’clock are reminiscent of the Seiko Bullheads from the 1970s.

Powering the watches are automatic  ETA 7750 movements. There are several limited edition pieces with complications like GMTs, power reserve indications, or chronographs.

Most Restrepo watches are made of stainless steel, but there are a few pieces made in gold too. The packaging is well-designed and attention to detail is a top priority; I could clearly see Federico’s background as one of the world’s top perfume packaging designers shine through. 

I really believe that creativity is lacking in today’s watch landscape; too many brands rely on bringing back old designs rather than trying to create new ones. For this reason, I’d like to give Federico credit for having designed something from an idea; something from scratch that’s unique and special. 

Of course, people may or may not like the design but it’s important that it exists; and this is what I like about it. So, I encourage you to take the time to discover these watches. What’s more, the $2,000 price point makes it affordable for a luxury watch. Restrepo watches are a thoughtful homage to beauty, originality, and space, right on your wrist. 

Laurent Martinez is the proprietor of Laurent Fine Watches, Greenwich, Connecticut. Read more by him at blog.laurentfinewatches.com, or visit his site at www.laurentfinewatches.com.

By Laurent Martinez

These days, after initial greetings and pleasantries with people I know, I am often asked the question, “How is the watch market and/or watch business?” It’s a valid question given the volatility of the watch market we’ve witnessed over the last year or so. The subject has been covered by big consulting firms like Deloitte and Boston Consulting Group (BCG), as well as the press. 

Naturally, I read these reports and articles, but I would also like to share my personal experience as a watch dealer.  

Taking a macro view, activity in the watch industry noticeably slowed down in 2023; yet the industry remains strong, especially for specific players. 

Let’s remember that prior to the slow-down, the watch market went crazy with huge discrepancies between supply and demand, which was driven in part by COVID, supply chain issues, and the Crypto craze. Certain watch models skyrocketed in price; as a result, it seemed that auction houses were hammering down on record-breaking prices almost daily. 

Flippers were buying hype models in droves in hopes to sell them for quick profits. For instance, Rolex Daytona watches, which retailed for around $14,000, were being flipped in less than twenty-four hours for around $38,000. That type of price premium was never going to be sustainable.

Now, following the Crypto collapse, over-saturation of sellers, buyer fatigue, general inflation and market uncertainty, the show is over –  and the watch market is in a correction phase. It’s estimated that values have gone down by about 20% since peak prices.

However, I am happy with the current situation, even as a watch dealer. Flippers are now coming to me with watches – such as the once highly sought-after Rolex Oyster Perpetual with Tiffany Blue dials – that they must offload as quickly as possible to stop the bleeding. It’s a similar story with Patek Philippe Nautilus and Aquanaut and the Audemars Piguet Royal Oak.

While there is nothing inherently wrong with investing in watches, the main objective should always be to acquire a piece because you love it. For speculators who were only talking about watches in terms of model numbers and money, these are tough times.

However, for the rest of us, the ones who purchase watches for the love and passion of the hobby, a watch market with more reasonable prices is very good, indeed. Yes, transactions are taking longer to close since buyers and sellers aren’t necessarily speaking the same language. Sellers naturally do not want to sell at a loss if they purchased high while buyers are on the lookout for good deals. However, buying, selling, and trading are still happening everywhere in the watch business. 

It is now generally more difficult to sell a contemporary timepiece than an original vintage watch in good condition. This is the reverse of what we witnessed over the last few years as the values of contemporary watches grew much faster than vintage watches. Yet, the vintage watch market is a steadier one, which turned out to be a positive in the long run.

For example, in today’s watch market, a vintage Vacheron Constantin 222 will sell very quickly as long as it’s priced reasonably.

One of the aftereffects of the recent watch boom was the resurgence of older brands such as Nivada, Grenchen, and Dodane. What’s more, we saw a lot of re-editions of old vintage models being released by big watch brands. It felt that new designs, much like the car market, were absent. I ask, where are the Pininfarina or Gerald Genta of this generation?

Even luxury group LVMH is investing significant amounts of money to relaunch old-school brands like Daniel Roth and Gerald Genta.

However, it must be said that the market for independent master watchmakers like Laurent Ferrier, Rexhep Rexhepi, and Theo Auffret is finally getting the attention it deserves.

When it comes to e-commerce, online watch retailers such as WatchBox, which operate with low margins but high volumes, may have to rethink their business models. Even though it’s estimated that online watch sales will make up about 60% of total sales by 2026, the space is becoming saturated with countless platforms selling watches. 

These range from specialist sites such as Chrono24 to general pre-owned luxury resale platforms like The RealReal. Even Rolex has announced its entry into the secondary watch market by selling pre-owned certified Rolex watches in select Bucherer stores. 

The proliferation of all these players will have an impact on auction houses as clients will be less willing to pay the big premiums auctions require. However, auction houses remain the most dependent when it comes to expertise and know-how about rare and ultra-special timepieces.  

Like almost any business out there, social media has had a huge impact on the watch business, particularly Instagram and TikTok. However, I’ve observed that huge followings don’t necessarily translate to high sales. It’s often a case of high showmanship with no substance. 

A particularly terrible side-effect of the once booming watch industry is the rise of high-quality fakes and unscrupulous sellers that are willing to take advantage of newcomers that don’t have the necessary knowledge to make informed buying decisions. Clients are now returning to trusted dealers and developing relations with them so they can buy with confidence.

Let’s talk numbers:  according to BCG, the watch market was valued at $75 billion in 2021 and secondhand watch sales accounted for about a third of that at $22 billion. 

A recent report issued by the same group estimates the global market for luxury watches will be worth over $100 billion by 2026 with $35 billion made up of secondhand sales. The luxury industry relies on many factors, one of them being the health of the economy. Assuming these numbers are correct, there is certainly potential for growth. 

Yet, with so many sellers joining the market, new ways of selling, higher supply, and lower margins, we may witness a shift in the current ways of doing business. Companies will need to be more creative and seek new opportunities to remain competitive. I think that the current state of affairs in the watch business is very healthy as we are coming back to reality and returning to the fundamentals of trust, relationships, and earned reputation. But the last bombshell of Rolex buying Bucherer will also have a massive impact in the industry.

Laurent Martinez is the proprietor of Laurent Fine Watches, Greenwich, Connecticut. Read more by him at blog.laurentfinewatches.com or visit his store’s site at www.laurentfinewatches.com

 

By Laurent Martinez

The wonderful thing about the love of watches and horology is that you learn something new every day. You can learn about amazing companies, industry insiders, collectors, watchmakers and watches by reading books and articles, listening to podcasts, watching YouTube videos, and of course, talking with fellow enthusiasts. 

Oftentimes, you hear the same names—the famous watchmakers that have left a legacy behind or big brands that everyone wants.

However, sometimes you come across an unfamiliar name that’s worth learning about.

I was recently listening to John Reardon’s Collectability podcast, which focuses on Patek Philippe, while also reading George Daniels’ book about Abraham-Louis Breguet. As you likely already know, Breguet is recognized as one of the very best watchmakers of all time; he was also an excellent businessman who was ahead of his time.

In the book, Daniels explained that many collectors may be disappointed to learn that Breguet only built a few timepieces himself. He actually had a team of exceptional watchmakers to whom he gave a lot of freedom to develop and manufacture watches and clocks. Breguet would then inspect each piece to validate the work before sending them to clients.

A friend of mine, who is a watchmaker specializing in servicing grand complication pocket watches made by A. Lange & Söhne, Patek Philippe, Vacheron Constantin and other high horology brands, told me that he wanted to show me a watch signed “Louis Raby” and find out if I knew that name.

Who was Louis Raby?

The truth is, little is known in detail about watchmaker Louis Raby. I reached out to the archive of Napoleon III The Empereur in Compiegne, France, hoping to get some information. Unfortunately, they could not tell me anything.

His name appears in Dictionnaire des Horlogers Francais published by Tardy as “Raby – succeda a A. Benoit a Versailles.” In 1867, “il exposa une montre en aluminum” (he exhibited a watch in aluminum), which was an extremely rare and difficult metal to use and work with during the nineteen century.

Between the author G. H. Baillie (who wrote the book Watchmakers and Clockmakers Of the World), publisher Tardy, and one other spelling variation (Rabi), it can be pieced together that Louis Raby was the third or fourth generation of a watchmaking family working in Paris for approximately a century and a half.

In the book The Art of Breguet by George Daniels, he describes Louis Raby as being one of Breguet’s most talented pupils, surpassing even the Master in the execution of his own pendule sympathique. More details can be read in that book on pages 90 and 180.

A Breguet Pendule Sympathique from 1814.

Fine finishing

After doing this research, I sensed that Louis Raby had a lot of credentials and that his work would be spectacular. My intuition was correct; when I saw the Louis Raby pocket watch in person, it was magnificent. Even my friend Don Loke, who was the former head of the technical department at Breguet, was speechless upon seeing the quality of the watch. He said it was, “one of the finest finished watches from the 1800s that I have ever seen.”

The Louis Raby piece in question is a splendid quarter repeater pocket watch with an instantaneous jump calendar with day, date, month, and moon phase. It is also the first pocket watch Don saw with a gold train through the repeating mechanism.

The level of quality and work on this 300-plus-part timepiece is outstanding. Don details the hard fire enamel white dial, followed by the blue enamel moon phase disk. In this video, Don presents the watch in detail including all parts of the movement. It is a real journey of beauty.

What makes these timepieces so valuable is a compilation of many things, but mostly name (provenance), complication, dial, screws, and quality. This was probably a pocket watch commissioned by the Emperor since the quality of the work is so remarkable. Don shares how he services a watch and the process he follows. It is a work of art. In the video he shows us how to put back the dial and hands – and the meticulous work it takes to do it.

I invite you to watch the video to not only discover this astonishing piece but also find how a watchmaker services a timepiece by walking us through the complexity and precision of timepieces. The video ends with the presentation of his next project and introduces us to his watch collection called D Loke, which includes his double escapement patent.

 

Laurent Martinez is the proprietor of Laurent Fine Watches, Greenwich, Connecticut. Read more by him at blog.laurentfinewatches.com or visit his store’s site at www.laurentfinewatches.com

 

By Laurent Martinez

I’d like to share with you a story of one watchmaker’s fascinating journey.

Archak Boyadjian was born in 1906 in Bulgaria to a family of watchmakers. His grandfather was a talented clockmaker who could easily fix a hairspring in the palm of his hand with his trusty tools. His father was also a watchmaker. 

When Archak turned seventeen, his father sent him to study horology in La Chaux-de-Fonds, Switzerland.

Archak Boyadjian was born in 1906 in Bulgaria to a family of watchmakers.

After graduating from school, Archak went back to Bulgaria, to a town called Varna. It was there he got a job through a family friend as a watchmaker repairing clocks. After a while, Archak moved to the capital city, Sofia, with his dad to launch a family watch repair business. 

There was one particular customer who often came around to the store, not only asking plenty of questions but also bringing in quite a collection of clocks to repair. After many of these visits, Archak finally asked about the clocks. 

He was surprised to discover that they belonged to His Majesty Czar Boris III of Bulgaria. The Czar was an avid collector of timepieces with a penchant for cuckoo clocks. Archak serviced and repaired the Czar’s clocks from 1932 until 1937, after which he moved to Paris and then to the United States.

New name and Navy

Once he landed on the shores of the U.S., Archak changed his name to Archie Boyer to begin his new life in America. In 1939, he joined the Navy as a watchmaker, first fixing chronometers, clocks, and watches on the East Coast before being sent to the West Coast. 

During World War II, 15% of all total watch imports coming into the U.S. were destined for the military.  At one point during the War, Archie was seemingly sent to the sick bay (at least on official documentation) but in reality, he journeyed on a cargo plane to the South Pacific to fix something.

Omega and Rolex

After the war, Archie joined Bulova and then Omega. Finally, in 1951, he began his career at Rolex, which was located on Fifth Avenue and 45th Street in New York City. As the head of repairs, Archie was always in charge of fixing watches that belonged to dignitaries. For example, he fixed President Eisenhower’s golfing watch and President Kennedy’s timepiece.

Archie’s son Michael remembers his dad bringing watches home all the time to fix them at his workbench at night and on weekends. Archie was always tinkering away at something, whether building, restoring, or repairing. Archie was also the head of the Rolex training program for distributors around the country.

The Rolex USA technical team. After 30 years at Rolex USA, Archie retired in 1971 as Technical Director.

Reviewing all the correspondence that Michael brought to the interview, I could feel and sense the respect that Archie received from peers and clients. They penned beautiful notes of thanks and appreciation.

After 30 years at Rolex USA, Archie retired in 1971 as Technical Director. Michael describes his dad Archie as a reserved man, not very expressive but charming and gifted, and as you can imagine, a perfectionist. He took his craft very seriously and he loved working at Rolex. As Michael described it, Archie was happiest when attending Christmas parties at the company’s headquarters.

Archie Boyer at one of the many Christmas parties at Rolex USA.

Life is an amazing journey and Archie’s is a true testament to his passion, love, and talent for making sure the timepieces under his care worked flawlessly. I could feel Michael’s emotions when he spoke of his late father, who he describes as an “unsung hero.”

Laurent Martinez is the proprietor of Laurent Fine Watches, Greenwich, Connecticut. Read more by him at blog.laurentfinewatches.com or visit his store’s site at www.laurentfinewatches.com