JP\/6\/Watch<\/p>\n
High-end watches - a lucrative business<\/p>\n
By Susanna Tjokro
\ns_tjokro@yahoo.com<\/p>\n
\"It's a status symbol, just like a vehicle. However, while you
\ncan't bring your car into the meeting room, you certainly can
\nwear your watch in a business meeting,\" says my former boss about
\nher Rolex. Several watch brands, such as Rolex and Patek
\nPhilippe, are incredibly famous and are considered status
\nsymbols, such that many people wish -- or dream -- to have one.<\/p>\n
Just like my chic Australian former boss, many Indonesians
\nadore branded items too, from clothes to shoes, from Calvin Klein
\nto Gucci. From New York to Jakarta, people (well, at least some
\nof them) want to be associated with luxury brands and the ones
\nwho have money to burn don't even pay attention to price tags --
\na Zenith Tourbillon watch will set you back S$186,000 (about
\nUS$110,000).<\/p>\n
These days, fortunately, Indonesians do not have to travel
\noverseas just to buy, say, a real Breguet watch. Breguet, along
\nwith other luxurious timepieces, like Vacheron Constantine and
\nZenith, are available here in Indonesia. Buyers of high-end
\nproducts may represent just a small segment of our society, but
\nthe market generates lots of money.<\/p>\n
Despite economic problems in Indonesia, high-end watches are a
\nlucrative business, and reflects the high importance given to
\nstatus in Indonesia. The current growth in high-end timepieces
\nsegment in Indonesia is about 20%, according to Irwan Danny
\nMussry, the president director of Time International that owns
\nseveral luxurious watch boutiques.<\/p>\n
It is a lucrative business, as Indonesians are getting
\nincreasingly brand conscious, and apart from that,
\nhigh-end timepieces have always been the choice of those who give
\nimportance to quality -- pricing remains a largely secondary
\nmatter. After all, luxury watches offer the incredible quality of
\ncraftsmanship as well as state-of-the-art technology.<\/p>\n
Time International opened Cartier Green Boutique at Plaza
\nIndonesia in 1995. Afterward, to accommodate growing demand, the
\ncompany opened several The Time Place boutiques, in 1998 (at
\nPlaza Senayan), 2002 (Plaza Indonesia), 2004 (Tunjungan Plaza,
\nSurabaya), and this year, it opened two In Time boutiques, at
\nPlaza Senayan (in April) as well as at Pondok Indah Mall II (in
\nAugust), reflecting a growing demand for luxurious timepieces in
\nIndonesia.<\/p>\n
Time International carries 27 medium and high-end watch
\nbrands. Rolex, Vacheron Constantine, Zenith, Panerai, Jaeger-
\nLeCoultre, Piaget and Cartier to name a few of its luxury watch
\nbrands. The ones easier on the pocket, say, JLo (Jennifer Lopez)
\nwatches, are also on display, priced from S$190 to S$265.<\/p>\n
The company also operates The Time Care Service Center, an
\nofficially authorized service center for brands carried by The
\nTime Place. \"It's really important to buy a watch at an
\nauthorized dealer and bring your watch to an authorized service
\ncenter only,\" says Irwan.<\/p>\n
To help promote sales of timepieces, Time International
\npublished The Time Place magazine. It's a high-quality, glossy
\nfree magazine, filled with interesting articles in English and
\nIndonesian.<\/p>\n
The Hour Glass (a Singapore-based luxury watch retailing
\ngroup) has opened two boutiques that offer medium and high-end
\nwatches as well. The Hour Glass (at Plaza Senayan) was opened in
\nJanuary 2005 and Audemars Piguet boutique opened its doors in
\n2002. The Hour Glass boutique offers 13 medium and high-end
\nbrands, such as Breguet, Patek Philippe, Ulysse Nardin, Harry
\nWinston, Gerald Genta and Daniel Roth. There are 20 The Hour
\nGlass boutiques in seven countries (Singapore, Malaysia,
\nIndonesia, Thailand, Hong Kong, Japan and Australia). Indeed,
\nglobally, people are getting more and more brand-conscious.<\/p>\n
Audemars Piguet boutique only carries timepieces from Audemars
\nPiguet, one of the most prestigious watch companies in the world;
\nit has been making superb quality watches since 1875. A Royal Oak
\nOffshore Chronograph Automatic is priced at S$35,600, while
\nLadies' Rubber-Clad Royal Oak Offshore Gem-Set Chronograph
\ncarries a price tag of S$56,500 - just to name a few of the
\nluxurious watches available at its boutique at Plaza Senayan.<\/p>\n
Buyers of these high-end timepieces are mostly Indonesians.
\n\"Ninety percent of our customers are locals,\" says Derrick Ng,
\nthe operations manager of The Hour Glass. Their customers are
\nmostly men, ranging from 20's to 60's. \"A watch is the only
\naccessory that men wear, so if a man wants to look good, he
\nshould have a good watch and about 70% of our buyers are male,\"
\nsays Irwan, president director of Time International. \"Customers
\nare becoming more knowledgeable about watches than ten years ago.
\nToday they can go on-line and learn about market values, watch
\ncompanies or whatever else they want to know. They are also well-
\ntraveled,\" says Irwan.<\/p>\n
Many watch connoisseurs are interested in the history of the
\nbrands as well. Many of the internationally famous brands have
\nbeen making superb quality watches since 17th and 18th centuries.<\/p>\n
Patek Philippe, Rolex, Cartier, Breguet and Audemars Piguet
\nare among the popular luxury brands in Indonesia. It is widely
\naccepted that Switzerland produces the best watches and their
\nproducts are available in every price range, from the cheap to
\nthe incredibly expensive.<\/p>\n
As for price, well, quality does not come cheap and higher
\nquality products normally equate to higher prices. A Rolex White
\nGold Cosmograph Daytona with Rolex chronograph movement, the
\nCalibre 4130 is priced at about S$40,850, while a Zenith
\nChronomaster Open El Primero is priced around S$11,800, the
\nlatter being awarded for 'best watch' at the Grand Prix
\nd'Horlogerie in Geneva according to The Time Place magazine.<\/p>\n
\"We guarantee that our customers get a fair price. We will
\nrefund their money if they find exactly the same watch cheaper
\nanywhere else around the region, including in Singapore and
\nMalaysia,\" says Irwan.<\/p>\n
Many buyers see the timepieces as works of art, as well as a
\ngood investment, as luxury watches tend to appreciate in value
\nover time and they remain relatively recession-proof. A Patek
\nPhilippe watch became the most expensive timepiece ever sold when
\nit fetched $11,002,500, according to Guiness Records
\n(www.guinessrecords.com). The Supercomplication gold watch was
\nsold by Sotheby's auction house on Dec. 2, 1999.<\/p>\n
An 18K Gold Patek Philippe wristwatch with Perpetual Calendar
\nand Moonphase, 1961 was sold for $1,012,000 in November 2001,
\nwhile a Rolex Cosmograph Yacht Master \/ Paul Newman, 1965 was
\nsold for in June 2001; both are just two examples of the
\nexceptional prices of watches sold by Christie's auction house,
\naccording to www.christies.com. Among the twelve watches in the
\nlist, eight of them are Patek Philippe and the rest are Rolex,
\nCartier, Franck Muller as well as a Huaud \/ Hager pocket watch
\ncirca 1680 ($79,100).<\/p>\n
A high-quality watch is more than just a way to tell time;
\nit's a work of art that emphasizes craftsmanship and quality, and
\nof course - a status symbol as well, and when you wear a Rolex or
\nPatek Philippe on your wrist, it says you appreciate the finer
\nthings in life. \"High-end watches cater for customers with a
\ntaste for the finer things in life, like the best wines, cigars
\nand cuisine,\" says Irwan, and in Indonesia, apparently there are
\nmany people who appreciate the finer things in life.<\/p>\n
As long as connoisseurs of timepieces can afford to splash out
\nS$50,000 or even S$150,000 (or more if you really want to
\nsplurge) on a wristwatch; as long as watch aficionados think it's
\nfun to have a wardrobe of watches for different occasions; and as
\nlong as people cannot deny the allure of those beautiful, high-
\nquality timepieces, this lucrative market will remain attractive.<\/p>\n
The writer can be reached at s_tjokro@yahoo.com<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/jp6watch-1447899208", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }