My Favourite Watch

The Franck Muller 'Master Banker' is one of my most expensive accessories. I like fine watches, but found it to be a very high-maintenance hobby.

In fact, I notice a very interesting trend developing in recent years. These days, the correct time is everywhere: in the corner of the computer screen, on the television in elevators, on cable news channels, in train stations, as well as on car radios, microwaves, ovens, and in all sorts of public places. And, perhaps most significantly, on cell phones, BlackBerries, and iPods. Most people these days carry a highly accurate and durable time piece, but it isn't a watch.

I think all of this is bad news for the watch industry—or at least for that sector of the watch industry that sells watches meant to be used to tell time, as opposed to watches that are meant to be worn as fashion accessories or as portable symbols of status and wealth. As in many other consumer areas, the middle is getting squeezed. Sources have it that sales of moderately priced watches—time pieces that retail for under $200—were probably down about 15 percent in 2006.

Midrange watches are now clearly discretionary products. And, judging by my admittedly casual research, many consumers are using their discretion and deciding not to wear one. Those that do wear them bought it more as a jewelry piece and less as a timekeeper. Women are drawn to watches that help accessorize different outfits. Men are drawn to high-tech gadgetry. Fitness geeks of both sexes opt for souped-up digital watches equipped with heart rate monitors and GPS technology.

At the high end, however, I see watchmaking remains a thriving business, as the global wealthy spend consistently for lavish watches.
Meanwhile, some of the smartest minds in fashion are laying bets that the watch will continue to evolve from a quotidian utility into beloved bauble.

Meanwhile, I will stick to my faithful Franck Muller "Master Banker' and Rolex 'Yacht-Master'.