In today’s UNBOXING Roman Sharf and Adrian Taskin are unboxing some serious Audemars Piguet ???? and dropping some knowledge about AP CEO Francois Bennahmias!
Roman Sharf:
… Royal Oaks 37 or 33? 33. The Blue Dial Diamond Bezel, as well as the Two-Tone. These things are still hot. They’re still selling. They’re still selling well. Prices have come down on them a bit, not much on the lady stuff, mostly it was the men’s stuff that went through the roof that took the biggest hit. These guys are still trading at a reasonable price. We got a Two-Tone Wimbledon as Anna likes to call it, a Two-Tone Badminton. The everlasting question, Jubilee Bezel, Jubilee Bracelet, Fluted Bezel, Flat Bezel, Alex thoughts?
Alex:
Not for me. In that setup, no.
Roman Sharf:
You don’t like the setup, yeah?
Alex:
Think the Wimbledon Two-Toned Rose, strictly the Fluted Bezel Jubilee.
Roman Sharf:
I kind of tend to agree because it plains down the watch. You can barely see that this is rose gold.
Roman Sharf:
Moving on to a Panerai, what’s called a California Dial. A remake of one they used to make back in the day, 47 millimeter Radiomir Pam 424, is the reference number. Note the way the strap is done, that’s actually not faded. It’s actually, it’s meant to look that way, it’s meant to look antique and vintage, which is the whole ordeal about this thing.
Roman Sharf:
And again, another one of those watches, where if you have a small wrist, this is a 47-millimeter behemoth, but because of the way the lugs are done, and the way the strap is done, a guy with a small risk and still get away with wearing it. It’s still kind of big on me, but at least, if this had a different lug system, there’s no way I would be able to wear this. This is the size of a concept, just to put it in perspective.
Roman Sharf:
So we talked about the older Roger Dubuis, the pre-Richmont Group, Roger Dubuis when they used to make everything a limited edition of 28 pieces, 88 pieces, 18 pieces, everything with an eight, which had to do with the Asian market because with the Asians, number eight is a very, very lucky number. I believe it means life.
Roman Sharf:
With that said, the most collectible pieces out of the old Sympathie lineup, which is what these are, this is a Roger Dubuis Sympathie, the most collectible ones are going to be the curved case. And what’s most collectible among these would be the earlier ones. This is one of the very earlier pieces where they did the shaped case because this is a funky shape, but then the crystal shape is also matching that of the case.
Roman Sharf:
And that’s what’s most important about these, the collectability is in those that have, not just this shape of the case, but also the crystal that matched because later they did the same exact case, but the crystal was no longer shaped to the shape of the watch because it was difficult to produce. It’s a lot easier to make this round or a lot easier to make it square.
Roman Sharf:
Adrian, you just in time, I was waiting for you.
Roman Sharf:
It’s an old 34 millimeter. This is a quartz, a Royal Oak. And you can tell, when you pick up these old Royal Oaks, you can compare the craftsmanships from 30 years ago to today. It’s pretty insane. The bracelet itself is not as tight, it’s a little on the flimsier side. The buckle is not exactly as good as a… Listen, they’ve improved over the years, but nevertheless, for a watch this old, it’s still in really good shape. This is that entry-level Royal Oak.
Roman Sharf:
People always ask me, “Well, can I buy an AP under $10,000 or around $10,000?” Yes, you can. There’s not a lot of these out there, but nevertheless, if you seek, you shall find, what is it?
Nina:
Seek and you shall find.
Roman Sharf:
Seek and you shall find. Thank you, Nina.
Adrian:
We have here, and shout out to United States Customs for making us take off the strap on this beautiful 26239, the new Royal Oak Chrono with the new sub-dial configuration and exhibition back. I love this piece.
Adrian:
Yeah, cotton. That’s not a bad idea.
Roman Sharf:
That is not a bad idea.
Adrian:
Keeps it nice and secure. Love this piece.
Roman Sharf:
You know the biggest problem I have with APs?
Adrian:
Well, you shouldn’t have a problem.
Roman Sharf:
It’s my favorite brand. I don’t know AP that I don’t like.
Adrian:
Yeah?
Roman Sharf:
I really don’t.
Adrian:
There are a few.
Roman Sharf:
No there’s… I like every, even older dogs, the Edward Piguets, the Jules Audemars, some of the older ones, some of the most… I like them all. I think they’re just appealing to me, but then I’m biased.
Roman Sharf:
What’s the market on this now?
Roman Sharf:
I know. What’s the market… By the way Francois is leaving Audemars Piguet.
Adrian:
This could be my chance to get my perpetual, at least. No, they’re still right now, but anyway.
Roman Sharf:
What was the market on these three months ago versus today?
Adrian:
Okay, so when they first came out the gate on a strap, they were $175,000.
Roman Sharf:
Well, out of the gate is not fair. Let’s fast forward.
Adrian:
Why is it not fair?
Roman Sharf:
Because out of the gate, everything is a little bit inflated.
Adrian:
So people paid that price. So tell them that.
Roman Sharf:
So on a strap, it was… This is on a strap, right?
Adrian:
Yeah.
Roman Sharf:
So $175K out of the gate, then it came down to what?
Adrian:
Actually, they were pretty much in a stabilization point, at about $125K.
Roman Sharf:
$125K. And that’s where they are right now?
Adrian:
Mm-hmm.
Roman Sharf:
So again, that 20% hit that we just discussed before you came on, which is the same thing that the Bloomberg article show, which is good. And they’ve stabilized. That’s the key.
Roman Sharf:
Francois, I’m a fanboy of Francois because of what he’s done for the brand.
Adrian:
He’s the greatest watch CEO.
Roman Sharf:
So I spoke to a dealer, I won’t mention his name, but we discussed this. He’s actually close to Francois, and you know what he said to me? He said to me that he felt that… First of all, Francois himself was well off financially and he’s already at an age where he can retire. So his thought process was, is that he wanted to leave at the top.
Roman Sharf:
And AP is the best it has ever been?
Adrian:
For sure.
Roman Sharf:
By far.
Roman Sharf:
So he doesn’t know what the future will bring, but he knows that if he’s going to step out, he wants to step out it… It’s like retiring at the top of your game, which I think he is wrong because I think AP has a lot more room to grow. I think they haven’t reached their peak yet, quite.
Adrian:
Hard to say. At this point, I don’t know how they become a better brand, or stronger. What would make them stronger? At this point, I don’t know if it’s anything a CEO could do. I think that’s more of a, just what happens in the market, more of maybe an engineering feat. What AP lacks right now, is their grand complication line. It doesn’t do what Patek does.
Adrian:
The grand complications that come out, the minute repeaters that come out, a lot of the tourbillons, they don’t reach the threshold.
Roman Sharf:
Are you saying they need to go back to their roots where they started because they started grand complication watches? They started making grand complicated movements for Tiffany pocket watches. So you’re saying go… The problem is every time they went back to the drawing board, it usually came out in the form of a Jules Audemars or later came out in the form of a behemoth of an Audemars, which is super complicated. Speaking of which.
Adrian:
I think across their retail line right now, if you take two retail price sheets of Patek versus Audemars Piguet, in terms of premium over list, Audemars wins today.
Roman Sharf:
Yes.
Adrian:
Talking about all, their whole entire catalog.
Roman Sharf:
Absolutely, but their catalog is much smaller also, don’t forget.
Adrian:
Then who’s?
Roman Sharf:
Than Pateks.
Adrian:
They have a pretty big catalog, man. They have like 68 different Royal Oaks and steel alone.
Roman Sharf:
If they go back to their roots with those ultra-high complications, but within, let’s say not a Jules Audemars line or code 1159 line, but within the Royal Oak line, without making behemoth of a watch like case in point, this Audemars Piguet Laptimer Schumacher. It’s probably the most complicated chronograph out on the market today.
Roman Sharf:
This is where they show the world that A, “We can take a chronograph…” Which people play it down. They say chronograph is not a big comp… The chronograph is one of the biggest complications, it’s just been done so many times that it’s taken for granted, but to execute a regular chronograph in the watch is just…
Adrian:
You know what I actually like about this watch more than anything? I remember when this first came out. Now it’s funny, this is the only watch that I know, that has the same limited edition number as its retail price.
Roman Sharf:
Which is?
Adrian:
$221,000.
Roman Sharf:
That’s true.
Adrian:
So with that said, $221,000 times 221. Now, you know why Francois is so rich.
Roman Sharf:
I did an entire video on this watch on one of the older, what’s on my desk. Maybe we can start linking that, so you guys can see that. So I’m not going to go into too many details. I will tell you this, in my opinion, this is the baddest chronograph out on the market, period. Because of the amount of research that went into this, and again, first of all, it’s a tribute to Schumacher. Let’s start there.
Adrian:
Do you say it’s better than Mono… How do you say it?
Roman Sharf:
Monopoussoir.
Adrian:
Monopoussoir.
Roman Sharf:
So number two, it’s a lap timer. So it’s designed to do exactly that, it’s designed to lap times. Time.
Alex:
Time laps.
Roman Sharf:
Time laps. Thank you. It’s designed to do exactly that. It does it in a way that no other chronograph out there can do it. So if you guys get a chance, definitely check out that video. In the interim, we’re going to continue on.
Adrian:
We are not responsible for anybody who purchases this watch and decides to lap times on their watch while they’re on a race track. If that makes any sense.
Roman Sharf:
The Octa Sports.
Roman Sharf:
Shout out to Nick. Nick actually took this in trade. And I want to get your thoughts on the sports line from F.P. Journe, in general.
Adrian:
My thoughts?
Roman Sharf:
Yes.
Adrian:
It’s taking a little bit of time to grow on me. I do like the Centigraphe version of that one because I believe this is just… The yellow and black, I like black and yellow, but it’s just, there’s too much yellow.
Roman Sharf:
It’s more of a gray and yellow, I would say.
Adrian:
It’s just too much yellow for my taste, with that finishing.
Roman Sharf:
My initial thought on the watch is the comfort of wear. This is a bracelet watch that weighs nothing. The only comparable watch I can think of is the Bvlgari Octo.
Adrian:
That’s a stretch.
Roman Sharf:
No, in terms of literally on a wrist. This is how an Octo in titanium will feel on a wrist. Super light. It’s lighter than this, obviously, but this is extremely light.
Roman Sharf:
Now, my thought process behind this line was, I think this was Journe’s way to say, “Look, to an average eye, if you’re a brand or a company of any sort, what is…” Like, for example, here at Luxury Bazaar, there are two ways we’ll look at our client base. Number one, we have to ensure that our existing client base is happy and he keeps coming back. Which is why… This year we’re going to surpass the 64.4% mark. Last year, we were at 64.4% return clientele. This year, I think we’re going to be in the seventies.
Adrian:
That’s great.
Roman Sharf:
Which is great.
Roman Sharf:
Which is our number one concern.
Roman Sharf:
But the other big concern for any company.
Adrian:
I know where you’re going with this.
Roman Sharf:
And there’s no other business out there that can argue this with me. But the other big, big concern, and let’s not downplay it, yeah, we love our existing clients, but we also want to bring in new clients.
Roman Sharf:
That’s another very big point of our entire marketing team and things like that.
Adrian:
So this is F.P.’s answer to attracting a new clientele, a younger crowd.
Roman Sharf:
And I’ll tell you why. It’s not even about the younger crowd.
Adrian:
It’s a younger crowd.
Roman Sharf:
No, it’s about, it’s actually twofold. It accomplishes both. So for example, it’s an existing client of F.P. Journe. If you look at F.P. Journe, they seemingly all look the same, and feel the same. Different complications, you name it.
Adrian:
Same thing with Lange.
Roman Sharf:
Same thing with Lange. Just Lange did the same thing we did this year. So what we’re talking about here is F.P. Journe’s saying, “Look, for my existing guys, which I love to death, but at some point, a client, especially when it comes to expensive items, stops being a client, or is freaking over time, because these things are expensive. How many can you have? Plus you have other brands out there if they want to diversify. So how do you keep a client and diversify him within the same brand? You come out with something literally different, a sports version, something that’s completely off the charts, that still shows Journe but it’s extremely different.”
Roman Sharf:
To the naked eye, those that don’t know Journe, immediately won’t say, “That’s a Journe.”
Roman Sharf:
Same thing, like you said, Lange did with Odysseus. And when it comes to new clientele, that’s what you said, it’s attracting that maybe younger crowd, maybe somebody that wants more of a sportier look, because this is a sporty watch.
Roman Sharf:
Up until this, Journe didn’t have a sports watch.
Adrian:
Yeah.
Roman Sharf:
That’s why they came out with the sports line to keep up with the market, to keep up with demand for sports watches, and in general, to appease both their existing clients and the clients that were considering Journe, but are into sports watches.
Adrian:
Does that appease you?
Roman Sharf:
It actually does.
Adrian:
Yeah. Okay. Good.
Roman Sharf:
It actually does.
Roman Sharf:
So I’ll tell you what my six-year-old daughter would take. She would definitely take this because yellow is her favorite color. She was about two maybe years old, we were at a shopping mall in Miami, and we went into a little boutique for kids. So Anna bought her a few things and then she saw some yellow dress, she grabbed onto that dress and ran out of the store. I’m like, “Baby, we need to either pay for this or give it back.” She’s like, “No,” She would not let go of this little yellow dress just because it was yellow. It wasn’t her size, it wouldn’t fit her. Nothing. It was a tantrum. Post that we didn’t take her into…
Adrian:
I will say, it’s going to take me some time to get accumulated to the sports line of F.P. Journe, just as it did with Patek. Because if you remember back in the day, nobody cared for sports Pateks.
Roman Sharf:
Yeah.
Adrian:
Up until everybody started caring about the sports Pateks, Nautilus, and Aquanaut alike, nobody used to care about it.
Roman Sharf:
Now, Journe doesn’t make a whole lot of pieces. Obviously, they make a lot less of the sports line as well. So would you say this is a current or future sleeper, when it comes to the sports line, that people are going to wake up two years and go, “Oh my God, I should have bought that?”
Adrian:
F.P. Journe has a cult following unlike I’ve never seen before, so…
Roman Sharf:
Yeah. True story.
Roman Sharf:
All right, boys and girls that will conclude today’s unboxing. There is more exciting stuff coming your way.