Straits Times Watch section

[Fengy]

Guys,

there's a section on watches in todays Straits Times special. One whole section 7 - 10 pages dedicated to time pieces. Go look out for that.

[Oceanklassik]

Tx for the heads-up. Will go get a copy.

[Oceanklassik]

I'll just like to share some of the more interesting articles here ...

Some articles lifted from the watch supplement, "Festival Of Watches" :

Outlook from the hour glass

Demand for exclusive watches remains high and unsatiated despite their sky-high prices but the lower end of the retail market is softening as the wealth gap widens

The buoyant watch retail business masks an increasing divergence between the exclusive high-end timepieces and the mass market luxury segments, says Mr Michael Tay, executive director of The Hour Glass (THG). Demand is strong for high-priced exclusive watches while the lower end of the retail market is softening, he notes.

"Our first quarter results show 30 per cent year-on-year increase in revenue and a 65 per cent increase in post-tax income," says Mr Michael Tay. "Things are going so well that you don't know it's worrisome. The wealth divide is becoming more acute, more pronounced."

The top end of "ultra speciality watches", where price tags are regularly in six figures, is gaining momentum, he says.

"The manufacturers cannot produce enough to fulfil market demand, especially in Asia." For example, Geneva-based watchmaker Patek Philippe has a five-year waiting list for its minute repeater watches.

"And we're getting clients coming in, time and time again, still willing to wait for the watch. It's mind-boggling," says Mr Tay.

For his clients at this end of the market, they are "flush with liquidity" but remain cautious in their purchases. Mr Tay says certain avant-garde brands like Urwerk and MB&F still remain a strong following, but by and large, many clients are veering towards classical timepieces from the established brands with history and continuity in the product lines.

Using the art market as an analogy, Mr Tay explains: "There's been this shift from pure contemporary to more modernist pieces. People have shifted away from contemporary names like Murakami, Koons and Hirst, whose prices dropped by as much as 50 per cent during the height of the crisis, towards some of the key modernists, which are hitting new highs."

Mr Tay says that although local buyers are quickly catching up in buying power and watch appreciation, many of the buyers of watches in the high-end segment tend to be from Indonesia. He looks at the Indonesian market as his "local hinterland".

He adds: "For the typical Singaporean buyer, with the exception of a handful, retail prices of up to $200,000 are pretty much standard fare. And it's not just about one purchase, it's multiple purchases of this value along the year."

On the other hand, the mass luxury end of the watch market is softening, he notes.

"There has been a little bit more hesitation," says Mr Tay, "And I think that's understandable, because that's your working professionals who buy such brands." These buyers are "more reactive to the economy", he adds.

His firm, THG, has doubled its marketing efforts in this segment. "We still continue to demonstrate growth in the segment through our innovative marketing campaigns," explains Mr Tay, citing the flexible payment plans and interest-free instalment programmes that THG offers.

Aside from ROLEX, Omega and Tag Heuer, Mr Tay identifies Panerai and Hublot as the brands that continue to sell well in this segment. He believes in the Asian story about rising demand for luxury goods and that Singapore is one of the best places to capitalise on the demand for luxury watches.

"Singapore is ranked number five as a market for luxury wristwatches, but as a city, Singapore is second after Hong Kong," says Mr Tay, citing statistics from the Federation of the Swiss Watch Industry. "We are now the second biggest city in the world for luxury watch consumption."

He adds that the Asian market for luxury watches remains strong, "fuelled by a lot of new wealth in Asia". THG is also well-positioned, he says. "We have the highest stock turn in Asia, we have very low debt and we have tremendous amounts of cash sitting on our balance sheet."

Because of this, Mr Tay is confident of the future.

"If there was a downturn to come i would embrace it, because we're in the best position to leverage off it, like we did in 2008," he says, referring to the past financial crisis. "We cannot see anything untoward on the horizon just yet. For now there are no storm clouds." But then, he adds, "Markets are so volatile, who knows what's going to happen in six months?"

- article by su jiaxian

[Watcha]

Thank for the article.

Hit the spot on the widening income gap.
No. 1 in the world whether public sector or private sector.

[Oceanklassik]

"Festival of Watches"

In the test of time

The Omega Seamaster Planet Ocean collection was upgraded and expanded in memory of Sir Peter Blake, its late brand ambassador known for his ocean ecology expeditions

All the new Omega Seamaster Planet Ocean watches launched in the Italian island of Capri in May this year have a four-year warranty. It's a show of confidence in the reliability and stability of every watch that's made with a highly accurate exclusive co-axial calibers and a silicon balance spring.

Indeed, the brand is synonymous with the pioneering spirit of excellence, innovation and precision for 160 years.

Omega has been the official timekeeper of 24 Olympic Games since 1932 and it will continue to play this role in London next year and in Sochi in Russia in 2014. Its innovations in precision technology and design were also involved in the conquests of space and the ocean.

For example, the Omega Speedmaster is the only chronograph that passed severe endurance tests for manned space flight missions by the US National Aeronautics and Space Administration (NASA) agency from March 1, 1965.

It also came to be known as the Moonwatch since July 21, 1969, when it was worn and tested on the lunar surface. On April 17, 1970, the Speedmaster helped to save the Apollo 13 mission from disaster when it was used to time the firing of rockets within a fraction of a second for the return of Apollo 13 to Earth orbit when the main on-board power supply was down.

A recipient of the highest Snoppy Award for partners of astronauts, the Speedmaster accompanied astronauts on numerous missions, including six lunar landings with unfailing precision and reliability.

At sea, Omega Marine became the only wristwatch ever certified as a marine chronometer in 1932. Omega has also been associated with some of the best-known underwater explorers and oceanographers, including Jacques-Yves Cousteau, Charles William Beebe and "Dolphin Man" Jacques Mayol.

When its brand ambassador and friend, Sir Peter Blake, retired from competitions as one of the world's most successful sailors, he spent time to protect the planet's oceans. Driven by the "no water, no life" motto, he organised ocean ecology expeditions under the auspices of the United Nations and Omega. In 2001, he led expeditions aboard the Seamaster to Antartica and the Amazon.

But in December that year, pirates boarded the Seamaster at the mouth of the Amazon delta. Sir Peter was killed in the melee that followed.

As a dedication to him, Omega unveiled the upgraded and expanded Seamaster Planet Ocean collection of timepieces on May 19 this year in Capri. Omega president Stephen Urquhart also announced a film project with environmentalist, film-maker, and aerial photographer Yann Arthus-Bertrand. The film reminds everyone to play their part to save the oceans.

Mr Urquhart says: "Yann Arthus-Bertrand has a unique combination of skills to communicate the majesty and the beauty of the oceans cinematically."

Designed for underwater adventures, the new Seamaster Planet Ocean watches have unidirectional rotating bezels, helium escape valves and water resistance up to 600metres. Indexes on the dials and the polished facetted rhodium-plated hands are coated with white Super-LumiNova emitting a blue light. The minute hand and the dot on the diving bezel emit a green light. This makes it easy for divers to keep track of their underwater time at a glance.

A new star in the collection is the 45.50 mm titanium and liquidmetal calibre 8500. It has a 45.50 mm grade five titanium case and a blue ceramic bezel with scalings and numbers made of liquidmetal alloy. Omega is the first watchmaker to blend ceramic with the alloy, which results in a hardness that maintains the material's appearance indefinitely.

This year, Omega also launched the first Seamaster Planet Ocean 37.50 mm, Calibre 8520/8521 models that are targeted at women who prefer to wear smaller watches with diving features.

- by ahmad osman

[Oceanklassik]

This is lifted from today's Business Times

Lazy to type. So tried a different way ..



Hope y'all can see

[feilong108]

Very clear shot!!!

Must be the iphone 4s eh....

[clokwerk oranje]

It would be great if the ITE can offer a watchmaking course leading to a WOSTEP qualification.
I'll be first to sign up if a part-time course is offered.

[feilong108]

I be right behind u in 2nd place if ITE offer a part time course .....

[seiko.citizen]

i fly back to enrol, and learn...

[Watcha]

It would be great if the ITE can offer a watchmaking course leading to a WOSTEP qualification.
I'll be first to sign up if a part-time course is offered.

I will take the course too.

Even if servicing iPhone is faster..

[Watcha]

Bro Ocean, did u type all that??

Whoa that's a lot.

[Oceanklassik]

Except for the newpaper cutting, yes, I typed the rest ..

[feilong108]

Thanks for the hard work Mod King Ocean...hehehehe...enjoyed reading the article....

[Watcha]

Thank you for the articles.

That's lot of typing!