The Swatch Group has emerged  from the financial crisis 2009. Today they sent out their quarterly earning report and they are have written the following points. It has beenThird-best year in the Swatch Group history with Group gross sales of CHF 5 421 million, a decrease of -6.3% on a comparable basis (at constant exchange rates and excluding 2008 divestments of Sokymat and Michel).
* Significant rebound in sales in the second half of 2009, with a phenomenal record month of December, which also was the best month in 2009.
* Watch segment sales with a decrease at constant rates of -5.5% largely outperformed Swiss Watch Federation export sales 2009, gaining market shares for the Group in practically all price segments and markets.
* Production segment with sales decrease mainly due to order cancellations and a change in product mix.
* Electronic Systems segment sales -14.5% lower than last year (excluding 2008 divestments of Sokymat and Michel), but steadily improving in the fourth quarter 2009 with increasing order inflow.
* Improved operating profit margin and net income compared to the first half year expected; Group very confident of further increases in sales and margins in 2010.
* Omega’s mission as official timekeeper at the Winter Olympics 2010 in Vancouver and the Swatch Art Peace Hotel opening mid 2010 in Shanghai are two of the highlights to come, as well as significant developments of new products in most of the brands and new production systems in Switzerland.

Group Overview

After the known market decline in late 2008 and early 2009, with a worldwide recession and a sharp drop in consumer spending, most markets recovered from the financially stressed environment in the second half of the year. The last months of 2009 showed a very positive development, with clear signs of market normalization and increased consumer confidence. To some degree, the economic crisis 2009 has separated the wheat from the chaff. This applies especially to the watch industry, where values such as brand awareness, tradition, history and high-quality products count more than ever. Consumers are looking for value and quality.

The Swatch Group, with its large range of products in all price segments, increased its market share in most markets and regions. In this challenging year, the Group achieved gross sales of CHF 5 421 million, a decrease of only -6.3% on a comparable basis (at constant exchange rates and excluding last year’s divestments of Sokymat and Michel). This still represents the third-best result in the Swatch Group history. While the first half year saw a significant decline, sales picked up in the second half and just exceeded – in local currencies – sales of the second half of 2008.

Strong Christmas sales clearly beat expectations and December turned out to be the best-ever month of December in terms of sales. The fourth quarter 2009 – expressed in Euro terms – performed at +7.1% at actual rates and +11.1% at constant rates. Foreign currencies negatively impacted sales by CHF 105 million or -1.8%, mainly in the second half of 2009. Especially the Euro, the British Pound and the Russian Ruble negatively impacted sales compared to previous year rates. The US Dollar had practically no impact, while the Chinese Yuan and the Japanese Yen influenced sales positively. Increasing watch demand in several markets compensated decreases in other markets and helped the segment Watches & Jewelry to achieve a remarkable result in 2009. The Production and Electronic Systems segments, on the other hand, were confronted with weaker demand and realized lower sales than in the previous year.

Expected earnings 2009 and Outlook 2010

The Group expects that the operating profit margin and net income for the full year 2009 will improve compared to the first half of 2009. This improvement will be visible predominantly in the Group’s core business, the segment Watches & Jewelry.

With the prospect of a continuous recovery of the economic environment and the new developments realized in the last months, the Group is very confident that further solid organic sales growth will be achieved in the year 2010. A promising trend can be identified, based on the excellent sell-through figures in January 2010 as well as the order entries for the months to come. The positive outlook is also backed by the Group’s positioning in all market segments and its broad geographical presence. Consumer spending is expected to see a steady increase in most countries, with a growing middle class mainly in the emerging markets supporting this trend.

A positive impact on sales is also expected from Omega’s mission as official timekeeper at the Winter Olympics 2010 in Vancouver, starting on 12 February 2010. Omega has been appointed the official timekeeper of the Olympic Games until 2020. Furthermore the opening of the Swatch Art Peace Hotel mid 2010 during the World Exhibition in the fantastic place of Shanghai will represent another milestone for the Group. The increased positive results of the Group’s research and development activities will also contribute to further sales growth.

TAG Heuer confirms that it will continue its relationship with Tiger Woods but will respect his desire of privacy by modifying his role in the coming months’ marketing programs.

“The partnership with Tiger Woods will continue,” said Jean-Christophe Babin, President and CEO of TAG Heuer, “but we will downscale the use of his image in certain markets for a period of time, depending on his decision about returning to professional golf. We will continue to actively support the Tiger Woods Foundation.”

TIger Woods released an apology on the same day expressing regret for “transgressions” and saying “I have let my family down.” Woods was not specific about the reason for the apology, and requested privacy.

Several companies indicated they were reconsidering endorsement deals. Gillette suspended advertising featuring Woods, and said they would not be hiring him for any public appearances for the company. On December 13, management consultancy firm Accenture completely cut its sponsorship of Woods, stating that the golfer was “no longer the right representative.”

November recorded the highest monthly value of the year for watch exports, and also the most moderate decline. Benefiting from a favorable base effect, the value of 1.4 billion francs represented a variation of -10.6% compared to November 2008. While negative, this rate is a marked improvement on previous months. The trough of the wave appears therefore to have been reached, and may even be receding. Levels remain low however. In eleven months, the sector exported the equivalent of 12 billion francs, a decline of 23.7%.

Gold watches played a very small part in this upturn in value, as was the case for precious metals generally. In contrast, steel recorded a slight decline, which helped push results higher. Bimetallic timepieces even registered an increase. In terms of the number of timepieces exported, the downturn was very moderate, thanks in particular to steel.

Wristwatches costing less than 200 recorded a moderate decline, much less pronounced than in previous months. The 200-500 franc category stood out by steady growth of around 20%, both in value and volume terms. The decline was also moderate in the 500 to 3,000 francs category, which saw a 4.3% downturn in value. The situation for wristwatches costing more than 3,000 francs showed less of an improvement than other segments; their value fell by 17.8% during the month of November.

Of the top 30 markets accounting for 90% of the total value of Swiss watch exports, ten recorded growth in November. This was particularly the case for China, which ranked fifth thanks to a sharp upturn. In the Far East, too, Singapore showed a positive trend. Hong Kong and the United States curbed their decline in relation to previous months. While Italy recorded a limited decline, France and Germany fell back more sharply even though they had fared better since the beginning of the year.

The oldest Automobile club in the world is opening its doors to the Swiss watchmaking company Hublot for the first partnership in its history . Hugues de Rouret and Jean-Claude Biver are explaining the reasons which encouraged them to join forces in Paris. The main fruit of this alliance will be the creation of a watch in the AFC colors, a percentage of the royalties from which will be donated to the Fondation ICM (Institute for Cerebral and Medullar y Disorders).

Since its very beginnings in 1895, this members’ club has brought together pioneers, inventors and entrepreneurs driven by the development potential the automobile can offer, both in terms of technological advances and the notions of freedom and fantasy that it represents. These gentlemen drivers have never formed a partnership with a major brand name, until now. Under the aegis of their management company (S.G.A.C.F.), they have accepted this challenge.

Hublot’s CEO, Jean-Claude Biver, a trailblazing, impassioned entrepreneur, was captivated by the potential synergies between his watchmaking brand and the Club Automobile. These synergies do not just relate to the values that they share: a respect for tradition, expertise, technological advances, but also, and above all, they provide an opportunity to support the Fondation ICM (Institute for Cerebral and Medullary Disorders), one of the founding members of which is none other than Jean Todt, a distinguished name in the automotive world, member of the ACF, and President of the Fédération Internationale de l’Automobile … which is headquartered at the Automobile Club de France!

Jean-Claude Biver, along with Hublot, has always been involved in projects to support and champion disadvantaged children. Today, through this first association with the ACF, he is lending his support to the ICM project. This international research centre was set up to prevent, treat and compensate for the consequences of spinal cord injuries caused by sports and road accidents, and to find treatments for brain pathologies.

Hublot has created a limited edition men’s and women’s watch, a “drive” chronograph in the ACF colours. A black ceramic case and bezel surround the skeleton dial which reveals a section of the movement. A contribution from each watch sold will be donated to the fundamental and clinical research carried out by the ICM.

L’Hydroptère Fastest Boat on the Planet Over 1 Nautical Mile. The hydrofoil trimaran sets a new world speed record of 50.17 knots (92.91 km/h), a wonderful gift from Alain Thébault, Thierry Lombard and their team to their new sponsor, Audemars Piguet.

Barely two months after crossing the magical 50-knot threshold, the equivalent of breaking the sound barrier in aviation, l’Hydroptère confirmed its status as the planet’s fastest flying trimaran, beating the world record at an average speed of 50.17 knots* over one nautical mile (92.91 km/h).

Alain Thébault and his ten-man crew achieved this exceptional feat at their speed base in Hyères on Sunday, November 8, in a 28-knot northwesterly wind. L’Hydroptère capped off a fantastic series of records posted in the Mediterranean and set a new benchmark in the world of sailing.

“For 30 years, passion and daring have carried me forward, but this victory really belongs to our indomitable, tight-knit team. The historic record of more than 50 knots over one nautical mile is powerful because it lies at the frontier between the twin capacities of this extraordinary flying trimaran that is both a high-speed craft and an ocean-going sailboat. Our team now holds the top two speed records in the world, 51.36 knots over 500 metres and 50.17 knots over one nautical mile, and we can now concentrate on ocean sailing in 2010″, commented Alain Thébault.

This performance is a wonderful welcome gift for watchmaker Audemars Piguet, which had decided to associate itself with this incredible adventure a few weeks ago, along with private bankers Lombard Odier Darier Hentsch & Cie.

The union of Audemars Piguet and Lombard Odier Darier Hentsch & Cie around this project is almost natural: as age-old family businesses, they share many values, such as tradition, excellence and expertise. As entrepreneurs, they have a history marked by a commitment to innovation, discovery and inspiring challenges. “Our two firms share the same foundations and the same passions. So it was logical for us to come together on this unique, unconventional and avant-garde project that embodies incredibly powerful human and technological values”, said Thierry Lombard, an avid sailor who is keen on challenges, sailing and technology. Before it became a project of the private bankers, whose founding year – 1796 – is written on the mainsail, l’Hydroptère was originally a personal project.

The 60-ft Hydroptère (from the Greek hydros, water, and ptera, wing), is a hydrofoil trimaran (the foils are actually underwater wings). It is a sleek and elegant craft with a central hull and a mast 28 metres high, stabilised by two side floats separated from the hull by huge 24-metre carbon crossbeams built at the Airbus plant in Nantes. The innovative design of the boat, which flies on submerged wings, cleverly constructed out of carbon and titanium, make it much faster, more durable and lightweight (only 6.5 tonnes). The flight envelope of the prototype is continuously defined and validated on a 3D flight simulator developed specifically for this carbon bird, which represents the new generation of extreme sailing.

Alain Thébault, designer and skipper of this Formula 1 of the seas, had always dreamt of making a boat fly. After 20 years of research and development, the flying boat is now a robust, powerful craft thanks to the help of eight retired engineers from Dassault Aviation and EADS-Airbus who volunteered their time. l’Hydroptère is the perfect combination of cutting edge technology, performance and human adventure. This unique project was created by a team of sailing buffs, engineers, technicians and aircraft manufacturers. In 2006, the Ecole Polytechnique Fédérale de Lausanne (EPFL) joined the team and became “Official Scientific Adviser” to assist in advanced fields such as aero-hydrodynamics, composite materials, structural behaviour and video imaging.

The world of sailing is a field that Audemars Piguet knows well. As early as 1985, the watchmaking firm accompanied Peter Fehlmann, winner of the Whitbread. In 2000, it participated in its first America’s Cup, with “Be hAPpy”, and then went on to take part in the fantastic Swiss victories in the 31 and 32 America’s Cup. In 2008 and 2009, the watchmaker was alongside Ladycat on the Decision 35 circuit on Lake Geneva. Today, it has become one of two main sponsors in the wonderful world of l’Hydroptère.

Audemars Piguet has authored the most beautiful pages in the history of watchmaking in its quest for technological innovation, daring and excellence, ceaselessly pushing back the limits of the possible, a philosophy shared by l’Hydroptère.

Like Audemars Piguet, which can boast a number of horological performances including a many world firsts such as the creation in 1972 of the legendary Royal Oak, the first luxury steel watch; or the 2006 launch of the new high-performance, lubricant-free Audemars Piguet escapement, l’Hydroptère also has a long list of achievements to its credit. On Friday September 4 2009, in Hyères, France, Alain Thébault and his outstanding ten-man crew set two outright sailing speed world records: over 500 metres, at an average speed of 51.36 knots (95.118 km/h) and over one nautical mile (1,852 m) at an average of 48.74 knots (90.266 km/h). These records were ratified by the World Sailing Speed Record Council, the official keeper of all records pertaining to sailing. On November 8, 2009, l’Hydroptère once again made history by setting a new record: an average speed of 50.17 knots, equivalent to 92.91 km/h, over one nautical mile* with a peak at 55.5 knots (102.78 km/h). Even if all records are made to be broken, this one will be very hard to match over that distance.

“Thanks to this historic double record, l’Hydroptère is confirmed as the fastest sailcraft on the planet. This exceptional performance is a tribute to the work of a determined and experienced team, which developed and implemented revolutionary and innovative solutions. We can fully relate to this extraordinary challenge, which is perfectly consistent with the pioneering and adventurous spirit of our brand,” said Philippe Merk, CEO of Audemars Piguet.
But the human and sporting adventure does not stop there. Audemars Piguet and Lombard Odier are also sponsoring l’Hydroptère.ch, which will take to the waters of Lake Geneva, Switzerland, in summer 2010. It will serve as a laboratory and a think tank for the ambitious Hydroptère Maxi project, the ultimate goal of which is to sail round the world in 40 days, thus pursuing the dream of Jules Verne.

“This great human and technological adventure is backed today by two prestigious firms that solidify our roots. The arrival of Audemars Piguet alongside private bankers Lombard Odier moves me deeply. This strong support is a great motivational force for me and the team. In an ongoing humble family spirit, our ambition is now to unfurl our wings on the open seas, collectively and around the world,” concludes Alain Thébault.

Vacheron Constantin has chosen today to revive some of the finest moments in the quest for ultra-thinness. The Geneva-based manufacturer has indeed been closely involved in the epic milestones of this distinctive form of expertise, such as in the 1950s and 1960s when Vacheron Constantin introduced the world’s thinnest wristwatches.

Today, Vacheron Constantin is enriching its “Historiques” collection with two new creations directly inspired by its heritage, each imbuing one of two legendary calibres with a new and distinctively modern touch.

“Historique Ultra-fine 1955”
the world’s thinnest mechanical hand-wound watch measuring just 4.10 mm thick to date,
equipped with the mechanical hand-wound 1003 movement
the thinnest in the world at just 1.64 mm thick,
rebuilt – for its 55th anniversary in 2010 – in 18-carat gold, and bearing the Hallmark of Geneva

&

“Historique Ultra-fine 1968”
equipped with the ultra-thin mechanical self-winding 1120 movement
featuring a new decorated oscillating weight, and bearing the Hallmark of Geneva

***

Vacheron Constantin was founded in 1755 and can legitimately claim to be the world’s oldest watch manufacturer still in activity, with over 250 years of continuous expertise and production behind it. A truly unique status within the watch industry.

This proud heritage cultivated over a quarter of a millennium is punctuated with timepieces and movements that have each in their own way left an indelible imprint on their era. This stunning and inestimably valuable patrimony, through which the brand’s history is inextricably bound up with that of the watch industry, eloquently testifies to the brand’s consistent technical and aesthetic creativity.

Evolving in step with new inventions, techniques and of course with the tastes of horological enthusiasts, Vacheron Constantin has explored all fields of the watchmaking art, including pocket-watches and wristwatches, as well as ring-watches, pendant-watches, and brooch-watches. Its range encompasses highly complicated models, automatons, sophisticated clocks, as well as an area which is less conspicuous yet requires an incredible wealth of expertise, experience and talent: that of ultra-thin mechanical movements.

Extreme slenderness is traditionally not considered as a horological complication, in that it does not itself contribute an additional watch function in the same way as a date or a chronograph. It would nonetheless be entirely legitimate to describe it as such, due to its highly complex nature that often pushes micromechanical boundaries to the limit. Although many try their hand in this field, few are successful.

While the first ultra-thin Vacheron Constantin calibres were produced in the 19th century, the manufacturer became most prolific in this speciality during the 20th century, which is generally considered as the ultra-thin “golden age”. It was indeed in the early 20th century that wristwatches began to gain popularity, and weight and thickness thus became crucial factors in ensuring the wearer comfort of such models.

The Vacheron Constantin heritage comprises
extraordinary ultra-thin creations and a succession of slimness records.

Right from the start of the 19th century, the Vacheron Constantin archives (including a letter written by Jacques-Barthélémi Vacheron to a certain Mr. Girod in Paris, dated May 18th 1912) feature references to thin watches. Another letter dated January 28th 1829 and written by Jacques-Barthélémi Vacheron to François Constantin also mentions the production of “a few thin pieces”.

Vacheron Constantin’s historical records for 1911 also include three 8, 9 and 10-ligne calibres, each measuring 2.82 mm thick. The remainder of the century witnessed an impressive number of ultra-thin calibres, representing impressive horological feats and becoming ever slimmer over the years: 2.25 mm in 1917, 1.88 in 1924. Some were used to create such extraordinary models as a rock crystal watch presented in 1926 and equipped with a 2.63 mm red gold movement (visual available).

In 1931, Vacheron Constantin set a new world pocket-watch record with a mechanical movement measuring 17 lignes 5/12 in diameter and less than 1 mm thick – exactly 0.94 mm to be precise (visual available)!

Ultra-thin movements continued to inspire the Geneva-based manufacturer, leading it in 1981 to present the “Structura” collection, which set a highly original stage for one of these movements by reversing it and fitting the hands on the bridge side, thereby enabling connoisseurs to admire the full complexity of its structure.

In 1992, Vacheron Constantin confirmed that its expertise in the field of extreme slenderness also extends to Grand Complication movements by presenting the thinnest minute repeater wristwatch movement to date, measuring 3.28 mm and earning the Geneva-based manufacturer set another record. (visual available).

Nor was Vacheron Constantin lagging behind when it came to self-winding movements. From 1945 onwards, it began developing ultra-thin self-winding movements such as the 477 9/12 which was to be the first of an entire generation: the 498 in 1951, the 499 and the 1019 in 1953, followed by the 1071 in 1958.

The world’s thinnest mechanical movements are developed in
Vacheron Constantin’s historical L’Ile premises.

Within this impressive legacy, one particular hand-wound movement continues to attract the attention of specialists and collectors. Work on its development began in 1952 in L’Ile (the building on the Rhone River ‘island’ that has housed Vacheron Constantin’s historical premises since 1875) and it was presented for the brand bicentenary celebrations in 1955 under the name Calibre 1003.

Its 9-lines or 21.05 mm diameter and 1.64 mm thickness have made it the world’s smallest mechanical manual-winding movement on the market. By way of comparison, this micromechanical masterpiece composed of 120 parts is about the size of a small Swiss 20-centime coin.

This now legendary calibre (of which the excellence was to be confirmed by the subsequent orders placed by other great names in fine watchmaking) was used to equip three round watches that set a new record as the world’s thinnest watches measuring just 4.54 mm thick. These three timepieces have forever imprinted on people’s minds the image of the archetypal Vacheron Constantin watch: round, classic, ultra-thin and extremely reliable.

In 2010, Vacheron Constantin has chosen to pay tribute to this legendary calibre by housing it within a reinterpretation of one of those three watches: the “Historique Ultra-fine 1955”, currently the world’s thinnest hand-wound watch measuring just 4.10 mm thick to date.

The development of Calibre 1120 began in 1966 and production began at the end of 1967. It too attracted the notice of specialists and collectors and was ordered by other great names in fine watchmaking. In 2010, Vacheron Constantin has also chosen to pay tribute to this equally legendary calibre by housing it within a reinterpretation of the vintage ultra-thin watches: the model now called “Historique Ultra-fine 1968”.

These two timepieces will find their natural place within the “Historiques” collection, specifically created to bring back to life the various designs and movements that have shaped the finest hours of Vacheron Constantin.

A collection composed of watches intended for watchmaking collectors, connoisseurs and devotees, for those with a taste for discreet and elegant models, as well as purists. It features models such as the Chronomètre Royal 1907 presented in 2007 to mark the 100th anniversary of the original, and the amazingly daring Historique American 1921 model reinterpreted in 2008 and which was named “Watch of the Year” in October 2009 in Geneva.

“Historiques” collection

Calibre 1003 for the “Historique Ultra-fine 1955” watch

For Vacheron Constantin, celebrating the 55th anniversary of the birth of the ultra-thin Calibre 1003 provides an opportunity to revisit its heritage, as well as to highlight its ultra-thin expertise in a period when this term tends to be somewhat overused.

Considered by many experts to be one of the most beautiful and refined ultra-thin movements on the market, Calibre 1003 has been defying mechanical laws for over 50 years. It is extremely complex to produce and its adjustment calls upon the full measure of expertise cultivated by a fine watch manufacturer.

Vacheron Constantin has chosen to present a redesigned version of this movement, while its 1.64 mm thickness – still a market slimness world record – and its 21.10 mm diameter remain unchanged.

Its finishing is however even more refined, since the bridges and mainplate are now crafted from 18-carat gold. Its 117 parts enable it to beat at a frequency of 18,000 vibrations, and endow it with an over 30-hour power reserve despite its tiny size.

The decoration is extremely meticulous: Côtes de Genève, bevelling and chamfering, and drawing the steel parts with a file are all performed by hand. This exceptional degree of finishing earns the new version of Calibre 1003 the prestigious Hallmark of Geneva, an independent and sovereign certification awarded by the State of Geneva which thereby guarantees the origin, precision, durability and fine craftsmanship of models from a handful of Geneva-based watch companies.

For its 2010 re-edition, Calibre 1003 is presented in a round watch in 4N 18-carat pink gold measuring 36 mm in diameter, inspired by one of the three historical models introduced in 1955, reference 4961. The latter has been selected because of a design that already embodied a decidedly modern touch at the time of its launch.

The reinterpreted version in 2010 magnifies the aesthetic qualities of the original without betraying its spirit. It also features further enhanced technical characteristics on a par with today’s tastes and expectations: water-resistance to 3 bar, equivalent to 30 metres; an exhibition caseback fitted with a transparent sapphire crystal; a titanium casing circle contributing to the overall rigidity; and an even slimmer 4.1 mm case making it currently the world’s thinnest mechanical hand-wound watch.

The result radiates an aura of uncluttered, pared-down restraint and purity. Its fascinating aesthetic features – the slender bezel; the distinctive lugs, each shaped like an arm of Vacheron Constantin’s Maltese Cross emblem; its solid gold opaline silver-coloured dial adorned with baton hands marking the hours and minutes – combine to endow this watch with a rare breed of elegance stemming from the compelling strength of sheer simplicity.

“ Historiques” collection

The “Historique Ultra-fine 1968” watch and Calibre 1120

Vacheron Constantin has chosen to make 2010 a tribute year to its ultra-thin timepieces by reissuing, again within its “Historiques” collection, a square-shaped model dating from 1968 and equipped with the famous ultra-thin self-winding Calibre 1120.

In revisiting this watch, the Manufacture has adopted an extremely distinctive style: that of the 1960s. This 4N 18-carat rose gold timepiece creates a striking contrast between the strict square dial opening and the slightly curving case flanks. The resulting design exudes an impression of elegant understatement, further accentuated by a vertical-brushed silver-coloured dial adorned with simple and geometrical hour-markers.

The pared-down lugs lend a pleasingly strict touch to the overall effect, while the sapphire crystal that is bevelled all around further underscores the ties between this watch and the non-conformist period when it was first launched. Everything about the design echoes the legendary Swinging Sixties through an original model that has in time become a great classic.

Compared with the original 1968 watch (reference 7614), the watch now presented features updated technical characteristics in tune with modern times: water resistance to 3 bar, equivalent to around 30 metres; a sapphire crystal, and a clipped-down solid case-back exactly like the original model.

Despite such improvements, which generally tend to increase bulk, this watch measuring 35.2 mm along its sides is even thinner than its historical predecessor: 5.5 mm compared with 6.52 mm, making it one of the thinnest watches in its category.

Like the 1968 model, the contemporary version is equipped with the ultra-thin self-winding Calibre 1120. This exceptional movement driving hour and minute hands has powered some of the most prestigious ultra-thin self-winding watches in horological history.

Despite its apparent simplicity, it features a sophisticated construction that called for some unusual technical solutions. For this re-edition, the Manufacture Vacheron Constantin has rebuilt the calibre: although its dimensions – 28 mm in diameter and 2.45 thick – remain unchanged, it is now equipped with an 18-carat gold oscillating weight bearing the Maltese Cross system. It offers an approximately 40-hour power reserve.

Stamped with the prestigious Hallmark of Geneva, its exceptional finishing features Côtes de Genève, bevelling and chamfering on all parts, and hand-drawn flanks.

By way of conclusion, Vacheron Constantin has chosen in 2010 re-issue two ultra-thin watches that have made their mark on its history, duly christened “Historique Ultra-fine 1955” and “Historique Ultra-fine 1968”.

By choosing to equip them with the same legendary vintage calibres – the 1003 and 1020 rebuilt for the occasion and now bearing the independent and sovereign Hallmark of Geneva certification – the Manufacture is showcasing its peerless creativity in the field of exceptional classic watches. And in the process, it is also demonstrating its complete mastery of extreme slenderness by treating it as a full-fledged complication in its own right.

TECHNICAL DATA
Reference Historique Ultra-fine 1955
33155/000R-9588

The World’s thinnest mechanical hand-wound watch
measuring just 4.10 mm thick to date

Movement 1003
Rebuilt in 18-carat gold for its 55th anniversary in 2010
Developed and manufactured by Vacheron Constantin
Stamped with the Hallmark of Geneva

Mechanical, manual-winding

The thinnest in the world at just 1.64 mm thick

Thickness of movement 1.64 mm

Diameter of movement 20.80 mm

Jewels 18 jewels

Frequency 18′000 vibrations/hour

Indications Hours, minutes

Power reserve More than 30 hours

Case 18 carat 4N rose gold
Diameter: 36.00 mm. Thickness: 4.1 mm

Water resistance 3 bar, equivalent to 30 meters

Dial 18 carat gold, silvered opaline
Mirror-polished Maltese Cross and indexes

Strap Black hand-stitched, saddle-finished
Square-shape scales alligator leather.

Clasp Buckle in 18 carat 4N rose gold, polished half Maltese Cross

TECHNICAL DATA
Reference Historique Ultra-fine 1968
43043/000R-9592

Movement 1120, Vacheron Constantin
Stamped with the Hallmark of Geneva

Energy Mechanical, self-winding

Height of movement 2.45 mm

Diameter of movement 28.00 mm

Jewels 36 jewels

Frequency 19′800 vibrations/hour

Indications Hours, minutes

Power reserve More than 40 hours

Case 18 carat 4N rose gold
Square-shaped 35.2 x 35.2 mm, thickness: 5.5 mm

Water resistance 3 bar, equivalent to 30 meters

Dial Silvered, 18 carat black finished indexes
Mirror-polished Maltese Cross

Strap Black hand-stitched, saddle-finished
Square-shape scales alligator leather.

Clasp Buckle in 18 carat 4N rose gold, polished half Maltese Cross

The base effect was again unfavourable for Swiss watch exports, with the trend failing to show any improvement in September. Their value fell by 26.1%, to 1.1 billion francs. The cumulative variation was unchanged in relation to August and indicated -25.9% for the first nine months of the year. This steady decline has reduced the value of watch exports to their 2006 level.

Watches manufactured from precious metals suffered the steepest declines in value terms in September, while the downturn was less marked for bimetallic timepieces. The number of timepieces exported suffered particularly badly, falling by nearly a million units in one month. Steel and the category of other materials had a markedly negative effect on results. Since the beginning of the year, exports have registered a shortfall of 5.1 million watches.

For wristwatches costing less than 200 francs (export price) the number of pieces exported fell by half in September, generating a deficit of 890,000 units. The 200-500 franc segment performed much better, registering a decline of around 4%. Watches between 500 and 3,000 francs recorded an above average performance. Their value fell by 18.2% compared to September 2008. Timepieces costing more than 3,000 francs set the tone, their value falling by 26.0%.

There was little change on the Swiss watch industry’s different markets. Hong Kong and the United States registered rates of decline close to those of previous months. France and Italy showed comparable above-average trends. Germany improved somewhat. Since the beginning of the year the main European markets have shown a stronger resistance to the downswing in demand for Swiss watch exports. China produced the best result, followed closely by Singapore, where the fall in value was 3.3%.

Following the exceptional results achieved in the September New York sale, Antiquorum held another successful auction of Important Collectors’ Wristwatches, Pocket Watches, Clocks & Horological Tools on October 3 & 4 in Geneva which set a new world record and totalled an impressive 4’336’380 CHF ($4,222,700). Of the 412 lots offered for sale, 78% were sold representing 115% in value. The auction enjoyed strong international internet and phone bidding from countries such as Mexico, Turkey, The US and China in addition to the enthusiastic bidders present in the room.

A new world record was achieved for a Patek Philippe Ref. 5059P (lot 377), a platinum wristwatch with perpetual calendar and retrograde date selling for 114’000 CHF. Patek Philippe timepieces continue to achieve very strong prices as confirmed by the results for each of the three models of the Patek Philippe Ref. 1463 offered in the sale: the Ref. 1463 in pink gold (lot 412) with asthmometer dial sold for an impressive 372’000 CHF; while the Ref. 1463 in stainless steel (lot 197) reached 180’000 CHF. Finally, the Ref. 1463 in yellow gold (lot 196) achieved 120’000 CHF.

“The remarkable result for our October auction is confirmation of the increased strength of the watch market. Collectors are once again enthusiastically bidding on rare and collectible timepieces,” said Robert Maron, Chairman, Antiquorum. “Not only have we achieved excellent results here today, but coupled with the outcome of our September auction in New York, Antiquorum is unquestionably once again the market leader in horological auctions.”

Another highlight of the Antiquorum Geneva auction was the remarkable clock watch “The Hunt” with 13 complications (lot 354) a Grande Complication made for the Indian market by Gideon & Co. at Le Locle which sold for 198’000 CHF.

Also among the highly collectible pocket watches presented at the sale, a platinum minute-repeating carillon watch with Westminster Chimes from Edouard JeanRichard from Le Locle (lot 349) – one of only two known examples – reached 168’000 CHF.
Vacheron Constantin timepieces also achieved outstanding results, in particular the magnificent baguette diamond-set lady’s bracelet watch (lot 100) with a superb result of 96’000 CHF; as well as a very fine and extremely rare minute-repeater 8-day desk clock (lot 98), which inspired a fierce battle in the room among collectors, eventually selling for 38’400 CHF – more than four times its low estimate.

The auction saw the return of exceptional Tourbillon watches with the “Tourbillon Skeleton”, No. 00/12, from Schwarz Etienne (lot 189) which stirred enthusiastic and aggressive internet bidding, ultimately selling for 156’000 CHF. In addition, the Breguet “Tourbillon Squelette”, Ref. 3355 PT (lot 344) sold for a significant 132’000 CHF.
Rolex watches also obtained first-rate results with a Rolex Stainless Steel “Perpetual Precision” Ref. 8171 (lot 397), one of the most sought after models by collectors, acquired for 114’000 CHF after competitive bidding worldwide.

Finally, the extremely fine and highly complicated Orrery Astrolabium Celestial Clock from Christian Van der Klaauw, Joure, No 41/50 (lot 157) reached 66’000 CHF, nearly double its low estimate.

“We are very pleased by the results for our first auction of the season in Geneva,” said William Rohr, COO, Antiquorum.” We’re particularly delighted by the increased demand for tourbillon watches which achieved excellent prices in today’s sale. “With today’s extraordinary outcome, we look forward to our next auction in November which will include an impressive collection of exceptional cloisonné timepieces, some of which are rarely seen at auction.”

Lot 412
Ref. 1463, Pink Gold – Asthmometer Dial Patek Philippe, Genève, movement No. 863918, case No. 644760, Ref. 1463. Made in 1946, sold on July 9th, 1947. Extremely fine and exceptionally rare, water-resistant, 18K pink gold wristwatch with round button chronograph, 30-minute register, asthmometer scale graduated for 5 respirations and a Patek Philippe 18K pink gold expandable bracelet with deployant clasp by Gay Frères. Accompanied by the Extract from the Archives.
Sold including buyer’s premium: CHF 372,000

Lot 354
The Hunt Watch with 13 Complications Gideon & Co., Locle, Swiss, No. 86825, the movement attributable to Henry Grandjean & Cie., (Le Locle). Made for the Indian market, circa 1900, sold to the Sixth Nizam of Hyderabad, Mahbub Ali Khan (reigned 1869 –1911). Very fine, important and rare, grande and petite sonnerie, minute-repeating, heavy 18K yellow gold, painted on enamel and rose-cut diamond-set eight day going two-train keyless clockwatch with triple date, chronograph, central progressive minute recording hand, moon phases and lunar calendar.
Sold including buyer’s premium: CHF 198,000

Lot 197
Ref. 1463, Stainless Steel Patek Philippe & Co., Genève, No. 862997, case No. 625762, Ref. 1463. Made in 1942, sold on July 19th, 1944. Very fine and extremely rare, water-resistant, stainless steel wristwatch with round button chronograph, 30-minute register, tachometer and a Patek Philippe stainless steel buckle. Accompanied by the Extract from the Archives.

Sold including buyer’s premium: CHF 180,000

Next Antiquorum Sales – 2009:
Geneva: Saturday 14 & Sunday 15 November
New York: Wednesday 9 & Thursday 10 December

About Antiquorum
Established in Geneva in 1974, with the addition of its New York affiliate Antiquorum USA in 1994, Antiquorum has carved its own unparalleled niche in the auction world by cultivating a thriving collector’s market for timepieces worldwide.

An impressive 49 of the 81 watches sold publicly by major auction houses for over SFr. 1,000,000 were sold by Antiquorum. In 2002, Antiquorum set the all-time world record for a wristwatch at auction, selling a unique 1939 platinum Patek Philippe World Time Ref. 1415 for US$ 4,026,524 (SFr. 6,603,500) – more than double the previous world record. Another record price for a modern watch was achieved in 2004, the unique white gold Calibre 89, also by Patek Philippe, was sold for SFr. 6,603,500 (US$ 5,002,652). Among the world records in 2005, the “Tour de l’Ile”, at US$ 1,564,000 (SFr. 1,876,250), set a world record for a contemporary wristwatch and the “King Fouad I”, at US$ 2,755,000 (SFr. 3,306,250), achieved the highest price ever paid for a Vacheron Constantin. Another record was achieved in 2009, when Gandhi’s pocket watch, sandals, glasses, bowl and thali, sold for an astounding $2,096,000.

Antiquorum holds approximately ten auctions a year, in Geneva, New York, and Hong Kong, with previews held in major cities worldwide. In addition to its auction centers in Geneva, New York, and Hong Kong, Antiquorum maintains offices and agents in Paris, Milan, London, Munich, Shanghai, Tokyo, and Moscow.

Under the patronage of the Grande Maison in the Vallée de Joux, a team of three seasoned mountaineers, headed by the Swiss guide Stéphane Schaffter, is on-site in Nepal and currently gearing up to take up an extreme challenge: the ascension of a mountain in the Himalayas that has never yet been trod by human feet. Three exceptional timepieces made by the Manufacture Jaeger-LeCoultre will be part of the adventure, starting with the famous 1958 Geophysic Chronometer; along with the Master Compressor Extreme Lab which became an instant watch industry sensation when introduced in 2007. A third new extreme creation being prepared in the Manufacture workshops in the Vallée de Joux will also be making the trip.

In a world where it sometimes seems everything has already been discovered, conquering a virgin summit is an endeavour comparable to the famous expeditions undertaken in the mid- 20th century with the aim of conquering the world’s greatest peaks one after the other. Seeking to repeat such an accomplishment in the farthest reaches of the Himalaya half a century later meant putting together a team of climbers with decades of experience behind them and well acquainted with the grandeur, beauty and unpredictable nature of the mountains. Stéphane Schaffter, a Swiss alpinist who has scaled the fabled Bonatti Pillar, will be accompanied by Apa Sherpa, who has 19 ascensions of Everest under his belt; as well as Little Karim, who has accompanied many great sportsmen in their over 8,000-metre high-altitude expeditions.

All three men, who have displayed an indomitable spirit of adventure throughout their lives and know that limits are there to be surpassed, have naturally chosen Jaeger-LeCoultre watches as the timekeeping instruments in their daring undertaking. As brand connoisseurs will have probably guessed, the fabled Master Compressor Extreme Lab will naturally be part of the action. This avant-garde timepiece heralds the future of watchmaking, since it operates without any oil or other lubricant. Revolutionary geometry, cutting-edge technical advancements and the use of high-tech materials enable it to withstand extreme conditions such as those prevailing at high altitudes, in order to maintain its remarkable precision at temperatures ranging between – 40°C to °60°C. For a watch developed with genuine passion by a dedicated Jaeger-LeCoultre research unit, the time for real-life adventure has come.

These three exceptional individuals, whose character has been honed by courage and peerless tenacity, have travelled to Nepal to embark upon an adventure that is particularly rare these days: the conquest of a peak never yet climbed. Their Jaeger-LeCoultre timepieces, all “super sherpas” in their own right, will accompany them throughout their ascension, constantly reminding them of the pioneering role played by the Manufacture in the Vallée de Joux in constantly pushing back the limits of precision while keeping pace with daring technical accomplishments.

Rodolphe Cattin the founder of the Rodolphe Montres & Bijoux watch company and of the Rodolphe & Co design studio – two entities owned by the Franck Muller group – has decided to quit all his operational activities within the group as of the end of October. He will remain a minority shareholder in both companies.

Rodolphe Cattin made the following comments regarding his decision:

“It is with a mixture of sadness and relief that I am leaving the group with which we became associated four years ago, because I no longer sense that the group has any wish to develop the brand bearing my name. The same is indeed true of all the other ‘small’ brands within the Franck Muller group.

The early days of our cooperation with the Franck Muller certainly did not suggest such an outcome. For the past four years, I have poured all my energy into this magnificent adventure and our tight-knit and motivated team was able to accomplish some excellent development work during the first two years of the partnership, resulting in particular in the Watch of the Year award won in 2006 for the Instinct Chrono model, followed by a second prize in 2008. However, these tokens of recognition did nothing to consolidate the Rodolphe brand’s position within the group. On a more global level, conditions have steadily deteriorated and it is now quite obvious that the group CEO, Mr. Vartan Sirmakes, has chosen to devote his energy and his efforts elsewhere. Despite many discussions on this issue, there are no longer any signs of a will to improve matters. Worse still, the group is currently trying to support its allegations that the “small brands” are responsible for the difficulties encountered by Franck Muller Watchland. It will be up to everyone to draw their own conclusions.

This kind of negative comment is merely the latest episode in a series of disappointments endured over almost two years now. Due to a range of strategy, quality and delivery-related issues, the Rodolophe brand no longer benefits from an environment conducive to its healthy development. Not to mention interpersonal conflicts and broken promises that are detrimental to daily interaction and make it impossible to maintain a trust-based relationship.

In light of these circumstances, I prefer to withdraw and in doing so leave my associates free to make their own choices, non-choices, decisions and non-decisions. I am above all a creative designer with little inclination for corporate politics, plotting and U-turns. And I strongly deplore the attitude and behavior of some of my closest associates who may well see in my departure a chance to grab the spotlight.

Nonetheless, even at the end of this troubled period, I am extremely satisfied with the concept developed and with the aesthetic work undertaken by the teams that have supported me. The work is done and it is up to our successors to decide whether or not to develop and enhance the achievements to date.

While remaining a minority shareholder in the two Rodolphe Montres & Bijoux and Rodolphe & Co companies, my professional path is parting ways with the Franck Muller group at the end of the month. I maintain my creative soul, my entrepreneurial spirit and am truly relieved to be regaining my freedom”.