Jealousy List 2024
A guide to the best stories of the year; a disappearing Cartier clock; Charles de Gaulle's $500k watch
I live just a few minutes from most of downtown Chicago’s watch boutiques. Within a few blocks, most major brands have a boutique (owned or managed by a retailer) or a presence in a multi-brand store. I’ll regularly take a lap through the stores to see what’s busy, especially this time of year.
I’m always surprised how busy two boutiques are: Omega and Breitling. Compared to many boutiques, Breitling in particular has a casual, laid-back vibe that’s not at all intimidating.
But a lot of these stores are also very quiet. A Roger Dubuis boutique opened earlier this year, something that I can’t imagine too many locals were asking for. It’s hard to imagine they’re selling more than a couple of Excaliburs a month.
Meanwhile, according to the (questionably accurate) Morgan Stanley report, Breitling is the 9th largest Swiss brand and continues to gain. Whatever they’re doing in retail seems to be working.
Before we get to this year’s Jealousy List, one auction everyone slept on.
In this issue: Audemars Piguet, Charles de Gaulle, Ebel, Laurent Ferrier, Hermes, James Bond, LIP, LVMH, Swissair, the Polerouter, and a disappearing Watch of the Week from Cartier.
Charles de Gaulle’s Electric LIP Watch Sells for $500k
Perhaps the French are nostalgic for the days of a non-collapsing government. Last week, a LIP watch from former French president Charles de Gaulle sold for $560,000 in an auction of his personal items (original estimate: €6-10,000). The French brand still offers a General de Gaulle collection today. First, the watch itself is interesting: It’s from the first series of electric watches LIP introduced in 1958. This made it the second electric wristwatch on the market, after the Hamilton Electric 500.
But no sane person is paying $500k for “the second electric wristwatch” ever made. LIP introduced this version of the Electric in 1958, the same year de Gaulle was elected president. Apparently, seven French institutions, including the National Archives and National Library, were buyers in the sale.
De Gaulle led resistance to the Nazi occupation of France and became president in 1958. After he died, this LIP passed to his son Philippe, who died earlier this year. With all those French institutions bidding, perhaps de Gaulle’s LIP will find its way to public display at a museum? I just hope it’s not doomed to eternity at Paris de Gaulle Airport’s Terminal 1. Here’s the LIP that sold at Artcurial.
I was on That Watch Podcast, a show with terrible SEO but casual, honest conversations. We talk Rolex, Cartier, Universal Geneve, watch media, and more. Thanks to G, Darren, and Matt for having me on:
Jealousy List 2024
The Jealousy List is an annual tradition where I illustrate that most delicious of cardinal sins – envy – and feature some of my favorite stories from other outlets. In the ultimate display of jealousy, it’s an idea I stole from Bloomberg.
I use Pocket to save articles and links, and have fun going back through all my saves at the end of the year – it’s a reflection of what people were interested in. I hope it provides you with a guide to some of the best stories of the year, highlights a few pieces you might’ve missed, and gives you a few long reads (and listens) for the holiday season.
Previous Jealousy Lists: 2023, 2021, 2020.
A Collector’s Guide to Laurent Ferrier, Hairspring
The best collector’s guides don’t just summarize and catalog information. They also bring new, primary source information to the topic. That’s what Hairspring does with this Collector’s Guide to Laurent Ferrier, speaking with Mr. Ferrier and collectors of the brand. He even gets Ben, founder of the Mothership, to talk about Laurent Ferrier and their Classic Traveller collab.
Ferrier founded his eponymous brand in 2010 and has consistently emphasized simple, classic watchmaking with technical sophistication. This Collector’s Guide made me reconsider Laurent Ferrier in a way I hadn’t, which is all you can ask for.
The Onyx/Obsidian Dial Conundrum. Stone dials have been hot the past couple of years, but there’s still so much we don’t know. Erik at Hairspring researched to explain that so-called “Obsidian” Rolex dials probably aren’t what dealers say they are. He later came on the Hodinkee podcast to talk about it.
Rolex earns billions every year. Where does the money go? NZZ
Rolex is owned by the Hans Wilsdorf Foundation, a Swiss non-profit organized by the Rolex founder. Most people know this. Less discussed is how the charitable organization actually spends its money. Swiss newspaper NZZ spoke with the Wilsdorf Foundation’s Secretary General, who gave a small peek behind the curtain. He detailed infrastructure projects in Geneva, education initiatives, and other endeavors of the Foundation (even saving a Genevan hockey team). The Secretary General says the Foundation spends about 300 million Swiss francs per year.
As Coronet has detailed, Rolex and its real estate investment arm are also the largest landowners in Geneva. When Rolex lets someone in, it’s interesting for two reasons: (1) we learn something about one of the most secretive companies in the world, and (2) we wonder why Rolex is letting us learn this something.
The Strange Journey of John Lennon’s Stolen Patek Philippe Watch, The New Yorker
Probably the biggest story in watches this year, as told by writer Jay Fielden in The New Yorker. We already knew about much of the long, winding journey of Lennon’s 2499 because of a lawsuit weaving through the Swiss courts (covered here in 2023).
As mentioned a few weeks ago, a judge has since ruled that Yoko Oko is the rightful owner of Lennon’s Patek and it should be returned to her. But it seems that final chapter is still being written.
I was excited to read Fielden’s comprehensive story of Lennon’s 2499, but tipped dangerously close to jealousy upon seeing that first publicly-published photo of Lennon’s 2499.
The Art of Movement Finishing, A Collected Man
“Movement finishing is part science and part art, mixed in with a dash of superstition,” writes A Collected Man. This article guides you through the most-used movement finishing techniques, including Côtes de Genève, anglage, black polish, and more.
It also provides insights from watchmakers who are actually toiling away at the bench to perfect these techniques – folks like Bernhard Zwinz, Gael Petermann, and Daniel Roth. Complement that with photography and macros only ACM can deliver, and this is a piece I’ve found myself referring to over and over this year.
Acquired Podcast: Hermès
There’s luxury, then there’s Hermès. Last year, the business podcast Acquired took on LVMH. This year, it was a four-hour episode about Hermès. Much of the narrative around luxury has been negative this year. Declining sales and demand, some even calling it a “death spiral” (more below). Hermès is one of the few exceptions. This podcast digs into the history and business to explain why Hermès is different:
AP Chronicles, Audemars Piguet
What modern brands do and don’t do with their history is a topic of constant consternation. One of the best ongoing historical projects is Audemars Piguet’s AP Chronicles. It offers reference-level material for specific models, along with deep dives into history, manufacturing, and more, all with great storytelling.
Along the way, they provide amazing archival assets and images. Wring your hands about modern AP if you want, but the investment in AP Chronicles shows that no one cares about the history of AP more than AP. This 10,000+ word article about the birth of the Royal Oak or this one about “mastering materials” are great places to start.
A Complete Collectors’ Guide To Complicated Ebel Wristwatches Of The Late 20th Century, Phillips
Cards on the table: Ebel isn’t my favorite brand. I don’t think they look that good, even if Andre Agassi wearing a headband, jorts, and an Ebel is one of the best looks of all time.
But the Ebel of the 1980s and ‘90s is an important part of the history of the Swiss watch industry. Cartier contracted Ebel to produce the Must line, helping Cartier become the modern luxury house it is today. It also used Zenith’s El Primero chronograph movement years before Rolex put it in the Daytona.
Logan Baker’s Collector’s Guide tells this history, while also providing a real reference guide to some of the most important Ebel watches during this era, getting hands-on with many of them (courtesy of Alfredo Paramico).
The Polerouter, Willis & Mazzuchi
An entire book dedicated to the Universal Geneve Polerouter. So many watch books are lacking, but The Polerouter has it all. Beautiful photography of excellent watches, along with tons of first-hand knowledge, primary source material, and more. I’d love to dig deep into one specific model like this one day, and with the impending relaunch of Universal Geneve, this book came at the right time.
Find The Polerouter here.
The World’s Richest Family Is About To Remake The Olympics. Here’s How, GQ
Not directly related to watches, but LVMH and the Arnault family obviously have ambitions in the watch industry too. For those paying attention, the Paris Olympics were one grand experiment in how sports and luxury can converge. What did it show about LVMH’s broader ambitions?
Why Stylists Rule the Red Carpet, Decoder Ring
A podcast about the rise of the celebrity stylist and how it impacts everything they wear. Watches are but one piece of that puzzle. Keep this in mind come red carpet season:
Brands Prepare for the Great Exhaustion of 2026, Back Row
An essay from fashion journalist Amy Odell that I keep thinking about:
You can imagine what [the Great Exhaustion] is without me spelling it out, because many of us already feel it, but it refers to a widespread sensation of burnout resulting from a host of factors.
What’s a brand to do when we’re all exhausted by the very idea of “brands”? I also discussed this feeling of exhaustion in a newsletter earlier this year.
Works in Progress
Nowadays, the work I’m most jealous of feels more like an ongoing project than a discrete article, podcast, or whatever else. Here are a few of my favorites:
Hairspring Podcast, hosted by Erik Gustafson and Max Braun. Started at the beginning of 2024, these two gents (and friends of mine!) deliver engaging chatter about vintage and independent watches.
I don’t watch much watch YouTube. My YouTube algorithm is mainly cooking videos and Tiger Woods highlights. But the biggest news of the year was Teddy’s commercial expansion. They opened a store in suburban Cleveland and made several editorial hires. I’ve lived in the Midwest my whole life, and it’s genuinely cool to see anyone open a luxury boutique in Cleveland.
💵 Pledge. I’ll send one more newsletter this week with some of my favorite articles I’ve written this year, along with a few more thoughts on watch media. Since leaving Hodinkee, I’ve sent out 10 free issues while I work on fully relaunching this newsletter. If you’ve enjoyed them, consider pledging your support. You won’t be charged until I activate subscriptions in early 2025:
I’ll have more on the relaunch in early January. I’m waiting to receive the first run of “Founding Member” gifts from Veblenist, which should arrive in the next week or so. Meanwhile, if you’ve got tips for stories (the spicier the better!), or are interested in advertising in 2025, drop me a note at: tony@unpolishedwatches.com.
AROUND THE CLOCK
💎 Obscene Prices, Declining Quality: Luxury is in a Death Spiral, New York Times.
“I believe there’s another culprit: a growing realization that many luxury houses have broken the principles that made them so successful. These hoity-toity brands, which cheapened their essence and eviscerated their desirability with down-market celebrity partnerships, licensing deals and influencer advertising, have no one to blame but themselves.”
The piece doesn’t mention watches, but it all sounds very familiar.
🇨🇭 A simple solution to a complex problem: The Swissair logo, Logo Histories. A look at the development of Swissair’s simple but immediately recognizable logo. Today, influencer-types love to snap that photo of the bright-red plane wing from their window, captioned “Switzerland Again,” along with a subtle tag of the PR rep from whatever brand’s footing the bill. And isn’t that the best marketing of all?
🔫 Where is James Bond? Trapped in an Ugly Stalemate with Amazon, Wall Street Journal. Which explains why the only Bond news we’ve seen in the last few years is when he’s “leaking” Omega releases.
👜 Behind The Birkin. Did you catch this 60 Minutes segment about Hermes and the making of its Birkin bag?
📧 News on Newsletters. I’ve hosted this newsletter on Substack since 2020. It’s mostly a great platform, but I wanted to make sure it’s working for you. Recently, Substack has begun introducing user flows that push you to download its app or subscribe to other stuff. More competitors are also popping up – here’s an interesting profile about Behiiv and its founder – so I wanted to see if I should reevaluate providers.
Happy holidays,
Tony
Watch of the Week: Cartier Prism Clock
Cartier watchmaker Gaston Cusin invented the prism clock in 1937, inspired by an underwater periscope. A prism sits inside the clock and the face appears or disappears at different angles. Cartier made prism clocks through the 1980s. Later examples have quartz movements, so those early clocks with mechanical movements are the most special (and rare):
Sold at Sotheby’s New York auction earlier this month, this Prism Clock comes from Cartier Paris in the 1960s. It has a guilloche gold case, Jaeger-LeCoultre movement, and fits in the palm of your hand.
Since I posted this on Instagram, it’s been pointed out that Eric Ku also posted it the other day, showing how the dial matches a Tank Louis in his collection. Very cool.
This Cartier Paris Prism Clock sold for $26,400.
I re-read this today, Tony, and I just have to thank you for always introducing me to something I didn’t know existed. As a watch enthusiast and collector that has believed AP is mostly hype, I’ve not paid them much attention. This may have changed now that featured AP Chronicles in this post. Thanks very much for helping me kick preconceived notions to the curb.
Happy holidays, my guy! Looking forward to the paid subs in the new year.