This week on The Business of Watches, Collective Horology co-founder and Chief Executive Asher Rapkin joins us. He brought his lawyer.

While Collective is a Ventura, California-based retailer of independent watch brands, including Armin Strom, Czapek, Fears, Ming and J.N. Shapiro, Sara Albrecht is the chairman and CEO of The Liberty Justice Center. That's the non-profit litigation firm that led the legal fight successfully challenging President Trump's initial round of tariffs all the way to the Supreme Court of the United States. They won, in a surprise decision that ruled the President didn't have the authority to impose the levies that boosted the cost of importing goods to the U.S., including Swiss made watches.  The government is now in the process of refunding the approximately $166 billion businesses paid out.

Rapkin tells us why his business decided to challenge the tariff laws and take on the President and his government while Albrecht lays out the legal argument driving their case. It's a matter of significant economic importance for U.S. business and the global watch industry. 

1:13 Swiss Watch CEOs Plot Next Move As US Tariffs Threaten Industry Sales (Hodinkee) 

2:24 Collective Horology website 

3:42 Watch Industry Cheers Supreme Court Tariff Ruling But Faces More Uncertainty As Trump Vows Workaround (Hodinkee) 

4:57 Liberty Justice Center 

7:28 Forced Labour Section 301 (U.S. Trade Representative statement) 

10:50 U.S. dollar x Swiss franc (Xe Currency) 

11:37 J.N. Shapiro Watches website 

11:50 The Watch Switzerland Can't Make - Karel Bachand (Barrelhand) - Openwork podcast 

14:53 Rolex And Richemont Executives Among Swiss Business Leaders Meeting With Trump (Hodinkee) 

18:31 Swiss-U.S. Trade Relations (SECO) 

20:05 U.S. Court of International Trade 

21:11 Jamieson Greer (Hodinkee)

This week on The Business of Watches, we take stock at the halfway point of the year for watch auctions. Remi Guillemin, Christie's head of watches for the Americas, Europe and Middle East, gives us his take on what's driving the interest of the top watch collectors these days. It's a pivotal time, with the watch auction market setting record sales results at most of the top auction houses despite global economic challenges and geopolitical tensions and conflicts. 

 The last time the market was this hot was in the post-COVID era of 2021 and 2022. Guillemin believes this time is different, and he tells us why references from F.P. Journe and Cartier, and (surprise!) pocket watches, are driving the market these days and how that's a fundamental shift from the hype watch driven boom post-pandemic. He also shows us some of the watches in his personal collection and reveals the grail he's still chasing. 

Show Notes

0:36 Remi Guillemin (Christie's website - scroll for bio) 
1:00 Auctions: The Five Results That Actually Mattered, From The Spring 2026 Auction Season (Hodinkee) 
3:08 Luxury Watch Sales at Auctions Drop 13% After Post-Covid Surge (SwissInfo/Bloomberg) 
5:17 Revealed: A unique Audemars Piguet monopusher chronograph wristwatch unseen since its manufacture in the 1930s (Christie's) 
5:49 Recent Daniel Roth Auction Results at Christie's 
10:48 F.P. Journe Tourbillon Souverain Reference T 
14:37 Private Sales (Christie's) 
17:23 Tiffany Blue Patek 5711 
18:37 Cartier London Crash  
20:42 Zuckerberg Wears $900,000 Watch To Announce End Of Meta Fact Checks (Bloomberg) 
23:40 The A. Lange & Söhne Little Lange 1 Moon Phase With Gold Flux Dial (Hodinkee) 
29:36 Krayon Anywhere (Hodinkee) 
30:34 Patek Philippe Reference 130 in steel (Hairspring) 
35:15 French Soccer Legend Zinédine Zidane Talks Watches And Why He's Offering His First Cartier To A Special Charity Sale

This week on The Business of Watches, a breaking news story, of sorts. Our friends at Worn & Wound have acquired Lorier Watches. It's a story of success for the New York-based boutique brand that started way back in 2017 with a mission to make vintage-inspired watches, designed to be worn every day, at an approachable price. In a way, it's a tale of too much success. 

Lorier co-founders, the husband and wife team Lauren Ortega and Lorenzo Ortega, struggled with the rapid growth of the small company, and the inability to meet demand for their products took a toll on the two-person operation. They considered winding up the brand, as it were, but a talk with Blake Malin, the co-founder of the well-established content, retail, and watch event company Worn & Wound, also based in New York, set them on a different path. 

The acquisition of Lorier is the first time Worn & Wound has acquired a watch brand. Malin and Lorenzo Ortega join us to talk about how the deal came about and what's next for both Lorier and Worn & Wound. Though Ortega spent his formative years in Geneva until he was about 18, it's a decidedly American business story in the watch industry. 

Show Notes: 

1:11 A New Chapter for Lorier 
1:48  Handsome Mechanical Watches For Less Than $500? Look No Further Than Lorier (Gear Patrol) 
3:00 Worn & Wound 
3:39 Windup Watch Fair 
6:10 Grand Central Watch collaboration 
8:02 The Lorier Hydra SIII (Hodinkee) 
11:05 Windup Watch Shop 
23:30 Art Deco vs. Art Nouveau (Rise Art)

This week on The Business of Watches, we're talking to the leader behind one of the strongest turnaround stories in the industry in recent years. Guido Terreni joined Parmigiani Fleurier as CEO in January, 2021 from Bulgari and has overseen a dramatic transformation in the design, style, and fortunes of the brand founded by master watchmaker and restoration expert Michel Parmigiani in 1996, with backing from the Sandoz Family Foundation.

Under Terreni's guidance, Parmigian Fleurier has been transformed. Striving to convey the concept of "private luxury," the brand has released a series of surprising, elegant, technically innovative, and yet restrained timepieces under its Tonda PF and Toric model lines. 

The brand has done nothing less than reimagine and reinterpret classic complications, including the GMT and, most recently, the Tonda PF Chronograph Mysteriéux, which stole the show, for many, at this year's Watches and Wonders. 

In a wide-ranging conversation, Terreni unveils the philosophy behind the brand's discreet aesthetic and the structure behind its manufacture and organization. We discuss retail, production, and design concepts aimed at taking Parmigiani Fleurier to the next level in the hyper-competitive luxury space.  

Show Notes: 

1:05 The History of Parmigiani Fleurier (company website) 
1:38  Global Impact of the Collapse of Lehman Brothers (Harvard Business School) 
3:00 Early Parmigiani Fleurier And the Enduring Appeal Of Overbuilt Watches (Hodinkee) 
8:12 That Time I Wrote That 'Swatch Group' Was A Dumb Name, And What Happened Next (Hodinkee) 
16:42 Tonda PF Collection (company website) 
19:02 Hands-On: Parmigiani's New Tonda PF GMT Rattrapante Is The Understatement Of The Year (Hodinkee) 
23:50 Quiet Luxury (EFL) 
28:10 The Rise And Fall Of The Hype Watch (Hodinkee) 
31:08 Tonda PF Minute Rattranpante 
31:18 Tonda Chronograph Mysteriéux (YouTube Monochrome) 
41:39 Brand retailers 
49:36 Toric Collection (company website)

This week on The Business of Watches, we're in Wetzlar, Germany, home of the legendary camera and lens maker, Leica. Of course, Leica isn't just an optics company. Since 2015, it's been on a new mission to create watches as well, a project initiated by Leica's controlling shareholder, Dr. Andreas Kaufmann, who is not only passionate about cameras and photography, but also timepieces. 

The person in charge of Leica's nascent watch ambitions is Henrik Ekdahl, a convivial Swede who has returned to Leica after more than two decades away, spent in the executive ranks of automakers, and, most recently, watchmakers such as IWC. 

Leica's connection to watchmaking is not unwarranted. Ernst Leitz, the company's founder, studied watchmaking in Neuchâtel in the 1860s. It was partly this mechanical know-how that allowed him to begin producing optical instruments, including microscopes and cameras, in Germany and to create the foundation for the company that would become Leica. 

The latest iteration of Leica watches, launched in 2022, is currently distributed only at Leica stores and online. Less than 5,000 watches are currently produced each year by the brand, but Ekdahl says the watch division has ambitions to grow and to make further use of its manufacturing expertise through new designs and models that draw on Leica's long association with mechanics and watchmaking. 

Show Notes

0:53 100 Years of Leica: Event in Wetzlar 
2:35  Henrik Ekdahl is the new Managing Director of Ernst Leitz Werkstätten GmbH 
4:13 Cartier 
4:50 Rolls-Royce 
4:59 Mini Cooper (BMW) 
6:40 IWC Shaffhausen 
8:36 The History of Leica Watches 
11:30 Example of vintage Leica watch (eBay) 
12:36 Dr. Andreas Kaufmann on watches (YouTube) 
13:38 Reinhard Meis (Deployant) 14:37 Lehmann 
16:25 Leica Watches 
22:21 Leica Red Dot (Red-Dot-Org) 
25:59 Leica ZM 2 Monochrom 
27:00 Leica ZM 12 
27:30 Chronode 
28:51 Leica Stores 
34:01 Gerd Plange 
35:40 Leica Portugal Manufacture

Roy Davidoff has spent a life keeping up with the time. Born into a family of jewelers and a youth spent in Geneva, followed by a move to Miami, watches have been a constant throughout his professional career. 

A return to Switzerland saw stints at brands including Bovet and Jacob & Co., before becoming a dealer of vintage and pre-owned with his brother and the launch of their business  - Roy & Sacha Davidoff SA - more than a decade ago. The fraternal duo gained prominence as dealers and experts regarding the Omega Speedmaster - a specialized section of the vintage market that has most certainly had its ups and downs.

A respected name and authority in the industry, Davidoff most recently served as a jury member for The Cartier Prize For Watchmaking Talents of Tomorrow, where, alongside fellow judges including Kari Voutilainen, were tasked with making selections for creations from European watchmaking students who were chosen for their technical and artistic interpretations reconsidering different ways to tell time.

Davidoff's role as a dealer and collector demands deep knowledge and constantly taking the pulse of the secondary market, shifting tastes, and changing demands. At the high-end and elite level, the market has changed, Davidoff says, as many collectors seek assurance and certainty in modern, independent brands and watchmakers. He's candid, enthusiastic, and dedicated to the Swiss industry, where he's found a place among the brands, component makers, and collectors.

Show Notes 
0:53 Roy and Sacha Davidoff, Brothers Since 1983 
1:29 In-DepthThe Surprising Origins Of TAG Heuer's Formula 1 Watches (Hodinkee) 
2:47 National Association Of Watch And Clock Collectors 
4:09 Matthew Bain Inc. 
4:20 Bovet 
6:00 In Conversation with Hervé Schlüchter (Revolution) 
7:59 Rexhep Rexhepi (YouTube) 
8:50 Biver Watches 
9:50 Cartier Maison Des Metiers Des Arts 
10:41 Everything You Need To Know About The Omega Speedmaster (Hodinkee) 
14:14 Omega Says Ex-Employees Responsible For $3 Million Fake Omega Speedmaster 
20:46 F.P. Journe Souscription Chronomètre à Résonance Achieves $13.9 Million – Becomes Fifth Most Expensive Wristwatch Ever Sold (Hodinkee) 
28:00 Breguet 
32:32 Rolex Certified Pre-Owned 
34:05 Cartier Prize For Watchmaking Talents of Tomorrow 
39:03 Jean-Pierre Hagmann (Hodinkee) 

This week on The Business of Watches, we take your questions on the business of timekeeping. We're joined by a swath of the Hodinkee team, including Editor-in-Chief James Stacey, Senior Editor Mark Kauzlarich, and Hodinkee Editor TanTan Wang. 

We're answering your questions and marking 30 episodes of BoW. You submitted some excellent questions, including how changes in 3D printing technology will impact watch movement manufacturing, whether watch brands consider enthusiasts' preferences in their design and release schedules, and what the future of multi-brand watch boutiques looks like. 

Show Notes 
1:18 F.P. Journe Souscription Chronomètre à Résonance Achieves $13.9 Million – Becomes Fifth Most Expensive Wristwatch Ever Sold (Hodinkee) 
2:35 Kari Voutilainen 
2:47 Marteau: The Heat Wave 
4:08 The Barrelhand Monolith Has Landed (Hodinkee) 
11:45 Ming Polymesh (Hodinkee) 
12:40 Seiko Watch Corporation President Akio Naito (The Business of Watches) 
13:10 Peanuts Watches by Citizen (collectpeanuts.com) 
15:03 Timex 
15:50 We Criticize The Wrong Thing When We Attack Date Windows (Hodinkee) 
16:40 Hands-On: Understanding The New Breguet Type XX And Type 20 
22:27 One To Watch: Brew Watch Co. (Hodinkee) 
27:00 A. Lange & Söhne  North America boutiques 
30:15 Photo Report: The 2025 Toronto Timepiece Show (Hodinkee) 
33:05 Rummele's Jewelers Green Bay Wisconsin

This week on The Business of Watches, a brand we don't talk about a lot on this channel - Jacob & Co. Complicated, audacious, and expensive, Jacob & Co. watches hold a unique position in the industry. The brand enjoyed a strong 2025, growing sales and volumes, according to estimates by Morgan Stanley and LuxeConsult, bucking the industry trend. 

And the brand recently got some high-profile exposure on the wrist of the Roland Garros winner with French Open champion Alexander Zverev wearing Jacob & Co. during his matches and on the podium.

We sat down in Geneva with Benjamin Arabov, the Chief Executive Officer of Jacob & Co., to talk about the brand's operations and strategy. You might be surprised at how Jacob & Co. watches are produced, the size of its production, and how the brand is being impacted by the war in the Middle East.

Finally, looking ahead to next week's episode, number 30 in the history of The Business of Watches, we're planning a special Q&A episode and will gather some of the Hodinkee team, including Editor-In-Chief James Stacey and Editors Mark Kauzlarich and TanTan Wang, to answer your business-related questions. Want to offer up a question? Please drop it in the comments on this episode's page on Hodinkee.com. We're looking forward to hearing from you and answering your questions on all things watches and business! 

Show Notes 

0:40 Rolex And Cartier Are In Another League – A Deep Dive On The Pains And Gains In Morgan Stanley's "Swiss Watcher" Report (Hodinkee) 
1:13 Chopard plans to cut jobs in Val-de-Travers (Le Temps) (French, paywall) 
2:59 Chopard plans to cut around 30 jobs (RTS Info) 
3:20 Swiss Watch Export Data for April (FHS) 
4:35 Jacob & Co. 
5:45 CEO Benjamin Arabov Triples Sales In Five Years (Bilan French)) 
10:20 Jacob & Co. Collaborates On Exclusive Watch With Salman Khan (Watch Pro) 
13:46 Concepto Watch Factory (company website) 
14:35 Jacob Arabo / Arabov (Wikipedia) 
15:17 Astronomia Regulator 
18:50 Our Favorite Guilty Pleasure Watches Of 2018 (Hodinkee) 
21:15 Godfather II Watch (Jacob & Co.) 
25:01 In-Depth: How The Five Time Zone Shaped Modern Watch Culture (Malaika Crawford Hodinkee) 

This week on The Business of Watches, we're talking to the man behind one of the more successful new watch brands in recent years, Studio Underd0g. Richard Benc is just 33, and since 2020, he's built his irreverent, approachable-priced, design-driven brand to a significant size, producing about 14,000 watches last year.  

And he's done it all, not from Switzerland or Hong Kong, but from the U.K. Benc has grown his business with intent, making strategic investments in his supply chain, including buying full control of the assembly and after-sales service company that builds Studio Underd0g's distinct timepieces. Studio Underd0g is now the biggest assembler of mechanical watches in the U.K. and isn't only selling watches with drops and collabs, but is building up stock to make more watches available on its website. Next up for Benc and his brand is a new physical, public, and retail location. The 'D0ghouse' will open in Maidenhead this month and serve as a public showcase for the upstart brand and its operations. It's another big step for the company that comes with its own set of fresh opportunities and challenges.

And Benc gives us a tease on what may be coming next - there will be a new 04Series of watches that will take the brand to a place it hasn't been (mechanically) before. 

Show Notes 

0:40  Business News: Secondary Market Prices Climb, James Marks Jumps To Sotheby's, Christie's Grabs Cartier Watch Record (Hodinkee) 
0:50 WatchCharts.com 
1:49 The Cartier Crash And The New Value Of Imperfection  (MenWith Magazine) 
2:42 This Record-Setting Patek Is The Priciest Watch Ever Sold In Asia (Maxim) 
3:28 Visit Brighton (Great Britain) 
4:40 Studio Underd0g 
6:10 A Minions Children's Watch (eBay)
9:17 Hong Kong Watch and Clock Fair 
9:23 Inside The EPHJ (Hodinkee Swiss 101) 
11:33 Studio Underd0g 01Series Watermelon 
13:40 Assembled In Great Britain (Studio Underd0g) 
17:10 Studio Underd0g Buys Horologium (Watch Pro) 
22:30 The Business of Watches Podcast: Christopher Ward CEO Mike France 
24:50 Studio Underd0g 02Series 
25:08 Studio Underdog 03Series 
29:03 A Fresh Passion Fruit Collab From H. Moser And Studio Underd0g (Hodinkee) 
41:27 A Quirky Watch Brand Studio Gets Serious (New York Times) 
42:54 Alliance of British Watch and Clock Makers Bellwether Report

This week on The Business of Watches, we're in La Chaux-de-Fonds to speak to Pascal Béchu, who heads not one, but two Swiss watchmaking brands, Angelus and Arnold & Son. 

They're both specialized, low-production, high-horology watchmakers, with very different back stories. While Angelus is a historic Swiss brand known for its repeaters, chronographs, and long power reserve movements, Arnold & Son celebrates the work and innovation of one of history's most important (British) watchmakers, John Arnold.

While quite different in their product and strategies, the two brands share the same parent company in Japan's Citizen Group, and both work closely with movement maker La Joux-Perret, with whom they share manufacturing and office space in La Chaux-de-Fonds. 

Pascal Béchu is in charge of both marques. He talks about the history and the future for both brands, some recent successes in the form of celebrity clients for Arnold & Son, and a GPHG prize for Angelus. He also discusses prices and the impact the strong Swiss franc and the soaring price of precious metals are having on corporate strategy and planning. 

Show Notes 
3:55  Arnold & Son 4:36 John Arnold (Fondation Haute Horlogerie) 
4:55 Longitude Act 1714 (Wikipedia) 
6:56 Arnold & Son Tourbillon Chronometer No. 36 (GPHG) 
7:10 John Arnold and Abraham-Louis Breguet (WatchAffinityUK) 
7:52 John Roger Arnold (Antiquarian Horology) 
8:00 The British Masters (Federation of the Swiss Watch Industry Oct. 2000) 
10:20 Angelus Watches 
11:07 Angelus Heritage 
12:48 Historic Swiss Brand Angelus Is Back And Presents The U10 Tourbillon Lumière (Quill & Pad) 
15:10 Angelus La Fabrique 
16:59 The Strange Allure Of The Monopusher Chronograph (Hodinkee) 
18:32 Angelus Instrument De Vittesse (GPHG) 
19:10 Angelus Télémètre Yellow Gold (GPHG) 
22:09 Angelus Flying Tourbillon Titanium Blue 
30:00 Angelus Tinkler (released at Watches and Wonders 2026) 
30:48 Ed Sheeran Named One of Time's Most Influential And Wears a Patek and Arnold & Son in photos (Hodinkee)