On this episode, we dig into reports that Patek Philippe may roll back U.S. retail prices—by as much as 8%—after last year’s sharp tariff- and currency-driven increases. We break down why the math isn’t as simple as tariffs going down and prices following, how import costs actually work at the wholesale level, and why this move raises uncomfortable questions for collectors who bought during the peak pricing window.

We then zoom out to the broader issue of volatility. From shifting tariff policy to currency swings and geopolitical uncertainty, we explain why brands are being pushed into a kind of reactive, market-based pricing that’s common for commodities but highly unusual for luxury watches. We compare Patek’s approach with Rolex’s more measured strategy and show how very different tactics can still land brands in roughly the same place over time.

Finally, we look at what this all means for the secondary market. While headline data suggests pre-owned prices stabilized in 2025, we explain why that rebound is narrowly driven by Patek, Rolex, and AP—and why value retention for most watches continues to weaken as new prices rise faster than used ones. The takeaway: the market may look calmer on the surface, but underneath, volatility remains the defining feature.

Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].

On this episode, we dig into how global wealth trends—rather than hype cycles or short-term market noise—are reshaping the luxury watch industry. Drawing on reporting originally published by ScrewDownCrown (Substack), we use the UBS Global Wealth Report to examine the rapid rise of the “EMILLI” cohort: individuals with $1–5 million in net worth. This group has quadrupled since 2000 and now represents the core audience for sub-$10,000 to $50,000 watches, helping explain why mechanical timepieces remain viable luxury goods in 2025 despite their declining practical relevance.

We then look at how this wealth is distributed geographically—and why that matters. The U.S. remains a structural engine for the watch industry thanks to strong millionaire growth and a powerful wealth effect driven by real estate and equity markets. China’s growth is slowing, Western Europe is shrinking, and while markets like India offer long-term potential, today’s addressable audience is far smaller than population headlines suggest. The result is a global landscape with fewer obvious growth levers than brands would like to admit.

Finally, we explore how inequality itself fuels luxury demand. Drawing on academic research and firsthand experience, we look at how hierarchical workplaces and concentrated wealth amplify status-driven consumption across income levels. Watches operate not just as objects of desire, but as social signals—markers of success, belonging, and aspiration. Understanding these structural forces, not just products or trends, is key to understanding where the watch market goes next.

Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].

We kick off the first Openwork episode of 2026 by breaking down the latest watch price increases from Rolex, Audemars Piguet, and Tudor, with a sharp focus on why U.S. buyers are seeing significantly higher jumps than Europe and the UK. We unpack how tariffs, currency swings, commodity prices, and inflation are converging—and why, once prices move up, they almost never come back down. We also contrast how mega-brands and independents respond very differently to these pressures.

From there, we dig into new data showing a real slowdown in the Swiss watch industry. Exports are down sharply, job losses are mounting, and more brands are relying on Switzerland’s short-time work programs to stabilize their workforce. We explore the downstream effects of trade friction on suppliers, labor, and long-term pricing, and why government intervention has become a critical backstop for the industry.

We close by reacting to early 2026 industry predictions, including claims that larger watch case sizes are making a comeback. Using actual sales data, we question whether this is a real shift or just cyclical online chatter, and look ahead to Watches and Wonders and what recent brand moves may signal about creativity, retail strategy, and power dynamics in the year ahead.

Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].

On this episode, we share something a little different by sharing an installment from The Watches of Podcast, a new series where we step away from industry-wide analysis and focus deeply on individual brands—their history, philosophy, people, and, importantly, their watches.

Each episode is designed as a focused, evergreen exploration of a single brand, and here we use that format to zero in on Ming’s dive watches, a category that has quietly become one of the most revealing expressions of the brand’s identity.

We trace how Ming approached the dive watch not as a traditional tool-first object, but as a sculptural, design-led problem to solve. From early experimental concepts to fully realized production models, we talk about how the brand steadily moved away from simply “doing a dive watch” and toward creating dive watches that could only exist as Ming designs. The discussion centers on proportion, restraint, and engineering choices that prioritize wearability and originality without abandoning the functional expectations of the genre.

Finally, we focus on the modern era of Ming dive watches, where everything clicks into place: compact dimensions, inventive use of sapphire and rotating dials, thoughtful movement customization, and distinct aesthetic identities across models like the Bluefin and the Uni. We reflect on why these watches resonate so strongly with collectors, why they earned serious recognition within the industry, and why their final re-release feels like the close of a meaningful chapter—one that shows how Ming redefined what a contemporary dive watch can be.

We’ll be back next week with a new episode of Openwork. In the meantime, enjoy The Dive Watches of Ming. We hope you like it as much as we enjoyed making it.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].

On this episode, we step back to assess where the watch industry actually landed in 2025, revisiting our prior predictions with a focus on the bigger forces at work rather than scorekeeping. We talk candidly about the pressure points that defined the year—pricing fatigue, currency and tariff shocks, and the uneven mood among collectors—while also acknowledging the resilience of independent watchmaking and the ways enthusiasm managed to persist despite real headwinds.

From there, the conversation shifts to what those experiences mean looking ahead. We explore how the volatility of the U.S. market is likely to reshape industry behavior in 2026, pushing brands to think more globally and rebalance their attention toward Asia. This isn’t framed as a retreat, but as a strategic response to risk, growth, and changing demographics, alongside a growing appreciation among collectors for watches and design voices emerging from outside the traditional European center of gravity.

Finally, we zoom in on the cultural and structural changes we see gaining momentum: the rising influence of Gen Z, evolving definitions of value and novelty, and a gradual move away from public-facing watch discourse toward smaller, more intentional communities. Whether through new approaches to complications, aesthetics, manufacturing, or how collectors connect with one another, we see an industry that is fragmenting in interesting ways—less centralized, more experimental, and increasingly shaped by how people actually engage with watches today.

Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].

On this episode of Openwork, we dig into the long-awaited reduction of U.S. tariffs on Swiss watches, which finally dropped from 39% to 15% after weeks of confusion and delay. We explain what actually changed, why the rollout took more than a month after the initial agreement, and how the U.S. customs system ultimately flipped the switch. While the lower rate is meaningful relief for the industry, we also talk through the real-world complications around retroactivity, post-summary corrections, and why many shipments were still hit with the higher rate during the transition period.

From there, we zoom out to look at what the latest export data is telling us about the health of the watch market in 2025. Swiss watch exports to the U.S. have fallen sharply, contributing to one of the toughest post-COVID years for the industry despite strength at the very high end. We discuss how tariffs, currency swings, delayed shipments, and tighter payment terms create knock-on effects that ripple through brands, suppliers, and retailers long before they show up clearly in headline numbers.

We also cover a few developments that stood out to us, including LVMH’s growing momentum in fine watchmaking and its increasingly visible role in the independent space, as well as the surprising strength of jewelry-focused brands like Van Cleef & Arpels in the secondary market. Finally, we close with a hands-on discussion of the new Omega Seamaster Planet Ocean, looking at where it succeeds, where it falls short, and what it says about Omega’s broader strategy as it continues to define itself against Rolex.

Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].

In this episode of Openwork, we talk with our sales director, Geoff Souder, about what fundamentally changes when you move from selling traditional luxury watches to selling independent brands. Drawing on decades of experience with mainstream names like Rolex and Patek Philippe, Geoff explains how scale and standardization create a polished but often homogenous retail experience, then contrasts that with the realities of independence—where there is no built-in foot traffic and every relationship must be earned.

The conversation centers on how independent watches shift the meaning of ownership inward, away from status and recognition and toward personal connection, artistic intent, and patronage, ultimately reshaping not just how watches are sold, but how they’re understood and valued.

Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].

Openwork is going weekly. In addition to our classic shows which focus on a specific topic or guest, we’re introducing a new format: a discussion of current events in the watch industry. So this week, we take a look at some tariff news (or lack thereof), supplier challenges, the significant growth of India, along with a few new releases.

Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].

Today we’re talking about the rise of independent hype watches. Until very recently, as we’ve discussed on this podcast, independent watchmaking was something of a backwater of the watch industry or at best the realm of the cognoscenti. But in recent years, creations from the likes of MB&F, Simon Brette, Rexhep Rexhepi and today’s guest Sylvain Berneron have become objects of desire, cutthroat demand and even speculation. How did it get this way? What are the drivers? And what role do the brands and watchmakers themselves play in the economy of hype?

Our guest is Sylvain Berneron, a French-born industrial and fine-arts trained designer who, after early roles in automotive design at BMW, moved into the watch world — spending five years at Breitling (ultimately as Chief Product Officer) and earlier working for the Richemont Group on brands such as IWC and Jaeger‑LeCoultre. In 2022 Sylvain founded his independent brand Berneron (based in Neuchâtel, Switzerland) and launched the Mirage collection, noted for its all-gold movement, shaped asymmetric case. And this summer, he unveiled his second collection, the Quantième Annuel. Both collections are highly limited – variants are produced in just 24 units each annually.

Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].

This week we’re coming to you from Geneva, where we’ve attended the GPHG award ceremony, celebrated Czapek’s 10th anniversary, and had some time to experience the city’s horological treasures. We share a recap of our time in Geneva, including what everyone who attended the GPHG is really talking about.

Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].