Openwork: Inside the Watch Industry

V-shaped Recovery? – The Watch Industry Shows Early Signs of a Turn-around – Openwork Episode 67

On this episode, we zoom out to the state of the watch business, using Watches of Switzerland as a real-time bellwether. We unpack strong holiday performance alongside shrinking margins, then dig into accelerating U.S. retail consolidation: why large groups are acquiring family-owned authorized dealers, how Rolex factors into approvals and allocations, and what this growing concentration could mean for collectors and regional markets. We then connect the dots on Swiss export data, tariffs, currency volatility, and rising material costs—and why pricing pressure in the U.S. isn’t going away, it’s just evolving. From pent-up demand following tariff relief to a weakening dollar versus the Swiss franc, we explore how macro forces are reshaping brand strategy and retail economics. We close by reacting to Audemars Piguet’s newest release, the Neo Frame, and discuss what this jump-hour design signals about AP’s creative direction and its efforts to expand beyond the core Royal Oak playbook. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology [https://collectivehorology.com], Openwork goes inside the watch industry. You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email podcast@collectivehorology.com [podcast@collectivehorology.com].

Watch Groups Are Slimming Down – Brand Exits, Consolidation and a Return to Focus

On this episode, we zoom out and examine a broader shift underway in the watch industry as major groups begin to prioritize focus over expansion. Using the sale of Baume & Mercier as a starting point, we break down why brand exits and portfolio pruning have returned as strategic tools, and what this move reveals about consolidation, integration costs, and the realities of owning watch brands at scale. We then turn to the other side of the equation, unpacking rumors around Zenith and why selling a deeply integrated brand is far more complicated than headlines suggest. This leads to a wider discussion about how watch groups think about differentiation, redundancy, and long-term brand value when growth slows and pressure increases across the middle of the market. Finally, we shift to Watches & Wonders and what presence and placement at the show now signal. We talk through H. Moser & Cie.’s expanded role, including its move into Montblanc’s former booth, and what that says about independence and momentum, alongside Audemars Piguet’s positioning at the show and why it matters. Taken together, this episode is about consolidation, visibility, and how the watch industry is quietly reshaping itself in real time. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology [https://collectivehorology.com], Openwork goes inside the watch industry. You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email podcast@collectivehorology.com [podcast@collectivehorology.com].

Pre-owned Prices Rise. Sort of. – Plus, Patek Philippe Lowers Prices – Episode 65

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 [https://collectivehorology.com], Openwork goes inside the watch industry. You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email podcast@collectivehorology.com [podcast@collectivehorology.com].

How Global Wealth Drives The Watch Industry – Millionaires Surge, Yet The Industry Slumps – Episode 64

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 [https://collectivehorology.com], Openwork goes inside the watch industry. You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email podcast@collectivehorology.com [podcast@collectivehorology.com].

Yes, More Price Increases – Rolex, AP, Tudor, and Why the US Is Getting Hit Harder Than Europe – Episode 63

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 [https://collectivehorology.com], Openwork goes inside the watch industry. You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email podcast@collectivehorology.com [podcast@collectivehorology.com].