FAMED AS THE OLDEST Swiss watchmaker still in the hands of the original family, Audemars Piguet this year puts the emphasis on women with the theme Women of the Year and marks it with its new Lady Royal Oak and Deva collections. Lady Royal Oak features a 33mm-diameter cambered watch case with tapisserie dial and quartz movement. It comes in steel with diamond-set bezel and is priced from HK$36,800 to $115,000. Audemars has also introduced the Lady Alinghi, capitalising on the relationship the brand has with the Swiss champion of the last America's Cup. The limited edition watch featuring crocodile skin strap has two sails engraved on the case back. The Deva collection encompasses contemporary, sophisticated quartz watches and a classical interpretation of an evening watch. Featuring square case and covered with diamonds, the Deva sells for $125,000 to $600,000. Watches in the Dream collection - characterised by its jewellery appeal and curved shape - are decorated with 0.3 carat to 7.1 carats of diamonds, and completed with soft satin straps or diamond-studded bracelets ($88,000 to $428,000). For men, Audemars unveiled a larger Edward Piguet Chronograph. It is powered by a self-winding movement and slate grey or white dials ($155,000 to $168,000). In 1999, Audemars launched its Tradition of Excellence project with the aim of introducing one highly complicated watch a year in a limited edition of 20, to build up a collection of eight models. Continuing in this tradition, the company will unveil the fourth watch of the collection this year. Cabinet No4, so named because a marquetry-work cabinet is specially designed to house the complete collection for serious collectors, features a tourbillon and a dual-barrel design that has the barrels working together in opposite directions to reduce variations of force and avoid overwinding. The piece de resistance will also have two power reserve indicators - uncommon amongst its contemporaries. One indicator shows the full 10-day power reserve and the other the last 24 hours of the power reserve. The price of this masterpiece in a limited edition of 20 has not been set, but its three predecessors were priced at $2.6 million to $3 million.