The value of ageing

Paris-based vintage watch dealer Marc Djunbushian started collecting modern watches 12 years ago, focusing on Patek Philippe and Rolex. A few years later he moved on to vintage watches. He said this was almost a natural course of progression for most collectors.

'In the old days, there was more competition in making a better watch. Now it's all marketing. In the old days, a new watch with a new calibre had to be submitted to an observatory to be tested and certified. These days every watch can get a COSC [Controle Officiel Suisse des Chronometres - Official Swiss Chronometer Control]. In the old days the watches were usually handmade, so they were made in low quantities. Now all watches are made in big quantities, unless they are limited editions.'

This is why Mr Djunbushian is putting all his energy and resources into collecting vintage watches and selling them through his dealership Time Gallery.

Apparently, it's still only men who are interested in high-end vintage watches. 'None of my clients are women,' he revealed, though there are some outstanding examples of women's watches in his collection, such as the Breguet platinum and diamond watch with pearl and diamond bracelet made in 1923 to special order for Madame Louis Vuitton (HK$320,000). It comes with the original box and a certificate from Breguet stating its provenance.

Another Breguet pocket watch with interesting provenance is a Breguet certified to have been sold to the king of Egypt in 1925 and engraved with the king's monogram (HK$170,000). The watch has piqued the interest of a private collector while on exhibition in Hong Kong recently.

Mr Djunbushian's collection also includes a Patek Ref. 2438 perpetual calendar in yellow gold, circa 1958 (HK$3.8 million). It is sought-after because of its large waterproof case and the screw-back which ensures protection against humidity and water.