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SINGAPORE: Seventy high-end watches from Geneva valued at over S$15 million were in Singapore last month for a public exhibition and the first-ever Asian edition of the world's most prestigious watch competition, Grand Prix d'Horlogerie de Genève.
Even during these times of financial turmoil, global collectors said demand for luxury items such as watches is still growing and collectors are going after the rarer pieces by the more established brands.
Wei Koh, editor-in-chief and founder, Revolution Press, said: "The holy trinity of high watch-making is Patek Philippe, Audemars Piguet and Vacheron Constantin. These are three of the most established, cherished and revered (brands), all of which represent and safeguard traditional watch-making."
Over the years, the intrinsic value of some of these high-end watches has held up despite market fluctuations.
According to the Federation of the Swiss Watch Industry, Singapore is the third watch market in Asia, behind Japan and Hong Kong. It is ranked number eight in the global distribution of Swiss watch exports.
Many are optimistic about the watch market in Singapore, which has a small but growing pool of serious investors.
Gilbert Cheah, managing director, Edipresse Singapore, said: "People are still buying them. My feeling is that if it can weather what's happening now, then in the next five years, it will continue to do very well."
Experts have advised investors to keep a lookout for buying possibilities in the months ahead as people affected by the economic downturn may start selling their assets.
- CNA/so
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