Friday, July 31, 2009
Rolex and the Great Escape
www.swiss-wrist.com
Wednesday, July 29, 2009
The Paul Newman Daytona, An Unauthorized History...
Rolex introduced its first chronograph models around 1937. These watches featured Valjoux movements, and while they saw numerous styles over the following decades, their success was somewhat limited. By definition, a chronograph is a timepiece that, in addition to the hour and minute functions, performs a separate time-measuring function similar to that of a stop watch--with a separate seconds hand that can be started, stopped and reset to zero, via push pieces on the side of the case.
In 1960, Rolex gave the line a major facelift with the introduction of the Cosmograph (model 6239), a Rolex trademarked term which is similar to the chronograph, the cosmetic difference being that the 'tachymeter scale' is printed (or engraved) on the bezel rather than on the outer rim of the dial.
In 1961, Rolex released a similar version (model 6241), and soon these watches became known as the Daytona, so named for Daytona Beach, Florida, home to some of the biggest names in auto racing. Because of their usefulness in calculating average lap speed, the watches were quite popular in the racing community.
Early models were available in a number of dial configurations, including what has become known as the exotic dials. These dials were either black (with white registers), or cream (with black registers), and featured square markers within the registers. These configurations were subsequently nicknamed the Paul Newman models, and were quickly in high demand in the Italian markets—and still are to this day.
How Newman's name became attached to these models has been a topic of discussion in the Rolex community for some time; however, there has yet to be any substantial evidence to back up the numerous theories. One such theory was that Mr. Newman wore one of the watches (featuring the exotic dial) in the 1969 Indy car racing film Winning, in which he co-starred with Robert Wagner, and Joanne Woodward, his wife. It was further suggested that it was his appearance on one of the movie posters that caused the Italian public to become enamored with the Daytona, thus sparking a love affair that has lasted more than thirty years. You might liken this to the overwhelming popularity of the leather bomber jacket after Tom Cruise wore one in the 1986 film Top Gun.
Another theory suggests that the actor was subsequently featured on the cover of a highly popular Italian magazine (again wearing the exotic dialed Daytona), which launched the watch's popularity.
First, let me say that I have viewed Winning on numerous occasions, and while he does wear a stainless steel chronograph in nearly every scene, the watch is never shown clear enough to positively identify the brand or model. Furthermore, the face appears to be silver and the trademark contrasting registers are not identifiable.
After inspecting a number of the promotional movie posters and lobby cards for the film, they too fail to positively identify the watch as a Daytona. Thus, it is unlikely that the general public would confuse it with a Daytona.
When I asked Mr. Newman about these theories, he stated that he was unaware of how his name became attached to the watch, and he didn't recall even wearing a Daytona in Winning. Furthermore, he stated that his first Daytona, and the one he currently wears, was given to him by his wife in 1972, the same year he started his professional racing career. It is worth mentioning that the aforementioned watch is not a Paul Newman (exotic dial) model at all, but rather appears to be a Daytona (model 6263), with black dial and white registers.
During the 1980s and '90s, Newman was pictured on occasion wearing a true Paul Newman Daytona (model 6239, exotic cream dial, with black registers), featuring a black military-style leather strap. However, this is obviously after the popularity of the Paul Newman Daytona had already been established.
As for the theory regarding his appearance on the cover of a popular Italian magazine, Newman said that it is possible, and it does seem to be the most logical explanation. However, I am still not convinced that the appearance actually featured the exotic dial, but instead I suspect that it was the aforementioned watch that Ms. Woodward gave him in 1972. What's more, it is likely that the magazine would have been from around 1972-73, again coinciding with the start of Newman's professional racing career.
So, we're back to square one: How was Paul Newman's name attached to these specific exotic-dialed watches? It is possible that rumors were spread about him wearing one of these models, perhaps in order to boost the sales of said watch. It wouldn't be the first time that a celebrity was falsely attached to a product for monetary gain. Or, maybe it was just an honest mistake—stranger things have happened. Either way, I don't suspect we will ever know for certain.
While all versions of the Daytona with contrasting registers have subsequently become known as Paul Newman's, some would argue that the only true Paul Newman models are described as follows: The 6239 and 6241 case numbers, manual-wind, stainless steel non-Oyster cases, with non-screw-down pushers, and pre-Triplock crown, fitted with either the black dial with white registers, or the cream dial with black registers—featuring the aforementioned square markers within the registers.
While many celebrities have appeared in Rolex's advertising campaigns, Mr. Newman has worn a Rolex for more than thirty years, although he has never publicly endorsed the line. The term "Paul Newman Daytona" was adopted by collectors and has never been officially used by Rolex.
In addition to Mr. Newman's many contributions to film, auto racing, and yes, even the legacy of Rolex, he has become quite the philanthropist. In 1982 Newman and his longtime friend, author A.E. Hutchner, bottled their homemade salad dressing and sold it to local stores. Thus, Newman's Own was born. Now distributed worldwide, Newman's Own has donated 100 percent of its profits, more than $125 million, to thousands of charities throughout the world, including his pet project, The Hole in the Wall Gang, a camp for children with cancer or serious blood diseases.
http://www.swiss-wrist.com/rolex-daytona-watches_c0QQ32
Tuesday, July 28, 2009
SwissWrist Testimonials
Monday, July 27, 2009
Rolex Cosmograph Daytona
Recently the brand created another outstanding collection- the Oyster Collection, from this new collection, we are presenting you, Rolex Cosmograph Daytona, a variation of the classic Rolex chronograph, with a very attractive presentation in everose gold.
Although Rolex wasn’t among the chronograph watches development’s pioneers, as the brand launched the first chronograph models in 1937, and hasn’t received instant popularity.
The Cosmograph was first introduced in 1960s and represented for Rolex an impressive facelift as the Cosmograph became the Rolex trademark for its version of tachymeter’s scale. Moreover in 1961 Rolex released its first Daytona Beach Cosmograph as a way of celebrating the hometown of the biggest names in worldwide auto-racing, the watch progressively grew in popularity as it has came to be associated with the image of the famous actor Paul Newman, who started to wear Daytona models in the late 60s up to the 90s.
Throughout the years Rolex has came to represent sophistication and elegance in watch-making, and Rolex Cosmograph Daytona 2008 follows the same luxurious line of its predecessors. Measuring 40 mm, the timepiece is made of 18 karat rose gold; it has a high-performance shock-absorbing system and through its Parachrom spiral it is able to withstand to magnetic fields without loosing its precision. The case is made of polished rose 18 karat gold; the bezel with tachymeter surrounds the black dial which includes three rose gold sub-dial counters for hour, minute and seconds, all elegantly combined with 18 karat gold bracelet.
Acquiring a special sense of warmth compared to the yellow gold models but still retaining its visual impact in comparison with white gold versions the Rolex Cosmograph Everose exudes class and refinement and carries on the long tradition of high-quality of the most famous chronograph in the world, and for Rolex impassionate customers it can be bought at http://www.swiss-wrist.com/.
http://www.swiss-wrist.com/rolex-daytona-watches_c0QQ32
Thursday, July 23, 2009
Breaking the Placidity: ‘Rowdy’ Wins the Rolex Great Lakes Championship
Wednesday, July 22, 2009
The Famous Rolex Submariner Anchors
The standard Submariner anchor: The silver anchor below is the most common, as it was included with the stainless steel and two tone Submariner variants - note the water resistance rating. The rating is shown in meters on one side, and in feet on the other.
Now here's the anchor which was included with the Sea-Dweller. It's identical to the one above, with the exception of the water resistance rating displayed - it matches the higher depth rating of the Sea-Dweller.
Now here we have the final anchor variant - it's gold plated (painted?) and is included only with the all gold Submariner models. Note the water resistance rating is consistent with the Submariner at 300 meters.
One of the biggest questions for Rolex collectors at this point is, "how do I know if my watch should or should not have an anchor included?" Unfortunately, there's no easy answer. The transition seems to have taken place mid-way through the F series production, and perhaps coincided with the introduction of the new Rolex box and packaging released around the same time. A good, general rule of thumb is, if your Rolex Submariner or Sea-Dweller has the new style packaging, then it probably won't have the anchor.
It should be noted that vintage Submariners with a water resistance rating of only 200 meters came with anchors that had "200 meters water resistant" printed on them.
Tuesday, July 21, 2009
Tutorial on Deploying the Rolex Dive Suit Extension Link
Lightly pull on the three links, and you'll find they are no longer fixed to the inside of the clasp. If you've done the above step properly, the bracelet should now look like this:
If you now grasp the links that are now opened and away from the clasp, and firmly pull away from the clasp, you should hear and feel a second "pop" as the flat portion of the dive suit extension is freed from its fixed position inside the clasp. If done properly, the bracelet and clasp should appear like this:
You can now put the watch back on, fastening the clasp as you normally would, and you'll see that the diameter of the bracelet has increased significantly. This is to allow the watch to fit comfortably on your wrist when diving by accommodating the added girth normally accompanying a dive suit.
You can easily return the clasp back to it's original configuration by folding the dive suit extension back toward the clasp, and firmly pressing at both ends of the extension, so that top and bottom "pop" back into their fixed positions.
Monday, July 20, 2009
Fun Rolex Facts
- Ian Flemming's James Bond character wore a Rolex Oyster Perpetual in the series of spy novels.
- In the movies, Sean Connery, Roger Moore, and Timothy Dalton all wore different Rolex models during their time as James Bond. The Rolex Submariner was the iconic choice, but Moore also wore Rolex Cellini.
- Rolex created the first waterproof watch case, the first wristwatch with a date on the dial, and the first watch to show two timezones at once.
- Rolex is associated with many athletic events including U.S. and international sailing regattas, golf, sportscar and road racing, fishing and angler sports, and equestrian events.
- Rolex recognizes visuary individuals through the Rolex Institute, which honors and supports significant contributions in science, culture, education, and the arts.
- Winners of the Rolex Awards for Enterprise include Alexandra Lavrillier for setting up a nomadic school for the Evenks of Sibera and Brad Norman who developed a photo database that gathers information about whale sharks.
- Rolex relies on 4,000 watchmakers in over 100 countries.
- Chapter 3 of the film Pulp Fiction is called "The Gold Watch." The watch is a gold Rolex.
- Dustin Hoffman exchanges a Rolex for loose change in the 1976 film Marathon Man. (We don't recommend this.)
- A Rolex watch reatains a higher percentage of its cost than any other production Swiss watch.
- Rolex donates a large portion of the profits made through the sales of its watches to charitable causes.
Friday, July 17, 2009
THE EXPLORER
Swiss Wrist FAQs
Swiss Wrist Watch Co. is one of the largest sources for pre-owned high-end wristwatches for both dealers within the trade as well as the general public. We have taken the time to create a web environment that caters to our customers by allowing them to comfortably do business from the privacy of their homes. We want to offer our customers a wide variety of timepieces at the most competitive prices available. In addition to this we want them to feel secure purchasing from us. We are one of a handful of online high-end wrist watch merchants that are capable of processing your credit card for your entire purchase. This allows "first time buyers" to feel more secure in making a large purchase as they have an added layer of security via their credit card company. Second, unlike many companies that only allow an exchange, we allow a full refund for any watch purchased from us that a customer is not pleased with. We want to earn your repeat business and realize that it behooves us to make it easy to do business through our site. If you are not 100% satisfied with any piece you purchase through our website you may return it within three days of receipt for a full refund. In order To enhance your online shopping experience, we have spent the time and money to have actual pictures of watches displayed on our site which is the next best thing to being able to touch the piece. We encourage and are ultra responsive to both e-mails and calls concerning your questions. We want to though roughly answer any questions you have in a "no pressure" manner because we realize buying a world class watch is a big decision. You may call us toll free: 877-738-3811 and one of our watch specialists will be glad to answer your questions on any piece we have in stock or any piece you may be interested in that you do not see. Through three generations in the watch and jewelry trade, we have the wisdom to know that when you purchase a watch from us and become a happy customer, in all likelihood you will also become a return customer who refers others as well.
WOW! GREAT PRICES, HOW CAN YOU SELL WAY UNDER RETAIL?
Swiss Wrist has built the best connections in the business affording us the ability to buy from dealers at the highest level of the industry. Through this we can buy in the largest quantities while getting the best pricing. We price most of our watches to sell. We buy low and sell low, making our money on sales volume.. Being that we are not an Authorized Dealer, we are able to offer our customers rock bottom pricing without being subject to any manufacturers price controls or policies.
When buying a New or "Never Worn" watch from us, the only difference between us and the "authorized retailer" is ours is backed by our two year warranty versus the manufacturers warranty. Should the warranty run out and you need service, the manufacturer will help you as if you bought it through one of their authorized dealers or you can take advantage of our won in-house service for life at industry cost price.
DO YOU HAVE A PHYSICAL STORE? CAN I COME IN TO VIEW MY WATCH?
Swiss Wrist does not have a retail or "brick & mortar" sales location. We hold our entire inventory in special merchandise/warehouse location and all sales are handled through our corporate office. This business style allows us to keep overheard to a minimum, which in turn enables us to continue offering the lowest possible pricing an all watches. For insurance and Security reasons we cannot have any of our clients come view or purchase a watch in person.
ARE YOU AN AUTHORIZED DEALER FOR ANY TIMEPIECE YOU SELL?
Swiss-Wrist is not an official authorized dealer of Rolex or any other brand we sell, whether on our site or special ordered. Being that we are not an Authorized Dealer, we are able to offer our customers rock bottom pricing without being subject to any manufacturers price controls or policies. When you buy a watch from Swiss Wrist, you will receive all paperwork documenting all necessary information. The Serial and Reference numbers will be listed together with an " Authenticity Document" from Swiss Wrist detailing the steps taken to ensure that you watch is Fully Authentic and in perfect running order. We will also issue a One or Two Year Warranty for every watch we sell, covered exclusively by Swiss Wrist. There will also be paperwork present, which confirms this Warranty and the corresponding coverage date.
WHAT IS YOUR SHIPPING METHOD AND COST?
Swiss-Wrist ships via Next Day Air UPS or FEDEX Insured Overnight Signature Required. You will receive your item(s) the morning after we ship. Swiss Wrist offers Free Next Day Air Delivery, there is absolutly no cost for shippping.
WHAT IS MEANT BY "PERFECT LIKE NEW" AND UNUSED UNWORN?
Perfect Like New (Day One Condition) watches are pre-owned timpieces that are purchased by Swiss Wrist in already prisitne and immaculate condition. This refers to the Cosmetic as well as the watch's mechanical condition. We then inspect these timepieces to ensure that they are all 100% authentic and meet our standards. These watches are so perfect that in most cases they can even pass for "Brand New". These watches have no scratches or markings, movments are 100% and the watch bracelets have miniscule amounts of stretch.
Unused or Unworn watches are timepieces which have never been worn or sold to a End User or Purchaser. We make bulk purchases from large national jewelery chains who wish to unload their extra or unsold merchandise. Many of these watches include watches that where on display at these respective jewlery stores. Therefore some of these timepieces may have been handeled by customers wishing to view these watches and how they look on their wrists. These watches are perfect in every way and as close to brand new as possible.
DO YOU CHARGE SALES TAX ON YOUR WATCHES?
We are only required to collect sales tax from those who have their purchases shipped within the State of Florida.
DO ALL WATCHES COME WITH THEIR SERIAL NUMBERS?
Every timepiece sold by Swiss-Wrist will have its Serial and Referance numbers in place and and visable. We do not remove serial numbers in any shape or form. Swiss Wrist looks down quite negatively upon this practice, we are a reputable watch dealer . We sell only Authentic Products in top level condition.
HOW CAN I MAKE SURE THAT MY WATCH IS AUTHENTIC?
Swiss Wrist has been in the Watch & Jewelery Industry for over two and half decades. We have established contacts with the top watch dealers in the nation. Every single watch we buy and sell is coming from reputable sources. Every customer has three days from when they receive their watch to ensure that they are 100% satisfied with their purchase. Therefore our " Three Day Satisfaction Guarantee" allows for ample time, so that our clients can take their purchases to a jeweler to be authenticated and inspected.
HOW LONG DOES IT TAKE TO RECIEVE MY WATCH?
So long as your order is received and verified before 3:00 PM EST, and the watch is in stock, your order will ship out the same day, if not it will ship out the following day to arrive the next bussiness day.International express delivery takes about 2-5 business days. We will provide you with a tracking number as soon as your order is shipped so you can track it online and see when it is going to arrive. Please feel free to give us a call at 1-877-738-3811 with any shipping questions.
WILL MY WATCH COME WITH BOX AND DOCUMENTATION?
All our watches come in the original manufacturer’s box with all documentation. However, since we are not authorized dealers, the manufacturer’s warranty may not be included. You will receive a two year warranty from Swiss Wrist in its place. Please note that if the manufacturer’s warranty is included, it is not valid unless it is stamped by an authorized dealer. Since we are not authorized dealers, we are not able to stamp the warranty.
WHAT ARE YOUR ACCEPTED PAYMENT METHODS?
For domestic orders, we accept:
• Google Checkout
• Visa/Mastercard, American Express, Discover
• Faxed in Credit Card Order Form Processd Via Paypal Inc.
• Bank Wire transfer
• Certified Check/Money Order
For international orders, we accept:
• Bank Wire transfer
• Visa/Mastercard, American Express, Discover
DO I NEED TO BE PRESENT TO SIGN FOR THE PACKAGE?
For your safety, all our packages are shipped signature required. You will need to be home to sign for the package. If you do not want to have to stay home for the package, we ship via overnight delivery, which is guaranteed by 10:30 AM. Otherwise, If you are not home, the package will not be left at your door. A note will be left to inform you when they will come again to deliver your package. Alternatively, you can call the company (UPS or FedEx) to arrange a drop-off time.
WILL MY WATCH BE RESIZED FOR ME?WILL MY WATCH BE RESIZED FOR ME?
On most watches you will need to size it too fit your wrist. Upon placement of your order we will ask you for your wrist size. Our watchmaker will resize the watch band to fit perfectly on your wrist and include all extra removed links.
This can always be done when the wearer is present to determine which links to remove. Sometimes it is better to remove a link from the right side of the watch, other times they will opt to remove it from the left side, depending on the size of your wrist and how the watch fits. You may also need to remove only a half link, as opposed to a full link. The best option is to give us your wrist size allowing our watchmaker to size the watch perfectly for your wrist.
CAN I GO SWIMMING OR SHOWER WITH MY WATCH?
Drawing on years of experience, it is our recommendation that though Rolex and Other watches are marketed as "water resistant" and all pieces sold by Swiss Wrist are tested for water resistance, because of the fine nature of the piece we discourage our customers from making a practice of taking them in the shower or pool. This is because if for some reason the stem, which is the round mechanism found on the side of the case which is unscrewed to set the time, is not completely screwed down, water may leak into the movement which can damage the watch. The chances are incredibly slim that this will happen, but nonetheless it is our recommendation that if possible our customers refrain from taking their pieces in the water to avoid any unnecessary problems.
WHERE DO YOU GET YOUR WATCHES?
We buy our watches through reputable Local and International dealers and distributors and other legitimate established lines of distribution within the watch industry. We do not sell refurbished watches or manufacturer's rejects! You are guaranteed to recieve the finest timepiece in the best condition.
WHY SHOULD I BUY A USED ROLEX WATCH OVER A NEW ONE?
Reason One: Unlike New Rolex Watches, Used Rolex Watches do not depreciate in value immediately after purchase. Therefore , buying a new Rolex watch is like buying a brand new car, The moment you drive it off the lot it has lost 20 to 30 percent of its value. The same with the minute you slip a new Rolex on your wrist, the value plummets.
Reason Two: Pre-Owned or Used Rolex watches coming from reputable dealers will have a warranty coverage period that is as good or better than one that would come with a New watch, from the manufacturer.
Reason Three : No one can spot a used Rolex on your wrist, if it’s purchase from a reputable dealer. Rolex designs don’t constantly change. With care and maintenance, a Rolex lasts forever. Unless you make the decision to reveal it, no one will know you are wearing a used Rolex. Don’t think of a used Rolex the way you do used clothing or used carpeting.It is not that people won’t notice your watch. They will. After all, it’s a Rolex. But will they detect that it is ‘used’? Never.
Reason Four: There’s no risk in purchasing used Rolex watches – from a reputable dealer. Reputable dealers provide buyers with a certificates of authenticity, certificates of warranty and invoices with serial numbers.
WHY DO YOUR PHOTOS HAVE "SWISS WRIST" IMPRINTED ON THEM?
This is a computer generated watermark which is used in order curb the usage of our photos by other companies, as their own. Many of our competitors, lack the actual physical inventory needed to display photos of the watches they have for sale. We therefore make use of this watermark measure in order to protect the use of our photos. This watermarks are only on the online photos of our website. The watches themselves obviously do not display this watermark.
WHAT IS YOUR WARRANTY & DO YOU OFFER POST WARRANTY SERVICE?
Swiss Wrist issues a warranty period for every watch we sell. Our Perfect Pre-Owned or Like New watches are covered by a full one year warranty covering the entire watch. Our Unused/Unworn watches have a full two year warranty. For our Pre-Owned watches we do offer a second full year at a cost of $295. This added year must be purchased at the point of sale.
Swiss Wrist offers discounted industry level pricing for watch service beyond the warranty period. We wish to cultivate lasting relationships with our clients and work on a mind set of "once a customer, always a customer.
WHY DO SOME ROLEXES HAVE A GREEN STICKER ON THE BACK?
Many people confuse the green sticker on the back of a Rolex with a sign of authenticity because for decades Rolex issued watches with a green sticker on the caseback bearing the Rolex mark and the model number of the watch. Modern Rolexes bore a holographic sticker to deter counterfeiters, but this proved to be ineffective.
In late 2007 Rolex stopped putting the green sticker on the back of their watches - replacing it with a transparent sticker. Rolexes made after late 2007 should not have a green sticker on the caseback, only a clear plastic sticker. A Rolex with a green sticker on the caseback is a 2007 or earlier production model.
The green stickers were meant to be removed before wearing the watch, so many of our preowned Rolexes made before 2007 will not have a green sticker on the caseback either. A great number of people did choose to wear their Rolexes without removing the caseback sticker, so sometimes you will notice preowned Rolexes that still have the green sticker. There is little significance to the presence of a green sticker on a preowned Rolex or the lack thereof.
A green sticker is not a reliable indicator of authenticity and a potential Rolex buyer would be well advised to research the seller, not the sticker.
WHAT DOES WATER RESISTANCE MEAN?
Water resistance is normally expressed in meters. This rating is only theoretical and refers to the depth that a watch will keep water out if the watch and water are both motionless. These conditions never really exist in real life because the users arm movement dramatically increases the pressure on the watch, along with the water moving itself. The chart below should help you understand how deep you can really go with your watch.
Measurement Units: 1 meter is about 3.3 feet / 1 ATM (atmosphere) or bar is 10 meters
If a watch is labeled only "water-resistant." It can withstand splashes of water but should not be submerged in any water.
50 meters: suitable for brief water exposure
100 meters: suitable for standard swimming pools
200 meters: suitable for recreational scuba diving
1,000 meters: (roughly three-fifths of a mile). Watches should never be put in a sauna or a hot tub since the exposure to heat can easily make the gaskets lose their shape and ability to keep water out.
Watches should not be worn in the bath/shower. The soap suds reduce the surface tension of the rubber gasket in the watch, which allows water to get in. The soap can also damage the seal itself. So we highly recommend you do not bathe with your watch.
SWISS WRIST CARRIES PRE-OWNED ROLEX,WHY BUY PRE-OWNED ROLEX?
Similar to the purchase of any other upscale item, a New Rolex Watch will depreciate in value immediately after it is purchased. However by purchasing a Pre-Owned Rolex, you avoid this initial depreciation. Any Quality Perfect Condition Pre-Owned Rolex Watch will greatly hold its value and usually will be worth more then their original cost later in time as Rolex phases out an older model for a Modern Version. It is also for this same reason, that one would also be highly motivated to search for the very best price on a New Rolex Watch. Therefore anyone in search of a Rolex Watch, may it be a Pre-Owned Rolex Watch or an Unused Rolex Watch at the lowest prices in the Nation, with the Highest Quality Standards Known in the Industry's History and Top-Notch Customer Service and Sales Support that without a doubt stands above the rest, The Answer is SWISS WRIST.
http://www.swiss-wrist.com/index.php?vars=faq
Thursday, July 16, 2009
Did Rolex lose a BILLION DOLLARS with Bernie Madoff ?!?
The well-regarded British newspaper, The Times, has just published an article linking the horology giant with the recently disgraced Ponzi-schemer, Bernie Madoff. Their article is below. Most interesting for me personally, however, was the replacement of CEO Patrick Heiniger with the former Chief FINANCIAL Officer, Bruno Meier.
Questions still remain, was Rolex really heavily invested with Bernie Madoff? And if so, how deeply? Was their any internal push to invest with Madoff and is the recent corporate restructuring a result?
As a private company they don’t have shareholders to answer to, which will probably end up with these questions never being answered, but it would be interesting. Rolex has always been highly regarded as a conservative, staid company- heck, they don’t even service their own watches after a couple of decades! How the stunning admission that they may have invested (and lost) HUNDREDS of MILLIONS of dollars in a Ponzi scheme affects the watch world remains to be seen.
It’s almost certain they’ll be perfectly fine, with a history of hitting home runs like these:
From the TimesOnline.com:
Rolex Group announced only its fourth leader since 1905 yesterday after the surprise departure of its chief executive, when it named Bruno Meier, the finance director, as the next head of management.
The abrupt departure of Patrick Heiniger, for “personal reasons”, followed a denial by the company that it had lost SwFr1 billion (£600 million) invested with Bernard Madoff, the American asset manager charged with a $50 billion (£33 billion) fraud.
Mr Heiniger, 58, has led the group since 1992, when he succeeded his father, Andre. Rolex said that he had left to “pursue personal projects”.
Analysts questioned the timing of his departure on Wednesday, which came as the luxury watch sector is facing a difficult trading period. The financial crisis is starving its customers of the bonuses that experts say is the lifeblood of the industry.
Mr Heiniger’s departure came the day after L’Agefi, a Swiss financial daily, claimed that Rolex had lost money in the alleged Madoff fraud. The company has denied the claim.
The shake-up comes amid predictions from analysts that Swiss watches will be the worst-hit part of a luxury sector that JPMorgan expects to contract by 4 per cent next year.
John Guy, an analyst at MF Global Securities, estimates that sales of Swiss watches will slump by 15 per cent next year. “[The chief executive] stepping down at this time does seem slightly odd, given that the watch industry is in for a tough time,” Mr Cox told Bloomberg, the news agency. “If we get this nuclear winter next year in the watch industry, a lot of companies will be in trouble.”
James Lawson, a director of Ledbury, a marketing research group that specialises in the luxury goods market, said that the slump in bonuses had hit the three extravagant “big ticket” purchases they normally fund: property, luxury cars and Swiss watches.
Swiss watchmakers were set this year to export £325 million of goods to Britain, a market that is thought to be worth £650 million at the retail stage.
Once a bastion of financial conservatism, Switzerland has been rocked by the global liquidity crisis and is deeply embroiled in the Madoff debacle. Union Bancaire PrivĂ©e has a $700 million exposure to Madoff, while executives at UBS and Credit Suisse – the country’s two largest banks – have forgone bonuses in acknowledgement of their role. However, neither UBS nor Credit Suisse is thought to have significant exposure.
Rolex said that Mr Heiniger would remain as an adviser to the company. His departure brings to an end the “Heiniger era” at the watchmaker. Mr Heiniger’s father took control of the company in 1963, succeeding Hans Wilsdorf, the founder, as president. The company is privately owned by the Hans Wilsdorf Foundation. The brand is worth about $5 billion, according to Interbrand.
www.swiss-wrist.com
Wednesday, July 15, 2009
Monday, July 13, 2009
ROLEX OYSTER PERPETUAL SEA-DWELLER DEEPSEA
The Sea-Dweller DEEPSEA is equipped with calibre 3135, known for its chronometric precision, its reliability and its robustness; it also features a PARACHROM hairspring with high resistance to shocks and magnetic fields.
3 Pull gently on the 12-o’clock side of the bracelet to lengthen it, or slide it into the clasp to shorten it. Adjustments can be made in 1.8 mm increments, up to a total of 18 mm.
Visit www.swiss-wrist.com
Thursday, July 2, 2009
ROLEX MIDDLE SEA RACE 2009 - OPEN FOR ENTRIES
The Royal Malta Yacht Club has its work cut out. In November 2008, it locked the doors on its former club house in walls of the 18th Century Fort Manoel for the last time and moved half a mile further up the Marsamxetto to new premises in Ta'Xbiex. The Club is now hard at work upgrading the former-government building in readiness for its flagship race that starts on 17 October.
Seemingly one thing the RMYC need not worry about is entries. The trickle started soon after the finish of the last race and with the Notice of Race just published, a rush is now expected especially from the foreign crews looking to secure dock space before the event starts and convenient accommodation. One such crew is Legally Brunette from Ireland. Paul Egan and Cathal Drohan took part in 2008 and such was the quality of the experience, that Egan - whose 15-year old son Eugene won the Youth Cup as the youngest participating crew - wrote to the RMYC a few days after finishing to congratulate it on its organisation and being such a wonderful ambassador for Malta, saying "we're spreading the word, but most importantly, we have decided unanimously to return to Malta in 2009... we may entertain reveries of achieving honours, but the fun will be to be there and to participate, both in the race and onshore."
Egan explains that the decision to race last year came from hearing about the experiences of other competitors, "my co-owner and skipper Cathal Drohan and I had read the reports of the 2007 Rolex Middle Sea Race and decided that we just had to be there in 2008. We marshalled our crew, got together our paperwork, made our plans, ensured that we worked up our miles and registered at the earliest opportunity." Egan goes onto add that, "after the race the crew insisted we had to take part again this year."
Legally Brunette is certain not to be alone in returning. Andres Soriano's 69-foot Alegre (GBR) - winner of Line Honours and a tremendous front of the fleet battle with the two STP65s Rosebud and Moneypenny - is slated to return too. If he does so, Soriano looks likely to find himself engaged once again in a battle with two other similar-sized boats. Former motor-racing champion Udo Schutz's Container (GER) is threatening to fly the flag for the STP65s, whilst Bella Mente (USA) the R/P IRC 69 of Hap Fauth also has the race in her 2009 programme.
The Maltese, of course, will not be out-done and three familiar names have already lodged their entries. After the brutal 2007 race, Jonas Diamentino traded in his old IOR two-tonner for an ILC 40, Gasan Mamo Comanche Raider II, which stood up to the test of last year's race well-enough for Diamentino to enter again. Arthur Podesta has also changed steeds and for this edition, his thirtieth lap of the challenging course, is stepping into a Beneteau 45, Elusive II, for another crack at the race he so nearly won last year. Commodore Georges Bonello DuPuis has entered for his fifth assault on the challenging course with Escape and last year's ‘newcomer' Jonathan Gambin also looks to be catching the bug, having entered for a second time with Ton Ton.
With seventy-seven boats on the start-line in 2008, the Royal Malta Yacht Club is looking to extend its run of record sized fleets and to break the eighty-boat barrier this year. "It can be done," say Bonello DuPuis, "but naturally we will be satisfied to put on another successful race that matches or exceeds the expectations of all the competitors - however many they are and wherever they come from."
The Rolex Middle Sea Race commences on Saturday 17 October 2009.
Entries close on 10 October. The final prize giving is on 24 October 2009.
George David's Rambler established the current Course Record of 47 hours 55 minutes and 3 seconds in 2007.
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