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Speaker 1: Son Charlie tell Us. Stocks lower. This update brought to
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Speaker 1: to the first word breaking news desk for today's afternoon call,
Speaker 1: and here's at Lalan. Good afternoon, Charlie Manu. Savages are
Speaker 1: lower today, with the Dow down seventy points, SMP loses
Speaker 1: seven and NASDAC falls eight. Small capsicks hunder down five,
Speaker 1: and the US tenure yelled at one point six to
Speaker 1: nine out of ten. SMP sectors are lower, led by
Speaker 1: losses in telecoms and utilities, and the only sector with
Speaker 1: gains is healthcare down Transports to client NASDAC biotechs are
Speaker 1: up six you, atilities lose thirteen, and the VIX increases
Speaker 1: six percent. Leaders to the downside in the Dow include Verizon,
Speaker 1: McDonald's and DuPont, while down leaders to the upside include Mark, Intel,
Speaker 1: and Johnson and Johnson rax Space was taken private today
Speaker 1: at a four point three billion dollar deal. Big Lots
Speaker 1: loses four percent after missing comps sales. Autodesk gains eight
Speaker 1: percent after reporting a surprise second quarter profit. Splunk is
Speaker 1: down eleven percent after second quarter billings miss estimates. And
Speaker 1: it was a big day for the US rates market,
Speaker 1: with a two year old rising back to his level
Speaker 1: prior to the disappointing May payrolls report after yelling miss
Speaker 1: Morning says the case for a rate hike has strengthened
Speaker 1: in recent months. Live from the First Word Breaking news
Speaker 1: desk at the lawn. Charlie all right, thank you very much.
Speaker 1: Ed onto here live breaking news over your bloom bread
Speaker 1: time squawk squ a w K on your terminal. I'm
Speaker 1: Charlie Pellets and that's a bloom breg business flash moon.
Speaker 1: We're taking stock the Lutch life stocks, Bronze real estate.
Speaker 1: I've got houses in l A, Paris and Vale. It's
Speaker 1: good to be gain. They got to find the chefs
Speaker 1: around waiting for you to place your own. You must
Speaker 1: be rich, honey, and nobody has two televats. Sad Bloomberg
Speaker 1: taking stock the lux Life on Bloomberg Radio, The Lux Life, Yes,
Speaker 1: the Lux Life. When it comes to telling time, sometimes
Speaker 1: you don't even have to look at your watch, you
Speaker 1: can just hear what it has to say. And James
Speaker 1: Malcolmson is the watch editor of The RAB Report, and
Speaker 1: he's got something to say about a seven and a
Speaker 1: half million dollar rare minute repeater watch from Fetique. Philip,
Speaker 1: thanks very much for being with us. James are good
Speaker 1: so telling people what exactly is a minute repeater. Well,
Speaker 1: a minute repeater is to watch the chimes of the
Speaker 1: time mechanically. It's actually one of the oldest types of
Speaker 1: watch complications, which means an extra action on the watch
Speaker 1: besides telling the time. And it's really all about the
Speaker 1: good sound. And they put these companies put an enormous
Speaker 1: amount of resources into getting just the right sound. And
Speaker 1: we're going to have eleven of these watches actually in
Speaker 1: one place, which is an extraordinary, extraordinarily rare occasion. They're
Speaker 1: so rare you never see them in one place. What
Speaker 1: is the striking mechanism inside of a repeater watch? How
Speaker 1: does it make the sound? Well, it actually has a
Speaker 1: little hammer inside. It's a small polish metal hammer that
Speaker 1: strikes a wire like gong that goes around just inside
Speaker 1: the watch case, and that that gong is made of
Speaker 1: high carbon steel and it's a resonant. But the sound
Speaker 1: you hear is not just the gong. It's actually the
Speaker 1: entire watch that acts a little bit like a guitar,
Speaker 1: and it takes a long long time to tune them up. Now,
Speaker 1: is there something that we need to understand in terms
Speaker 1: of it being a minute repeater rather than a watch
Speaker 1: that strikes the wars or the minutes. Well, minute repeaters
Speaker 1: do it on demand, so the watch has to know
Speaker 1: what time it is and then it has to activate
Speaker 1: the strike mechanism. So that's most watches, as he may know,
Speaker 1: they just spend the hands around the dial at a
Speaker 1: certain speed to tell the time. They don't actually know
Speaker 1: what time it is like a digital watch. Might these
Speaker 1: watches know what time it is and they'll strike it
Speaker 1: on demand. That's a minute repeaters. They strike the hours,
Speaker 1: the quarters in a minute. They're actually beautiful to hear.
Speaker 1: Is the sort of provenance of a minute repeater or
Speaker 1: any kind of repeater watch connected to the introduction of
Speaker 1: electric light. In other words, you'd be able to hear
Speaker 1: the time, not just see the time. Well, these things
Speaker 1: were made first in the mid seventeenth century, and that
Speaker 1: was back before gas light, so there actually was a
Speaker 1: need to hear the time before you could actually see
Speaker 1: your watch, so they did have a practical purpose, but
Speaker 1: they were all they've always been very expensive, so only
Speaker 1: a gentleman or a noble could have board one. Tell
Speaker 1: us about Protect Philippe and their minute repeaters, Well, Protect
Speaker 1: philip has been around for about a hundred and seventy
Speaker 1: six years UM. They're generally considered to be the most
Speaker 1: prestigious of the complicated mechanical watchmakers, and they've been making
Speaker 1: minute repeaters throughout their history. Most of their repeaters that
Speaker 1: are on the market now though, date from around that's
Speaker 1: when they really started their program again, and they've highly coveted. UM.
Speaker 1: They hold their value very very well in the market,
Speaker 1: which is unlike most watches. What kind of money are
Speaker 1: we talking about for a premier minute repeater, Well, the
Speaker 1: watches will have range from about three thousand dollars for
Speaker 1: the most affordable one, and they go up. The ones
Speaker 1: we have will go up to about eight hundred twenty
Speaker 1: five thousand, but they can go up into the two
Speaker 1: million dollar mark. There was one that was introduced last
Speaker 1: year that goes at that high as the As the
Speaker 1: market for high end watches becomes larger and more popular,
Speaker 1: is there any demand to make more of these minute repeaters? Well,
Speaker 1: I'll watch companies try and industrialize their processes so they
Speaker 1: can make watches more easily, and that's actually been a
Speaker 1: problem in the industry. Uh. The nice thing about minute
Speaker 1: repeaters though, a traditional minute repeater has to be tuned
Speaker 1: by hand, so there's only so much industrialization you can do,
Speaker 1: and that keeps the numbers down. And for those people
Speaker 1: that own them, that's a nice thing because that means
Speaker 1: the value will probably stay with him for a long time.
Speaker 1: How can people learn more about how a minute repeater
Speaker 1: actually works? Is there a class? Is there a program
Speaker 1: that you can participate in so that you can actually
Speaker 1: come away learning what goes on inside your watch? Well,
Speaker 1: you can go online. The companies do some education, and
Speaker 1: of course the media uh does a good job both
Speaker 1: on the web bend and in print. As we do
Speaker 1: UM will actually be showing how the mechanism works. So
Speaker 1: when we broadcast this and that will be a three
Speaker 1: o'clock on Tuesday on rob report dot com, and are
Speaker 1: there any other watch companies like Adam RP, Gay and
Speaker 1: Bulgarie that make these kinds of watches. You know, most
Speaker 1: of the top watch companies do make minute repeaters. It's
Speaker 1: always been the top three traditional companies Bashawn, Constance and
Speaker 1: Protect Police than Odomaraguey, who generally been regarded as producing
Speaker 1: the best traditional minute repeaters. But a lot of companies
Speaker 1: are getting into the game now. I want to thank
Speaker 1: you very much James Malcolmson. He is the watch editor
Speaker 1: for the rob Report giving you details about a minute
Speaker 1: repeater watch. This is Bloomberg taking stock of luxury. Was
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