WEBVTT - Robb Report's Malcolmson on Rare Minute Repeater Watches(Audio)

0:00:03.200 --> 0:00:06.600
<v Speaker 1>Global business news twenty four hours a day. If Bloomberg

0:00:06.640 --> 0:00:09.720
<v Speaker 1>dot Com, the radio plus mobile last and on your radio.

0:00:10.000 --> 0:00:14.040
<v Speaker 1>This is a Bloomberg Business flag from Bloomberg World handquarters.

0:00:14.040 --> 0:00:16.919
<v Speaker 1>Son Charlie tell Us. Stocks lower. This update brought to

0:00:16.960 --> 0:00:21.239
<v Speaker 1>you by national realty providers of one hundred percent satisfaction

0:00:21.320 --> 0:00:25.079
<v Speaker 1>guaranteed New York City realty investments. See them at an

0:00:25.239 --> 0:00:27.560
<v Speaker 1>r i A dot net. Now let's head right over

0:00:27.560 --> 0:00:30.440
<v Speaker 1>to the first word breaking news desk for today's afternoon call,

0:00:30.720 --> 0:00:34.959
<v Speaker 1>and here's at Lalan. Good afternoon, Charlie Manu. Savages are

0:00:35.040 --> 0:00:38.479
<v Speaker 1>lower today, with the Dow down seventy points, SMP loses

0:00:38.560 --> 0:00:42.800
<v Speaker 1>seven and NASDAC falls eight. Small capsicks hunder down five,

0:00:43.000 --> 0:00:45.320
<v Speaker 1>and the US tenure yelled at one point six to

0:00:46.680 --> 0:00:49.559
<v Speaker 1>nine out of ten. SMP sectors are lower, led by

0:00:49.600 --> 0:00:53.040
<v Speaker 1>losses in telecoms and utilities, and the only sector with

0:00:53.159 --> 0:00:58.800
<v Speaker 1>gains is healthcare down Transports to client NASDAC biotechs are

0:00:58.920 --> 0:01:02.680
<v Speaker 1>up six you, atilities lose thirteen, and the VIX increases

0:01:02.800 --> 0:01:06.560
<v Speaker 1>six percent. Leaders to the downside in the Dow include Verizon,

0:01:06.680 --> 0:01:11.360
<v Speaker 1>McDonald's and DuPont, while down leaders to the upside include Mark, Intel,

0:01:11.520 --> 0:01:14.680
<v Speaker 1>and Johnson and Johnson rax Space was taken private today

0:01:14.720 --> 0:01:17.160
<v Speaker 1>at a four point three billion dollar deal. Big Lots

0:01:17.200 --> 0:01:21.160
<v Speaker 1>loses four percent after missing comps sales. Autodesk gains eight

0:01:21.160 --> 0:01:24.959
<v Speaker 1>percent after reporting a surprise second quarter profit. Splunk is

0:01:25.040 --> 0:01:29.399
<v Speaker 1>down eleven percent after second quarter billings miss estimates. And

0:01:29.480 --> 0:01:31.639
<v Speaker 1>it was a big day for the US rates market,

0:01:31.640 --> 0:01:33.479
<v Speaker 1>with a two year old rising back to his level

0:01:33.560 --> 0:01:37.160
<v Speaker 1>prior to the disappointing May payrolls report after yelling miss

0:01:37.160 --> 0:01:39.560
<v Speaker 1>Morning says the case for a rate hike has strengthened

0:01:39.600 --> 0:01:42.720
<v Speaker 1>in recent months. Live from the First Word Breaking news

0:01:42.720 --> 0:01:45.080
<v Speaker 1>desk at the lawn. Charlie all right, thank you very much.

0:01:45.200 --> 0:01:47.760
<v Speaker 1>Ed onto here live breaking news over your bloom bread

0:01:47.800 --> 0:01:51.520
<v Speaker 1>time squawk squ a w K on your terminal. I'm

0:01:51.640 --> 0:01:56.880
<v Speaker 1>Charlie Pellets and that's a bloom breg business flash moon.

0:01:57.000 --> 0:02:03.080
<v Speaker 1>We're taking stock the Lutch life stocks, Bronze real estate.

0:02:03.200 --> 0:02:06.600
<v Speaker 1>I've got houses in l A, Paris and Vale. It's

0:02:06.640 --> 0:02:10.000
<v Speaker 1>good to be gain. They got to find the chefs

0:02:10.000 --> 0:02:11.919
<v Speaker 1>around waiting for you to place your own. You must

0:02:11.919 --> 0:02:17.240
<v Speaker 1>be rich, honey, and nobody has two televats. Sad Bloomberg

0:02:17.320 --> 0:02:22.480
<v Speaker 1>taking stock the lux Life on Bloomberg Radio, The Lux Life, Yes,

0:02:22.800 --> 0:02:25.560
<v Speaker 1>the Lux Life. When it comes to telling time, sometimes

0:02:25.560 --> 0:02:27.480
<v Speaker 1>you don't even have to look at your watch, you

0:02:27.520 --> 0:02:30.880
<v Speaker 1>can just hear what it has to say. And James

0:02:31.000 --> 0:02:34.400
<v Speaker 1>Malcolmson is the watch editor of The RAB Report, and

0:02:34.480 --> 0:02:36.679
<v Speaker 1>he's got something to say about a seven and a

0:02:36.760 --> 0:02:43.640
<v Speaker 1>half million dollar rare minute repeater watch from Fetique. Philip,

0:02:44.080 --> 0:02:47.560
<v Speaker 1>thanks very much for being with us. James are good

0:02:47.760 --> 0:02:52.360
<v Speaker 1>so telling people what exactly is a minute repeater. Well,

0:02:52.400 --> 0:02:54.560
<v Speaker 1>a minute repeater is to watch the chimes of the

0:02:54.600 --> 0:02:57.840
<v Speaker 1>time mechanically. It's actually one of the oldest types of

0:02:57.880 --> 0:03:00.680
<v Speaker 1>watch complications, which means an extra action on the watch

0:03:00.720 --> 0:03:04.280
<v Speaker 1>besides telling the time. And it's really all about the

0:03:04.400 --> 0:03:07.560
<v Speaker 1>good sound. And they put these companies put an enormous

0:03:07.600 --> 0:03:11.280
<v Speaker 1>amount of resources into getting just the right sound. And

0:03:11.360 --> 0:03:15.000
<v Speaker 1>we're going to have eleven of these watches actually in

0:03:15.080 --> 0:03:19.880
<v Speaker 1>one place, which is an extraordinary, extraordinarily rare occasion. They're

0:03:19.880 --> 0:03:22.320
<v Speaker 1>so rare you never see them in one place. What

0:03:22.520 --> 0:03:26.760
<v Speaker 1>is the striking mechanism inside of a repeater watch? How

0:03:26.760 --> 0:03:29.840
<v Speaker 1>does it make the sound? Well, it actually has a

0:03:29.880 --> 0:03:33.040
<v Speaker 1>little hammer inside. It's a small polish metal hammer that

0:03:33.120 --> 0:03:36.800
<v Speaker 1>strikes a wire like gong that goes around just inside

0:03:36.800 --> 0:03:39.800
<v Speaker 1>the watch case, and that that gong is made of

0:03:39.920 --> 0:03:42.680
<v Speaker 1>high carbon steel and it's a resonant. But the sound

0:03:42.760 --> 0:03:45.400
<v Speaker 1>you hear is not just the gong. It's actually the

0:03:45.600 --> 0:03:48.240
<v Speaker 1>entire watch that acts a little bit like a guitar,

0:03:48.560 --> 0:03:51.520
<v Speaker 1>and it takes a long long time to tune them up. Now,

0:03:51.600 --> 0:03:53.880
<v Speaker 1>is there something that we need to understand in terms

0:03:54.080 --> 0:03:58.000
<v Speaker 1>of it being a minute repeater rather than a watch

0:03:58.120 --> 0:04:02.680
<v Speaker 1>that strikes the wars or the minutes. Well, minute repeaters

0:04:02.760 --> 0:04:05.080
<v Speaker 1>do it on demand, so the watch has to know

0:04:05.160 --> 0:04:07.920
<v Speaker 1>what time it is and then it has to activate

0:04:07.960 --> 0:04:11.280
<v Speaker 1>the strike mechanism. So that's most watches, as he may know,

0:04:11.640 --> 0:04:14.560
<v Speaker 1>they just spend the hands around the dial at a

0:04:14.560 --> 0:04:16.880
<v Speaker 1>certain speed to tell the time. They don't actually know

0:04:16.960 --> 0:04:19.320
<v Speaker 1>what time it is like a digital watch. Might these

0:04:19.320 --> 0:04:21.680
<v Speaker 1>watches know what time it is and they'll strike it

0:04:21.720 --> 0:04:24.360
<v Speaker 1>on demand. That's a minute repeaters. They strike the hours,

0:04:24.800 --> 0:04:27.320
<v Speaker 1>the quarters in a minute. They're actually beautiful to hear.

0:04:28.080 --> 0:04:31.760
<v Speaker 1>Is the sort of provenance of a minute repeater or

0:04:31.800 --> 0:04:37.719
<v Speaker 1>any kind of repeater watch connected to the introduction of

0:04:37.960 --> 0:04:41.080
<v Speaker 1>electric light. In other words, you'd be able to hear

0:04:41.120 --> 0:04:44.000
<v Speaker 1>the time, not just see the time. Well, these things

0:04:44.000 --> 0:04:47.200
<v Speaker 1>were made first in the mid seventeenth century, and that

0:04:47.279 --> 0:04:49.520
<v Speaker 1>was back before gas light, so there actually was a

0:04:49.600 --> 0:04:52.279
<v Speaker 1>need to hear the time before you could actually see

0:04:52.320 --> 0:04:54.960
<v Speaker 1>your watch, so they did have a practical purpose, but

0:04:55.000 --> 0:04:57.839
<v Speaker 1>they were all they've always been very expensive, so only

0:04:58.480 --> 0:05:01.080
<v Speaker 1>a gentleman or a noble could have board one. Tell

0:05:01.160 --> 0:05:06.600
<v Speaker 1>us about Protect Philippe and their minute repeaters, Well, Protect

0:05:06.600 --> 0:05:08.919
<v Speaker 1>philip has been around for about a hundred and seventy

0:05:09.000 --> 0:05:12.560
<v Speaker 1>six years UM. They're generally considered to be the most

0:05:12.600 --> 0:05:18.080
<v Speaker 1>prestigious of the complicated mechanical watchmakers, and they've been making

0:05:18.200 --> 0:05:21.359
<v Speaker 1>minute repeaters throughout their history. Most of their repeaters that

0:05:21.400 --> 0:05:25.160
<v Speaker 1>are on the market now though, date from around that's

0:05:25.200 --> 0:05:29.240
<v Speaker 1>when they really started their program again, and they've highly coveted. UM.

0:05:29.279 --> 0:05:31.680
<v Speaker 1>They hold their value very very well in the market,

0:05:31.800 --> 0:05:35.440
<v Speaker 1>which is unlike most watches. What kind of money are

0:05:35.440 --> 0:05:40.440
<v Speaker 1>we talking about for a premier minute repeater, Well, the

0:05:40.440 --> 0:05:45.279
<v Speaker 1>watches will have range from about three thousand dollars for

0:05:45.400 --> 0:05:48.760
<v Speaker 1>the most affordable one, and they go up. The ones

0:05:48.920 --> 0:05:51.599
<v Speaker 1>we have will go up to about eight hundred twenty

0:05:51.680 --> 0:05:56.400
<v Speaker 1>five thousand, but they can go up into the two

0:05:56.440 --> 0:05:59.400
<v Speaker 1>million dollar mark. There was one that was introduced last

0:05:59.480 --> 0:06:02.839
<v Speaker 1>year that goes at that high as the As the

0:06:02.920 --> 0:06:07.920
<v Speaker 1>market for high end watches becomes larger and more popular,

0:06:08.640 --> 0:06:13.440
<v Speaker 1>is there any demand to make more of these minute repeaters? Well,

0:06:13.520 --> 0:06:17.760
<v Speaker 1>I'll watch companies try and industrialize their processes so they

0:06:17.800 --> 0:06:20.560
<v Speaker 1>can make watches more easily, and that's actually been a

0:06:20.600 --> 0:06:23.159
<v Speaker 1>problem in the industry. Uh. The nice thing about minute

0:06:23.160 --> 0:06:26.000
<v Speaker 1>repeaters though, a traditional minute repeater has to be tuned

0:06:26.000 --> 0:06:29.479
<v Speaker 1>by hand, so there's only so much industrialization you can do,

0:06:29.760 --> 0:06:32.479
<v Speaker 1>and that keeps the numbers down. And for those people

0:06:32.520 --> 0:06:34.680
<v Speaker 1>that own them, that's a nice thing because that means

0:06:34.760 --> 0:06:36.800
<v Speaker 1>the value will probably stay with him for a long time.

0:06:37.240 --> 0:06:40.920
<v Speaker 1>How can people learn more about how a minute repeater

0:06:41.120 --> 0:06:44.520
<v Speaker 1>actually works? Is there a class? Is there a program

0:06:44.560 --> 0:06:47.360
<v Speaker 1>that you can participate in so that you can actually

0:06:47.360 --> 0:06:51.880
<v Speaker 1>come away learning what goes on inside your watch? Well,

0:06:51.920 --> 0:06:54.719
<v Speaker 1>you can go online. The companies do some education, and

0:06:54.760 --> 0:06:57.560
<v Speaker 1>of course the media uh does a good job both

0:06:57.600 --> 0:06:59.640
<v Speaker 1>on the web bend and in print. As we do

0:07:00.080 --> 0:07:02.560
<v Speaker 1>UM will actually be showing how the mechanism works. So

0:07:02.720 --> 0:07:04.800
<v Speaker 1>when we broadcast this and that will be a three

0:07:04.839 --> 0:07:07.720
<v Speaker 1>o'clock on Tuesday on rob report dot com, and are

0:07:07.760 --> 0:07:10.960
<v Speaker 1>there any other watch companies like Adam RP, Gay and

0:07:11.200 --> 0:07:15.239
<v Speaker 1>Bulgarie that make these kinds of watches. You know, most

0:07:15.280 --> 0:07:18.640
<v Speaker 1>of the top watch companies do make minute repeaters. It's

0:07:18.640 --> 0:07:22.600
<v Speaker 1>always been the top three traditional companies Bashawn, Constance and

0:07:22.720 --> 0:07:26.640
<v Speaker 1>Protect Police than Odomaraguey, who generally been regarded as producing

0:07:26.760 --> 0:07:29.280
<v Speaker 1>the best traditional minute repeaters. But a lot of companies

0:07:29.320 --> 0:07:32.280
<v Speaker 1>are getting into the game now. I want to thank

0:07:32.320 --> 0:07:35.440
<v Speaker 1>you very much James Malcolmson. He is the watch editor

0:07:35.840 --> 0:07:39.880
<v Speaker 1>for the rob Report giving you details about a minute

0:07:40.200 --> 0:07:47.520
<v Speaker 1>repeater watch. This is Bloomberg taking stock of luxury. Was

0:07:47.600 --> 0:07:50.200
<v Speaker 1>brought to you by your Try State BMW Center's visit

0:07:50.280 --> 0:07:53.200
<v Speaker 1>them online at try State BMW dot com. At BMW

0:07:53.360 --> 0:07:56.640
<v Speaker 1>they only make one thing, the ultimate driving machine.