Openwork: Inside the Watch Industry

Update: As of February 21, 2026, the Trump administration now says they will set the new "Global Tariff" rate at 15% (not 10%), maintaining the same effective rate on Switzerland, at least for 150 days.

On this episode, we unpack breaking news that sent shockwaves through the watch world: the U.S. Supreme Court struck down the Trump-era emergency tariffs, instantly voiding the recent 15% levy on Swiss watches. We explain what this actually means for collectors and retailers, why refunds remain a massive open question, and why—despite the ruling—don’t expect watch prices to suddenly drop. Between looming replacement tariffs, a weakening dollar, and ongoing currency pressure against the Swiss franc, volatility is far from over.

We then dive into COSC’s newly announced “Excellence" chronometer standard and ask the uncomfortable question: is this meaningful progress, or a defensive half-measure against METAS? We break down how the new accuracy benchmarks compare, why third-party certification still matters culturally, and how ever-stricter chronometer claims may be setting unrealistic expectations for mechanical watches that have to survive real life on the wrist.

Finally, we look at Audemars Piguet’s remarkable 2025 performance—up 10% in a brutal market—and what’s driving it: massive price increases, a shift toward high complications, boutique-only distribution, and a growing focus on lifetime customer value. We also explore AP’s evolving brand strategy under new leadership, the push toward experiential retail, and why the very clients AP wants most may have the least patience for its increasingly gated buying process. It’s a wide-ranging conversation about tariffs, accuracy, and how modern luxury watch brands are reshaping their futures.

Openwork is a weekly podcast about how the watch industry actually works. An unfiltered look behind the scenes — no press releases, no hype, and no sponsored takes. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology. Available on Apple Podcasts, Spotify, YouTube Music, or wherever you get your podcasts.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].

In this episode, we dive into the growing wave of consolidation—and potential deconsolidation—sweeping through the watch industry, from confirmed brand sales to mounting rumors around major maisons. Rather than speculate, we focus on what actually happens after a brand leaves a luxury group, and why leadership, distribution, and product strategy matter far more than deal headlines.

First, we unpack a cautionary case study: Ebel’s spin-off from LVMH to Movado. Despite meaningful product upgrades and stronger positioning under LVMH, Ebel ultimately lost momentum when placed into a retail and marketing ecosystem that couldn’t sustain its upmarket ambitions—showing how misaligned infrastructure can quietly dilute even historic brands.

We then contrast that with Girard-Perregaux and Ulysse Nardin’s management buyout from Kering, where focused leadership and renewed investment in watchmaking are already driving creative and commercial resurgence. Together, these case studies reveal a simple truth: spin-offs don’t succeed or fail because of ownership alone—they succeed or fail based on vision, execution, and whether the new stewards truly understand how to build great watch brands.

Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].

On this episode, we zoom out to the state of the watch business, using Watches of Switzerland as a real-time bellwether. We unpack strong holiday performance alongside shrinking margins, then dig into accelerating U.S. retail consolidation: why large groups are acquiring family-owned authorized dealers, how Rolex factors into approvals and allocations, and what this growing concentration could mean for collectors and regional markets.

We then connect the dots on Swiss export data, tariffs, currency volatility, and rising material costs—and why pricing pressure in the U.S. isn’t going away, it’s just evolving. From pent-up demand following tariff relief to a weakening dollar versus the Swiss franc, we explore how macro forces are reshaping brand strategy and retail economics.

We close by reacting to Audemars Piguet’s newest release, the Neo Frame, and discuss what this jump-hour design signals about AP’s creative direction and its efforts to expand beyond the core Royal Oak playbook.

Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].

On this episode, we zoom out and examine a broader shift underway in the watch industry as major groups begin to prioritize focus over expansion. Using the sale of Baume & Mercier as a starting point, we break down why brand exits and portfolio pruning have returned as strategic tools, and what this move reveals about consolidation, integration costs, and the realities of owning watch brands at scale.

We then turn to the other side of the equation, unpacking rumors around Zenith and why selling a deeply integrated brand is far more complicated than headlines suggest. This leads to a wider discussion about how watch groups think about differentiation, redundancy, and long-term brand value when growth slows and pressure increases across the middle of the market.

Finally, we shift to Watches & Wonders and what presence and placement at the show now signal. We talk through H. Moser & Cie.’s expanded role, including its move into Montblanc’s former booth, and what that says about independence and momentum, alongside Audemars Piguet’s positioning at the show and why it matters. Taken together, this episode is about consolidation, visibility, and how the watch industry is quietly reshaping itself in real time.

Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].

On this episode, we dig into reports that Patek Philippe may roll back U.S. retail prices—by as much as 8%—after last year’s sharp tariff- and currency-driven increases. We break down why the math isn’t as simple as tariffs going down and prices following, how import costs actually work at the wholesale level, and why this move raises uncomfortable questions for collectors who bought during the peak pricing window.

We then zoom out to the broader issue of volatility. From shifting tariff policy to currency swings and geopolitical uncertainty, we explain why brands are being pushed into a kind of reactive, market-based pricing that’s common for commodities but highly unusual for luxury watches. We compare Patek’s approach with Rolex’s more measured strategy and show how very different tactics can still land brands in roughly the same place over time.

Finally, we look at what this all means for the secondary market. While headline data suggests pre-owned prices stabilized in 2025, we explain why that rebound is narrowly driven by Patek, Rolex, and AP—and why value retention for most watches continues to weaken as new prices rise faster than used ones. The takeaway: the market may look calmer on the surface, but underneath, volatility remains the defining feature.

Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].