Unpolished Watches

This is a free preview of a paid episode. To hear more, visit www.unpolishedwatches.comClick here for podcast show notesWelcome to Unpolished’s year-in-review newsletter. It won’t be the last issue of 2025, but highlights some of the most popular and interesting stories of the year, while also giving an update on Unpolished. Many of you are paying subscribers and thus stakeholders in this newsletter, so you deserve it! You can also listen above or in your podcast app. To see all the numbers and enter the holiday giveaway (more below), upgrade now:Btw, I received a press release this morning that Kari Voutilainen is stepping back as co-CEO of Urban Jürgensen, but will join its board. Alex Rosenfeld, the other co-CEO, becomes CEO. At its best, the internet can be amazing. Unpolished launched with a few thousand people on an email list built up over 5+ years, and 12 months later, it’s a sustainable, very small business that’s replaced my previous income. But the internet is also frustrating. It engages us, enrages us, and hijacks our attention. Today, social media, especially Instagram, is the home of the watch “community,” while YouTube is its library of reviews and opinions.One of the common questions I get—it showed up again in last week’s Q&A—is what other watch “content” (a gross word) I consume. But I’ve found this question is really asking something more like: How do I stop scrolling and consume stuff that actually feels worthwhile? It applies to watches, but not only watches. I was at a dinner with a few collectors in New York earlier this month, and one of them (hi!) said to me that his favorite coverage helps him better understand and appreciate watches—even without any intention of buying them. Whether that’s understanding the innovation, craft, or culture that’s imbued in any particular object. Because that’s the reality, isn’t it? Whether it’s a $17m Patek Philippe perpetual calendar chronograph or a new $4,000 watch from Tudor, we’ll never own most of these watches. And that’s just fine. But they’re still ours to appreciate. What we’re really talking about isn’t ownership—it’s attention. In a world of frictionless consumption, there’s growing value in things that reward patience, permanence, and earned understanding.There’s something uniquely human about our ability to create abstract, symbolic tools and build on them over time. Mechanical watches are a perfect example: centuries-old instruments designed to measure an idea—time—that we defined in the first place.As I’ve mentioned, “craft” was one of the main themes of 2025, and it gets at a feeling bigger than watches. Technology, whether it’s social media or AI or software updates to your car, has encroached on anything real. Watches can provide a small respite. They can urge us to slow down, to appreciate what goes into making an object with hundreds of parts and centuries of history. Like anything that sticks around long enough, watches have transformed from technology to tradition. Wrapped up in that is also all the problems that come with any tool that becomes a status symbol or luxury.This idea, craft, has been wrought to the point of cliché, but the reality remains: People appreciate craft, whether it’s Larry Bird making 99 free throws in a row after practice or F.P. Journe harnessing the phenomenon of resonance. Which is what’s exciting for watches. These objects can be beautiful displays of a variety of crafts, whether feats of the human hand or human engineering.The bad news: I’m not sure the larger watch industry is really adapting to this. Some corners of the high-end and independent scene have leaned into craft, but anxiety about luxury defined the broader conversation in 2025. That tension showed up in what people actually read, at least in this newsletter. As we’ll see below, the most-viewed articles this year were (1) about how “watch prices are insane,” and (2) expressing my complicated feelings about luxury. These weren’t celebrations of the new, but reckonings with price, value, and the uneasy state of luxury. Taken together, they provide a snapshot of where watch culture is right now—and where it may be headed, whether the industry is ready or not.The Most Popular—and Interesting—Stories of 2025When I look at metrics, which isn’t often, a few numbers are important: views, new free subscribers, and new paid subscribers. Interestingly, there wasn’t much overlap in which stories performed the best on each. People view, subscribe to, and pay for different things. It’s the fun, and the challenge, of the newsletter format. This is the 91st newsletter published this year, which also includes 14 podcasts (including 7 guest chats), 4 Q&As, and 2 strap launches. Below, more on what I’ve learned about format and what that means for 2026. As always, the entire archive is available online. 2025’s most-viewed stories* Watch Prices Are Insane — Tapping into another theme of 2025—high prices. A survival guide for collecting watches when watch prices don’t make sense.* How to Actually Develop ‘Good Taste’ — Understanding what moves you vs. when you’re being moved for other reasons.Stories that drove the most new free subscribers* My Complicated Feelings about Watches & Wonders (and Luxury) — On the differences between collecting and consumption. * 47 Unpolished Rules for Watch Collecting — Buy what you understand, and other practical & theoretical rules to guide your collecting (or not).Stories that drove the most paid subscribersInterestingly, the stories that led to the most paid subscribers had some of the best collector-driven “reporting”:* The A. Lange & Söhne Conundrum — What happens when world-class watchmaking meets modern luxury.* A ‘Paul Newman’ Daytona, CPO, and What It Means for Collecting Vintage Rolex — A closer look at a curious Paul Newman sold by 1916 Company, and the importance of “period correct.”2 More Reasons to Subscribe in 2026Magazines & GiveawaysPaid subscribers already get access to every newsletter, including the full update below, comments, plus (1) $50 off any service at Watchcheck, and (2) 10% off in the Unpolished Store. But here are two more reasons to join right now: * 2025 Rewind Magazine. Become a founding member for $199, and you’ll also get (1) a strap of your choice and (2) the 2025 Rewind Magazine. It’s still being finalized, but expect about 60 perfect-bound pages of the best writing and photography of 2025, along with some stuff that hasn’t been published yet. Here’s a preview:* Giveaway! Join or renew by January 7, 2026, and you’ll be entered into a giveaway.* I’m giving away so much stuff:* One (1) Unpolished/Veblenist Valet Tray* Two (2) Farr + Switt Retro Digital Watches* Two (2) Unpolished 47 hats, and* Six (6) straps, one of each color and lug width for the Canvas and Calfskin currently offered in the Store. Manage or upgrade your subscription here. If you’re already a subscriber but want to become a Founding Member before you auto-renew to get your strap ASAP, send me an email.*All current and new subscribers will be entered to win. Unpolished launched on Jan. 6, 2025, so if you subscribed then and auto-renew, you’ll be automatically entered to win. UNPOLISHED STRAPSShop the Canvas and Matte Calfskin Strap in the Unpolished Store. December 19 (today) is the last day to order for shipping before Christmas (shipments will resume 12/26). Grab a Matte Calfskin for just $100 before prices increase next year. PLUS: Free U.S. shipping for the rest of 2025!Unpolished 2025 by the numbers, and what’s in store for 2026. Here’s what subscriber growth looks like over the past 12 months:

Jack Forster is the global editorial director of the 1916 Company. You can also find his writing on his newsletter, Split Seconds. Jack joined me to look back on 2025 in watches. Jack names his “Escapement of the Year,” “Chronometer of the Year,” and we talk about some of the biggest trends in watchmaking—finishing, craft, complications, technical innovations, and more. Before that, we also look at Breguet’s new magnetic escapement in the Experimentale 1. We discuss what it means to be a “collector,” and whether there’s a difference between collecting and accumulating; whether we should bring back real chronometer awards; and the best thing Jack’s had on his wrist all year. It’s not all sharp internal angles and technical innovations though, we also talk about some of our favorite releases of the year Follow Jack’s newsletter, Split Seconds, and find him at the 1916 Company. Subscribe to the podcast to get future episodes in your feed: Spotify / Apple / RSS.Subscribe for $99/year ($8.25/mo) to get all the good stuff, plus 10% off in the Unpolished Store and $50 off any service at Watchcheck:VISUAL NOTESSHOW NOTES* In Conversation with Philippe Narbel, Fourth Wheel* The Sharp Inner Angle And The Limits Of Machining, Split Seconds* Breguet Launches The 250th Anniversary Expérimentale 1, With Magnetic Escapement, 1916 Company* Breguet Experimentale 1: Anatomy of a Magnetic Escapement, Relogios Mecânicos * Some Quality Time With The Grand Seiko Spring Drive UFA, 1916 Company* Zenith Introduces The GFJ Caliber 135, An Old School Champion Of Precision, 1916 Company* Daniel Roth, a surprising breakout watchmaker of 2025, UnpolishedGet in touch:* tony[at]unpolishedwatches.com* Instagram* Like this post or leave a comment if you’re enjoying the podcast interviews and want to see more in 2026: This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.unpolishedwatches.com/subscribe

This is a free preview of a paid episode. To hear more, visit www.unpolishedwatches.com[Note: Today’s audio edition for paid subscribers is different from the newsletter below. It’s a travelogue of my 8 days in Geneva: Some auction talk, manufacture visits, and sights & sounds. Listen above or on Spotify / Apple. The newsletter below is a guide to Geneva focused on watches. But not only!]Arrive in Geneva by train, and you’ll breeze past half a dozen HORLOGERIE shops as you walk down the hill towards Lake Geneva, all trying to sell you a Tissot, Mondaine, or a brand called Jacques du Manoir. One has Victorinox Swiss Army knives in the window and cheap cuckoo clocks hung on a pegboard in the back. Arrive by plane, and you’ll be smacked with glowing Richard Mille or Patek Philippe Twenty~4 ads. It’s where I finally caved and bought my first Airport Swatch in April—the MoonSwatch 1965—exactly 1,106 days after the original release. Geneva is the epicenter of Swiss watchmaking. In the fairy-tale version, watchmakers spent winters working in mountain workshops before descending to Geneva each spring to show what they’d made.And watches are everywhere. Public trolleybuses remind you that Tudor is “Born to Dare.” Rexhep Rexhepi has an impressive presence in the city’s historic Old Town. Geneva has experiences you can’t find anywhere else, which is what I’ve aimed to highlight in this Unpolished Guide to Geneva.First Things FirstIf you’re visiting Geneva for the watches, I recommend visiting during one of the major “watch weeks” every year: Auctions in May or November (and GPHG), Geneva Watch Days in August, or perhaps Watches & Wonders in April. I prefer auctions or Geneva Watch Days to Watches & Wonders, which are more laid back and open to everyone—auctions for vintage, Geneva Watch Days for modern and independents. But I’ve heard W&W plans to do more to engage the public in 2026, a pattern that has continued since its first public days in 2022. It’s fun to visit during Watches & Wonders for the parties and because everyone is there, but don’t expect to see any watches at the Palexpo.While this Guide is focused on watches, you’ll also find some food, drinks, and other sites, as well as some friendly advice on how to eat fondue. I’ve also saved it all as a list on Google Maps:

This is a free preview of a paid episode. To hear more, visit www.unpolishedwatches.comI. Pink Gold 2499There was a pink-gold Patek Philippe 2499 behind me, at about my 7 o’clock. On the Friday morning of the Geneva auction weekend, I was drinking a 12-franc cappuccino in the Mandarin Oriental’s restaurant with a friend. Pink Gold 2499 was at the table behind us, enjoying the CHF 42 continental breakfast with his family after landing in Geneva an hour earlier. This wasn’t just any 2499, but a First Series, perhaps the one that sold for CHF 3.1m just last year, and the only known with the larger Wenger case. It turned out my friend knows Pink Gold 2499, so we were introduced as I left the Mandarin and my half-drunk cappuccino, pretending not to care about the wasted 6 francs. Pink Gold 2499 was friendly and casual, especially for a Pink Gold 2499. We exchanged WhatsApp and Instagram handles. I traveled to Geneva on my own dime thanks to the support of paid subscribers. To get (1) a 10% discount to the Unpolished Store and (2) a $50 discount on a service from Watchcheck, upgrade for $9/mo or $99/year:The next afternoon at Phillips’ 10th anniversary sale, Pink Gold 2499 was again at roughly 7 o’clock behind me. We both sat there for 90 minutes, this time surrounded by 500 people, half standing around the perimeter of the ballroom of the Hotel President Wilson, all waiting for Lot 23: Patek Philippe Ref. 1518, “A genre-defining, historically important, highly collectable stainless steel perpetual calendar chronograph wristwatch with moonphase display, one of four known. (Estimate: In excess of CHF 8m).” As Lot 23 came up and Aurel Bacs began his pitch for the Steel 1518, Pink Gold 2499 interrupted to shout:“8 MILLION!”“A bid from a savvy Chinese collector,” Bacs said from the rostrum. The interruption was the perfect hook for a short-form video, though perhaps not the way an auction house would’ve preferred to slowly build momentum for the biggest watch of the weekend and one of the most important in the world. After that, bidding was as slow as the air is thin above 8 million francs, though at least five bidders got involved after Pink Gold 2499’s bid. A playful moment came at CHF 10m when dealer Davide Parmegiani placed a bid. “You don’t have a premium paddle, but you have a premium name,” Bacs said as he took the bid from his friendly rival and the chairman of Monaco Legend. Bacs was auctioning off the first steel 1518, while Parmegiani had just completed a private sale of the third steel 1518 (rumor is the buyer’s a low-key European collector). The second example is documented in collector Sandro Fratini’s My Time (and has the most raw dial), while the fourth and final known is slightly different from the first three because it features a larger case made by Wenger. The first three have cases by Genevor. After nearly 10 long minutes of bidding but mostly waiting, this Steel 1518 hammered for CHF 12m, an all-in price of CHF 14.19m ($17.6m, just shy of Paul Newman’s Paul Newman in 2017), going to a winning bidder on the phone. II. TimexAt auction previews, you’re typically helped by a viewing assistant. A young 20-something with dreams of working in “luxury” hands you a pencil and paper where you write down a few lots at a time, which they then dutifully bring over on a tray. I chatted with my assistant at Christie’s, a recent university graduate from a hospitality program in nearby Lausanne, Switzerland. He was 23 and wearing a Timex as he carried over a pink-gold Rolex “Jean Claude Killy” (sold: CHF 520,700) and a black dial Patek 570 (sold: CHF 419,100) on a black velvet tray. The assistants don’t know or care if you’re a superdealer or a lookie-loo like me—mine even offered to hold my light as I took a few photos of my favorite watches.But back at the Phillips preview, the Steel 1518 was different. It had to be signed out and supervised by one of Phillips’ higher-ranking specialists. I’m told it’s in the same condition as when Phillips last sold it in 2016. It may not have even left Geneva. While the other auctions squeeze their previews into hotel ballrooms with no natural light, Phillips builds a temporary structure on top of the pool deck at the five-star President Wilson. There’s a view of Lake Geneva. The way these beautiful watches are fondled all weekend by barbarians and newsletter writers feels almost undignified for such pieces of history, but at least the 1518 gets a view of the lake. Once Lot 23 arrived, time stamps on my camera suggest I got about 4 minutes with the Steel 1518, but it felt like no time at all. Phillips knew I wanted more time, especially given the online discussion from Perez and others, about the dial condition of the 1518. So they asked if I wanted to come back for the opportunity to see and photograph the dial with the crystal off.Of course, I said yes. Here’s what I saw. III. Engraved EnamelRecently, I dedicated an article to engraved enamel dials. Given its relevance to these auctions, I’ve unlocked it for everyone. It’s the most useful introduction to the engraved enamel process I’ve found online. As I explain:“These dials were designed to be cleaned and restored to last for generations, unlike the ink of pad printing, which fades with time. This engraved enamel process involves more steps and craftsmanship than printing, which is why it was only used by high-end brands.”Old Patek Philippe watches feature engraved enamel dials, and most show some signs of cleaning or restoration. “Restoration” isn’t an inherently bad word. Some restorations are sympathetic and less invasive; others, less so. Where you draw the line is often a matter of taste. One collector sees blemishes; another sees raw originality. Most of us live somewhere in between. Original engraved enamel is clean and crisp, with sharp, uninform markings. When these dials are “washed” or “cleaned,” this typically means some solution or chemical was used to clean the dial. This can cause the dial to lose some of its hard enamel, and markings may start to look uneven or faded. Sometimes, this is painted over with “soft” enamel after a cleaning. While hard enamel is typically slightly raised, soft enamel looks more like paint. Dials may also be sanded during cleaning, which can soften calendar cutouts and subdials. It’s often said this can create subtle vertical striations, though it must also be mentioned that vertical brushing could also be applied during original production. With its crystal off, the Steel 1518 reveals the quiet scars of its 80 years—some cleaning, some fading, some mystery:* Cleaning. Phillips’ condition report says it "may have possibly seen one light professional surface clean.” Lot descriptions and condition reports can be useful, but they’re also sales pitches. Especially given the enamel loss in certain spots, I’m comfortable saying it’s been cleaned. * Patek Philippe & Co. logo. The 12 o’clock logo is more faint than the rest of the dial markings. It shares this with the third steel 1518, recently sold by Parmegiani. It could mean they left the factory this way, or that they have handled 80 years of wear similarly. * Indentation. Interestingly, the logo appears slightly indented. It’s perhaps most helpful to analyze watches by comparison, so let me start here: I’ve had the opportunity to loupe one other steel 1518 besides this one (not Parmegiani’s). Its 12 o’clock logo has the exact same indentation. Again, I don’t know if the dials were born this way, or if this is the result of 80 years of aging. But at least two of the steel 1518s share this characteristic.* Outer scales. The outer scales look raised, which is what you’d expect of an engraved enamel dial. There is some visible enamel loss. Some numerals have partial enamel missing, while some scales look messier. For example, note 6 o’clock where the date subdial and all scales converge (below). * Vertical striations. As mentioned, it’s often said a vertical pattern can indicate cleaning with a slight abrasive. In places, you can see vertical striations or scratches that seem to stretch across the silver of the dial and the enamel:Here’s what else we know: This dial has looked the same since at least 2010, when it was published in John Goldberger’s Stainless Steel Patek Philippe (image here). Since then, it’s passed from Alfredo Paramico to a well-known Australian collector, and twice through Phillips. Anyway, cleaning and restoration are to be expected for an 80-plus year old Patek that also happens to be one of the most famous watches in the world.Scroll through the photos in my engraved enamel article and you’ll see watches with crisper signatures and scales. They also tend to be younger. And of course, there’s no stainless steel 1518. If you want one of those, you can’t exactly be picky. And you’ve gotta be ready to pay up. Meanwhile, I can hardly leave behind six francs of cappuccino at the Mandarin.In Phillips’ great video about the steel 1518, Parmegiani explains that washing a dial affects its condition, but not its originality. A dial can be washed but still perfectly original. He goes on to say that of the roughly 80 ref. 1518s he’s sold in his career, perhaps five had untouched dials. Dealer John Reardon makes a broader point: Watches are literally living objects. In vintage Patek Philippe, the movement oil and the Zapon—the clear protective layer on top of the dial—are organic compounds. They naturally degrade over time, eventually necessitating preservation and restoration.Perhaps the best illustration of original hard enamel compared to a restored dial I saw this week came on two Agassiz world timers. One was owned by a private collector; the other sold at auction: IV. It’s Okay to Say ‘I Don’t Know’In that Phillips video, Parmegiani says: “Restoration is something the market has to understand, otherwise they will not be able to understand, love, and appreciate the pieces they see.”This time around, the discussion about the Steel 1518 got completely wrapped up in condition, enamel, and logo indentations. As I left the room after photographing the 1518, I had to remind myself: This newsletter might never cover a steel 1518 again. But this is also where the watch industry can do more. Rediscovering the history of an 80-year-old watch is like putting together a jigsaw puzzle that’s missing half its pieces. It’s impossible to know for sure what’s been done to it. Especially if dealers or experts hold whatever pieces they have close to the chest. In fact, this is the very joke I was trying to make with the name of this newsletter: Sellers call watches “unpolished,” when in fact, it’s nearly impossible to prove whether a case has been polished or not.I spent 45 minutes with the Steel 1518, crystal off, and I’m comfortable to say: I don’t fully understand the puzzle. I like to think there’s a certain confidence in being able to say I don’t know. Admitting that I don’t have all the answers, especially when it comes to 1518s. Be skeptical of anyone who speaks in absolutes. Condition and restoration are still not discussed in the open enough. This causes them to be thrown around like bad words, which leads people to make illogical leaps from “washed” to “franken” to “fake,” when in fact cleaning a dial doesn’t affect originality or authenticity.When the industry doesn’t educate, people fill the gaps with assumptions, conspiracies, and worst-case scenarios. It’s on us to offer knowledge and clarity before confusion takes hold.That video discussion between Dr. Helmut Crott, Reardon, Bacs, and Parmegiani was a great start, an introduction to how dealers at that level discuss restoration and condition. It would’ve been compelling to see them take it one step further— to discuss how that thinking applies to this particular 1518. Phillips letting me take and publish these photos is another great step (thank you!). Of course, their main obligations is to their clients. And there, it’s the result that matters: CHF 14,190,000.Leave a comment or heart if you enjoyed this dispatch. I posted a quick video of much of the bidding on the Steel 1518 without commentary. The comments, for some reason, got nasty. But I trust the thoughtful Unpolished newsletter audience will be more civil!Lot NotesAcross the auctions, one theme I saw play out was major players paying respect to the history of watches by bidding at auction. Here’s who won that Mercedes Gleitze Rolex, and what FP Journe walked away with:

Wei Koh is the founder of The Rake and Revolution Magazine. This year, Revolution is celebrating its 20th anniversary. Wei is one of the smartest guys in media about watches. He can write 10,000 words about the constant-force remontoir (that’s actually readable) or capture the horological and historical importance of Patek Philippe’s entire line of perpetual calendar chronographs. One of my old favorites from Wei is a piece he wrote about visiting Frank Muller in Thailand, in which he swims into the ocean, voice recorder tucked beneath his hat, to document the story of the Crazy Hour (PDF below).Subscribe to the podcast to get future episodes in your feed: Spotify / Apple / RSS.Wei joined me to chat about 20 years in media; how things have changed since he started Revolution; we get into the current state of independent watchmaking; are all those internal angles missing the point, and what Wei wants to see from young independent watchmakers; is FP Journe the greatest watchmaker of all time? Then, we talk about his new eight-part docuseries about independent watchmaking, Man of the Hour. He tells some fun stories from the shoot involving a few of the most well-known indies, including what it’s like to live in the same apartment complex as FP Journe. For more on Man of the Hour, visit its website, or as Wei says, shoot him a DM. Shop the new Unpolished Canvas Strap:Show Notes:* How Hand-Finishing Became the New Complication, Unpolished* Fam Al-Hut interview with Wei, Revolution* Man of the Hour trailer, YouTube* Franck Muller and Wei Koh in Thailand:Get in touch:* [email protected]* Instagram* Or my favorite, like or leave a comment on this post: This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.unpolishedwatches.com/subscribe