>>> What to look at today - 24th of November 2021

Stocks were mixed Wednesday and Treasury yields declined as traders weighed economic risks from tighter monetary policy while awaiting key U.S. data as well as the latest Federal Reserve minutes.
MSCI Inc.’s Asia-Pacific share gauge fell for a third day, sapped by Japan. U.S. futures fluctuated and European contracts rose. Energy and financials helped the S&P 500 eke out a gain overnight, while the Nasdaq 100 extended a drop. A slew of reports are due later on U.S. economic activity and the cost of living.
A climb in Treasuries unwound much of their overnight slide. The prospect of the Fed reducing stimulus more quickly to fight price pressures has tempered bond market inflation expectations, though they remain historically elevated.
New Zealand’s currency sank after the nation raised interest rates to 0.75% to curb price pressures, a smaller move than some had expected. The central bank projected 2% benchmark borrowing costs by the end of 2022. 
One key topic for the minutes would be “discussions around the criteria for a quicker taper of asset purchases,” Carol Kong, a strategist at Commonwealth Bank of Australia, wrote in a note. Inflation trends suggest the Fed needs to start tightening sooner that presently signaled, Kong added.
Oil gained as a planned coordinated release of strategic reserves by the U.S. and other nations fell short of expectations. Gold gained slightly but remains under pressure from higher yields.
US After Hours: JWN -23.4%, GPS -17.2%, ADSK -13.5% lower on earnings; PSTG +13.7%, HPQ +7.9%, NTNX +4.1%, GES +3.9% higher on earnings.

Nikkei -1.58% Hang Seng +0.47% CSI +0.06% Shanghai +0.09% Shenzen -0.02%

Eur$ 1.1247 CNH 6.3869 VNY 6.3873 JPY 114.90 GBP 1.3387 CHF 0.9330 RUB 74.5056 TRY 13.08 WTI$ 79.07 Gold 1795.45 BTC 56,630 -1.85% ETH 4290 -1.40%

S&P +0.02% Nasdaq +0.21% EuroStoxx +0.27% FTSE +0.20% Dax +0.27% SMI +0.06%

Macro :
- Italy Vetoes Third Chinese Takeover This Year: Reuters
- EU Plans New Covid Travel Recommendations for the Bloc: Politico
- Crypto Group ConstitutionDAO to Shut After Loss to Ken Griffin

Keep an eye on :
- ADDTB SS : Nasdaq Adds Cint, Addtech, CTEK to OMX Stockholm Benchmark Index
- AMS SM : Booking in Pact With CVC to Buy Etraveli for About EU1.63b
- AT1 GY : Aroundtown 9M Adjusted Ebitda EU716.2M Vs. EU722.5M Y/y
- AUTO NO ; Autostore 3Q Adjusted Ebitda $42.3M
- CA FP : Carrefour Opens Paris Store With Sensors, Cameras to Boost Speed
- CENER BB : Cenergy’s Corinth Pipeworks Awarded EU47m Contract in Poland
- CINT SS : Nasdaq Adds Cint, Addtech, CTEK to OMX Stockholm Benchmark Index
- CTEK SS : Nasdaq Adds Cint, Addtech, CTEK to OMX Stockholm Benchmark Index
- DPH LN : FTSE 100 Expected to Include Dechra Pharma, Electrocomponents
- DTE GY : FCC Reaches $19.5M Settlement of T-Mobile 911 Outage Probe
- DRW3 GY : Dräger Sees 2022 Net Sales Volume Around EU3 Bln to 3.1 Bln
- ECM LN : FTSE 100 Expected to Include Dechra Pharma, Electrocomponents
- ELIOR FP : Elior Group Sees 2022 Organic Revenue At Least +18%
- GJF NO : Gjensidige Targets Return on Equity After Tax >19% for 2022-2025
- GREENM DC : Nasdaq Adds GreenMobility to OMX Copenhagen Benchmark Index
- HUDL NO : Huddlestock Says German Unit Head Didn’t Meet Target, Steps Down
- KYGAD ID : Kerry Group Holder Offers 2.8m Shares at EU108.15-110/Share
- KID NO : Kid Says Dividend Payment Delayed Due to Technical Difficulties
- NLFSK DC : Nilfisk Raises FY Organic Revenue Forecast
- NDA SS ; Nordea Staff in Denmark Urged to Carry Covid Passport at Office
- RNO FP : Renault Backs Takeover of One French Supplier, Rejects Another
- SGRE SM : Siemens Gamesa to Supply Wind Turbines for Project in Finland
- TRELB SS : Trelleborg Targets EV Tire Sales With ‘Significant’ Spend Plan
- PU11 GY : Social Chain Offers Up to 1.15m Shares
- TIT IM : KKR Said to Weigh Raising Telecom Italia Bid to Win Over Vivendi
- VLA FP : *Valneva Signed Advance Purchase Agreement With EC to Supply Up to 60 Million Doses of Inactivated COVID19 Vaccine Candidate Ove

>>> US After Hours Summary: JWN -23.4%, GPS -17.2%, ADSK -13.5% lower on earning

After Hours Summary: JWN -23.4%, GPS -17.2%, ADSK -13.5% lower on earnings; PSTG +13.7%, HPQ +7.9%, NTNX +4.1%, GES +3.9% higher on earnings;

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: PSTG +13.7%, HPQ +7.9%, NTNX +4.1%, GES +3.9%, DELL +1.3%, DADA +0.4%

Companies trading higher in after hours in reaction to news: PBYI +3.8% (announces US Patent Term Extension for NERLYNX patent), TAK +3.3% (FDA approves Livtencity for post-transplant cytomegalovirus), DELL +1.3% (to compete for $1.6 bln US Army contract), URG +0.3% (files for $100 mln mixed securities shelf offering), HPE +0.3% (to compete for $1.6 bln US Army contract)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: JWN -23.4%, GPS -17.2%, ADSK -13.5%, PLAN -13.3%, VMW -0.6%

Companies trading lower in after hours in reaction to news: OTLK -16.7% (announces bought deal offering of 8 mln shares pricing at $1.25/sh), M -1.7% (in sympathy with weak JWN, GPS earnings), LLY -0.6% (awarded $530 mln Army contract), ABC -0.5% (files mixed securities shelf offering), PG -0.2% (voluntarily recalls certain Old Spice and Secret products), IBM -0.1% (to compete for $1.6 bln US Army contract)

>>> Europe : Brokers Upgrades & Downgrades - 24th of November 2021

>>> Up
* Atea Raised to Buy at Carnegie; PT 192 kroner
* CRH PT Raised to 56 euros from 53 euros at Deutsche Bank
* Deliveroo Raised to Overweight at JPMorgan; PT 392 pence
* Heba Fastighets Raised to Buy at Handelsbanken; PT 185 kronor
* Hochschild Mining Raised to Overweight at Barclays; PT 165 pence
* Just Eat Takeaway Raised to Overweight at JPMorgan
* Land Sec. Raised to Outperform at Exane; PT 850 pence
* Stendorren Fastigheter Raised to Buy at Handelsbanken

>>> Down
* Aareal Bank Cut to Sell at Nord/LB; PT 29 euros
* BIC Cut to Neutral at Oddo BHF; PT 55.50 euros
* Lundin Energy Cut to Reduce at Kepler Cheuvreux; PT 310 kronor
* Marimekko Cut to Hold at Carnegie; PT 95 euros
* Nordstrom Cut to Hold at Jefferies; PT $30
* Orn Software Cut to Hold at Pareto Securities; PT 10.50 kroner
* YIT Cut to Reduce at Inderes; PT 5 euros

>>> Initiation
* Bachem Rated New Hold at Kepler Cheuvreux; PT 708 Swiss francs
* BCP Rated New Outperform at Oddo BHF; PT 22 euro cents
* Ipsen Rated New Hold at Berenberg; PT 93 euros
* Lundbeck Rated New Buy at Berenberg; PT 212 kroner
* McPhy Rated New Buy at Liberum; PT 31.30 euros
* Nel Rated New Buy at Liberum; PT 23.10 kroner
* Ovh Groupe SAS Rated New Equal-Weight at Morgan Stanley
* Ovh Groupe SAS Rated New Buy at Citi; PT 28 euros
* Ovh Groupe SAS Rated New Neutral at Goldman; PT 24 euros
* Ovh Groupe SAS Rated New Overweight at JPMorgan; PT 25 euros
* Siegfried Rated New Buy at Kepler Cheuvreux
* Vifor Pharma Rated New Hold at Berenberg; PT 116 Swiss francs

>>> Call
* ITM Power, McPhy, Nel Buys at Liberum on Strong Demand Outlook
* SMA Solar Downgraded at Berenberg Amid Cautious Outlook for 2022
* UCB, Lundbeck Are Berenberg’s Mid-Cap Pharma Picks, Ipsen Hold

>>> US Close Dow +0.55% S&P +0.17% Nasdaq -0.50% Russell -0.15% VIX 19.38 +1.1%

Closing Stock Market Summary

The S&P 500 increased 0.2% on Tuesday, overcoming an early 0.7% decline, as investors continued to rotate out of growth stocks into value stocks. The Dow Jones Industrial Average rose 0.5%, while the Nasdaq Composite (-0.5%) and Russell 2000 (-0.2%) closed lower but off session lows.  

The underperformance of the small-cap Russell 2000 indicated the rotation was predominately in the large-caps. The S&P 500 energy (+3.0%), financials (+1.6%), and real estate (+1.1%) sectors rose between 1-3%, while the information technology (-0.2%), consumer discretionary (-0.6%), and communication services (-0.4%) sectors closed lower. 

Growth stocks were pressured by another increase in long-term interest rates and by a disappointing earnings reaction in Zoom Video (ZM 206.64, -35.64, -14.7%), which fell nearly 15.0%. The Russell 1000 Growth Index declined 0.4% (-1.7% in two days), versus a 0.6% gain in the Russell 1000 Value Index (+1.1% in two days). 

The 10-yr yield increased four basis points to 1.67% (+13 bps in two days), and the 2-yr yield also increased four basis points to 0.61% after flirting with 0.66% intraday. The U.S. Dollar Index fell 0.1% to 96.48.

Higher oil prices ($78.38, +1.61, +2.1%) provided the fuel for the energy stocks after the U.S. announced plans to release 50 million barrels of oil from the Strategic Petroleum Reserve over several months. China, India, Japan, South Korea, and the UK are also expected to tap into their oil reserves. 

WTI crude futures initially fell on the news, but quickly rebounded on the recognition that Bloomberg reported yesterday that the U.S. was planning to announce this today and that OPEC+ warned it could reconsider output increases as a response. Oil prices were also down 10% since Nov. 10, further signaling the news was already priced in. 

In other earnings news, Best Buy (BBY 121.01, -16.99, -12.3%), Dick's Sporting Goods (DKS 134.55, -5.73, -4.1%), Urban Outfitters (URBN 33.80, -3.47, -9.3%), and Abercrombie & Fitch (ANF 41.12, -5.92, -12.6%) also posted sizable losses despite beating EPS estimates. 

Dollar Tree (DLTR 144.71, +12.15, +9.2%) and Burlington Stores (BURL 285.55, +22.55, +8.6%) were earnings outliers. 

Reviewing Tuesday's economic data:

  • The preliminary IHS Markit Manufacturing PMI for November increased to 59.1 from 58.4 in October. The preliminary IHS Markit Services PMI for November decreased to 57.0 from 58.7 in October.

Looking ahead, investors will receive a huge batch of economic data on Wednesday, including weekly Initial Claims, Personal Income and Spending for October, New Home Sales for October, and the final University of Michigan Index of Consumer Sentiment for November. 

  • S&P 500 +24.9% YTD
  • Nasdaq Composite +22.4% YTD
  • Russell 2000 +17.9% YTD
  • Dow Jones Industrial Average +17.0% YTD

FT : UK enters wave of excess deaths not fully explained by Covid

UK enters wave of excess deaths not fully explained by Covid
Third, unexpected, rise during pandemic raises possibility of fatalities caused by NHS strains and lack of early diagnosis

The UK has entered a third phase of excess deaths during the pandemic with more people dying than expected and the figure not readily explained by coronavirus.

In the week ending November 12, 2,047 more deaths were registered than during the same period between 2015 to 2019, but Covid-19 was mentioned on death certificates for only 1,197 people.

The new phase of excess deaths raises the possibility that since the summer more people have been losing their lives as a result of strains on the NHS or lack of early diagnosis of serious illness, although the interpretation of the figures is contested.

Data from the Office for National Statistics, National Records Scotland and the Northern Ireland Statistics and Research Agency have shown three distinct phases of the pandemic.


In the first wave of infections, Covid-19 was often not diagnosed as a cause of death because tests were unavailable and the disease was new, resulting in a large excess of non-Covid deaths as well as deaths attributed to the virus.

By last winter, the start of the second phase, testing problems had been resolved and more deaths were attributed to coronavirus than the number of excess deaths, suggesting the pandemic was killing people who would have died anyway.

Once the wave subsided, the cumulative total of excess deaths fell with consistently fewer than expected deaths registered per week between March and July.


But since the summer, the number of excess deaths has been climbing steadily, triggering a third phase. The figures not only show Covid deaths but also non-Covid deaths, which since early July have been higher than the weekly average for the five years leading up to the pandemic.

Paul Hunter, professor in medicine at Norwich Medical School, said he had initially suspected the excess deaths in recent months might have been caused by a return of respiratory viruses, such as flu, but data suggest that cardiovascular disease and strokes were the most prominent conditions contributing to the unexpectedly high mortality levels.

Although excess deaths were a “blunt measure”, he believed another factor was the rise in deaths at home, which are about 30 per cent higher than before the pandemic.

“I’m assuming either that is because people who should be going into hospital are deciding against it because they’re worried about Covid or they’re trying to get into hospital and then waiting too long for ambulances and then succumbing,” he said.

Stuart McDonald, fellow at the Institute and Faculty of Actuaries, a professional body, said official statistics were likely to overstate the level of excess deaths because 2015-2019 figures did not take account of an ageing population.

“The proportion of older people is growing so you would expect the number of deaths to rise each year,” he said.

Using the institute’s baseline, there have been few excess deaths not attributable to Covid-19 in the third phase. But the new Office for Health Improvement & Disparities, which took over duties from Public Health England in October, and also uses a sophisticated baseline, showed excess deaths are not sufficiently explained by Covid.

Sarah Scobie, deputy director of research at the Nuffield Trust, a think-tank, said there was no “hard evidence” that people had been seeking, or obtaining, medical help later than they otherwise would have done during the crisis.

But, she added, Covid had prevented year-on-year improvements in excess death rates.

The ONS, which compiles mortality figures for England and Wales, was unable to comment.

FT : Apple sues Israeli spyware group NSO

Apple sues Israeli spyware group NSO
iPhone maker accuses company of ‘egregious, deliberate, and concerted effort’ to target and attack its users

Apple is suing NSO Group, the Israeli military-grade spyware manufacturer that created surveillance software used to target the phones of journalists, political dissidents and human rights activists, to block it from using its products.

The iPhone maker’s lawsuit, filed on Tuesday in federal court in California, alleged that NSO, the largest known Israeli cyber warfare company, had spied on and targeted Apple users. It is seeking damages as well as an order stopping NSO from using any Apple software, device or services.

NSO develops and sells its spyware, known as Pegasus, which exploits vulnerabilities in iPhones and Android smartphones, and allows those who deploy it to infiltrate a target’s device unnoticed.

Clients include government agencies, who buy the spyware as off-the-shelf software. NSO has said that it sells its weapon only to nations in order to fight terrorism and serious crime, and with the approval of the Israeli government.

Pegasus was revealed in July to have been used to target smartphones belonging to dozens of journalists, human rights activists and politicians, according to an investigation by a consortium of newspapers.

“State-sponsored actors like the NSO Group spend millions of dollars on sophisticated surveillance technologies without effective accountability. That needs to change,” Craig Federighi, Apple’s senior vice-president of software engineering, said in a statement. “Apple devices are the most secure consumer hardware on the market — but private companies developing state-sponsored spyware have become even more dangerous.” 

NSO Group could not immediately be reached for comment.

Apple’s complaint comes just weeks after the US Court of Appeals for the Ninth Circuit held that NSO and its parent company Q Cyber were not sovereign entities and therefore were not shielded from an earlier lawsuit brought by Facebook accusing NSO of targeting users of its WhatsApp messaging service.

The US government also announced this month that it had added NSO Group and rival Tel Aviv-based Candiru to a trade blacklist, which would restrict exports of US hardware and software to the companies, as it cracks down on the global hacking-for-hire industry.

In the complaint, Apple called NSO a group of “notorious” and “amoral” hackers that act as “mercenaries” creating cyber-surveillance machinery “that invites routine and flagrant abuse” for commercial gain.

Apple accused NSO of violating multiple federal and state laws “arising out of their egregious, deliberate, and concerted efforts in 2021 to target and attack Apple customers”.

Apple issued an emergency software update in September after a vulnerability from Pegasus was exposed by researchers at the University of Toronto’s Citizen Lab.

WWD : Watch Industry Tastemakers on Their Top 10 Timepieces and What Makes a Col

Watch Industry Tastemakers on Their Top 10 Timepieces and What Makes a Collectible
Buyers and influencers share their list of hottest timepieces in the market.

The Swiss watch industry produces most of the world’s luxury timepieces, home to brands such as Rolex, Patek Philippe, Audemars Piguet, IWC and Tag Heuer that are known for their intricate mechanical watches.

Most of these firms also bear influence outside of the watchmaking industry, embracing the worlds of aviation, diving, polo, racing or even outer space — pioneering new heights in technology and innovation.

Watch releases started strong this year and have only heated up, regardless of the ripple effects of the COVID-19 pandemic. Demand for fine watches is soaring, with the Swiss Watch Federation last week reporting that Swiss watch exports reached their highest monthly level in seven years in October at 2.1 billion Swiss francs, or $2.26 billion at current exchange. As the world looks toward moving beyond COVID-19, the watch space feels optimistic with a mix of vintage reissues alongside new trends.

Tiffany Unveils Most Expensive Design In Its History: See The World’s Fair Necklace
At the same time, watch brands held firmly to limited production runs that made their timepieces even more rare, resulting in an online boom in the business of buying, selling and flipping pre-owned and vintage watches and a growing number of start-ups competing to become the dominant digital marketplace.

Most luxury watch brands usually contain a few (or many) classics whose names have been around for years. Brands like Rolex don’t typically release new models, but rather continue to improve on their core collection over time with iconic styles such as the Submariner and Datejust, which have been around for generations. Other brands have opted to keep their house codes alive by continuing to offer modern versions of designs that have proved successful for many years.

However, there has been a shift in mindset among some collectors, who are moving toward independent brands to seek value, high-end finishing and something perhaps just as rare and limited but at a more accessible price point.

Here, WWD speaks to some key players and watch enthusiasts to gain perspective on the top watches worth owning. Only time will tell if they’re right.

Name: @mrwatch85, financial adviser and private collector
IG Handle: @mrwatch85
Top 10 List
MB&F
Greubel Forsey
F.P. Journe
De Bethune
Grönefeld
Kari Voutilainen
A. Lange & Söhne
Rolex
Jaeger-LeCoultre
Patek Philippe

Rolex Daytona
COURTESY PHOTO
WWD:What makes a watch a collectible?
I suppose the rarity of a piece is what makes a watch collectible, although the market has changed with the use of Instagram, which means that pieces that are hyped are very much collectible also. The supply of watches has reduced yet the demand is getting much stronger, so much so that the brands are unable to produce enough watches to meet the demand. Therefore more watches are becoming collectibles purely with the lack of supply.
WWD: How has the resiliency of the watch market performed during the pandemic (pre and post/now)?
The watch market seems to continue to perform both pre and post the pandemic. If anything due to the pandemic, fewer watches have been produced and therefore the secondary market pricing has increased, therefore demand further increased and doesn’t look to be slowing down at all. As for buyers’ mentality, overall I find that more people are wanting to buy luxury watches as they see the strong resale values and therefore more people who wouldn’t normally buy luxury watches and part with significant amounts of money will be open to the idea purely as they see it as an investment.


WWD: How is the secondhand market/vintage affecting the release schedule of timepieces and overall value?
The secondhand market is a crazy market right now with prices of certain models being double or triple what the retail price is, thus making new releases even harder to acquire, especially if there isn’t already an existing relationship. It is getting much harder for new collectors to get into the market with their first pieces, and some will then go to the secondary market and pay gray market prices to get their dream piece.
WWD:How has Instagram affected the resurgence of classic timepieces?
Instagram is definitely the platform for promotion, therefore has massively increased the interest in classic timepieces. I wasn’t akin to the watch market many years ago and so only know the market through Instagram, but what I have experienced to date is that people can see more watches through this medium and therefore it has taken all watches and their popularity to another level.
WWD: With Instagram being a key tool for watch collectors, do you think the platform helps or affects the releases and sales of watches versus secondhand pieces?
An Instagram post can reach so many more people with a new release within minutes and has the ability to release teasers prior, which build the hype and create a lot of momentum before the release. Perhaps that’s largely why most releases are sold before they are even available for sale where collectors have existing relationships with their authorized dealers.
Secondhand pieces also can be marketed easily on the ‘gram for other collectors to see and so a great platform for a business to sell watches. Instagram is great at showing you what you like and therefore content/watches reaches a like-minded audience/target market with ease.
On the flip side, however, it also opens up the opportunity for fraud and selling of fake watches. Individuals really need to do their due diligence before buying and potentially being duped.

Name: Giorgia Mondani, founder of Mondani Web
IG Handle: @giorgiamondani
Top 10 List:
Rolex sport models such as Daytona Submariner GMT-Master
Patek Philippe Nautilus and Aquanaut
Audemars Piguet Royal Oak
Omega Speedmaster
Cartier Crash, Tank, Santos
F.P. Journe
Richard Mille
Chopard Happy Diamonds, Alpine Eagle
Tag Heuer Monaco
Tudor Pelagos, Black Bay



Patek Philippe 5726
COURTESY PHOTO
WWD: What makes a watch a collectible?
The history of the brand and a specific model is certainly important. The marketing the brand does today [also] influences the position of that watch in the market. Luxury watches represent today — if a collector can choose — an investment as well so collectors are buying more and more.
WWD: How has the resiliency of the watch market performed during the pandemic (pre and post/now)?
It is one of the few markets that increased. The luxury watch is seen as a safe good investment today, more than keeping money in the safe. The November session of international auctions that just ended achieved incredible results and that is another proof that the market is still growing.
WWD: How is the secondhand market/vintage affecting the release schedule of timepieces and overall value?
There’s a big difference between brands like Rolex, Patek Philippe and Audemars Piguet, where demand is higher than offers, so basically, the market is made by the secondary market and not by the official retailers, and other brands where one can still afford the demand of all models and their prices in the secondary market are lower than retail.
WWD:How has Instagram affected the resurgence of classic timepieces?
Instagram has changed everything. In the watch business, today Instagram is kind of the center of the world. Instagram gave collectors and dealers the chance to see and find timepieces everywhere in the world, without geographical limits, as well as creating a new way to advertise products: through influencers and this is a very important part in watch sales today.
Also, Instagram offers the chance to easily contact whoever you want, you don’t have to look for their telephone number or email, you simply send a message there and in many cases, also in celebrities’ profiles, the person behind the screen is the real owner of the profile.
Unfortunately Instagram is also a very good platform for scammers. That is why our network of trusted dealers, Mondani Web, is working very well, because we suggest to collectors where to buy safely and we offer serious dealers the chance to appear and sell more.



Name: Elizabeth Smith, boutique director at Oliver Smith Jeweler
IG Handle: elizabethsmith2
Top 10 List:
Audemars Piguet 15202ST Royal Oak in stainless steel with a blue dial.
Patek Philippe 5726 Nautilus in stainless steel and a gray dial.
Rolex Daytona Reference 116508 in yellow gold with a green dial.
Cartier Santos WSSA0030 stainless steel watch with graduated blue dial.
Omega Speedmaster 145.012, stainless steel with black dial, from 1968.
Panerai Luminor 202A, stainless steel, black dial.
Blancpain Fifty Fathoms 5015 1130 52A, stainless steel, black dial with black dive bezel.
IWC Big Pilot Le Petit Prince IW5010, stainless steel with a blue dial.
Jaeger-LeCoultre Reverso 3550130, stainless steel case with silvered gray guilloche dial.
A. Lange + Söhne Lange 1, Reference 149349 with a platinum case and silver dial.
Cartier Santos
COURTESY PHOTO
WWD: What makes a watch a collectible?
Rarity and exclusivity would be obvious initial responses, but to me a piece becomes collectible because of the unique and authentic story behind it. The story can be brand-specific (for example, how Patek Philippe has positioned themselves as a piece shared between generations) or behind that specific watch (Paul Newman’s Daytona going up for auction). If the story becomes relatable and endearing to the person wearing it, it is collectible.
WWD: Please speak to the resiliency of the watch market during and post the pandemic.
At the beginning of the pandemic, we never would have thought demand for luxury watches would increase. We soon learned that people were sitting at home during lockdowns, the economy was driving income and they had ample time to research watches online. Demand seemed to constantly grow, and we relied on long-standing relationships and our brand reputation to sustain our business throughout that period. As we round the bend, and more clients are able to access brick-and-mortar stores like our sites in Aspen, Colo. and Scottsdale, Ariz., demand continues to increase as clients can finally see and feel the pieces they previously have only been able to read about. It has been a joy to have clients back in our stores.
WWD: How has the resale market affected the release schedule of timepieces and overall value of new styles?


I don’t think brands structure their releases with a major consideration of the secondhand market impact. Brands do what they want to do and after they make their move, the secondhand market reacts. That said, iconic brands definitely impact demand and the economy of the pre-owned market — for example, Audemars Piguet announcing the discontinuation of the Royal Oak 15202ST. The watch retails for $31,300 and is now selling on the secondary market for $106,000.
WWD: What are you looking forward to at the upcoming Watches and Wonders fair?
Finally traveling abroad and catching up in-person with friends. Watch brands are always hush-hush on their forthcoming releases, which makes it even more exciting to discover what’s next as the fair advances during the week — you simply never know what you will find. It will be interesting to see how Watches and Wonders now navigates clients, buyers and brands all being in the same room. We belong to a very large and growing industry that is pivoting to the future — it is exciting to see.
WWD: How has Instagram affected the popularity of classic timepieces?
Instagram has affected the popularity of classic timepieces exponentially. Before Instagram it was harder to find information and photos on historic pieces. Now people who may have never ever thought about a watch have exposure to so many pieces and are starting to pay attention.
WWD: With Instagram being a key tool for watch collectors, do you think the platform helps build buzz or affects the releases and sales of watches versus secondhand pieces?
Instagram is a great platform for brands to create buzz around new releases and increase the lore of their legacy pieces. However, not everyone can access the latest watches, and this feeds the secondary market as their entry point. Instagram has created unrealistic hype around some specific models, but overall, the buzz is good for the secondary market and the industry as a whole.

Name: Fabian Diaz, watch smith/watchmaker
IG Handle: @jfkrolex
Top 10 List:
Patek Philippe Nautilus
Vacheron Constantin Reference 57260
Audemars Piguet Royal Oak Skeleton
Jaeger-LeCoultre Reverso
Rolex Skydweller
Omega Speedmaster
Cartier Tank
Breitling Navitimer
Tag Heuer Monaco
Seiko Astron



Jaeger-LeCoultre Reverso
COURTESY PHOTO
Philippe Dufour Grande & Petite Sonnerie from 1992.
WWD: What makes a watch a collectible?
Usually limited pieces on certain watch brands are an indicator of collectibles, colors of dials never done before, and retiring old models from production.
WWD: How has the watch market performed during the pandemic (pre and post/now)?
Watches will never be a dying breed, I honestly think the watch Industry is the modern day of stocks. I said it before, a lot of people buy watches because they hold value more and it’s an easier item to sell in a tough situation. Due to the pandemic and shortness of supply and demand it has driven the watches up in price and made them harder to obtain. Things have to shift back into motion eventually and with time some watches that are still in production will continue to be accessible.
WWD: How is the secondhand market/vintage affecting the release schedule of timepieces and overall value?
Vintage watches have always been huge in holding their value if not always increasing, it’s not an item you can still walk into the store and just buy, conditions are key, and the secondhand market has always had an impact on vintage. Social media has also played a big role in the secondhand craze because you see it and want it even more. Pieces that people start to look for spread like wildfire and everyone jumps on the same wave, driving availability dry.
WWD: How has Instagram affected the resurgence of classic timepieces?
By far a large dent, social media has made a lot of people icons, collectors, resellers. It has created its own lane, how? Well, it’s easy when you see a watch, you DM the person and get a price — a price with super inflation because you can’t find it. You have a modern day consumer turned watch salesman.
WWD: With Instagram being a key tool for watch collectors, do you think the platform helps or affects the releases and sales of new watches versus secondhand pieces?
Instagram is a free outlet, it definitely helps people who don’t know much about a watch get informed, with prices that at times aren’t disclosed on websites, or when it comes to fixing a piece, who’s the most reliable. The huge companies know what they are doing also jumping on the social media craze.



Name: Romain Rea, chief executive officer of Antiquorum
Top 10 List:
Rolex Sports wristwatch GMT
Patek Philippe Nautilus
Audemars Piguet Royal Oak
F.P. Journe
Omega Speedmaster vintage
Tudor Sport wristwatch, Marine Nationale Submariner or Snowflake
Cartier Crash
A. Lange & Söhne Datograph or Lumen
Jaeger-LeCoultre Reverso
Roger Dubuis Perpetual Calendar
A. Lange & Söhne
COURTESY PHOTO
Patek Philippe Reference 2499 from 1952.

WWD: What makes a watch a collectible?
Its value on the market. There has been a change recently: watches more and more sought after by collectors are the ones promising a good investment. Investment first and passion second. So, nowadays, a collector will want a safe investment such as a Rolex or a Patek Philippe. The general condition of the watch, rarity of the production and the history linked to it.
WWD: How has the watch market performed during the pandemic (pre and post/now)?
People had more time and money to spend. Therefore they were very curious about this market. The watch market grew during the COVID-19 pandemic. So we had to develop our online auctions. Hence, in my opinion, this tragic pandemic did not have a negative impact on the watch market.
WWD: How is the secondhand market/vintage affecting the release schedule of timepieces and overall value?
The secondhand market was initially born because people wanted to pay less for a watch. This enhanced the value of modern watches, which allowed the manufacturer to produce in line with demand. Now it is a reverse situation, the market has become more expensive because of the lack of production of the first-hand market. Manufacturers have to respond to the demand of customers who might lose interest in a product because they are tired of waiting and so they go to the secondhand, even if it is more expensive. It is therefore necessary to produce less of the products less in demand, for example ladies’ watches.
WWD: How has Instagram affected the resurgence of classic timepieces?With Instagram being a key tool for watch collectors, do you think the platform helps or affects the releases and sales of new watches versus secondhand pieces?
Social networks have enabled the development of sales circuits, more entertaining. People have been able to discover this sector via new images (Facebook, Instagram, even TikTok), more artistic. For instance, when people see a picture of a wristwatch worn, they are able to better visualize their own image wearing it.



Name: Alexandre Ghotbi head of watches, continental Europe and the Middle East director, Phillips in association with Bacs & Russo
IG Handle: @the_vintage_lounge
Top 10 List:
​​Patek Philippe
Rolex
Audemars Piguet
Vacheron Constantin
A. Lange & Söhne
Omega
F.P. Journe
Philippe Dufour
MB&F
Kari Voutilainen
Omega
COURTESY PHOTO
F.P. Journe Chronomètre à Résonance “Souscription”

WWD: What makes a watch a collectible?
Its rarity, design, relevance in the horological sphere and if it has influenced others and, if vintage, its condition.
WWD: How has the watch market performed during the pandemic (pre and post/now)?
I can only speak for the secondary market and auctions and as a whole the market is extremely strong, but this only applies to specific brands and models. A new generation of collectors is starting to enter the market with more varied tastes and looking for watches of true horological relevance.
WWD: How is the secondhand market/vintage affecting the release schedule of timepieces and overall value?
The results in the auction market have opened the eyes of many aficionados on the current offering of many brands but I am not aware that it is affecting the release schedules.
WWD: How has Instagram affected the resurgence of classic timepieces?
Instagram’s influence has been twofold: It has standardized tastes and desires with photos of the same models regardless of whether the poster is in Tokyo, New York or Paris, but also has given access to a wide range of small independent watchmakers who without social media would never have been known.
WWD: With Instagram being a key tool for watch collectors, do you think the platform helps or affects the releases and sales of new watches versus secondhand pieces?
Instagram is an excellent sales and marketing tool and as such has a positive effect on sales, may they be secondhand or new releases, as the word gets out there quite fast and reactions and comments are immediate.

Name: Zoe Abelson, luxury watch dealer
IG handle: watchgirloffduty
Top 10 List:
Vintage Rolex Day-Dates w/rare stone and Stella dials
Cartier Crash
A. Lange & Söhne Little Lang 1 Moonphase Reference 182.086
Patek Philippe Perpetual Calendar Reference 3940J
F.P. Journe Resonance
Rolex Daytona Rainbow Reference
Royal Oak x Carolina Bucci
Panthere de Cartier Watch
Rolex Daytona Reference 116509 Meteorite Dial
F.P. Journe Elegante 40mm Titalyt 12 Rows of Diamonds


Audemars Piguet
COURTESY PHOTO
Rolex Stelline from 1953.

WWD:What makes a watch a collectible?

In general, for a watch to be collectible there is an element of uniqueness. Whether it be a beautifully aged vintage timepiece, a rare model that was produced in low quantities and that is not readily available on the market, a timepiece with dials produced out of rare materials, a complication produced with a special technical element to it. There has to be something interesting and different that sets the watch apart from the rest.

WWD:Please speak to the resiliency of the watch market during pandemic? Also post pandemic, has demand grown?

At the start there was a dip in the market since consumers and dealers were unsure how the pandemic would negatively affect the market. However, demand along with prices started to rise with people being at home and isolated socially and people realizing that watches are a hobby that you can connect with other people on. Aside from watches being a hobby to enjoy and get some instant gratification and connect to other people with, it also became clear to the masses that watches are great assets to invest in. Since that very short dip in the market in mid-2020, month by month demand and prices are continuing to rise.

WWD:How is the secondhand market/resale market affecting the release schedule of timepieces and overall value of new styles?

I feel the strong secondhand market shows brands that consumers are hungry for more. There are very obvious trends that can give brands a good indication for what the market wants and needs currently.

WWD:How has Instagram affected the popularity of classic timepieces?

In my opinion, Instagram is one of the top influences for what’s popular in the market today. Classic timepieces always have a strong market but with Instagram there has been more visibility on less classic and slightly different/interesting models, which has led collectors to delve into sectors of the industry such as independent watchmaking brands or other models that weren’t put in the spotlight by brands previously.

WWD:With Instagram being a key tool for watch collectors, do you think the platform helps build buzz or affects the releases and sales of new watches versus secondhand pieces?

I feel Instagram is the best source for watch releases and industry news — more so than blogs dedicated to this type of media. Instagram is for quick attention grabbing content, and if you want to learn more then you dive a little deeper through the account posting. Instagram has more visibility and can pull in a wider set of potential consumers since people are on the platform for general entertainment, not just watch collectors. Someone on Instagram may not know they have any interest to learn about a watch, but that can change easily when scrolling through Instagram and having a post catch your eye.



Name: Edouard Caumon, U.S. country manager at Watchfinder & Co.
Top 10 List:
Rolex
Patek Philippe
Omega
Audemars Piguet
A. Lange & Söhne
Breitling
Jaeger-LeCoultre
Vacheron Constantin
Cartier
IWC
IWC Big Pilot
COURTESY PHOTO

WWD: What makes a watch a collectible?
While many facets around collecting watches are emotionally driven, there are factors like demand and fixed quantities that often created the perfect storm to bring certain watches to collector status.
WWD: How has the watch market performed during the pandemic?
The watch market has grown exponentially over the past few years and even during the uncertainty caused by the pandemic, it continued to grow. With an increasing interest in watches, access to disposable income and timepieces being viewed as a practical luxury, the watch industry has seen a tremendous boost across the first and secondary markets.
WWD: How is the secondhand market/vintage affecting the release schedule of timepieces and overall value?
With an established and controlled secondhand market led by trusted resources like Watchfinder, people are more confidentially purchasing watches with the knowledge that there is a circular economy for a timepiece. Secondhand has become an integral component of the watch industry that has allowed for the appreciation of horology to reach an exponentially wider audience.
WWD: How has Instagram affected the resurgence of classic timepieces?
Being a highly digital brand, Watchfinder has seen firsthand the watch community that has formed on Instagram. The platform has democratized an industry that had previously been perceived as only aspirational to some. Instagram has allowed for a forum of discussion and education that has introduced the beauty of watchmaking to a whole new audience.
WWD: With Instagram being a key tool for watch collectors, do you think the platform helps or affects the releases and sales of new watches versus secondhand pieces?
I think the platform helps. Instagram has become a destination for discovery, dialogue and even commerce. Brands have the ability to communicate directly with their audiences in a way that wasn’t available before Instagram. Its effect on every facet of the watch industry — from collector to brand to first-time buyer — is undeniable.



Name: Vittorino Loreto, chief executive officer and cofounder of Italian Watch Spotter, IWS
IG Handle: @italianwatchspotter @vitto.lrt
Top 10 List:
Audemars Piguet Royal Oak, especially the 15202 and the perpetual calendars.
Patek Philippe Nautilus 5711: same reason as the 15202.
Bulgari Octo Finissimo: for its disruption, records and innovation.
Rolex Vintage Daytonas
Omega Speedmasters: a must-have for every watch enthusiast.
Vacheron Constantin the latest skeleton perpetual calendars are insane.
F.P. Journe Chronometre a Resonance and Tourbillon Souverain.
H. Moser & Cie. for their witty and savvy marketing campaigns.
De Bethune Starry Various DB25
Audemars Piguet Royal Oak
Rolex Daytona

WWD: What makes a watch a collectible?
The three most important things that make a watch collectible are its rarity, the history it represents and the continuous changes in people’s taste during years. For example, vintage Daytonas weren’t liked as much as they are right now.
WWD: How has the watch market performed during the pandemic?
The watch market has not suffered from the pandemic that much. The secondary market has grown and list prices did the same without seeing any slowdown in demand. Major auction houses have also seen increased attendance at their events and increased average prices for lots.
WWD: How is the secondhand market/vintage affecting the release schedule of timepieces and overall value?
The renewed taste for vintage has brought some maisons to consider the remake of some of their heritage pieces. Just think about the Audemars Piguet [Re]master 01.
Talking about value, I think that the increased prices of the secondary market are certainly driving an increase in list prices and we can definitely see it as list prices are growing almost 10 percent year on year.
WWD: How has Instagram affected the resurgence of classic timepieces?
I think Instagram has played a major role in the watch industry. Luxury watches are a very photogenic item so Instagram was the perfect storm to unleash the power of the industry. Something that before was restricted to a very small niche and hardly accessible now with Instagram is visible to millions and millions of people and since, of course, nice watches are beautiful this obviously drives a spike in demand.


WWD: With Instagram being a key tool for watch collectors, do you think the platform helps or affects the releases and sales of new watches versus secondhand pieces?
In the end every watch posted on Instagram benefits the watch industry, independently of it being modern, vintage, restored. Of course, I am assuming that actual conditions are maintained.

FT : Are US regulators about to get tough on crypto?

Are US regulators about to get tough on crypto?
Agencies say they want to look into whether certain crypto activities are “legally permissible”.

This dropped in our inbox a little over an hour ago, courtesy of the Fed (our emphasis):

Throughout 2022, the [agencies that regulate the financial system] plan to provide greater clarity on whether certain activities related to crypto-assets conducted by banking organisations are legally permissible, and expectations for safety and soundness, consumer protection, and compliance with existing laws and regulations related to:

• Crypto-asset safekeeping and traditional custody services.

• Ancillary custody services.

• Facilitation of customer purchases and sales of crypto-assets.

• Loans collateralized by crypto-assets.

• Issuance and distribution of stablecoins.

• Activities involving the holding of crypto-assets on balance sheet.

The agencies also will evaluate the application of bank capital and liquidity standards to cryptoassets for activities involving U.S. banking organizations and will continue to engage with the Basel Committee on Banking Supervision on its consultative process in this area.

As far as we’re aware this is the first attempt by the US’s banking regulators – a group which includes not only the Fed, but the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency – to crack down on crypto.

It comes after China launched its own bid to curtail activity in the sector earlier this year. While China’s ban, which declared all activities related to crypto trading illegal, had a big impact on the price of the major cryptocurrencies, trading in bitcoin and ethereum has barely budged on the back of this announcement.

That’s not totally surprising, given that this is a statement of intent to look into whether rules need to be made as opposed to actual rules. It also strikes us as unlikely that the US agencies will be quite as aggressive as their Chinese counterparts. Nor will they be as quick – that it’s taken this long for US agencies to wake up to the need that crypto may indeed pose a threat to financial activity speaks volumes.

Still, as we’ve long argued, other states are likely follow China’s lead when it comes to challenging private sector dominance of the digital currency space. Whether that be by issuing their own state-backed tokens, or clamping down on crypto through regulation. Investors and lenders would do well to pay at least some attention to what the agencies are planning, as meek as their actions so far seem.