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THE wristwatch is under siege from the mobile phone, with only luxury timepieces withstanding the assault.

A survey by Seiko found watch ownership among Japanese adults fell from 76% in 1997 to 46% this year, a trend reflected in Australia as well.

 

Market research company IBISWorld has reported that sales of cheaper, everyday watches such as the Swatch, which was dominant during the 1980s and early 1990s, were falling as people increasingly relied on mobile phones to tell the time.

But as local shops are finding this Christmas, there is resilience at the top end of the market. David Jones reports that more expensive pieces are increasingly popular as presents.

“If people have money to spend, they want something with real bling which they can show off,” IBISWorld analyst Claudia Burgio-Ficca said.

“In the past, people may have had a very plain day watch and a dressier watch for the evening. Now they want something to wear all the time that is very obvious, diamond-encrusted and reflects the money they have spent on it. It’s all about status.”

Eric van der Griend, owner of the Watches of Switzerland chain of stores, said annual sales had risen 30%. Among the most coveted were the Omega Seamaster (as worn by James Bond, played most recently by Daniel Craig), which sells for between $2000 and $10,000, as well as TAG Heuer, Rolex and Cartier.

Mr van der Griend said a $60,000 Breitling for Bentley watch in solid 18-carat rose gold with chronographic movement had proved a big seller in Sydney and Melbourne.

“With mobiles and BlackBerries in the electronic age, people don’t need a watch to tell them the time. People want something else from a watch. They want something they can pass on that has a heritage.

“Younger guys may decide to put off the deposit for a house and spend the money on a really amazing watch.”

The market for collectable antique timepieces is buoyant. An online auction of 37 watches owned by the late Rene Rivkin fetched $220,000 this month.

Retired Sydney businessman Tony Garnett owns more than 20 top-quality watches, including several Rolex designs and an IWC Portuguese valued at $40,000.

He sees them as a financial investment as well as a fashion accessory.

“They are only going to go up in value and they are transportable,” he says. “I used to collect cars but they took up too much space. I’ve got four children and I expect I’ll pass my watches down to them.”