Time is money — more than R5m of it
A WEALTHY Johannesburg businessman has become the proud owner of a limited-edition watch worth R5.2-million — enough to buy a luxury home in a sought-after suburb.
This week the businessman, whose identity is being kept under wraps for security reasons, bought the Quenttin Tourbillon timepiece made by US jeweller to the stars Jacob Arabo.
Arabo’s Jacob & Co watches and jewellery are popular with celebrities such as David Beckham, Kim Kardashian, Pharrell Williams, Jay Z, Cristiano Ronaldo and Rihanna.
Shaun Duminy, who owns Lusso, a high-end jewellery outlet which specialises in luxury watches, obtained the watch for the businessman.
The Jacob & Co website describes the watch — which includes a “deployment buckle”— as “one of the most technical timepieces”. It is water resistant to 30m. “The Quenttin is the first timepiece created with a 31-day power reserve,” it says.
The watch was for someone “who owns some really special pieces”, Duminy said.
“It’s difficult to predict what it will be worth in five years, but investment timepieces absolutely appreciate over time, priced in the dollar,” he said.
“The watch is a limited edition. It’s a very special watch, one of only 18 in the world and probably the only one in the country. Due to the value of the watch we are obviously completely discreet about the owner.
“If you see it on someone’s arm, it will definitely attract attention. It’s highly valuable and a head turner.”
The latest report by New World Wealth, a market research company based in Johannesburg, estimated that “super-luxury watches” to the value of $32-million (about R440million) were sold in South Africa last year, up from $23million in 2013.
The report said top-selling brands locally were Patek Philippe, Franck Muller and Breguet. “A couple of years ago wealthy South Africans would need to order these watches through relevant retailers overseas or travel to places like Bond Street in London to buy them,” the report said.
But now most top-end brands can be bought over the counter at luxury jewellery stores.
According to WtheJournal, a website that focuses on highend watches, the global watch industry is worth about $40-billion a year.
New World Wealth said in its report: “Watches can be bought with cash without raising suspicion, as opposed to cars, yachts and property purchases which may have tax implications.”
It said that South Africa’s emergence as the “luxury hub of Africa” has also contributed to the rapid growth of superwatches.
It’s a very special watch, one of only 18 in the world