JUSTIN REIS
The Global CEO of The 1916 Company shares his insights on the evolving landscape of watch collecting, the emotional journey of collectors, and the strategic disruptions reshaping an industry steeped in tradition
What is your most treasured watch?
I grew up in Asia and went to university in London. Watches were unattainable for me then, but my twin brother and I would always talk about what we would buy one day. On our 30th birthday, we met for dinner and had both unknowingly bought each other the same Rolex 50th anniversary “Kermit” watch. That’s a very important one for me and I wear it very frequently.
How has the industry changed over the last decade?
People [used to be] less educated about the collectibility of timepieces. Now, with the age of the internet, access to information has created this incredible, outsized demand. It has been building up gradually and accelerated significantly through Covid. Asia was always a strong market, but the world is catching on. The consumer who wouldn’t ordinarily spend US$25,000 on a watch now knows they’re not buying a dead asset.
How is The 1916 Company disrupting the industry?
The business started [by focusing on pre-owned pieces], which gave us the opportunity to grow many locations worldwide and acquire fantastic customers. Our brand is built around the customer journey and providing access, so there isn’t that frustrating moment when you go into a retailer and aren’t able to be accommodated. We have brands that we invest in; we bring you to factories to meet the watchmaker; and we’re now one of the largest primary dealers in America too. When you add these together, we’re unique.
How do you view the younger generation of collectors?
The new generation has been trained to collect sports memorabilia and sneakers, with a full overload [of content] on Youtube and blogs. I think that [kind of collecting] culture is going to make this industry for years to come. They look to differentiate—not everybody wants an Apple Watch, so the spotlight on big brands is [shifting] to smaller independents. Previously [the latter] didn’t have the marketing dollars or distribution, but now they can get a social media following and sell directly to consumers.
What does it take for an independent brand to get attention?
The brands that are able to build a disciplined following, like De Bethune or FP Journe, have watchmakers who communicate their vision and where they’re looking to go over time. They’re also becoming hyperpersonalised to the consumer: you can leave a comment on Instagram and the CEO can be responding directly. Imagine wearing a watch and knowing you have direct contact with the watchmaker—they’ll stay top of mind for future purchases.
What role does hype play in the market?
In a certain category of watches, you have consumers looking for these flashpoints of releases. The industry is trying to build a demanddriven model, with brands more reticent to have inventory stacked in windows. They’re also getting smarter. For example, the collaboration between Audemars Piguet and Travis Scott: the timepiece is impossible to get, but it reached a new audience and catalysed brand awareness.
Do you see watches as an infallible investment?
We never market watches as an investment; it [collecting] is not led by numerical value. We quickly learnt there is a much more important romantic notion at stake for collectors. We just make sure we’re an information channel, talking about products we genuinely like, and we let people make their own decisions.