Openwork: Inside the Watch Industry

Gabe and Asher kick off with the Dominique Renaud Pulse60 launch, which became the most talked-about watch of the week — not through traditional media, but through private collector communities and group chats. It's a perfect case study in how watch media has gone full circle, and why independents continue to thrive even in a cooling market.

The main discussion unpacks a counterintuitive dynamic in the Rolex pre-owned market: prices are up modestly year over year, but value retention relative to new retail is slipping. Gabe walks through what's driving the gap, where the exceptions are by region and era, and why the headline numbers don't tell the full story.

That sets the stage for a deep look at Rolex's Certified Pre-Owned program, which by some estimates has quietly grown into a business rivaling Tudor in scale. Gabe and Asher break down the economics — including where the margins actually sit, how dealers are sourcing inventory, and why CPO may be doing more to support the broader pre-owned market than most people realize. They also debate a bigger question: is CPO a profit play, or is Rolex getting paid to build a muscle it's going to need down the road?

Openwork is a weekly podcast about how the watch industry actually works. An unfiltered look behind the scenes — no press releases, no hype, and no sponsored takes. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology. Available on Apple Podcasts, Spotify, YouTube Music, or wherever you get your podcasts.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].

The Swiss watch industry is in one of its most difficult periods in decades, with ten established brands down 15% or more in revenue — but that doesn't mean everything is struggling. In this episode, Gabe and Asher explore three segments of the market that are thriving against the tide: independent watchmakers, microbrands brands, and neo-vintage. Along the way, they examine why brands like Breguet, Roger Dubuis, and Girard-Perregaux may have upside despite their current numbers, while others like Blancpain and Panerai remain stuck. The conversation also teases an exciting new brand partnership launching on Collective Horology's website.

Independent watchmakers are winning on the back of creativity, risk-taking, and a business structure that resists commoditization. Using MB&F's Google Trends data and Czapek's shareholder financials as case studies, Gabe and Asher unpack why these brands are gaining both mind share and revenue — and why their tight retail ecosystems protect the value proposition that mass-market brands have lost. They also coin a new term for the sub-$5,000 segment: "challenger brands," a category that encompasses microbrands and independents alike, from Christopher Ward and Fears to Studio Underdog and Brew. These brands are eroding the traditional luxury moat, aided by a media landscape shift that rewards authenticity over gatekeeping.

The final winner in a down market is neo-vintage — watches from the 1990s and early 2000s that offer smaller proportions, better wearability, and tremendous value relative to their modern counterparts. Gabe highlights rising prices on references like the Rolex 14060, 16710, and 14270, noting the uptick predates tariffs and reflects a genuine shift in collector taste, particularly among Gen Z buyers. Cartier, Vacheron Constantin, and IWC are standouts in this space, with neo-vintage pieces that feel more relevant to today's preferences than what those same brands currently produce. It's a trend the hosts believe will only accelerate — and one that established brands ignore at their own risk.

Openwork is a weekly podcast about how the watch industry actually works. An unfiltered look behind the scenes — no press releases, no hype, and no sponsored takes. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology. Available on Apple Podcasts, Spotify, YouTube Music, or wherever you get your podcasts.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].

Rumours about the Rolex GMT Master II Pepsi have reached a boiling point. Authorised dealer websites — controlled by Rolex, not the retailers — have quietly dropped the reference, and WatchPro is reporting that dealers have been told to expect no further deliveries. Asher finds it a dull story; Gabe is more interested in what comes next from Rolex in dress watches, the 1908 collection, and whether the long-dormant Milgauss finally returns.

The centrepiece of the episode is the fallout from the annual Morgan Stanley/LuxConsult Swiss Watch Industry report, which drew unusually public pushback from Swatch Group and Tudor this year. Gabe frames Swatch's objections in context: a holding company with depressed stock, underperforming peers, and an activist investor pressing against the Hayek family's control. Their counter-arguments cherry-pick individual figures without offering systematic data — and suing, he notes, gets complicated fast when Swiss civil law has no discovery process.

The episode closes on Kalshi's new watch futures prediction market, built in partnership with Bezel. Gabe is sceptical — the market is too thin, insider-trading risk too obvious, and a wrong prediction leaves you with nothing. Both hosts agree it has the feel of early-2020s financial-instrument mania and probably won't survive scrutiny.

The episode opens with an announcement for Collective Horology’s Los Angeles Open House watch show (June 6, RSVP required) and closes with a conversation about the podcast’s focus on the business of watches and why that perspective matters to collectors and industry observers.

Openwork is a weekly podcast about how the watch industry actually works. An unfiltered look behind the scenes — no press releases, no hype, and no sponsored takes. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology. Available on Apple Podcasts, Spotify, YouTube Music, or wherever you get your podcasts.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].

Jaeger-LeCoultre was once the top-selling watch brand in the Richemont Group, a top-10 brand globally, and a GPHG darling under the legendary Gunter Blumlein. Today, it's slipped to number 16 in the industry and lost much of its cultural relevance. What happened?

Gabe and Asher unpack JLC's rise, decline, and possible rebirth in light of reports that a consortium led by CEO Jerome Lambert may acquire the brand from Richemont. They argue that JLC has been boxed in on all sides — unable to compete upmarket with Vacheron and Lange, unable to lean into shaped watches alongside Cartier, and stuck producing safe, spreadsheet-driven product instead of the boundary-pushing watchmaking its 1,200-caliber history warrants.

With independence potentially on the horizon, the hosts debate what a liberated JLC could look like — and why this might be one of the most exciting stories in the watch industry right now.

Openwork is a weekly podcast about how the watch industry actually works. An unfiltered look behind the scenes — no press releases, no hype, and no sponsored takes. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology. Available on Apple Podcasts, Spotify, YouTube Music, or wherever you get your podcasts.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].

Update: As of February 21, 2026, the Trump administration now says they will set the new "Global Tariff" rate at 15% (not 10%), maintaining the same effective rate on Switzerland, at least for 150 days.

On this episode, we unpack breaking news that sent shockwaves through the watch world: the U.S. Supreme Court struck down the Trump-era emergency tariffs, instantly voiding the recent 15% levy on Swiss watches. We explain what this actually means for collectors and retailers, why refunds remain a massive open question, and why—despite the ruling—don’t expect watch prices to suddenly drop. Between looming replacement tariffs, a weakening dollar, and ongoing currency pressure against the Swiss franc, volatility is far from over.

We then dive into COSC’s newly announced “Excellence" chronometer standard and ask the uncomfortable question: is this meaningful progress, or a defensive half-measure against METAS? We break down how the new accuracy benchmarks compare, why third-party certification still matters culturally, and how ever-stricter chronometer claims may be setting unrealistic expectations for mechanical watches that have to survive real life on the wrist.

Finally, we look at Audemars Piguet’s remarkable 2025 performance—up 10% in a brutal market—and what’s driving it: massive price increases, a shift toward high complications, boutique-only distribution, and a growing focus on lifetime customer value. We also explore AP’s evolving brand strategy under new leadership, the push toward experiential retail, and why the very clients AP wants most may have the least patience for its increasingly gated buying process. It’s a wide-ranging conversation about tariffs, accuracy, and how modern luxury watch brands are reshaping their futures.

Openwork is a weekly podcast about how the watch industry actually works. An unfiltered look behind the scenes — no press releases, no hype, and no sponsored takes. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology. Available on Apple Podcasts, Spotify, YouTube Music, or wherever you get your podcasts.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].