$2.3 million Patek Philippe clock and the death of the watch industry

Saw this “news” report on CNN about the sale of a Patek Philippe clock for $2.3 million. Which wasn’t the record for a Patek timepiece: that was $11 million, for the famed “master of complications.”

The anchor commented that such a watch would soon be worth very little, citing a YouGov survey which found 60% of men under 35 use a cellphone to tell time… which has the obvious implication that 40% of men use a wristwatch. A product which has a built-in two-fifths share of the most sought-after demographic seems like a pretty good investment. And of course, watches not only tell the time, but look good as a fashion accessory. That’s why the watch industry is a growing multibillion dollar industry. And CNN is CNN.