Buying Time - July 2, 2026
De Bethune gets a new CEO, Bennahmias builds N3W5, Phillips resets the auction market, and Rolex keeps showing its playful side.
In 30 Seconds
Today’s BuyingTime Daily starts with movement at the top of the watch business: Antoine Pin takes over De Bethune, François-Henri Bennahmias begins life after Audemars Piguet with N3W5, and Phillips turns the spring auction season into a $235 million statement about the strength of serious collecting.
The features are just as telling. Rolex is pushing deeper into exploration culture with National Geographic while also proving that colorful dials can still make the Crown feel surprisingly playful. Meanwhile, American watchmaking education, Tom Cruise’s collection, and Hamilton’s latest Hollywood placement remind us that watches live as much in culture as they do in cases.
Time Graphing Today’s Watch Universe
There are days in the watch world when the news is not really about watches at all. It is about control. Who gets to shape the story. Who gets to own the next chapter. Who gets to decide whether the future of horology will be built by institutions, independents, auction houses, celebrities, schools, or the brands that have spent decades turning themselves into cultural infrastructure.
Today is one of those days.
At the top of the issue, Antoine Pin’s arrival at De Bethune feels like more than a management appointment. De Bethune has always occupied one of the more unusual places in modern independent watchmaking: technically brilliant, visually unmistakable, intellectually admired, but still operating at a scale where leadership matters in an unusually personal way. Bringing in Pin, with experience across LVMH, Bulgari, Zenith, TAG Heuer, and Berluti, suggests that De Bethune is preparing for a more deliberate next phase. The question is whether an independent can scale without smoothing away the oddness that made collectors care in the first place.
That same question hangs over François-Henri Bennahmias and his new N3W5 project. Bennahmias did not leave Audemars Piguet quietly into retirement. He is trying to build something that sounds less like a conventional brand and more like a watchmaking platform: designers, dial makers, artisans, engineers, suppliers, and collectors brought together under one name. A second report on the N3W5 launch adds more shape to the ambition, including substantial backing, newly developed movements, and Anita Porchet’s involvement. The message is clear enough: the post-AP Bennahmias era will not be small, shy, or invisible.
Then there is the auction market, where Phillips’ $235 million spring season reminds everyone that the top of the market is not behaving like a hobby. It is behaving like a highly organized capital market for objects with history, scarcity, and mythology attached. When F.P. Journe sets records, when Patek Philippe world timers and perpetual calendars command extraordinary numbers, and when bidders from more than 70 countries participate, the market is not simply chasing old watches. It is deciding which names belong in the next canon.
Rolex, meanwhile, is doing what Rolex does best: expanding its cultural perimeter without ever seeming to chase attention. Its deepened relationship with National Geographic through the transformed Base Camp and Museum of Exploration reinforces the brand’s long association with endurance, science, and exploration. But in another corner of the issue, Rolex is also showing a different face with its recent colorful dials. The Celebration dial, the Jigsaw Puzzle Day-Date, and the Jubilee motif Oyster Perpetual are not tool-watch Rolex. They are Rolex allowing itself to smile.
That may be the most interesting tension in the brand today. Rolex can still claim Everest, oceans, laboratories, and expedition history. But it can also sell bubbles, puzzles, emojis, and color. The collector world sometimes treats these as contradictions. They are not. They are proof of power. Only a brand this secure can afford to be playful without looking unserious.
Even the cultural stories point in the same direction. Hamilton’s role in Spielberg’s Disclosure Day shows how deeply watches continue to function as character shorthand on screen. Tom Cruise’s collection, heavy on Rolex but broader than many would expect, reminds us that public figures do not merely wear watches; they help translate them into popular mythology. And the story of America’s last full-time public watchmaking program is a reminder that none of this survives without people who can actually service, regulate, repair, and make these objects work.
So today’s issue is about power, but not in the blunt sense. It is about the subtle kind: the power to hire the right leader, launch a new brand, preserve a craft, shape a collector market, own an auction season, or make a dial covered in color feel like serious luxury.
The watch world keeps telling us that time is measured in seconds. But the business of watches is measured in who gets remembered.
–Michael Wolf
News Time
Antoine Pin Takes the Helm at De Bethune
Antoine Pin has been named CEO of De Bethune, bringing experience from LVMH, Berluti, Bulgari, Zenith, and TAG Heuer to one of independent watchmaking’s most technically distinctive brands. He joins as De Bethune marks its 25th anniversary and will work alongside co-founder Denis Flageollet as the brand looks to grow without losing the experimental spirit that made it matter.
Go Deeper: Read the full story.
Former AP-CEO Francois-Henry Bennahmias Reveals Watch Project
François-Henri Bennahmias has unveiled his first major post-Audemars Piguet watch venture through the Honorable Merchant Group’s N3W5 brand. The project brings together a network of specialists to build luxury watches around craftsmanship, transparency, and collaboration, with debut models planned for Dubai Watch Week 2027.
Go Deeper: Read the full story
Former Audemars Piguet CEO Launches New Brand N3W5
The second look at Bennahmias’s N3W5 project adds more detail: CHF 30 million in backing, new mechanical movements, round and cushion-shaped cases, and pricing expected to begin around CHF 20,000. With Anita Porchet involved and sales expected to begin in 2028, this is already one of the most closely watched independent launches on the horizon.
Go Deeper: Read the full story
Phillips Smashes Watch Auction Records With a $235 Million Spring Season
Phillips, working with Bacs & Russo, produced a record-breaking spring season with more than $235 million in watch auction sales across Geneva, Hong Kong, and New York. The result confirms that the top end of the market remains intensely active, especially for rare Patek Philippe references, F.P. Journe, and watches with serious provenance.
Go Deeper: Read the full story
Feature Time
I’ve Seen the Future of American Watchmaking
America’s last full-time public watchmaking program continues to quietly train the next generation of watchmakers through a demanding 3,000-hour curriculum that combines traditional hand skills with modern servicing techniques. At a time when qualified watchmakers remain in short supply, the Watch Technology Institute represents one of the industry’s most important long-term investments.
Go Deeper: Read the full story.
Rolex Deepens 70-Year National Geographic Partnership With Transformed Base Camp
Rolex has expanded its decades-long relationship with National Geographic by becoming a Founding Donor of the organization’s transformed Washington headquarters and Museum of Exploration. The move reinforces Rolex’s commitment to exploration and scientific research while extending one of the most authentic partnerships in luxury watchmaking.
Go Deeper: Read the full story
Rolex Injected The Perfect Dose Of Fun Into Its Recent Series Of Colorful Dials
The Celebration dial, Jigsaw Puzzle Day-Date and Jubilee-inspired Oyster Perpetual prove that even the world’s most recognizable luxury watch brand can embrace humor and bold design without sacrificing prestige. The colorful releases have become some of Rolex’s most talked-about modern creations.
Go Deeper: Read the full story
The Unlikely Watch Collector: Tom Cruise
Tom Cruise’s collection extends well beyond the expected Rolex lineup, including important pieces from Panerai, Vacheron Constantin, Cartier, Graham and Bremont. Together they reveal a collector with genuine enthusiasm for both mainstream icons and niche horological craftsmanship.
Go Deeper: Read the full story.
Watching Movies: Hamilton Outfits Two Central Characters In Steven Spielberg’s Disclosure Day
Hamilton continues one of watchmaking’s longest-running Hollywood relationships by placing two of its models on key characters in Steven Spielberg’s latest blockbuster. The partnership once again demonstrates how carefully selected watches help define personalities on screen.
Go Deeper: Read the full story
Comparing Time
Grand Seiko Quartz vs Mechanical: After Reviewing Both, Here’s What We’d Choose
Grand Seiko’s ultra-precise 9F quartz movement goes head-to-head with the romantic appeal of its high-beat mechanical caliber. While both deliver exceptional finishing, the conclusion favors the quartz model as the stronger everyday companion thanks to its accuracy, thin profile and virtually maintenance-free ownership.
Go Deeper: Read the full comparison
The Three Watch Collection For $5,000: Cait Bazemore
Cait Bazemore assembles a thoughtful three-watch collection featuring sport, dress and travel pieces without exceeding a $5,000 budget. The selections show that personality and storytelling often matter more than simply chasing famous logos.
Go Deeper: Read the full story
Editorial Time
Bennahmias, the 'Wannabe Celebrity,' Is Back—But Can Anyone Pronounce His New Watch
François‑Henri Bennahmies has launched the N3W5 watch brand under his holding, The Honorable Merchant Group, positioning it as a platform that celebrates the silent artisans behind luxury timepieces. The name, pronounced “news,” is an acronym for North, East, West, and South, intended to symbolize a personal compass in a changing world, while the brand claims to draw on the expertise of renowned craftsmen such as enamellist Anita Porchet and guilloché specialist Yann von Kaenel, with backing of CHF 30 million in private investment. Despite the lofty narrative, the project remains largely undeveloped, with no prototypes, designs, or renderings disclosed and a launch timeline that pushes sales to 2028 after a debut at Dubai Watch Week 2027. The initiative relies heavily on Bennahmies’ personal reputation and collector network rather than conventional marketing, raising questions about its authenticity, market viability, and the sustainability of a personality‑driven luxury venture.
Go Deeper: Read the full story.
New Watch Time
Breitling Top Time B01 Eddy Merckx
Breitling celebrates cycling legend Eddy Merckx and the 2026 Tour de France with a vibrant yellow limited edition of 525 pieces powered by its in-house B01 chronograph movement. It’s one of the summer’s most distinctive sports watch releases.
Go Deeper: Read the full story
Citizen Promaster Marine
Citizen expands its affordable dive watch lineup with four new 40.6mm Eco-Drive models featuring a new caliber capable of running for up to one year on a full charge. The collection delivers practical everyday dive watches at an accessible price.
Go Deeper: Read the full story.
MB&F LM101 EVO NYC Edition
MB&F marks the opening of its new Manhattan lounge with a 25-piece edition of the LM101 EVO featuring a rose gold case and black PVD dial. Available exclusively through the New York location, it celebrates both independent watchmaking and the brand’s expanding retail presence.
Go Deeper: Read the full story
Awake Son Mai Frosted Leaf Royal Blue
Awake combines traditional Vietnamese Son Mai lacquer with pure gold leaf to produce one of the year’s most artistic dials. Limited to 200 pieces, the Royal Blue edition continues the young brand’s reputation for extraordinary craftsmanship.
Go Deeper: Read the full story
Frederique Constant Classics Runabout Automatic GMT
Inspired by classic Riva speedboats, Frederique Constant’s newest Runabout GMT arrives in two dial colors, limited to 888 pieces each and packaged with a miniature wooden Runabout boat. It remains one of the best values in Swiss GMT watches.
Go Deeper: Read the full story
Hamilton Khaki Field Auto The Odyssey Limited Edition
Hamilton teams with Christopher Nolan once again, this time creating a bronze limited edition inspired by The Odyssey. Powered by the H-10 automatic movement with an 80-hour power reserve, the release arrives July 17.
Go Deeper: Read the full story
Rado Captain Cook Gold Dial
Rado gives its vintage-inspired Captain Cook a shimmering gold dial finished with a diamond-powder effect while retaining its 300-meter diving credentials. The result is one of the collection’s most luxurious permanent additions.
Go Deeper: Read the full story
Temporal Works Series A “Rambler”
Created by Mark Cho and The Armoury, the 37mm Rambler blends menswear sensibilities with traditional tool-watch design. Its bead-blasted case, hand-wound Sellita movement and understated styling create a refreshingly different everyday watch.
Go Deeper: Read the full story
Time Reviewed
Hublot Classic Fusion Chronograph SNM Titanium—Celebrating the Victory That Broke Mexico’s FIFA 40-Year Curse
Hublot commemorates Mexico’s historic World Cup breakthrough with a 100-piece limited edition featuring a green sunburst dial, national colors, and a cactus-leather strap. Beyond the football connection, it delivers the brand’s proven automatic chronograph in a distinctive collector’s package.
Go Deeper: Read the full review
Is The Frederique Constant Moneta Solarmetre The Perfect Outlier Dress Watch For Your Collection?
Frederique Constant blends traditional dress-watch styling with hidden solar technology, creating an elegant everyday watch that can run for months without additional charging. It may be one of the most practical dress watches currently available.
Go Deeper: Read the full review
Seiko Prospex 1968 Heritage Diver’s GMT: Classic Colorways With Upgraded Specifications
Seiko updates one of its strongest dive watches with 300-meter water resistance, a refined adjustable clasp, and the dependable 6R54 GMT movement. The result is an already capable travel diver made even better.
Go Deeper: Read the full review
Talking Time
The Business of Watches Podcast: Roy Davidoff
Veteran dealer Roy Davidoff discusses vintage collecting, the evolving secondary market, and why confidence in independent brands continues to grow among serious collectors. It’s an insightful conversation from someone who has spent decades watching the market mature.
Go Deeper: Listen to the podcast
Watching Time
4 Watches I Regret Selling — Harrison Elmore
Every collector has at least one watch they wish they had never sold. Harrison Elmore explores how emotion often outweighs profit when looking back at watches that slipped away.
Another Day, Another Person Trying To Sell Me A FAKE Watch! — Peter Piccolino
A practical look at identifying counterfeit luxury watches, complete with real-world examples and useful buying advice for anyone shopping on the secondary market.
How Lex Borrero Built One of Miami’s Best Watch Collections
An inside look at one of Miami’s most impressive modern collections and the thinking behind assembling a portfolio of exceptional watches.
How to Buy a Luxury Watch Online — Roman Sharf
Roman Sharf walks viewers through authentication, pricing, trusted sellers, warranties, and the essential steps to buying expensive watches online with confidence.
Jack Doherty Gifted His Girl A Rolex At TPT!
A lighthearted look at one memorable Rolex gift and the excitement that luxury watches can create beyond the collector community.
Most Watch Collectors Don’t Want More Watches
An interesting discussion about why many experienced collectors are buying fewer watches while placing greater value on quality, provenance, and personal meaning.
Rolex GMT Prices Are Insane Right Now—Here’s What To Buy
With GMT prices continuing to move, this video explores where value still exists and which references deserve closer attention.
These Are The Worst Watches EVER
Sometimes learning what not to buy is just as valuable as discovering what deserves a place in your collection.
They Don’t Want These Watches… — John P Watches
John P Watches examines overlooked references that may deserve a second look from collectors before sentiment changes.
BuyingTime At Auction
Auction Report: Royal Oak Offshore Returns in Smoked Taupe
Yesterday’s auction featured a 2023 A. Lange & Söhne Lange 1 Perpetual Calendar in white gold with the pink dial (Ref. 345.056). Bidding reached $135,500, but the reserve was not met. While Lange perpetual calendars remain among the most desirable complicated watches produced by the German manufacture, the result demonstrates that buyers continue to be disciplined at the very top of the market. Exceptional pieces still attract strong bidding, but sellers hoping to capitalize on peak pricing must remain realistic about current collector sentiment.
Tonight’s auction turns to one of Audemars Piguet’s strongest modern sports watches: the 2023 Royal Oak Offshore Chronograph 43 in stainless steel and black ceramic with the increasingly popular smoked taupe dial (Ref. 26420SO.OO.A600CA.01).
Introduced as part of the redesigned 43 mm Offshore family, the watch is powered by Audemars Piguet’s in-house Calibre 4401, an integrated automatic flyback chronograph featuring a column wheel, vertical clutch, 70-hour power reserve, and exhibition caseback. It represented one of the most significant technical upgrades in Offshore history, replacing the long-serving modular chronograph architecture with a thoroughly modern manufacture movement.
The smoked taupe dial has become one of the collection’s standout colorways. Combined with the steel case, black ceramic bezel, crown, and pushers, it delivers a contemporary appearance that wears surprisingly well despite its substantial dimensions. The interchangeable rubber strap system further broadens its appeal for daily wear.
The example offered tonight includes both its original box and papers and presents in excellent overall condition with only minor signs of wear. Complete-set Offshore models continue to command a premium in today’s market, particularly those equipped with the Calibre 4401.
When introduced, the watch retailed in the low-$40,000 range. Today, well-preserved examples generally trade in the mid-$40,000s to low-$50,000s, depending on condition, completeness, and prevailing demand. The Offshore market has stabilized considerably over the past year, making this one of the more liquid modern Audemars Piguet references outside the core Royal Oak collection.
Collectors looking for a contemporary Offshore with the newest movement, versatile color palette, and everyday wearability should find tonight’s offering especially attractive. It represents the evolution of one of Audemars Piguet’s most recognizable modern sports watches.
The auction concludes tonight, Thursday, July 2, at 8:05 p.m. EDT.
Current bid: $800
Closing Thoughts
Tomorrow marks the end of another week in the watch world, but today’s stories offered an important reminder. Great brands never stand still. They evolve through new leadership, new ideas, new technology, and sometimes by simply having the confidence to surprise us.
Whether it was De Bethune preparing for its next chapter, François-Henri Bennahmias starting over with an entirely new vision, or Rolex proving that even the industry’s most conservative icon can still embrace creativity, today’s news was ultimately about momentum.
Thank you, as always, for making BuyingTime Daily part of your day. I appreciate every reader who spends a few minutes with us each morning, and I hope these stories help you see the watch world a little more clearly.
Have a wonderful morning, and I’ll see you tomorrow.
– Michael Wolf