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AUCTION NEWS: This Vacheron Constantin sold for just 40 per cent of its $3 million prediction. Is 2021 off to a catastrophically slow start? Time+Tide
Vacheron Constantin sold Jan 27, 2021

AUCTION NEWS: This Vacheron Constantin sold for just 40 per cent of its $3 million prediction. Is 2021 off to a catastrophically slow start?

I did choose to be very optimistic in my story last week about the astounding Vacheron Constantin Tour de L’Ile reaching a cool record $3 million to kick off a healthy 2021. The estimate was set at Antiquorum’s Important Modern & Vintage Timepieces in Monaco to a spread of $1.8 – $3 million. But the watch … ContinuedThe post AUCTION NEWS: This Vacheron Constantin sold for just 40 per cent of its $3 million prediction. Is 2021 off to a catastrophically slow start? appeared first on Time+Tide Watches.

Business News: Richemont Fortifies Balance Sheet with €2 Billion Bond Sale SJX Watches
Panerai which make up about May 19, 2020

Business News: Richemont Fortifies Balance Sheet with €2 Billion Bond Sale

Having just announced its full-year results while predicting a gloomy outlook for the business, Richemont has successful placed €2 billion of bonds, with coupon ranging from 0.75% for the 8-year note to 1.625% for the 20-year note. The bond placement boosts the Swiss luxury group’s robust balance sheet, which had a gross cash position of €6.34 billion and a net cash position of €2.40 billion at the end of March 31, 2020. The notes received an A+ rating from credit ratings agency S&P;, which also lowered its outlook for Richemont from stable to negative, “citing the possibility of a downgrade if the coronavirus pandemic causes the company’s credit metrics to worsen”. Widely regarded as a savvy investor who transformed his family’s tobaccco-and-banking empire into an even larger one focused the “hard” luxury of watches and jewellery, Mr Rupert’s belief in the severity of the pandemic-induced recession is obvious. That, in turn, does not bode well for the luxury watch business. Richemont’s biggest earner is Cartier – the jewellery division is half the group’s turnover – it also owns a host of luxury watch brands, including A. Lange & Söhne, IWC, and Panerai, which make up about 20% of its sales. During Richemont’s earning conference call on May 15, Mr Rupert explained the bond issue: “We have always believed in protecting our balance sheet… For years, a lot of investment banks questioned us about that it’s a lazy balance sheet. But h...