I admit that when I first read about the Vacheron Constantin Concours d’Élégance Horlogère I did not understand the concept. Maybe that isn't entirely accurate. I understood parts of the concept, like the fact that it is an official collaboration between a brand and the watch department at auction house Phillips. And, it was clear that the concours will award prizes to registered participants. There is also a jury. The prizes part had me stumped, though. I guess I didn't understand why owning a watch would somehow qualify you for a prize. In retrospect, I misunderstood what the prizes were for (more on that in a minute). Additionally, I think I've figured out that I didn't understand this effort because I am not a car collector or enthusiast. There were a number of pieces from a heritage private collection on display during a recent concours event. In that world, owners of vintage cars can participate in somewhat regular events and win awards. Many honors go to...
Economic complications in watchmaking