Luxury watches hold a timeless allure, captivating not only the ultra-wealthy but also the curious, turning these intricate timepieces into the ultimate statement jewelry.

Wristwatch connoisseurs will not be surprised when their timepieces are equivalent to villas, Rolls-Royce, and BMW cars, or someone’s lifetime salary.

In Vietnam, any news on a celebrity wearing a watch worth a great fortune can make headlines. 

Searches for the world’s most expensive watches produce various outcomes from multiple brands.

Jewelry designed for the elite and wealthy

The website of V.H.H. Company, an e-commerce platform that introduces itself as a provider of luxury fashion items from more than 1,500 global brands, displays over 10,000 watch models for both men and women at diversified prices.

Most of the branded watches originate from Switzerland, the kingdom of luxury watches.

The most popular and highly requested watch is the Patek Philippe Grand Complications Self-Winding 5374/300P-001 Platinum for men.

The watch, featuring a leather strap and adorned primarily with diamonds, is listed at VND131.1 billion (US$5.2 million).

A salesperson of the e-commerce platform said the watch is the most expensive in its portfolio, with a fixed price reduced by 10 percent from the original listing of VND149 billion ($5.9 million).

The salesperson added the company only sells online and has no bricks-and-mortar locations.

Customers are required to make an advanced payment of 90 percent of the item value before the company makes delivery.

Having a look at a yellow Richard Mille Dragon and Phoenix Jackie Chan Tourbillon RM 57-01 decorated with gold and diamonds for men priced at over VND46 billion ($1.8 million) and a Richard Mille Grace Automatic Tourbillon Talisman RM 71-02 for women offered at over VND19 billion ($749,140), a customer voiced his concerns over a huge deposit of more than VND100 billion ($3.9 million) for a product like the Patek Philippe Grand Complications Self-Winding 5374/300P-001 Platinum.

Order first, receive later

On the same day, a customer contacted an authentic watch store in District 1, Ho Chi Minh City to buy a Patek Philippe Aquanaut 5261R-001.

An employee of the store informed the customer of the price of VND4.2 billion ($165,542) and required a deposit of 30-50 percent of the watch value before importing.

After customers and the store reach a consensus on the prices and the customers agree to make a deposit, the store will prepare contracts but will not confirm delivery specifications.

Another store in District 7, Ho Chi Minh City offers the same watch at VND4.3 billion ($169,660) in a similar process.

Nguyen Trung Ha, a watch trader in Hanoi, said that his customers are all rich people, such as business leaders.

He specializes in Rolex sales and is confident that he can meet all customers’ demands. Most of his customers prefer watches within the price range of VND300-500 million ($11,814-19,691).

Typically, Ha searches for products in European countries. When he finds the requested items, he sells them in private groups on social media, rarely participating in public sales.

When he encounters clients looking for a Patek Philippe -- a Swiss luxury timepiece -- many are unaware of the retail price. The cheapest watch comes with a price tag of VND2 billion ($78,917).

Patek Philippe buyers are often connoisseurs and watch collectors.

Meanwhile, some stores at prime sites in the city center, despite advertising authentic, high-quality watches and displaying many products from world-famous brands such as Rolex, Patek Philippe, and Chopard, can only provide replicas.

The M. store, for instance, introduces a Rolex timepiece at VND2 billion but has a replica valued at only VND75 million ($2,954).

"Authentic products are difficult to order, and replicas are stylish and often hard to distinguish from genuine watches," said a salesperson at the store.

Hundreds of Rolex replicas, up to 99 percent accurate compared to the authentic items, are being sold on "website P." for as low as VND1.8 million ($71).

Prices vary depending on the model.

World’s most expensive watch

The Graff Diamonds Hallucination carries a price tag of $55 million and is known as the world’s most expensive quartz watch.

It is considered a work of art with 110 carats of extraordinary colored diamonds set in a platinum bracelet by the world’s leading jewelers.

The Patek Philippe Grandmaster Chime 6300A-010, with an estimated value of $31.2 million, is among the most expensive watches.

It was produced in 2014 to celebrate Patek Philippe’s 175th anniversary.

This price was achieved at the Christie’s Only Watch charity auction on November 9, 2019, in Geneva, Switzerland.

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