Phillips in Association with Bacs & Russo is excited to announce The Hong Kong Sessions, Fall 2024, online auction, taking place from 12:00 PM HKT, Friday, September 20, to 2:00 PM HKT, Friday, September 27. Featuring more than 135 different high-end luxury wristwatches, the sale covers everything from A. Lange & Söhne and F.P. Journe to Audemars Piguet and Patek Philippe. It even includes two of the Parmigiani Fleurier wristwatches featured in this article.
– By Logan Baker
A few names immediately spring to mind when you think of fine Swiss watchmaking.
You know them. They're Patek Philippe, Audemars Piguet, Rolex, and so on. However, serious enthusiasts and collectors will know that the watch world is far broader and deeper than those household names.
One of the industry's most underappreciated gems is Parmigiani Fleurier, a Swiss watch company that stands out for its dedication to artistry, craftsmanship, and innovation. While the brand may not have the century-old pedigree of some of its peers, its impact on contemporary watchmaking is undeniably significant.
As part of understanding the catalog for our just-announced Hong Kong Sessions, Fall 2024, Online Auction, we'll delve into the background of Parmigiani Fleurier and its founder Michel Parmigiani, as well as explore its various collections, discuss its impressive manufacturing capabilities, and provide a bit of insight into some of its remarkable work over the years, all of which make it a worthy consideration for collectors.
A Brief History
Parmigiani Fleurier was founded in 1996 by its eponym, Michel Parmigiani, a Swiss watchmaker and master restorationist with a passion for traditional watchmaking techniques and an uncompromising commitment to quality.
Before establishing his company, Parmigiani – the man – spent decades honing his skills in the restoration of antique timepieces. This background profoundly shaped his philosophy: to create modern watches that celebrate the craftsmanship and spirit of classical watchmaking.
The creation of Parmigiani Fleurier came at a pivotal moment for the Swiss watch industry. The Quartz Revolution of the 1970s and 1980s had decimated many traditional Swiss watchmakers, and the mechanical watch was only just beginning to see a resurgence in interest from collectors. In this landscape, Michel Parmigiani saw an opportunity to create a new kind of watch company – one that married the best of traditional watchmaking with modern technology and design.
Supported by the Sandoz Family Foundation, a key investor who appreciated his work in restoration and believed in his vision, Parmigiani was able to establish a vertically integrated manufacture in the small village of Fleurier. This unique arrangement allows the brand to control every aspect of production, from design and development to manufacturing and assembly.
Its this level of control has enabled Parmigiani Fleurier to produce watches of exceptional quality and complexity, with a focus on hand-finishing and attention to detail that remains rare in the world of high-end Swiss watchmaking.
Vertical Integration
One of the distinguishing features of Parmigiani Fleurier is its vertical integration, which allows the brand to have complete control over the entire production process.
Unlike many other watch brands that source parts from various suppliers, Parmigiani Fleurier can rely on its own network of specialized companies to produce nearly every component of its watches. This independence not only ensures the highest quality but also enables the brand to innovate and push the boundaries of what is possible in watchmaking.
Vaucher Manufacture Fleurier
Vaucher Manufacture Fleurier is the heart of Parmigiani Fleurier's movement production. Founded in 2003 (and also owned by the Sandoz Family Foundation), Vaucher specializes in developing and producing high-end mechanical movements and modules.
It serves not only Parmigiani Fleurier but also other prestigious watch brands. Vaucher’s capabilities range from designing simple, manual-wind calibers to creating complex, highly decorated movements with multiple complications, such as chronographs, tourbillons, and perpetual calendars.
The collaboration between Parmigiani Fleurier and Vaucher is seamless, as both entities share a commitment to quality and innovation. Parmigiani's integration with Vaucher allows it to produce some of the most tremendous and technically advanced movements in Switzerland, such as the high-beat split-seconds chronograph caliber PF361 found in the brand's rattrapante chronographs.
Atokalpa
Atokalpa is another essential subsidiary in the Parmigiani ecosystem, specializing in the production of critical components for mechanical movements, particularly escapements and balance springs. As one of the few companies in Switzerland capable of manufacturing balance springs – a critical component of a watch's regulating organ – Atokalpa plays a significant role in ensuring the precision and reliability of Parmigiani watches.
Elwin
Elwin is a precision micro-mechanics company that focuses on producing tiny components like gear wheels, pinions, screws, and other essential parts used in mechanical watchmaking. Elwin has the ability to produce components with tolerances in the micron range, a testament to the brand's commitment to excellence.
Les Artisans Boîtiers
Les Artisans Boîtiers is responsible for crafting the exquisite cases that house Parmigiani Fleurier’s movements. Les Artisans Boîtiers produces cases that perfectly match the aesthetic and technical requirements of each watch. The ability to produce cases in-house allows Parmigiani to explore creative designs rather than fit into the cookie-cutter box of what already exists.
Quadrance et Habillage
Quadrance et Habillage is dedicated to dial production for Parmigiani Fleurier watches. From classic guilloché patterns to more contemporary finishes, this specialized firm is capable of creating a wide range of dial designs that reflect Parmigiani's philosophy of combining artistry with technical prowess. The intricate dials produced by Quadrance et Habillage often feature hand-applied markers, finely crafted textures, and other decorative techniques that elevate a watch's overall aesthetic.
The People Behind The Brand
Beyond its manufacturing ability, Parmigiani Fleurier has also been shaped by the exceptional talents of several renowned watchmakers who have contributed to the brand’s development over the years.
Kari Voutilainen
Kari Voutilainen, a Finnish watchmaker known for his dedication to traditional watchmaking techniques and unparalleled finishing skills, worked at Parmigiani Fleurier early in his career. During his time at Parmigiani, Voutilainen was involved in restoration work and in the development of unique, high-complication pieces. His influence on the brand can be seen in its attention to detail and the high level of hand-finishing applied to its movements and components. Voutilainen's later work, after establishing his own independent brand, continues to echo the traditional craftsmanship principles he embraced while at Parmigiani.
Stepan Sarpaneva
Stepan Sarpaneva, another Finnish watchmaker known for his avant-garde designs and distinctive moonphase complications, also spent time honing his skills at Parmigiani Fleurier. Sarpaneva's exposure to Parmigiani's focus on intricate detailing and mechanical innovation provided a solid foundation for his future endeavors. While Sarpaneva's current work under his own brand is more contemporary and artistic, his time at Parmigiani Fleurier helped shape his technical acumen and understanding of fine watchmaking.
Raúl Pagès
Raúl Pagès is another name associated with Parmigiani Fleurier who has since established himself as an independent watchmaker. Known for his beautiful craftsmanship and artistic approach to watchmaking, Pagès began his career working on restoration projects at Parmigiani. The exposure to antique timepieces and complex restoration work during his tenure had a profound impact on his approach to creating mechanical marvels that blend art and science. His own creations, such as the Régulateur à Détente RP1, reflect the meticulous attention to detail and technical skill that he developed during his time at Parmigiani.
The Collections
For more than 25 years, Parmigiani Fleurier has a number of collections that offer something for every discerning watch enthusiast. The catalog has been diverse, and not all are still offered by the brand. You'll find an overview of a few of Parmigiani's key collections over the years, both past and present, below.
Toric Collection
The Toric Collection is Parmigiani Fleurier's inaugural collection and remains a cornerstone of the brand's identity. Introduced in 1996, the Toric line was designed by Michel Parmigiani himself and reflects his deep understanding of classical aesthetics and proportions. The original Toric watches are characterized by their fluted bezels, which are inspired by ancient Greek and Roman architecture, and their elegant, rounded cases.
Beyond the aesthetics, the Toric collection is known for housing some of the most intricate complications that Parmigiani Fleurier has ever produced. From perpetual calendars to tourbillons and minute repeaters, the Toric line embodies the brand's commitment to technical excellence.
Models like the Toric Hemispheres Retrograde, which features dual time zones and a retrograde date display, showcase the brand's ability to combine practical functionality with artistic flair. Others, like the Memory Time (the very first Parmigiani wristwatch), highlighted the watchmaker's whimsical flair.
Tonda Collection
The Tonda Collection is perhaps the most versatile and widely recognized line from Parmigiani Fleurier. Launched in the early 2000s, the Tonda collection serves as a canvas for a wide array of complications, from simple three-hand models to highly sophisticated pieces featuring chronographs, calendars, and tourbillons. The collection is defined by its round cases, teardrop-shaped lugs, and minimalist yet refined dials.
One of my favorite pieces in the Tonda collection is the Tonda Chronor Anniversaire, released in 2016 to celebrate the brand's 20th anniversary. It was Parmigiani Fleurier's first integrated high-beat chronograph with a split-seconds function – a significant milestone that marked the brand's entry into the highly competitive world of high-complication chronographs. This model was lauded for its innovative design and the beauty of its movement, the PF361, which is crafted from 18k rose gold – a serious watchmaking feat.
Ionica Collection
The Ionica Collection is a tribute to Parmigiani's commitment to elegance and artisanal craftsmanship. These watches are characterized by their more traditional designs, often featuring classical Roman numerals, Breguet hands, and highly decorated dials. The Ionica models are particularly known for their hand-guilloché dials. The Ionica watches often house complications like moon phases and perpetual calendars, aligning them with the brand's ethos of combining artistic design with technical prowess.
Tonda PF Collection
The Tonda PF Collection is a relatively recent addition to Parmigiani Fleurier's lineup, launched in 2021 to mark the brand’s 25th anniversary, it was the first new series of watches released under current brand CEO Guido Terreni, former president and managing director of Bulgari watchmaking.
The Tonda PF collection takes the Tonda's signature elements and refines them further, presenting a sleeker, more contemporary aesthetic that better appeals to today's watch enthusiasts. The collection features models like the Tonda PF Micro-Rotor and the Tonda PF Chronograph, which are characterized by their minimalist dials, integrated bracelets, and a refined sense of understated luxury. The Tonda PF collection has been an outsize success for Parmigiani since its introduction, invigorating existing collectors around the world and attracting new attention.
Ovale Pantographe
The Ovale Pantographe is arguably one of Parmigiani Fleurier's most unique and technically impressive collections. Inspired by an antique pocket watch that Michel Parmigiani restored, the Ovale Pantographe features telescopic hands that expand and contract to follow the contours of the oval-shaped dial. This dynamic mechanism is both a technical marvel and a visual delight, reflecting the brand's inventive spirit.
The Ovale Pantographe models often come equipped with other complications, such as retrograde displays, making them highly sought after by collectors who appreciate rare and unconventional timepieces. The collection is a testament to Parmigiani's creativity and willingness to push the boundaries of traditional watchmaking.
Kalpa Collection
Introduced in 2001, the Parmigiani Kalpa collection is characterized by its distinctive tonneau case, combining elegant curves and ergonomics with technical sophistication. Some models, like the Kalpa Hebdomadaire, featured an eight-day power reserve, while others incorporate chronograph and other complications, while others, like the Kalpagraphe offered sporty chronograph design with a self-winding movement inside. The curved barrel case of the Kalpa watches is designed to fit comfortably on the wrist, enhancing both aesthetics and comfort.
Bugatti Collection
Parmigiani Fleurier began a corporate relationship with the legendary luxury automaker Bugatti since 2006, when it launched the Type 370 watch, inspired by the Bugatti Veyron. Over the years, the Bugatti collection grew, consistently featuring movements with unique architecture. It included various iterations of the Type 370 and, more recently, the Type 390, introduced in 2016. The Type 390 watch drew inspiration from the Bugatti Chiron, the successor to the Veyron, which was also unveiled in 2016 at the Geneva Auto Show. The Parmigiani and Bugatti partnership officially ended in 2019.
Complications
Parmigiani Fleurier has developed and manufactured an impressive range of complications, from chronographs and split-seconds chronographs to tourbillons and perpetual calendars. Each complication is designed and crafted in-house, a testament to the brand's dedication to maintaining the highest standards of watchmaking.
Chronographs and Split-Seconds Chronographs
The chronograph is one of the most popular complications among watch collectors, and Parmigiani Fleurier has made a significant mark in this domain. For example, the brand’s split-seconds chronograph caliber PF361 runs in 5 Hz and features an integrated architecture with a column-wheel mechanism and a vertical clutch.
Tourbillons
Parmigiani Fleurier has also demonstrated its prowess in crafting tourbillons, a complication that is often seen as the pinnacle of mechanical watchmaking. The company's Toric Tourbillon and Kalpa Tourbillon models showcase the technical complexity of a tourbillon movement. The tourbillons in these models are often paired with other complications, such as minute repeaters or perpetual calendars, further highlighting the brand's commitment to creating truly exceptional timepieces.
Perpetual Calendars and Beyond
Perpetual calendars are another area where Parmigiani Fleurier excels. The brand’s Toric Perpetual Calendar and Tonda Perpetual Calendar models display the day, date, month, and leap year cycle in a harmonious layout. These watches are powered by the in-house caliber PF333.
Interestingly, Parmigiani Fleurier is one of the few watchmakers to tackle calendar complications beyond the conventional Gregorian calendar. These so-called "cultural calendars" involve integrating complex calendrical systems, representing the Hebrew, Islamic, Chinese, and Buddhist calendars. Hebrew calendars are based on the lunar cycle and years based on the solar cycle, requiring adjustments to align the two. Islamic calendar, also known as the Hijri calendar, are purely lunar calendars used by Muslims worldwide. It consists of 12 lunar months in a year of either 354 or 355 days.
The Chinese calendar is a lunisolar calendar similar to the Hebrew calendar, including months and years based on the phases of the Moon and the Sun's position. The Chinese calendar also features a 60-year cycle that combines the 12-year cycle of animal signs with a 10-year cycle of celestial stems. Finally, the Buddhist lunisolar calendar actually varies by region; Parmigiani's take on the Buddhist calendar is able to accommodate each unique cycle as well as significant Buddhist holidays.
Why Collect Parmigiani Fleurier?
So, why should a collector consider Parmigiani Fleurier?
The answer lies in the brand's unique combination of traditional craftsmanship, technical innovation, and artistic integrity. Unlike many larger watch companies that may rely on mass production or marketing-driven strategies, Parmigiani Fleurier is an independent operation completely dedicated to the art of watchmaking.
Another compelling reason to collect Parmigiani Fleurier is the brand's relative rarity. With a limited annual production of around 5,000 pieces, Parmigiani watches are far less common than those from many of its competitors.
Lastly, Parmigiani Fleurier watches offer a level of craftsmanship and finishing that is comparable to some of the most prestigious names in the industry, often at a more accessible price point. Whether you're drawn to the elegant curves of the Toric collection, the modern appeal of the Tonda PF, or the mechanical wonder of the Ovale Pantographe, Parmigiani Fleurier offers something for every collector who appreciates fine watchmaking.
Parmigiani Fleurier may not have the widespread recognition of some of its Swiss counterparts, but for those in the know, it represents the very best of what the watch industry has to offer.
Its commitment to quality, innovation, and the preservation of traditional watchmaking techniques makes it a brand that deserves a place in any serious watch collection. With its wide range of collections, impressive array of complications, and vertically integrated production capabilities, Parmigiani Fleurier is a true hidden gem for discerning watch collectors.
You can view the complete catalog for the Phillips Watches Hong Kong Sessions, Fall 2024, Online Auction, right here.
About Phillips In Association With Bacs & Russo
The team of specialists at PHILLIPS Watches is dedicated to an uncompromised approach to quality, transparency, and client service. Phillips in Association with Bacs & Russo holds the world record for the most successful watch auction, with its Geneva Watch Auction: XIV having realized $74.5 million in 2021. Over the course of 2021 and 2022, the company sold 100% of the watches offered, a first in the industry, resulting in the highest annual total in history across all the auction houses at $227 million.
About Logan Baker
Logan has spent the past decade reporting on every aspect of the watch business. He joined Phillips in Association with Bacs & Russo at the start of 2023 as the department's Senior Editorial Manager. He splits his time between New York and Geneva.
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