In-Depth: Why We Should All Be Paying More Attention To Vintage Movado
Talk to 10 vintage watch enthusiasts, especially around the idea of value, and you’re bound to hear about vintage, pre-1970s Movado. In fact, if you talk watches with me for more than 10 minutes, I am bound to bring the brand up myself. To a small but vocal crowd, vintage Movado offers a combination of value and quality that exceeds just about any other brand.
There has always been a community of vintage Movado lovers; I used to joke that if a great example came up for auction, it was the same four people bidding on it – the only four people in the world who cared. If I lost out on a good Movado, within two texts, I could usually find who beat me out. But things have started to change. Within the past year or so, more and more vintage Movado content has found its way onto the phone screens of more and more collectors, served to them by the great algorithm in the sky. Today, I feel the need to share my secret because, well… the secret’s already out.
Ref. 12726 and ref. 12706, both manually-wound cal. 75 ca. 1940. Image: courtesy of Jacob Hillman, @hillman.watches
I look at vintage watches nearly all day, every day. I always come back to Movado. Specs aside (and I will talk a lot about specs here), vintage Movado is more than the sum of its parts. I’ve been collecting Movado for 10 years because these are flat out some of the best watches in this period. Movado isn’t considered the sexiest brand but I’m here to dispel the general consensus. Modern Movado may be dropping the ball, but the brand’s history is rich. Who says it’s not too late to bring it back to its former glory? If done in the right way, heritage-inspired Movado releases would really matter.
‘Hey Hodinkee! How Do We Know A Watch Is High Quality?’
Defining quality in watches, particularly vintage watches is no easy task. Here is where my colleague Mark Kauzlerich would use one of his favorite quotes, one by Supreme Court Justice Potter Stewart: “I know it when I see it” – but a lot of what we see as quality is muddled in being aesthetically drawn to a watch. Design choices from the dial to case size are mostly subjective and have little to nothing to do with quality, which is best assessed by examining the watch’s components.
Quality is of course relative. While, at a macro level, we struggle to decide on what makes a “great” movement, or how to define excellent finishing, comparing a single component of a watch against what peers were creating in the same era is more straightforward. Clearly, I find vintage Movado watches to be of exceptional quality, but allow me to prove it to you piece by piece, component by component.
The Movements: ‘In-House’ Before ‘In-House’
Before a 1969 merger with Zenith and Mondia, Movado developed almost every caliber entirely in-house. From 1900 to 1969, at least 98 Swiss patents were granted to Movado, many of which concerned movement developments. The most notable patents are those surrounding the creation of the Polyplan in 1912, a uniquely long and curved early wristwatch with a movement, the cal. 400, designed on three planes to curve with the case. Outside of the Polyplan, Movado deserves a ton of credit for being early to the wristwatch game. Between two catalogs dated 1912 and 1915, Movado offered at least 704 different wristwatch models, 436 of which are signed “Chronométre” on the dial.
The real tell of quality is in the basics. Notably, the Movado family of manually wound calibers (starting here in the 1910s and running to 1969) which all share a similar and very distinct architecture. The scalloped wheel bridge features two interior angles and is carried throughout nearly every caliber of this era.
Movado cal. 150MN, Omega 30T2, Longines cal. 12.68Z, Patek cal. 12-400, Movado cal. 126.
Of this era and architecture, the cal. 150MN is the most commonly used, especially in round men’s wristwatches. When compared to workhorse time-only calibers of the time such as the Omega cal. 30T2 and Longines cal. 12.68Z, Movado’s carries its own and, furthermore, is simply of higher quality. Comparing from the top down, Patek’s cal. 12-400, found within the reference 96 and others, stands above the rest. Movado’s true chronometer cal. 126, the ultimate version of vintage Movado time-only movements, is closer to on par with Patek’s 12-400.
Movado cal. 95M modular construction.
One of the only times Movado outsourced movement work in this period was in the creation of its chronograph cal. 90M and 95M. Fredéric Piguet developed a module around a 12 ligne Movado caliber with the same architecture as the 10.25 ligne 150MN (pictured above). Introduced in 1936 and 1939 respectively, the 90M and 95M sit at the heart of some of the most collectible and desirable Movado wristwatches ever produced.
Compared to its 12-hour capable, three-register contemporaries, the cal. 95M presents head and shoulders above the UG, Valjoux 72, and Omega. Evaluating movements is not as simple as looking at finishing in a vacuum, yet it is quite the distinction that only the Movado and the Patek feature beveled chronograph components.
Movado cal. 95M, Universal Genève cal. 265, Breitling signed Valjoux cal. 72, Omega cal. 321 (Lemania 2310), Patek cal. 13-130 (Valjoux 23).
Movado was one of the first Swiss watchmakers to develop a full range of automatic movements; starting with bumper “Tempomatics” in 1945 and eventually full rotor “Kingmatics” in 1956. While there are no interior angles to boast about in this range, I am continually awed with the overall feel when I come across one, and I admire the design, particularly of the full rotors. I always presumed the curved “S” details on Movado rotors were a reference to their earlier snake-shaped “kris” chronograph hands but it seems this was actually for utility. In the bumper automatics, the “S” shape was thought to act like a spring, helping the rotor bump. Movado patented and dubbed this the “Futuramic.”
Movado cal. 115 “Futuramic,” Movado cal. 538 “Kingmatic Calendoplan.”
The Cases: Makers You Should Know
While the idea of in-house production has become nothing short of a marketing ploy, in the mid-20th century outsourcing was industry standard. Back then, brands had the ability to create cases and did, but many times those cases were used for the lower-priced options within the catalog. For the top-of-the-line models, brands contracted case specialists. Famously, Patek Philippe operated in this way as did Vacheron Constantin and Audemars Piguet, among others. As did Movado. In fact, Movado used the same specialists as those now much larger and prestigious brand names.
Sub-Sea 95M Chronograph Ref. 95-704-568 with Borgel Case ca. 1967. Image: courtesy of Sotheby’s
Most notably, Movado’s water-resistant cases, like those for cal. 95M Sub-Seas and Aquatics, were contracted out to François Borgel (sometimes referred to as Taubert). Stamped inside the caseback with an “FB” mark, Borgel’s work for Movado created by far the most collectible models from the brand in this era. When it comes to “waterproof” watch cases in this era, FB was on another level entirely. Patek contracted Borgel for grail-level references like the ref. 1463, 1485, 1591, 2451, and 565 – to name a handful.
Sticking with the Patek throughline, Wenger, casemaker for Patek’s ref. 2499, and steel ref. 130, was contracted by Movado as well. Having executed some of Patek’s more architecturally difficult cases like the ref. 2552 as well as designs by Gilbert Albert, Wenger had a knack for wilder looking design. Typically, Wenger-cased Movados are top-of-the-line simple gold models such as the Calendoplan and Kingmatic. They also produced some of the more “out there” designs in the catalog, notably the Gentleman.
Calendoplan Anti-dust Sport Ref. 8137 with Wenger Case ca. 1950. Image: courtesy of Christie’s
A page from a 1961 Movado catalog. Right: ref. 8483 Gentleman.
Additional Movado casemakers to call out are Favre-Perret and C.R. Spillmann & Co. Perret was involved in the early development of Audemars Piguet’s Royal Oak ref. 5402, working hand-in-hand with Gérald Genta, and produced cases for Patek’s ref. 3940, some Nautilus 3700s, and later Ellipses. Spillmann was no slouch either, having produced some Rolex Oyster cases as well as various work for Vacheron, AP, Universal, and more.
90M Chronograph Ref. R9043 with Favre-Perret Case ca. 1950. Image: courtesy of Shuck The Oyster
The Dials: Fabrique de Cadrans Stern Frères
A Stern Frères Dial Catalog ca. 1965. Image: courtesy of The Dial by Dr. Helmut Crott
On the theme of Movado using the best suppliers, there is only one logical place it could have turned for dial manufacturing – the masters at Stern Frères. In this vintage period, Movado did manufacture some of their own dials and contracted other dial makers here and there, but the majority of dials I have observed are stamped on the reverse with various numerical codes and/or a star. These codes and especially the star punch, found most often post-1950, point to a dial being manufactured by Stern.
Stern was your favorite watchmaker’s favorite dial maker. Just about every important vintage dial you can think of is the work of Stern: for Rolex, ref. 6062, 1016, various stone dials; and for Patek, ref. 1518, 2499, 2526 etc. I highly recommend Dr. Helmut Crott’s masterpiece of a book aptly entitled The Dial for a very deep dive on Stern – including lots of information about Movado.
Calendomatic Ref. 16201 with Stern Frères dial ca. 1945. Image: courtesy of Jacob Hillman, @hillman.watches
Sub-Sea 95M Chronograph Ref. 19038 with Stern Frères dial ca. 1945.
Image: courtesy of “The Dial” by Dr. Helmut Crott
The Stern-Movado dials themselves are excellent – the best of the period – but my favorite Stern and Movado connection comes courtesy of two of the most famous dials ever created: A Movado dial with a depiction of St. Christopher was contracted to La Nationale, a dial maker specializing in guilloché techniques, located next door to Stern. Due to the unfortunate death of a craftsman at La Nationale, the company could not complete Movado’s order for about 50 of these religious talisman dials. So, in 1971, La Nationale subcontracted Stern to make this batch of dials, gifting seven machines for this specific type of guilloché engraving and 300 pattern designs to go with them.
A year later, Stern would use these machines and patterns to develop a process we now know as tapisserie and, working with Genta, the ref. 5402 Royal Oak dial was born. In 1976, Genta returned, wanting a similar style dial for his latest project with Patek Philippe. Stern offered 10 tapisserie options, all based on the La Nationale-inherited patterns. Ultimately, Henri Stern himself chose the eventual finish for the ref. 3700 Nautilus.
Ref. 8696 with Stern Frères cloisonné enamel dial. Image: courtesy of Antiquorum
Collecting Movado
“Value” can often dominate the discussion amongst a certain type of watch enthusiast. I find this unfortunate, to a point. Due to this focus on value, there is an undeniable and unavoidable link between what you pay and what you get. As much as anyone, I like to interact with watches devoid of the idea of price when at all possible. But the reality is that price and value tend to be brought up, for better or for worse. Movado’s value is almost purely accessibility. The ability to spend less than $2,000 and own a watch in a similar vein as a vintage Patek is a meaningful feat.
Manually-wound cal. 75 retailed by Tiffany & Co. ca. 1940. Image: courtesy of Sotheby’s
Let’s start from the beginning: in this vintage period, Movado was sold by the best retailers in the world – Tiffany & Co. or Cartier in New York, Hausmann in Rome, Eberhard in Milan, Andreas Huber in Munich, Mappin & Webb in the UK. This should no longer come as a shock given what you’ve just read about the craft and quality of top-tier vintage Movado.
The best example of Movado’s place in the market back then is a “Calatrava” from the collection of Pete Fullerton, grandson of Henry Graves, Jr. From America’s ultimate watch-collecting family, Fullerton’s collection featured some of the best Patek Philippes available at the time, like a prototype ref. 2497, a ref. 5004P, and a first series ref. 3971. Fullerton also owned and, evident from the scratches, heavily wore a time-only, Tiffany-signed Movado. One of the best collectors of his time owned and loved a Movado. Surely that’s telling?
In today’s market, Movado continues to be overlooked, and has been for a long time. Fullerton’s Movado sold for $750 in 2012. A Wenger-cased Kingmatic Calendar sold a few weeks ago on eBay for less than its scrap gold value. There are some high results to note at the big auction houses, sure, (see here, here, and here) but across the board, a great Movado can be bought for what I consider pennies on the dollar.
Okay, so I am biased. I first wrote about Movado back in 2019 and have been collecting the brand for longer. I religiously follow a saved search or three on eBay and regularly bug my colleagues by sending them links or showing off my latest Movado (a late 1910s “Half Moon” in sterling silver if you’re curious). If being absurdly passionate about a niche vintage brand disqualifies me in your eyes, I score that as your problem.
A collection of Calendograf, Calendomatic, and Celestograf models. Image: courtesy of Jacob Hillman, @hillman.watches
The more watch collectors who take a chance on vintage Movado, and decide to put aside preconceived notions, the more these little timepieces by a “mall watch” brand will prove themselves. It’s already happening, I can see it – consider me your sherpa.
So, What Happened To Movado?
As previously mentioned, Movado merged with Zenith and Mondia in 1969. There are a few watches from the 1970s that draw my attention as a collector but most are the brainchildren of Zenith. Like many once-great Swiss watch brands, this period of quartz watch dominance meant considerable ownership changes amidst a fledgling market. In 1972, the group was purchased by Zenith Radio Corporation of Chicago, sold again to a Swiss firm called Dixi SA, and ultimately acquired by the company now known as the Movado Group in 1983.
Datron HS 360 (El Primero) Ref. 434-225-502 ca. 1970. Image: courtesy of @bazamu
Meanwhile, the Museum Watch happened (bet you thought I’d ignore this). Designed by George Horwitt, a Russian immigrant living in the Bronx, the Museum Watch we now know as Movado’s was actually first pitched to Vacheron in 1947 and produced as a prototype by Vacheron and LeCoultre in the late 1950s. I might not love the design and the effect it had on my favorite vintage brand but I have to give Horwitt credit for his sheer persistence. Movado eventually agreed to produce his design in the early 1960s.
The Museum Watch was, at first, a very small portion of Movado’s total production. Only made for a few New York retailers in the 1960s, it slowly became a permanent fixture in the full catalog. As the Quartz Crisis hit, a simple, design-led watch that customers were not buying for the movement took off and eventually skyrocketed.
George Horwitt’s prototype “Museum Watch.” Image: courtesy of MoMA
When the current owners purchased Movado in 1983, the Museum Watch was just about the only thing selling. At this time, the then North American Watch Corporation and now Movado Group also owned Piaget and Concord, brands seen as up-market in comparison to Movado. The right business move was clear, and the group funneled everything it had into the Museum watch, resulting in a one-trick-pony brand; the Movado most of us recognize today.
Okay, So How Can Movado Today Better Respect Its Heritage?
Movado Group Inc. (MGI) hasn’t been reported in depth on the pages of Hodinkee since Joe Thompson covered the acquisition of MVMT in June of 2019. I don’t love the Movado of today but I always assumed it was a massively successful brand that simply did not speak to my corner of the watch world. After taking a look at recent performance, that assumption may not hold.
Movado is a public company, so we don’t have to rely on Morgan Stanley/LuxeConsult turnover estimates; MGI publishes quarterly and annual reports. Sales are not broken out by brand within the group, but by looking at the “Owned Brands” (Movado, Concord, Ebel, MVMT, and Olivia Burton) category in the report, we can draw some conclusions about Movado brand performance.
Olivia Burton, a roughly $25m business, and MVMT, a roughly $80m business, were added to this mix in FY2019 and FY2020 respectively. The effect on Owned Brands sales between FY2018, before MVMT and Olivia Burton, and FY2020, after both were added to reporting, totals only $65.75m. And, outside of a COVID-impacted dip in FY2021, Owned Brands sales have remained relatively flat since.
A full review of MGI’s business over the past 10 years is not what I am here to do but it is important to note that all signs in the group’s annual report point to a stagnant business, at best, for Movado.
Movado Financials Since MVMT
This article is mostly a love letter to vintage Movado and, with that, a yearning for a once-great brand to return to its roots. The heritage-inspired models we find in the Movado catalog today are, for the most part, missing the mark. One exception being the Alta Super Sub Sea Automatic. Launched in 2022, this 43mm diameter chronograph clearly takes inspiration from the Zenith-era Super Sub Sea and is executed nicely. I was shocked when this was released and hope that the now two-year-old model signals a small movement within Movado to push outside of the Museum Watch, sub-$3,000 “Accessible Luxury” (MGI’s term) space.
There is a historical precedent for this. Following MGI’s IPO in 1993, the group experienced a period of hockey-stick-shaped success and it just so happens that Movado was producing a series of extremely faithful heritage-inspired models under the 1881 Collection. I’m sure the group’s success cannot be attributed solely to watches like the ref. 44.B3.870, an automatic perpetual calendar, or the ref. 40.A8.620, a manually-wound, rectangular-shaped dress model. Sure, there were other factors influencing this period of growth at MGI but the willingness to create something like the 1881 Collection shows why the brand was so successful.
What’s A Brand (Movado) To Do?
The author’s own project Movado, a Half Moon ca. 1915.
As it operates today, Movado is seemingly dead-set on targeting only one portion of the market, the Accessible Luxury space where a consumer wants a name brand someone might recognize, a bold modern design, and a quartz movement. Recent MGI sales numbers show a level of fatigue or attrition by this so-called middle-market consumer. With MVMT firmly under the group umbrella, my hope would be that Movado, as a brand, can be allowed to experiment more with what I’ll call the Longines approach. Mostly faithful vintage-inspired releases helped push Longines over the 1b CHF revenue barrier in 2012, peaking near 1.5b CHF in 2017, per Morgan Stanley.
By 2024, we may all be a bit tired of heritage-inspired releases, see Zenith, but Movado has a very unique opportunity. Upstart brands continue to thrive by referencing much of what Movado has right there in its archive, see Baltic, Furlan Marri, Anoma, etc. The magic of this sub-$3,000 price point is democratization and accessibility. Watch buyers who cannot fathom interacting with the Cartier Privé Collections of the world are desperate for well-executed and cool vintage designs. Movado could have that in spades, just scroll up. This segment of the watch market deserves more attention, build and they will come.
A collection of early Movado wristwatches ca. 1920. Image: courtesy of Doo Sik Lew, @doobooloo
Dear Movado Group Inc., give us a Celestograf, give us a cushion case, give us a Half Moon. I will be there when you do. And if you need some help, just ask!
Hodinkee
