Story Highlight
– François-Paul Journe to launch legacy timepiece for 70th birthday.
– Scarcity of Journe watches increases value and demand.
– Denis Flageollet seen as potential successor in watchmaking.
– F.P. Journe prices surged, reflecting growing market interest.
– De Bethune aims for similar success under new ownership.
Full Story
François-Paul Journe will mark his 70th birthday in March next year, and is anticipated to introduce a timepiece embodying his “patrimony,” a product that could encapsulate his legacy while facilitating a transition of influence within the independent watchmaking sector.
The popularity of F.P. Journe watches remains unwavering, and there are no indications that Journe, known for his meticulous craftsmanship, is ready to retire anytime soon. However, the availability of his timepieces is likely to diminish, suggesting that a shift is necessary as the watchmaker prepares for a new chapter involving the next generation of artisans.
Denis Flageollet of De Bethune has emerged as a potential successor. Like Journe, Flageollet honed his exceptional watchmaking skills during the late 1980s and 1990s at Techniques Horlogères Appliquées (THA). Alongside talents such as Vianney Halter, these artisans were instrumental in creating complex movements for prestigious clients including Cartier and Breguet.
One of their notable achievements, the Breguet Sympathique No. 1, commissioned by Breguet in 1991 for the “Art of Breguet” exhibition, showcased their collaborative brilliance. It sold for an impressive CHF 1.55 million at auction in 1991, later purchased by Journe himself for CHF 5.5 million to be displayed in a forthcoming museum in Geneva.
The trio of watchmakers from THA subsequently founded their own brands: Vianney Halter in 1998, F.P. Journe in 1999, and De Bethune in 2002. Journe has made remarkable contributions to horology, including pioneering innovations like the first serially produced resonance movement in the 2000 Chronomètre à Résonance and the constant-force mechanism utilized in his 1999 Tourbillon Souverain.
His distinctive design is influenced by the chronometers of the 18th and 19th centuries, particularly those of pioneer Abraham-Louis Breguet, showcasing his innovations prominently on the dials of his watches.
Wei Koh, founder of Revolution magazine and host of the Discovery Channel’s documentary series on independent watchmakers, considers Journe an exemplary figure for collectors. “He maximizes every conceivable improvement in mechanical watches, which have undergone little change for centuries,” says Koh. “His timepieces communicate with the world through complex features and embody a joy in classical designs, especially with chiming mechanisms.”
Until about a decade ago, F.P. Journe was relatively unknown outside specialised circles. The company’s yearly production increased significantly, from fewer than 100 units in its inaugural year to approximately 700 annually by the time of its tenth anniversary. Initial prices were also modest — a Tourbillon Souverain would often sell for around $40,000 to $70,000, only slightly above retail.
“There was minimal market for small, independent watch brands at the time of the launch,” recalls Paul Boutros, deputy chairman and head of watches at Phillips. The landscape began to change in the mid-2010s, as auction houses like Phillips recognized the emerging value of these independent watchmakers.
Interest in Journe began to rise around 2017 when Danny Govberg, an entrepreneur and collector, identified an opportunity for his family’s business, Govberg Jewelers, to engage with the growing appreciation for unique timepieces. Govberg had co-founded WatchBox, a platform for collectible watches, and began acquiring Journe pieces while raising awareness of their artistry.
His efforts coincided with rising demand and values in the secondary market, although interest in independent watchmakers remained largely niche at that time. With a commitment to educate fellow collectors, Govberg strategically amassed an extensive collection of Journe’s finest works.
Despite allegations of market manipulation, Govberg perceives Journe’s watches as exquisite, immediately recognisable creations crafted by an artisan operating a vertically integrated workshop with output limited to fewer than 1,000 units per year.
His foresight has driven a remarkable ascent in the value of F.P. Journe watches. According to EveryWatch, the secondary market price of a Chronomètre à Résonance soared from $40,000 in 2015 to nearly $1 million by 2025. Other Journe models have similarly shown dramatic price increases.
Recent auction results underscore this trend, with record prices achieved for Journe watches, including the remarkable sale of the F.P. Journe Tourbillon Souverain à Remontoir d’Égalité for CHF 7.32 million, and a unique FFC Prototype sold for $10.76 million, marking it as the most expensive watch from an independent maker.
Beyond sheer auction results, the appeal of F.P. Journe continues to swell, prompting Govberg to engage with collectors through exhibitions and major sales, such as the prominent Christie’s Geneva auction, which garnered CHF 13.7 million, averaging approximately $385,000 per lot.
Remi Guillemi, head of watches at Christie’s, attributes this attractiveness to Journe’s innovative spirit and his ability to foster community among collectors. “He embodies ingenuity and passion, creating original wristwatches without replicating existing designs, which resonates with collectors seeking uniqueness in a market dominated by large luxury brands,” notes Guillemi.
Meanwhile, The 1916 Company, born from a merger that includes WatchBox, is actively cultivating relationships with other independent watchmakers like De Bethune. The firm’s investment in De Bethune reflects a commitment to similar principles that elevated Journe’s reputation, focusing on Flageollet’s exceptional craftsmanship and innovative designs.
De Bethune produces under 500 watches annually, allowing for a blend of exclusivity and recognisability. Flageollet’s work has gained extraordinary acclaim yet remains underexplored relative to his technical prowess and the artistry of his creations.
Both Flageollet and Journe present a contrasting design language — with Journe’s classical influences juxtaposed against Flageollet’s futuristic aesthetic — paving the way for a broader appreciation of independent watchmaking.
As The 1916 Company forges ahead, the aim is to elevate De Bethune’s presence in the collectors’ community, ensuring that the outstanding craftsmanship of both Flageollet and Journe continues to captivate enthusiasts for years to come.
