The Watch Collectors' Club runs regular events where we teach members a little about watches, watchmakers, watch

A club for everyone who likes watches.

For the Swiss Watch industry, the period of the 1970s is most commonly known as the Quartz Crisis. It is commonly understood to be a time period when inexpensive quartz movement powered watches led to a rapid decline in the sales of mechanical watches, which led to huge trouble amongst many Swiss watch companies and suppliers. In actual fact, the rapid adoption of quartz movements was only one part of the Swiss industry's troubles, and this article will explore what happened.

At the start of the 1970s, the industry had an unusual structure, designed in the 1930s to save the industry from the Great Depression that followed the Wall Street Crash of 1929. The industry was made up of thousands of small parts suppliers and fairly small brands, all organised under umbrella organisations backed by the government and the Swiss banking sector. The largest of these was called Ebauches SA, which later became ETA SA, and then Swatch Group.

This worked very well for the industry in the years after World War II. The watch companies in the USA and Europe that had switched to manufacturing material for the war effort struggled to move back into watchmaking after the war ended. This allowed the Swiss companies to dominate booming post-war economies, firstly in the United States and then in Europe. In 1960 Swiss companies had a 60% share of the US market. Unfortunately for the Swiss, this industry structure was poorly positioned to move from manufacturing mechanical watches to electronic watches in the 1970s.

The Japanese watch companies benefitted from the restructuring of the Japanese economy after their defeat in the war. Across Japan companies focussed on becoming low-cost producers of all kinds of manufactured goods, and then shipping those goods to new markets in the Americas and Europe. The watch industry was no exception. Japan was also a dominant player in the rise of the electronics industry in the 1950s and 1960s. While America led in the invention and production of electronic watches, with the Hamilton Ventura (1957) and Bulova Accutron (1960) and world leaders in their niche, the Japanese were very close behind. 

At some point in the early 1960s, watch companies realised the most successful elecrtonic watch was going to involve a movement powered by a quartz crystal, which had been used to power electric clocks since its invention in 1927. It took until 1969 for the first quartz wristwatch to be launched, the Seiko Astron. It was very expensive and only available in Japan. 

The Swiss had formed a consortium of the top watchmakers in 1962 to work on a quartz movement and succeeded. It launched only a few months after the Astron, and was known as the Beta 21. 

Unfortunately for the Swiss, the movement was much larger, heavier and power hungry than those made by the Japanese. Within only a few years the Japanese continued to improve their movements at a rate that the Swiss couldn't match. Despite the introduction of the Beta 22 movement which was much thinner, the whole project was cancelled in 1975. Unfortunately for the Swiss, by 1975 Seiko alone managed to ship 1.7 million quartz watches and an astonishing 25 million by 1980.

The Japanese succeeded at a much faster rate than the others for three reasons. Firstly, the associated micro-electronics industry booming at that time in Japan, allowing for easy sourcing of parts and expertise. Secondly, the US watch companies focused more on high-end electronic and digital watches like the Pulsar. Finally, Switzerland had little to no experience building the electronic components required to put into the quartz movement, so their movements were big, bulky, and lower quality with higher power consumption. Seiko vertically integrated the production, making every part themselves. They still do this, and this led to their success at bringing the costs down (as well as improving the mechanism and patenting their improvements).

Unfortunately for the Swiss, two other things hit the watchmaking industry at the same time; a sharp rise in interest rates and a sharply appreciating currency against the US Dollar. Swiss interest rates had been around 3% and the currency was pegged at a fixed rate to the US Dollar until 1971. This was a very stable period for the Swiss watchmaking industry and it was able to sell into the United States with great success. 

In the late 1960s, Governments around the world were struggling to deal with bouts of high inflation after nearly 20 years of relatively low inflation. The decision to de-peg currencies and for each country to regain full control over monetary policy is known as the "end of Bretton Woods", and had dramatic consequences.

When the Swiss Franc de-pegged from the US Dollar, the Swiss National Bank, in charge of the money supply and interest rates, decided to fight inflation very sharply. This raised interest rates and the Swiss Franc appreciated quickly. This meant that anything exported from Switzerland to other countries was much more expensive. The scale of the rise was extraordinary. In the first 18 months from the start of 1972, the Swiss Franc gained 29% against the dollar. By the start of 1975 it was another 14% higher, and by 1978 it was another 38% higher. Interest rates reached 10% in 1974 in Switzerland and the country experienced a recession. 

This combination of technological change, high interest rates, and a severe loss of price competitiveness in their largest market saw many Swiss companies go bankrupt. The brands folded and many of the suppliers. Over the course of the decade employment in the industry fell 60%, and over 40k people lost their jobs. Many famous brands closed down almost entirely, and while some have been resurrected today, many are still gone. 

The history of the watchmaking industry has many fascinating periods, but like all history is complicated and always depends on the viewpoint of the historian. Making it simple to understand is a key aim for The Watch Collectors' Club, as understanding brand history is often very important for watch collectors. Many people enjoy learning about where watches have come from, what inspired them, and how the technology was developed. We hope to bring more historical information to you in an easy-to-understand manner. If you liked this article, please let us know, and also tell anyone else you know who might be interested. Our events always include some informative content, and all the details can be found on our events page.

What was the quartz crisis? Was the quartz crisis the only problem for the Swiss watch industry?

What happened to the Swiss Watch Industry in the 1970s

An explanation of why the Swiss Watch Industry collapsed in the 1970s.

The Swatch watch is an icon for many reasons. It is a design icon. A low cost option who need to wear a watch as a tool to tell the time. It helped save the largest watch company in the world, and it has pioneered the display of radical modern artwork on watch faces and straps. It has inspired young people to love watches and collect interesting models. It introduced rubber straps which are now being sold by the very finest watchmakers on earth. It comes in more colours and designs than you can imagine, is sold everywhere, and the best thing of all? When the battery runs out they will replace it for free in store.

The Swatch was launched in 1983 and was an instant hit. The simple looks, accurate quartz mechanism, waterproof case and comfortable rubber strap all at a low price, were very appealing to the public. Bright advertising with Red and Blue watches, and brochures full of fun activities showed this was an exciting watch for all ages. 

Lightness on the wrist and a range of small sizes made it very easy to wear. Within a couple of years of launch, the company responsible for this watch, then called ETA, were producing all kinds of crazy designs. They were limited edition, often in conjunction with up and coming young artists, and were released in what today we call "drops", launch events at swatch stores where people queued for hours to get one.

The watch has been hugely popular ever since, selling over 100 million in itd first 10 years.

The goal of the ETA company was to produce a low-cost watch that was still Swiss Made. At the time the industry was under intense competition from very low-cost digital and quartz watches that flooded onto the world market in the 1970s from Japanese companies such as Seiko and Citizen . The Swiss watch industry struggled and consolidated. To get the price down they had to not just make something powered by a quartz electric movement, they had to be able to make it cheaply too. 

The answer was to make it out of plastic. This was radical at the time as Switzerland was a country famous for centuries of case making, but a plastic injection moulding machine was cutting edge and extremely expensive. The ETA company (now Swatch Group) bought one and it took them 15 months to make a prototype work.

They welded the case together and reduced the whole thing to 51 parts, far lower than any other watch made in Switzerland. The original design was all black with a black dial, but the most obvious way to stand out was to use different colours of plastics. This led to the explosion of designs that are the hallmark of the range.

Swatch remains an enormous watch brand, with a range of products across different price points. Over the last 40 years, they have added Chronographs, all metal versions, new movements, other interesting functions, and of course, numerous limited editions are on sale at any one time.

Most interestingly, they now have a service where you can design your own Swatch. Using the template of a see-through Swatch in two sizes, they provide different imagery for you to move around until you get exactly the design you want on your watch. They do collaborations and have both geometric and visual images to choose from. This is a fantastic way to get a unique watch at a reasonable cost. The images available change regularly, so it is worth checking every now and again to see if something catches your eye.

In 2022 Swatch did something truly radical in collaboration with their Sister brand in the Swatch Group, Omega. They created a Swatch-style Moonwatch. The Moonwatch is the name given to the Omega Speedmasters which have been to the moon, in particular the model that was first to be worn on the moon in 1969, the Reference 105.012. This year, Omega have contributed many design ideas that have been seen on various Omega Speedmaster Professional Moonwatches over the years, and Swatch contributed their expertise in making quartz movements and plastic cases. To make it even better, they made the cases out of Bioceramic, which is partly made of biological material to make it more environmentally friendly.

This watch is called the Moonswatch, and has succeeded in boosting the profile of Swatch and also the Omega Moonwatch. The watches are only sold in boutiques and have been sold out daily since launch. The range of colours and design details combined with the Moonwatch heritage has been very popular.

This collection is not limited in production and is expected to be sold for many years. It is likely Swatch look for more combinations with other brands to continue their long history of exciting and unusual designs.

There are plenty of Swatch collectors! Even people who love mechanical watches have often been tempted by an interesting and colourful Swatch. There are so many interesting designs, often very contemporary with the style and art of that year, that there are many collecting options, suiting everyone's taste. There are famous see-through versions, versions with artists who went on to become superstars, versions containing famous historic artworks or landmarks, and as mentioned above, now there are unique, customer-made versions. In 2015 a collection built up over 25 years sold for a total of $6mn USD in Hong Kong, and it contained 5800 watches, every one a Swatch.

A small search online reveals there are Swatch collectors out there with hundreds of models. This compares to the author's more modest 4, three of which he wears and one of which he keeps "box fresh" and unworn.

Swatch watches are affordable, varied and highly collectable. They're fun, easy to wear and attractive to all ages. We at The Watch Collectors' Club enjoy appreciating all kinds of watches, from the simplest and affordable models to the most complicated hand-crafted masterpieces. What matters is what suits your collection and your taste, and Swatch certainly has options for all. We look forward to seeing your Swatches at our events in future. You can find all the details on our events page and on our Social Media channels.

How did Swatch watches get made? What made Swatch so popular?

Swatch - the making of a Legend

How Swatch watches came to be and why they were so successful

At The Watch Collectors' Club we believe that anyone with more than one watch has a watch collection. This is because we find that as soon as someone buys one watch they really like, they swiftly find they are thinking about another one. This is the mark of someone who is starting a collection. We also want people to know that watch collecting is easy, it can be very simple. This Blog Post will talk about some of the simplest ways to start a collection.

A Collection is a group of objects that have been brought together with a deliberate purpose. So in the case of watches, there are many reasons you could have a few of them. For example, if you like to wear a watch all the time but have a different watch for different purposes, one to wear all day, one for the gym, one for a night out, and one for special occasions, then that is a collection based around your use for them. We wrote about what makes a watch collector earlier this year, and it goes through the different types of collector we've met. 

When I first started collecting watches, I started browsing eBay. I wanted a low-cost vintage watch that was different to what I'd been wearing before. I didn't know much about watches at all, but knew I wanted something a bit different and saw buying a vintage watch as the most affordable way to buy a top Swiss brand. I chose a Jaeger LeCoultre, one of the most famous historic brands.

When it arrived I was delighted with it, despite the somewhat battered dial. It was light, kept good time, and looked really different to anything I'd seen anyone else wearing. 

I immediately wanted another one! I started searching for more vintage watches from Jaeger LeCoultre in my price range. Most of what came up were simple, time-only pieces from the 1950s and 1960s. Their small size and simple design really appealed to me. I soon bid on another, this time in all gold. I won the bid and again, was delighted when the watch arrived.

I started researching a lot more about Jaeger LeCoultre, and before long I had discovered the famous Reverso, the world's first sports watch, and the intriguing series of military watches Jaeger produced in the 1930s, 40s and 50s. I also grew to respect their heritage, history and important position in the Swiss watch industry. This all combined to make me more of a fan of the brand, and be proud to try and build a collection of Jaeger LeCoultre watches.

My story is the same story many watch collectors have. They like a type of watch and they collect similar. In my case it was following a brand, but in other cases, it can be a type of watch, like Dive or Pilot's watches, a style of watch like gold or bronze cases, a model of watch like the Seiko Day-Date models, or even something rare like watches with left-sided crowns (the part you use to wind the watch).

We recommend buying what you like, and doing the research as your interest grows. We at The Watch Collectors' Club are always happy to help you with your watch research, find out more details about the watches you have or like, and can point you to good online resources. We encourage people to look at vintage watches as they are often very good value. We encourage the exploration of microbrand watches as they are so interesting and can offer incredible value. We especially love any collection that is the result of passion and enthusiasm, and the great thing about our watch Meetups is we are finding people full of both, whether they have one watch or hundreds. 

We don't care if your collection is broad or niche. Whether is specialised and expert or simply what you like most. All of them are interesting watch collections, and all of them are easy to get started, and once you've started, you'll probably keep going!

Getting started really is as easy as buying something on purpose, and seeing how you feel about it and whether to continue down that route. As I learned more about watches my interests changed, and after buying the Jaeger LeCoultre Dirty Dozen Watch (featured above), I started to buy other watches. Firstly from Breitling, another brand that had always interested me, and then from other brands too. I now have a wide-ranging collection that includes watches I would never have dreamt of owning when I started. You can start anywhere, and we encourage you to simply go for it. Buy carefully of course, and you can use the How To guides from our Blog. Most importantly, don't be afraid of your own taste. 

Don't be afraid to ask us for help if you need it, and we at The Watch Collectors' Club would love to hear all about your collection. Please sign up for our email list, and you can join one of our watch events either online or in-person, and follow us on social media. 

How do you start a watch collection? What's the best way to collect watches?

How to Start a Watch Collection

We explain how starting a small watch collectioncan be very easy

To celebrate the 60th Anniversary of James Bond first appearing on our screens, Christie's Auction house in London are selling some high value memorabilia from the most recent film, No Time to Die. We will go and see this memorabilia as the two watches worn by Daniel Craig (playing James Bond) are for sale. We will hopefully be able to try them on and you can even leave a bid! 

Following our visit to the Auction House we will walk up to the Watches of Switzerland Store on Regent's Street to look at more watches and possibly even have a Martini; shaken, not stirred of course! 

Please sign up to let us know you are coming, and then we will meet outside the main entrance of Christie's at 2:00PM.

A visit to Christie's to see the Bond watch worn in No Time to Die

Join us to see and even try on the watches worn by James Bond in No Time to Die

Watch Collectors'Club trip to the James Bond Auction

Join The Watch Collectors' Club at Bremont Birmingham on Thursday 22nd September from 5PM for an evening exploring the fantastic Supermarine range. We'll be looking at the history of this range, the features, and the associated benefits of buying a Tool Watch like this. You'll get to hear all about how it came about, the main functions, plus tips on when and when you can wear it. The Boutique will provide their usual excellent hospitality, and there'll be loads of watches for us all to try on!

A joint watch Event at the Bremont Birmingham Bullring Store

Watch Event at Bremont Birmingham, Bremont Collectors Event

The Watch Collectors' Club and Bremont Birmingham

The Watch Collectors' Club at Bremont Birmingham

The Watch Collectors' Club are delighted to welcome Richard Benq, the founder and CEO of Studio Underd0g, one of the hottest new microbrands to come onto the watch scene in the last two years. We will introduce the range of Bicompax colourful Chronographs that have been causing excitement across the watch world, we will hear Richard's story of how he turned a lockdown project into a full time job, and we'll hear all about his design inspirations.

You'll be welcome to join in, ask questions and let him and us know what you think of this amazing range of watches. It's free, on Zoom and you can sign up right here.

We talk about their fantastic range of colourful watches with the founder of Studio Underd0g

Club Plans

Make the watch world simple