SDC Weekly 51; Art Market Insights; Envy revisited
Hodinkee's Woes, Geneva's Colonial Past, Rolex CPO Update, Hajome Asaoka Revives Takano, 'Perpétuel' vs Rolex, Rolex caught photoshopping images and much more.
In this issue, we dive into the latest Hodinkee developments, touch on Geneva’s colonial past, discuss the challenges faced by Rolex’s CPO program, and explore the fascinating parallels between the art market and the world of watchmaking. We will also revisit the concept of envy in watch collecting.
You can catch up on the older editions of SDC Weekly here. Remember, free subscribers eventually receive the full newsletter via email so if you’re not subscribed already, that’s a good reason to do so!
Small stuff
Hodinkee again
In this WSJ article which dropped hours after last week’s SDC, they dive into the rise and fall of Hodinkee. Regular readers will recall, this was covered by SDC Weekly in March, and by Adweek in April. I suppose, WSJ is a different league of ‘reach’ - so it is unsurprising this article made some serious waves. Such serious waves, in fact, Rob Corder at WatchPro decided to publish yet another Hodinkee update, concluding “criticism has been wildly overblown” and more interestingly, stating “I do not side with the haters who feel Hodinkee has sold out.”
Quote the storm in our proverbial teacup of a hobby, that’s for sure. Anyway, the WSJ article covered everything from falling revenues, layoffs, and project cancellations, to feedback from former employees who accused the company of mismanagement and overspending. It also had some great quotes.
When asked whether Hodinkee was chasing the secondary watch market boom with the Crown & Caliber acquisition, Ben Clymer said:
“I don’t want to say we were chasing it, but again, we’re looking out the window and I see it’s sunny, I’m not going to put on a raincoat. It’s no different than that. We saw what was happening in the market and we went for it.”
Hodinkee has significantly downsized, having axed more than half of their staff, and sub-let a property they had leased but were now unable to use - and yet, Ben Clymer said:
“The business is stronger than it’s ever been, I believe in this business now more than ever.”
I mean, what else would he say? Especially if he is seeking capital, this is the only thing he can say!
The WSJ also got hold of some old board presentations which showed Hodinkee has originally planned to shut down the Crown & Caliber website after acquiring it - when asked if this was true, Clymer simply said “Things change.”
The final anecdote from the WSJ article, I will quote directly:
“Last October, Hodinkee’s editorial website went down on a critical sales day because the employee whose corporate credit card was tied to the site’s hosting fee had been let go months before.”
So where does that leave Hodinkee? Lots of opinions flying around the watch community right now, but this one message from a collector was imbued with emotion, and shared here with permission:
“I fell in love with watches because of Hodinkee: Ben, Jack, Stephen, Cara, Jon, Cole were my favorite writers and I fell so far down the rabbit hole in 2017 while unhappy with my job … that I’m still in the hole and if I try to look up I no longer see the sunlight. But I’m still happy. I’ve met or spoken with Jack, Stephen and Cole and the first thing I had to say to each of them was how grateful I was that they introduced to me this crazy magical world. I love watches, and Hodinkee more than any other publication is responsible for that. I would bet I’m probably still in their top five percentile of all time commenters. For years I’d read every story within a few minutes after it was published.
As an enthusiast, a collector, a rabid Hodinkee follower and fan, an industry outsider, an obsessive media consumer, as someone concerned about the health of the funnel into the hobby for new collectors, Hodinkee’s journey the last few years has evoked in me anger, disappointment, confusion, amusement, bemusement and straight up sadness far more than any positive emotion. I think at their best they were a positive actor in this hobby, but Ben’s attitude in this interview betrays denialism, naïveté or worse, cynicism. Nothing about the noises they’re making today inspires confidence that things might change for the better anytime soon.”
I think this captures a lot of the sentiment in the watch collecting community.
Emotions aside, I see Ben is back creating content at Hodinkee. Perhaps Ben will convince TCG, the lead investor, to sell their stake back to him for $1 - just like Portnoy did with Barstool Sports! Ben posting this on LinkedIn would seem to suggest he’s definitely got something planned - the comments section is riddled with some classic LinkedIn rimjob-roulette, as well as some vitriol from ex-employees… Worth a few laughs if you have time. Oh, and if you haven’t already seen it, this post on Instagram has a few more laughs, along with plenty of comment-fodder to boot.
Geneva’s Colonialism
I read an article last week which may surprise you if you aren’t as much of a cynic as I am. I nearly relegated this to the links section below, but decided it was interesting enough to mention up here.
It turns out, Geneva, the global hub of humanitarianism, has a dark colonial past. Ok, perhaps you rolled your eyes, but bear with me. This exhibition reveals how key players like the Red Cross founders were “big colonisers” who supported and legitimised European colonialism and racism in Africa.
“They were men of their times”, according to an International Committee of the Red Cross historian. For Red Cross founders Dunant and Moynier, “colonialism was a way to civilise the world.” Moynier even served as Belgium’s consulate general while the country brutally exploited the Congo for rubber, financed by bankers from Geneva.
The exhibition prompts tough questions about this troubling history and its repercussions today. As the museum director put it: “It’s not to get revenge, nor is it wokeism. It is not cancelling anything. It’s just having the chance to talk about it."
Well, let’s talk about it then, shall we?! Read the article here to learn more about the colonial skeletons in Geneva’s closet 😂 (Too much?!)
Rolex Certified Pre-Owned (CPO) Update
We have covered Rolex CPO before; Here in 2022 when it was announced, and here in SDC Weekly 12 just after the Bucherer deal was announced.
Well, Rolex CPO has finally come to Arabia at Mohammed Rasool Khoory & Sons, which probably means it will come to Ahmed Seddiqi & Sons soon enough. “What of it?” you ask?
For starters, WatchPro had something to say about CPO last week, and covered 3 main points:
Rolex CPO is proving to be more of a burden than an opportunity for Rolex authorised dealers (ADs). The upfront costs of setting up an accredited service centre and hiring or training qualified watchmakers are high, and it is nearly impossible for ADs to turn a profit on sub-£20,000 Rolex watches that go through the mandated CPO process.
The CPO process is expensive and time-consuming. ADs have to send pre-owned watches to Rolex for authentication and checks, which costs over £1,000 and takes several months. Rolex requires the watches to be restored to mint condition, and if any parts need replacement, the AD bears the cost. This leads to tight margins and likely losses on many CPO sales.
There is an odd situation where second-hand watches are being sold at higher prices than their brand new equivalents in the same showroom, as waiting lists for new Rolex watches are rapidly shortening. To mitigate this issue and minimise losses, some ADs are focusing on discontinued models and devoting the minimum amount of resources as possible to the CPO programme to ensure they maintain a good relationship with Rolex.
Other sources confirm this sentiment. In particular, ADs report platinum and two-tone watches to be the most difficult to certify due to the bracelets - Rolex tries to force bracelet-replacement, while ADs must bear the costs. There are other reports of Rolex being hot and cold with regards to how they treat watches with dials that differ from the original watch sold. Everyone knows Rolex have historically swapped dials, so for them to be finicky about a dial not being ‘born with the watch’ but instead being an after-sales authentic replacement dial, is incredibly unfair.
By the way… While we’re talking about Rolex I have some news: a 4% price increase on precious metal models is coming on the 1st of June, but no increase on steel watches. This was confirmed in person by a U.K. authorised dealer. Thanks P!
Hajime revives Takano
Precision Watch Tokyo Co., Ltd. is the company behind Hajime Asaoka, the celebrated Japanese watchmaker. Here’s a Facebook they post shared on Sunday - translation follows below:
The legendary watch brand “TAKANO”, which existed from 1957 to 1962, will be revived by Tokyo Watch Precision Co., Ltd., led by Hajime Asaoka.
The first model of the new TAKANO is the first domestically produced wristwatch in the 21st century to be a chronometer, and the first domestically produced watch to pass the Besancon Observatory (France) chronometer test.
The first model has passed the chronometer test at the Besancon Observatory, and when it is returned to Japan, it will be delivered directly to the customer along with the test certificate.
Here’s what seems like a comprehensive look into the Takano brand if you’re interested - a surprisingly storied company whose history reaches back to 1899!
Insider Secrets of Luxury Watch Dealers
Want to know the insider secrets of luxury watch dealers? Esquire did the legwork by interviewing watch retailers from family-owned jewelers to vintage dealers share their insights on what makes customers tick. One jeweler notes, “Every brand has similar watches... But with every brand there's a different story. Customers still want you to bring them on that journey and sell those brand stories to them.”
The retailers emphasise the importance of putting oneself in the proverbial customer’s shoes to make them feel comfortable. “Trying a watch on always makes a difference. Get people in front of a mirror. Because they're never looking at the watch – they're looking at themselves.”
For high-end independent brands, they say, passion and knowledge matter more than wealth. “We've turned away clients that are billionaires... We’re interested in who’s going to be passionate about owning the watch, and who’s going to wear it with pride.” I mean, really?
It’s an amusing read if you have the time - One multi-brand retailer sums it up with what I’d imagine is a universal sentiment for all ADs: “Very few people will buy a watch based on their own feelings. It’s hype and it’s advertising that drives people. It’s really refreshing when someone comes in and says, ‘I like that, I don't care what anyone else thinks’.”
Rolex, TIME Magazine, and Palestine
More politics, anyone? If you take a look at this headline, it makes very little sense in the context of world events, and popular narratives or associations. In this article, which includes a video, TIME shares the story of a Palestinian poet, Mosab Abu Toha. It is part of their Next Generation Leaders series, which is in partnership with Rolex.
Does this mean “Rolex supports Palestine,” explicitly? Of course not. However, it isn’t news that Rolex is not shy of litigation when it comes to the use of their brand, and its associations. It stands to reason, therefore, that Rolex appears to have no issue with this association, and therefore does ‘support the plight of the Palestinians’, even if it is only implicitly. Still, implicit support from Rolex is huge news, and arguably means more than explicit support from almost any other brand.
This went live on May 16th, and it may still be contested by Rolex, and subsequently taken down as a result of the implicit connection I have described. If they don’t, this is a significant shift in the extent to which Rolex wades in to politics, even if accidental or ‘only by association.’
Watches of Switzerland: A Bull Case
Last week, I shared a bearish outlook on WoS, particularly in light of the Bucherer deal not yet closing. If you’re interested in the bull-case, check out this relatively deep dive on Watches of Switzerland. The author argues that with pricing power, negative working capital, and a 9x P/E, WoS could be a value investor’s dream - if you can stomach the waitlists and disintermediation risk. Time to buy? You decide.
'Perpétuel' vs Rolex
This edition seems extremely Rolex-heavy, but I can’t help it! It a recent lawsuit, Rolex tried to block the UAE-based watch boutique Perpétuel, from registering a trademark in the UK - but they failed! Apparently Rolex couldn’t demonstrate how consumers would would confuse “Perpétuel” with Rolex’s “Oyster Perpetual” trademark. I find this hilarious because it is more than likely the Perpétuel Gallery derived its name from Rolex’s use of the word perpetual in the first place! 🤣
Watch Auctions
The Phillips Hong Kong Watch Auction: XVII and the Christie’s Important Watches Featuring The Generations & Timeless Opulence Collections, seemed to be a mixed bag with a few bangers. This Cartier water clock sold for ~£1.5m, this Cartier table clock for ~£300k, and this Cartier mystery clock for £204k. A Patek 5004p with diamond indices sold for ~£250k and a related complication Rose Gold 5204R without diamond indices sold for £160k (Retail is £280k, and C24 listings are north of £220k). A Rose 5004p at Christie’s sold for £280k.
Journe seems to have cooled in this auction. A 38mm Brass Resonance down to £154k, Octa Chronographe Ruthenium at £128k, Octa Jour/Nuit Ruthenium at £109k. The Chronomètre Bleu - Byblos went for £193k. In May 2022, an arabic numeral version sold for £540k, but an identical model sold for nearly the same amount at £197k.
The Vagabondage 3 sold for £212k; this was £305k in September 2021, £250k in May 2023, and £243k in November 2023 - a clear downward trend - and there’s another one to watch, coming up in June. This unique Harry Winston x Journe Tourbillion sold for £356k, which would have probably sold for double that price two years ago.
To end off - check out this Omega Tourbillion - from the lot essay:
In 1947, Omega created twelve Calibre 30 I tourbillon movements of only 30mm in diameter to run in the “wristwatch” category of the Geneva, Neuchatel and Kew-Teddington Observatory trials... In 1987, seven of these twelve movements were discovered by Omega and entirely rebuilt, they were then cased in gold and silver livery and offered to a select group of collectors (like the present example).
At £64k, it feels like someone stole it! Anyway, worth a browse through the results to see for yourself.
Enough small talk… Let’s dig in.
ScrewDownCrown is a reader-supported guide to the world of watch collecting, behavioural psychology, & other first world problems.
🎨 Art Market Insights
I recently came across a fascinating video discussing the art market, shared with me by my cousin, who astutely observed the striking parallels between the worlds of art and watches. I must say… he was bang on!
The video highlighted several points about the art market that ring true for the world of independent watchmaking, albeit on a different scale. Firstly, art is generally a poor investment, with a mere 1% of artworks yielding any significant returns. The top echelon of the market, comprised of around 20 artists, outperforms other indexes and accounts for a staggering 50% of the total art market value. Similarly, for independent watchmaking, only a select few brands and pieces command astronomical prices and drive the market.
Out of the 60 million artworks created annually, only 3 million find their way into galleries, and an even smaller fraction (less than 0.001%?) are sold twice at auction. These rare pieces are the ones which end up shaping the art market indexes. In the watch world, the number of independent brands and timepieces is significantly smaller, but the principle remains the same – a handful of highly sought-after watches from renowned independent watchmakers are the ones which end up setting ‘the tone’ for the market.
The guy being interviewed also emphasised how people should invest in art for reasons beyond financial gain - including, ‘because you like it’ as well as supporting the art community, art galleries, and of course, artists themselves. He even suggested buying art should be viewed as a philanthropic act. If you think about it, this sentiment resonates deeply with the independent watchmaking scene, where collectors often invest in a watchmaker’s passion, skill, and creativity, rather than solely focusing on potential financial returns (excluding the 18-24 months of hype BS).
Moreover, the art expert did a study which showed the success of an artist is largely determined by the network they are a part of, rather than solely the quality of their work. A small group of influential institutions, primarily based in New York, dictate the perceived value of an artist.
In the watch world, the support of influential entities, such as retailers like Seddiqi & Sons for MB&F or The Hour Glass for Akrivia, or Sfeir for Philippe Dufour, and a core group of ‘Souscription’ collectors for the likes of Brette… were the difference between those independent brands ‘making it’ and not.
It is worth noting that in recent years, there has been an influx of newcomers to the independent watchmaking scene, some of whom seem to be driven more by the prospect of building a profitable business than by a genuine passion for the craft. While they may be watch enthusiasts, their underlying purpose appears to be “to make watches and make money.” This stands in stark contrast to the approach of true independent watchmaking pioneers like F.P. Journe, whose primary goal was simply “to make watches and hopefully survive.” For these artists, the pursuit of their craft was their ultimate dream and purpose, with financial success only coming after decades of dedication.
So… While the scales may differ, the art market and the world of independent watchmaking share many similarities. The pinnacles of success in both markets are driven by a small, influential network of institutions and individuals, and the true value of a piece lies not only in its potential for financial gain but also in the passion, skill, and creativity of the artist behind it.
The takeaway then, for watch enthusiasts like yourself, is to look beyond financial gains, and support independent watchmakers who genuinely pour their hearts and souls into their craft. This will ensure the craft thrives for generations to come.
💣 Envy… It’s back!
In the previous post (linked above) I explored the concept of envy and its manifestations in the world of watch collecting. Since I wrote the original post, and later updated it, I discovered Professor Sara Protasi - this was a whole new rabbit hole which forced me to revisit this topic and dive even deeper into the intricacies of envy and jealousy. I hope to shed light on how these two emotions differ, intertwine, and shape our experiences as collectors.
As I mentioned in the earlier post, envy and jealousy are feelings that many have grappled with at some point, whether we admit it or not. One of the key updates here, will be the nuances that distinguish jealousy from envy, the different types of envy, and how each type influences our behaviours and interactions with others.
Lack vs. Loss
At the heart of Protasi’s work is the idea that envy and jealousy, while often conflated, are actually two distinct emotions. Envy, she argues, arises from a perception of lacking a desired item that someone else has. Jealousy, in contrast, stems from the perception of losing (or being at risk of losing) a valued item to a rival. I found this lack vs. loss (envy vs jealousy) model to be a convenient ‘rule of thumb’ - but let’s simplify it further with an example for each.
In the context of watch collecting, we might feel envy when a fellow enthusiast acquires a platinum Patek Philippe Minute Repeater Alarm Ref. 1938P-001 - a piece that we’ve long coveted but couldn’t obtain. The core of this experience is the painful awareness of our own lack, amplified by the other collector’s gain.
Jealousy, on the other hand, would be the appropriate label if we fear losing our status as the world’s top collector of Patek Philippe Minute Repeaters to an up-and-coming rival who got this watch instead. Here, the driving concern is the potential loss of something we cherish - our reputation… our sense of uniqueness… our place in the proverbial hierarchy.
The Four Faces of Envy
Envy, as Protasi reveals, is an emotion with many dimensions. This was news to me, and the basis for me bothering to write this update. She identifies four distinct types of envy, each with its own unique flavour and consequences:
Inert Envy: This is the helpless, frustrating envy we feel towards those who possess an advantage that seems permanently beyond our reach. In the watch world, we might experience inert envy towards a collector who owns a one-of-a-kind vintage piece that we know we’ll never be able to acquire, no matter how hard we try. This type of envy is marked by a sense of resignation and self-pity.
Emulative Envy: On a more positive note, emulative envy is the kind that inspires us to improve ourselves and our collections. When we feel emulative envy, we see the envied collector as a role model, and we use their achievements to spark our own growth. We might be motivated to learn more about watchmaking history, to save up for a piece we have desired, or to cultivate relationships with certain watchmakers. Emulative envy, when channelled constructively, can be a powerful force for personal development.
Aggressive Envy: Here, the envier doesn’t just want to possess the watch they covet, but also to deprive the envied collector of it! Aggressive envy is marked by a sense of ill will and hostility. An aggressively envious collector might bid on a watch they know their rival wants, specifically to prevent them from getting it. They are the type who would spread rumours questioning the authenticity or provenance of a rival’s pieces. Aggressive envy is a destructive force which can poison a community in record time if left unchecked.
Spiteful Envy: This is the most malicious form of envy. It arises when the envier believes they can’t acquire the desired watch themselves, and instead seeks to spoil it for the envied person. “If I can’t have it, no-one can.” A spitefully envious collector might go as far as to damage or destroy a rival’s prized timepiece, or to sabotage their relationships with dealers and brands. While rare, this type of envy represents the ugliest extremes of the collecting mentality.
The Moral Dimension
Protasi’s framework also sheds light on the moral dimension of envy and jealousy. As she observes, envy is often seen as more shameful and reprehensible than jealousy, because it seems to involve begrudging others’ good fortune. Jealousy, while not exactly admired, tends to be viewed with a bit more empathy, as it stems from the understandable desire to protect what one already has.
This moral distinction helps explain why watch collectors (and people, in general!) are often reluctant to admit feelings of envy but may be more forthcoming about feeling jealousy. To say “I’m jealous of that collector’s relationship with Brand X” might be seen as a frank acknowledgment of one’s competitive spirit. But to confess “I’m envious of that collector’s latest acquisition” risks painting oneself as petty or covetous.
Of course, moral judgments are never clear-cut. Emulative envy can also be a positive force, motivating us to work harder and strive for excellence. Even aggressive or spiteful envy, while destructive, may stem from complex feelings of inadequacy or exclusion that actually deserve to be met with compassion. As collectors, it’s worth examining our own envious and jealous feelings with honesty and nuance, rather than simply labelling them in a binary way… It really isn’t ever as straightforward as “good or bad.”
Coping with Complicated Feelings
What is truly compelling about Protasi’s analysis in general, is that it acknowledges the messiness and ambiguity of our actual emotional lives. It’s not always easy to neatly separate envy from jealousy, or to pin down their exact causes and contours.
Sometimes, the two emotions blend together! A collector might start out feeling jealous of a rival’s relationship with a brand they love, only to find themselves growing envious of the rival’s acquisitions over time. Or an initial burst of emulative envy might give way to aggressive envy if the desired watch remains out of reach for a sustained period.
In other cases, it may be genuinely unclear whether our emotional response to another collector stems from a perception of lack or a fear of loss. Perhaps we feel both deprived and threatened or maybe even vacillate between different shades of envy as our circumstances shift.
Protasi’s advice is to approach these complicated feelings with curiosity and self-compassion. Rather than getting too hung up on labelling them precisely, we can simply use the lack vs. loss framework and the four types of envy as tools for self-reflection.
What, exactly, is triggering our emotional response? What do our feelings of envy or jealousy reveal about our collecting goals and values? How might we channel these feelings in a more constructive direction?
The easiest starting point is to acknowledge and accept the presence of envy or jealousy, without judgment. From there, we can start to untangle the strands of emotion, using Protasi’s models as a guide.
If we find ourselves in the grip of inert envy, for instance, we might gently question the assumption that the desired watch is truly out of reach. Could we make a plan to save up over time, or explore other pieces that scratch the same itch? If aggressive envy is flaring up, we might pause to consider the human being behind the rival collector and look for ways to empathise with their own struggles and triumphs.
The goal is not to beat ourselves up for feeling envy or jealousy, but to respond to these emotions with wisdom and consideration. If we recognise and tackle our emptions with self-awareness and a plan, we can gradually shift the balance from toxic forms of envy toward the more fruitful ones - and maybe even alter our envy into admiration, and our jealousy into motivation.
Closing thoughts
Envy and jealousy are a natural part of the human experience, and therefore the collecting experience; But they need not dominate or define it. If we take some time to understand these emotions more deeply - their different flavours, their underlying structures, their problematic and promising aspects - we can get closer to actually mastering our own hearts and minds.
Honestly, the lack vs. loss model was quite enlightening for me, and the four types of envy provide a nice ‘spectrum’ to appreciate how this emotion can manifest. Ultimately, I don’t think the goal should be to eliminate envy and jealousy altogether - that’s probably a fool’s errand.
A little friendly competition can add some amusement to the hobby too! The moment we get fixated on what we lack or what we stand to lose, that is the moment we risk forgetting what drew us to watches in the first place: the chance to marvel at ingenious micro-engineering, to appreciate hand-artisanry, and above all, to join a community of like-minded degenerates.
Concluding on this note tends to trigger my boarding school roommates to chant “Why are you gae” - but in reality, when we do, we become not only better collectors, but better versions of ourselves... And that, in the end, is what a rich life is about - the pursuit of excellence; not just horological, but personal excellence too.
📌 Links of interest
In this post, the caption reads:
This is the original photo from 1955, of a navigator taking Loran readings. He wasn’t wearing a @rolex GMT-Master at all and it had nothing to with the company. The 👑 utilised early “photoshopping” to super impose a drawn GMT-Master on his wrist and popped the picture on the cover of the booklet for the 6542 😜😂.
Busted!
🔚 F.P. Journe’s Last-Ever Limited Edition: The Chronographe FB.
📉 Why a Shabby Luxury Brand Is Hard to Fix: Slowing sales and LVMH’s growing clout are a tough backdrop for turnarounds at brands such as Gucci and Burberry.
😵 Brain activity of professional investors signals future stock performance.
🥳 Zero Bond: In a nightlife landscape littered with private clubs, none garners more ink than Scott Sartiano’s NoHo fortress.
🕵️♀️ This graphic may trigger PINSecurity - The data from multiple data breaches reveal that we’re extremely predictable.
🍷 How Pierre Ly paired global political economics with Chinese wine.
🎪 Google’s “AI Overview” can give false, misleading, and dangerous answers.
🧠 Mental disorder seems to spread through social networks.
🐱👤 “I Went Undercover as a Secret OnlyFans Chatter. It Wasn’t Pretty.” Basically, OnlyFans creators often hire agencies that provide “chat specialists” to impersonate the creator and engage with their subscribers. This allows them to keep up with the high volume of messages they receive. Pretty wild.
🍟 A new study links increased consumption of ultra-processed foods to higher risks of cognitive impairment and stroke.
👩🏫 No One Knows What Universities Are For: Bureaucratic bloat has siphoned power away from instructors and researchers.
🤑 The Highest Paid CEOs of 2023.
🦅 Eagles changed migration route to avoid Ukraine war, and ants learn faster on caffeine!
End note
In case you missed it… here’s a post from last week about the Swatch Group:
It is possible I have told this story before, but it’s a good one, and there have been many new subscribers of late thanks to Eric Ku and his shout out on Instagram - so I will tell it again.
As watch lovers, we know a thing or two about waiting. Whether it’s for that call from an AD, or for a watch we’ve placed a special order for to be made and delivered… we’ve all been there. This story involves waiting too - but not the same type of waiting.
This one is about ‘defining a problem’ and it relates to a tenants in an office building. As it happens, the tenants were fed up with waiting forever for elevators to arrive, and they were ready to pack up and leave. Management was stressed out, and called in a team of engineers to figure out how to speed things up.
Unfortunately, the engineers came back with bad news. The building was too old, and fixing the elevators would involve too much upgrade work and therefore, cost a fortune. They advised management to convince tenants to grin and bear it or find another way.
Then, a young hero emerged … A graduate in personnel psychology, according to the story. Unclear why they hired someone with this background, but it proved to be an inspired choice. The engineers had focused on the hardware, but this kid focused on the humans - the ones doing the waiting and the complaining.
He came up with the brilliant idea of putting up mirrors in the elevator lobbies, because he believed people were simply complaining about boredom, not waiting. By adding mirrors, people would have something to do while they waited, and they wouldn’t be bored. Management, desperate for a solution, gave the green light. The mirrors were installed quickly and at a relatively low cost. As soon as they did this, the complaints stopped! People were too busy admiring their own reflections to notice the wait.
Now, mirrors in elevator lobbies are everywhere. This story highlights how the key to solving a problem is often defining the problem correctly in the first place.
Perhaps it also goes to show how a little bit of creativity can go a long way in making life’s waits a little more bearable.
Until next time,
F
🔮Bonus link: Fakes get better
Interesting video highlighting how fake watches are improving all the time. Many argue that the quality of authentic watches is too high to replicate - but as CNC gets better, more mainstream brands are trying to reduce costs by using less human intervention and reducing their standards. At what point will this come back to bite them, because they have reduced quality so much, that it is actually replicable by counterfeiters? Probably won’t happen in the next 3-5 years, but as technology improves, might this be a genuine risk?
Believe it or not, that “❤️ Like” button is a big deal – it serves as a proxy to new visitors of this publication’s value. If you enjoyed this post, please let others know. Thanks for reading!
This is the new Hodinkee.
Another wonderful read🤌🏻