This week's SDC delves into Rolex's dial-making process, potential F1 sponsorship shifts, and Dior's manufacturing controversy. We also examine Tom Wolfe's insights on status and apply lessons from "Great Expectations" to watch collecting. Plus, industry updates and tips on avoiding conversational narcissism.
Appreciate you delving into Tom Wolfe’s oeuvre a bit!
I read some of his novels in high school before coincidentally attending his undergraduate alma mater - Washington & Lee - where I took a course that necessitated reading everything he published, including hard-to-find (at the time) magazine articles.
In addition to the pieces referenced above, I recommend The Painted Word and From Bauhaus to Our House, skewerings of modern art and modern architecture, respectively.
Perhaps the most amusing - and yet profoundly insightful - book on status and class that I have read is Paul Fussell’s Class. The central theme of the book is that while one could perhaps advance a rung up the ladder by having internalized some of the lessons contained within, the personal insecurity demonstrated through doing so would drop the striver back down where they began.
Finally, the Dior scandal is hardly the first PR hit that LVMH has taken this year; witness the Bloomberg Businessweek article that illustrated that Loro Piana’s beloved vicuña chaperones are rewarded with essentially none of the $5,000+ that a Loro Piana vicuña sweater commands at retail.
Thanks for the nudge! The notion of imperfect information rings true in that book example- otherwise we could argue the loss of status for being stupid enough to not want to learn/improve (not internalise said lessons).
Yup, touched on the Loro article in SDC too - nothing happened. Hence my cynicism 😂
Fussell claims that the “top” and “bottom” classes have much in common. (Almost) nothing they do can change their status. In the middle, people are insecure and strive to maintain or improve.
Think about Hank Paulson wearing a digital watch as the big boss at Goldman while striving underlings would would buy a Submariner, then a Daytona, then a Royal Oak, then a Nautilus as they ascended the greasy pole. Someone indisputably at the “top” can afford to counter-signal; similarly, strange people who lack money are called “weird” or “bizarre,” but should they come into some cash, they are elevated to “eccentric.”
Counter-signalling never ends. Even to the point where the absence of signals is a signal itself - that you can’t be “corrupted” by signal-culture. Once you’re in the matrix…
Due to time limitations (just reading at bedtime and falling asleep) I’m having to carve up the post into bite size chunks, thus comments will be done accordingly to what’s been swallowed so far …
So…. Really brilliant “parody” or take on Tom Wolfe’s writing style as it relates to our collecting/hobby/addiction! Great fun and well done! 👍🏼 🤡🫶🏼
Having read much of his stuff years ago it’s refreshing to see he holds a worthwhile place in literature and culture in recent hindsight.
Quire literary this week. Wolfe is a giant indeed but certainly not the only important practitioner of New Journalism. Joan Didion is another towering figure of the genre who explored similar themes and subjects.
Travels this week meant my ferreting for watch news was a little less intense … Allowed me to focus on stuff I’d otherwise never bother with, or which would inevitably get kicked out in favour of a hot news story 😂
Anyway, you may already know this one, but here’s a Joan Didion quote Tom Wolfe: “the best social reporter ever to come out of America – The Electric Kool-Aid Acid Test told us more about America in the ’60s than any other book”.
A stupendous post. The Tom Wolfe section was delightful, truly enjoyable and engaging. I had to share it with my wife who stated it would be fantastic if read aloud in the voice of Rod Serling from the Twilight Zone. “Great Expectations” likewise enjoyable, I’ve never forgotten that book and your adaptation was apt. Luxury goods are mixed bag today. While some offer the quality and dedication to their craft, others have lost it by trading their once good name and reputation for quality for increased margins at the expense of what they once stood for and built a reputation on. Again, stupendous post.
Wonderful to read this comment, thank you! Only Hermes seems to resonate on with the 'stayed true to the craft' narrative. In watches, that's probably also limited to a handful of independents and Patek/Other high end 'super expensive' pieces. The rest? Mass-market tuned.
I get it and I don’t. If that makes any sense. Business is tough, being an honest broker to potential clients when our competition has not been has cost us contracts and a lot of revenue over the years. The temptation to play their game is real. I see their growth (I have a alternative perspective on growth of companies at the moment), revenue and profits. They climbed that metric ladder of success fast than us. I’m playing a longer game, the dividends of that longer game and being an honest broker not willing to compromise our values and quality for extra margin are there, it’s just taken longer and it also has a bit more staying power. We now also attract better clients we enjoy doing business with. So I get both sides. I’m on the Hermes / Patek side. On that note I would also place Brunello Cucinelli on that short list. I recommend the book “Brunello Cuinelli A Return to Solomeo”. Fascinating biography about the man and a bit about how and what he built as a company. They established the “School of Contemporary High Craftsmanship and Arts” in Italy to teach and train their craftspeople the art of what they do and how they do it. I found this to be similar to Hermes, and several watch maisons.
I find it curious that you put Patek and Hermes in the same box. I think they are unique, in that their product portfolio has bifurcated into two distinct types: one for mass production, and one for VVIP huge spenders.
The latter aligns with Hermes. The former aligns with LVMH and mass production of luxury goods with questionable quality relative to the other category. Stamped dials? Machine finishing? This is not the Patek of old, but the better alternatives are now reserved for only the highest end models, well into high six figures or more.
I’d go as far as saying Rolex is catching up to low end Patek, and that’s saying something about both brands. (I saw a recent patent for Rolex regarding finishing techniques, will be in next weeks SDC)
That’s a valid point and I had not looked at Patek that way. I appreciate the comment and giving me a bit more to chew on. Looking forward to next week SDC.
Really fun read this week, I've been internally contemplating many of these issues myself so its timely. A bit of self reflection that's too personal to share here, sorry. Thank you for the thought provocation each and every week!
Edit to add- I got through the network piece over lunch. So much to contemplate and reflect on when you've already gone through most of the crossroads. This should be required reading for all HS freshmen.
Man, you’re so right. As I get through some of this stuff I really wonder why it’s not introduced to young adults as part of a mandatory syllabus; particularly when we’re forcing them to do a whole lot of other less useful things (interesting or otherwise).
Appreciate you delving into Tom Wolfe’s oeuvre a bit!
I read some of his novels in high school before coincidentally attending his undergraduate alma mater - Washington & Lee - where I took a course that necessitated reading everything he published, including hard-to-find (at the time) magazine articles.
In addition to the pieces referenced above, I recommend The Painted Word and From Bauhaus to Our House, skewerings of modern art and modern architecture, respectively.
Perhaps the most amusing - and yet profoundly insightful - book on status and class that I have read is Paul Fussell’s Class. The central theme of the book is that while one could perhaps advance a rung up the ladder by having internalized some of the lessons contained within, the personal insecurity demonstrated through doing so would drop the striver back down where they began.
Finally, the Dior scandal is hardly the first PR hit that LVMH has taken this year; witness the Bloomberg Businessweek article that illustrated that Loro Piana’s beloved vicuña chaperones are rewarded with essentially none of the $5,000+ that a Loro Piana vicuña sweater commands at retail.
Thanks for the nudge! The notion of imperfect information rings true in that book example- otherwise we could argue the loss of status for being stupid enough to not want to learn/improve (not internalise said lessons).
Yup, touched on the Loro article in SDC too - nothing happened. Hence my cynicism 😂
To elaborate further:
Fussell claims that the “top” and “bottom” classes have much in common. (Almost) nothing they do can change their status. In the middle, people are insecure and strive to maintain or improve.
Think about Hank Paulson wearing a digital watch as the big boss at Goldman while striving underlings would would buy a Submariner, then a Daytona, then a Royal Oak, then a Nautilus as they ascended the greasy pole. Someone indisputably at the “top” can afford to counter-signal; similarly, strange people who lack money are called “weird” or “bizarre,” but should they come into some cash, they are elevated to “eccentric.”
Counter-signalling never ends. Even to the point where the absence of signals is a signal itself - that you can’t be “corrupted” by signal-culture. Once you’re in the matrix…
Really enjoyed the literary journey this week, I love lamp.
😂 Anchorman is an all time great 🔥
Due to time limitations (just reading at bedtime and falling asleep) I’m having to carve up the post into bite size chunks, thus comments will be done accordingly to what’s been swallowed so far …
So…. Really brilliant “parody” or take on Tom Wolfe’s writing style as it relates to our collecting/hobby/addiction! Great fun and well done! 👍🏼 🤡🫶🏼
Having read much of his stuff years ago it’s refreshing to see he holds a worthwhile place in literature and culture in recent hindsight.
Good stuff … will finish later🫡🥱😴
I think my favorite Wolfe passage has to be his description of Jimmy Carter as a:
"Missionary lectern-pounding Amen ten-finger C-major-chord Sister-Martha-at-the-Yamaha-keyboard loblolly piney-woods Baptist."
Wonder what he was on when he wrote that 😂
🤤😮💨
🤓🤣
Quire literary this week. Wolfe is a giant indeed but certainly not the only important practitioner of New Journalism. Joan Didion is another towering figure of the genre who explored similar themes and subjects.
Travels this week meant my ferreting for watch news was a little less intense … Allowed me to focus on stuff I’d otherwise never bother with, or which would inevitably get kicked out in favour of a hot news story 😂
Anyway, you may already know this one, but here’s a Joan Didion quote Tom Wolfe: “the best social reporter ever to come out of America – The Electric Kool-Aid Acid Test told us more about America in the ’60s than any other book”.
Indeed. Bonfire of the Vanities may just be the best novel about 80s era capitalism. Underated due the hot mess of the film adaptation.
“The problem with fiction, it has to be plausible. That's not true with non-fiction.”
- Tom Wolfe
How did I miss this? You put a shit eating grin on the ghost of Tom Wolfe with this cracker of a read! Bravo buddy! 👌🏾
😂 amazing. Cheers S 👊
A stupendous post. The Tom Wolfe section was delightful, truly enjoyable and engaging. I had to share it with my wife who stated it would be fantastic if read aloud in the voice of Rod Serling from the Twilight Zone. “Great Expectations” likewise enjoyable, I’ve never forgotten that book and your adaptation was apt. Luxury goods are mixed bag today. While some offer the quality and dedication to their craft, others have lost it by trading their once good name and reputation for quality for increased margins at the expense of what they once stood for and built a reputation on. Again, stupendous post.
Wonderful to read this comment, thank you! Only Hermes seems to resonate on with the 'stayed true to the craft' narrative. In watches, that's probably also limited to a handful of independents and Patek/Other high end 'super expensive' pieces. The rest? Mass-market tuned.
I get it and I don’t. If that makes any sense. Business is tough, being an honest broker to potential clients when our competition has not been has cost us contracts and a lot of revenue over the years. The temptation to play their game is real. I see their growth (I have a alternative perspective on growth of companies at the moment), revenue and profits. They climbed that metric ladder of success fast than us. I’m playing a longer game, the dividends of that longer game and being an honest broker not willing to compromise our values and quality for extra margin are there, it’s just taken longer and it also has a bit more staying power. We now also attract better clients we enjoy doing business with. So I get both sides. I’m on the Hermes / Patek side. On that note I would also place Brunello Cucinelli on that short list. I recommend the book “Brunello Cuinelli A Return to Solomeo”. Fascinating biography about the man and a bit about how and what he built as a company. They established the “School of Contemporary High Craftsmanship and Arts” in Italy to teach and train their craftspeople the art of what they do and how they do it. I found this to be similar to Hermes, and several watch maisons.
I find it curious that you put Patek and Hermes in the same box. I think they are unique, in that their product portfolio has bifurcated into two distinct types: one for mass production, and one for VVIP huge spenders.
The latter aligns with Hermes. The former aligns with LVMH and mass production of luxury goods with questionable quality relative to the other category. Stamped dials? Machine finishing? This is not the Patek of old, but the better alternatives are now reserved for only the highest end models, well into high six figures or more.
I’d go as far as saying Rolex is catching up to low end Patek, and that’s saying something about both brands. (I saw a recent patent for Rolex regarding finishing techniques, will be in next weeks SDC)
Anyway, all very interesting 😄
That’s a valid point and I had not looked at Patek that way. I appreciate the comment and giving me a bit more to chew on. Looking forward to next week SDC.
Really fun read this week, I've been internally contemplating many of these issues myself so its timely. A bit of self reflection that's too personal to share here, sorry. Thank you for the thought provocation each and every week!
Edit to add- I got through the network piece over lunch. So much to contemplate and reflect on when you've already gone through most of the crossroads. This should be required reading for all HS freshmen.
Share the reflection in DM please 😄
Man, you’re so right. As I get through some of this stuff I really wonder why it’s not introduced to young adults as part of a mandatory syllabus; particularly when we’re forcing them to do a whole lot of other less useful things (interesting or otherwise).
“🚨 Welcome to another edition of SDC Weekly. Estimated reading time: ~40 mins”
Appreciate this new feature! 😝🤣😂
Incidentally, Substack says 22 mins. So I wonder how it works that out!?
Took me 35 mins over 3 separate reads today!
Ha! So Substack can suck it, the online calculators rule supreme 😂
😳🤔
Hey I use an online calculator- might be total BS - especially for people clicking through all links 🥴😅