INDEPENDENTS DAY

Small watchmakers are soaring thanks to a boom in timepiece: collecting and a supply crunch among the most famous Swiss brands.

- Andy Hoffman

Inside a sprawling white tent that garnished the grounds of Geneva's posh La Réserve hotel in November, the hammer came down on a most remarkable watch.

The Ming 17.06 "Copper" was sandwiched on the Phillips auction block between gold Patek Philippe perpetual calendars, rare "Paul Newman" Rolex Daytonas and flashy Audemars Piguet "Jumbo" Royal Oaks. It was remarkable not only for its uniqueness but for being there at all.

The histories of Patek, Rolex and Audemars are measured in centuries, but the Horologer Ming brand is just five years old. Based in Kuala Lumpur and legally domiciled in Switzerland, it produces Swiss-made watches with innovative designs that use luminous materials for deceptively simple ends. Ming's presence at the Geneva sale-and growth in a short period of time-underscores the level to which independent watch brands have risen among collectors and enthusiasts.

"Right place, right time," says Ming Thein, 36, a photographer, designer and former private equity executive who's the brand's founder and design chief. "But we're also aware of the work we put in to make the product as good as we can possibly make it." The pandemic rekindled a love affair between consumers particularly those in the US-and luxury mechanical watches. Flush with disposable income usually spent on holidays and in restaurants, people had the time to research and the cash to nab pricey timepieces.

For some, a watch became a piece of luxury to wear at home and flash on Zoom calls or Instagram. Swiss watch exports had their best year in 2022, surging to more than 23 billion Swiss francs ($24.9 billion), a record driven by the US, which overtook China to become the top export destination. And independent brands such as Ming are poised to satisfy an increasingly knowledgeable buyer or a collector searching beyond the more traditional Swiss fare.