Gabe and Asher explore the rise of F.P. Journe — how a fiercely opinionated French watchmaker who was expelled from horological school at 16 built one of the most coveted brands in the world. They trace Journe's journey from launching at Baselworld in 1999 through two decades as a respected but niche independent, into the COVID-era explosion that turned $25,000 Chronomètre Bleus into $100,000 commodities. Asher shares his own experience as a former Journe collector, including walking into the LA boutique in 2016 and buying a watch off the shelf — a scenario now unthinkable.

The conversation digs into what made Journe uniquely positioned for this moment: unimpeachable watchmaking, genuinely limited production, a boutique-only model built well before the hype, and a design language that's distinctive yet accessible. They also wrestle with the tensions in Journe's current allocation system — does it reward true collectors or just people who are good at playing the game? And how is it different from the corporate gatekeeping at brands like AP?

Ultimately, both come away with deep respect for the discipline behind the brand. While many watchmakers overproduced during COVID and are now sitting on unsold inventory, Journe held the line — and its post-bubble values have reset well above pre-pandemic levels. A true case study of one in independent watchmaking.

Openwork is a weekly podcast about how the watch industry actually works. An unfiltered look behind the scenes — no press releases, no hype, and no sponsored takes. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology. Available on Apple Podcasts, Spotify, YouTube Music, or wherever you get your podcasts.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email podcast@collectivehorology.com.

Gabe and Asher kick off with the Dominique Renaud Pulse60 launch, which became the most talked-about watch of the week — not through traditional media, but through private collector communities and group chats. It's a perfect case study in how watch media has gone full circle, and why independents continue to thrive even in a cooling market.

The main discussion unpacks a counterintuitive dynamic in the Rolex pre-owned market: prices are up modestly year over year, but value retention relative to new retail is slipping. Gabe walks through what's driving the gap, where the exceptions are by region and era, and why the headline numbers don't tell the full story.

That sets the stage for a deep look at Rolex's Certified Pre-Owned program, which by some estimates has quietly grown into a business rivaling Tudor in scale. Gabe and Asher break down the economics — including where the margins actually sit, how dealers are sourcing inventory, and why CPO may be doing more to support the broader pre-owned market than most people realize. They also debate a bigger question: is CPO a profit play, or is Rolex getting paid to build a muscle it's going to need down the road?

Openwork is a weekly podcast about how the watch industry actually works. An unfiltered look behind the scenes — no press releases, no hype, and no sponsored takes. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology. Available on Apple Podcasts, Spotify, YouTube Music, or wherever you get your podcasts.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email podcast@collectivehorology.com.

The Swiss watch industry is in one of its most difficult periods in decades, with ten established brands down 15% or more in revenue — but that doesn't mean everything is struggling. In this episode, Gabe and Asher explore three segments of the market that are thriving against the tide: independent watchmakers, microbrands brands, and neo-vintage. Along the way, they examine why brands like Breguet, Roger Dubuis, and Girard-Perregaux may have upside despite their current numbers, while others like Blancpain and Panerai remain stuck. The conversation also teases an exciting new brand partnership launching on Collective Horology's website.

Independent watchmakers are winning on the back of creativity, risk-taking, and a business structure that resists commoditization. Using MB&F's Google Trends data and Czapek's shareholder financials as case studies, Gabe and Asher unpack why these brands are gaining both mind share and revenue — and why their tight retail ecosystems protect the value proposition that mass-market brands have lost. They also coin a new term for the sub-$5,000 segment: "challenger brands," a category that encompasses microbrands and independents alike, from Christopher Ward and Fears to Studio Underdog and Brew. These brands are eroding the traditional luxury moat, aided by a media landscape shift that rewards authenticity over gatekeeping.

The final winner in a down market is neo-vintage — watches from the 1990s and early 2000s that offer smaller proportions, better wearability, and tremendous value relative to their modern counterparts. Gabe highlights rising prices on references like the Rolex 14060, 16710, and 14270, noting the uptick predates tariffs and reflects a genuine shift in collector taste, particularly among Gen Z buyers. Cartier, Vacheron Constantin, and IWC are standouts in this space, with neo-vintage pieces that feel more relevant to today's preferences than what those same brands currently produce. It's a trend the hosts believe will only accelerate — and one that established brands ignore at their own risk.

Openwork is a weekly podcast about how the watch industry actually works. An unfiltered look behind the scenes — no press releases, no hype, and no sponsored takes. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology. Available on Apple Podcasts, Spotify, YouTube Music, or wherever you get your podcasts.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email podcast@collectivehorology.com.