Ben Clymer

And then what we call hot horology, which is slightly more artistic.

You get complications, you get finishing of movements.

I don't have any here with me, but something like a Patek, an AP, a Vacheron, a Elan, etc.

I would classify those as a category, frankly, significantly higher in terms of finishing and significantly higher in terms of human touch than Rolex or Omega.

On a Rolex, it's a closed case back.

There are no Rolexes with open case backs, but there are some Omegas.

So Rolex is the number one brand in the world.

Omega is the number two brand in the world, historically speaking, by sales.

Omegas will have some open case backs on the new Speedmaster, for example, which went to the moon.

You can see the movement.

So a lot of nerds and now more than nerds want to see what's actually inside this watch.

And it's simply because you're paying six or seven grand for this thing.

You want to know what you're getting.

You want to see that human touch to it.

And that is why a lot of people are interested in high-end watchmaking today.

More recently, and this is very recent, really over the past two or three years, you get people that are buying on spec, on speculation, on the idea that these are safe investments, which they remain to this day.

And that is really a new thing for me.

So Hodinkee, our business, is 15 years old.

They're approaching 15 years old.

And really nobody thought of watches as investment vehicles in 2008, 2009.