Vacheron Constantin is using blockchain technology to authenticate timepieces in its Les Collectionneurs collection of vintage watches. Last year, Vacheron took some control over the secondary-market sales of its high-value vintage pieces by buying them up from private collectors and auctions, restoring them and offering them for sale at special events in its boutiques. This year it doubles down on its guarantee of authenticity by offering a tamper-proof digital certification for each piece.
The technology replaces the usual paper trail, which can be easily forged, with a digital lineage that follows the watch throughout its life, including service records and changes of ownership. It includes details of the watch, its value, a two-year manufacturer’s warranty and any historical information, including the watch’s back story and known provenance – which could be considerable. Vacheron Constantin, founded in 1755, is the world’s oldest watch manufacturer in continuous production, and like Patek Philippe, maintained high production standards, even during the quartz era. Some of its vintage pieces rival those of Patek in terms of value on the secondary market. But while Patek pieces most often turn up at auction, where they attract the attention of multiple bidders, some of the best vintage Vacherons are now sold by the company.
The certificate is digitally transmitted to each new owner of the watch instantaneously via an app by clicking on “change ownership,” which will automatically generate a QR code. The new owner scans it with his own phone, and when the transfer is complete, Vacheron Constantin is automatically informed that the ownership has changed. The owners remain anonymous. The digital cert represents a much-needed level of certainty in the vintage watch world. When it comes to buying a second-hand watch, the best policy has always been “buyer beware,” followed by “know your buyer.” Authentication by the maker is the best way of knowing for certain that a watch is what the seller says it is, whether or not has been serviced and whether or not manufacturer’s parts have been used in any repairs. A watch might say one brand on the dial, but contain a movement made by another company for another brand. The name on the dial may not be authentic, or conversely, a watch might be fitted with an authentic dial and logo that has been placed on a case and movement made by or for another brand. The blockchain certification service is a pilot project within the Richemont Group, and may be applied to other brands, such as Jaeger-LeCoultre or Panerai, and possibly to new watches.
