Stunning Concepts
There has clearly been some space and want in the watch world for something new and that’s exactly what Richard Mille brought when he introduced the world to his first watch, the RM 001 Tourbillon in 2001. Despite not being one of the classical, historically rich, Swiss watch brands, Richard Mille has made its way to the top by bringing watch making into the 21st century with Mille’s love of formula one being a huge inspiration for the design and quality of his watches. At this moment a Richard Mille watch can set you back anywhere between $80,000 for the cheaper watches all the way up to $2,000,000+ and due to these insane prices its highly unlikely you’ll ever see one in the wild… unless you have some very wealthy friends of course.
So why are Richard Mille watches so expensive? Below we’ve listed our 5 main reasons as to why Richard Mille watch prices are expensive and why many people are prepared to part with such a large sum of money to add a Richard Mille watch to their collection.
1. THE MANUFACTURING
The recognisable tonneau shaped (barrel) case which Richard Mille established himself is one of the most expensive and difficult to manufacture. Each watch is comprised of 3 decks- front and back bezels, as well as the middle section and each component is curved with all 3 curved surfaces having to fit together within 100th of a millimetre to stop moisture or dust entering. This amount of precision means that failure rates are high as the machining process is highly complicated.
The skeletonise dials, for which Mille is also famous for, involves an intricate layering of Sapphire crystals and other elements to make for optimal readability as well as being able to see all the components working within the watch.
Everything about the manufacturing of a Richard Mille is highly technical and intricate. Mille dedicated years and invested millions of Swiss francs into the technical development of his watches and the immaculate watches produced is proof of this.
2. THE MATERIALS
Mille uses case and baseplate materials that are normally used in the realms of formula 1 cars, aerospace and racing yachts. He really has brought the watch world into the 21st century and plays around with materials that no other watch maker would dare to touch. Carbon nanotubes, toughened with ceramic (originally developed for the sails of racing yachts), silicon nitride, gold fused with carbon and quartz and something called perfluoroelastomer are just a few materials Mille uses to give the watch a unique look and impressive resilience.
These materials are leading the way for technology even in industries outside of watch making and Mille dedicated a lot of time and money on sourcing materials and understanding how they can be incorporated into his watches. When you try on a Richard Mille, it will be immediately apparent; Mille watches are extremely lightweight. They weigh on average just 4 grams… that’s around the weight of 1 A4 sheet of paper!
The Gemset Sapphire models, where the case is manufactured from sapphire crystal is another beautiful stye of watch Mille has created. The range of Gemset Sapphire watches now includes blue, green and pink sapphire crystal. The sapphire crystal requires 40 days of finishing and twice the time to set the gemstones compared to ceramics or carbon TPT.
4. MARKETING INGENUITY
Richard Mille knows how to make people want his watches. Having successfully achieved high profile endorsements from people such as Natalie Portman and Jackie Chan the Richard Mille watch has found its place on the wrists of societies most elite and successful people. It boasts many high profile ambassadors such as Felipe Massa, Fernando Alonso, Pharrell Williams, Rafael Nadal and Roberto Mancini to name a few and has therefore become a bit of a status symbol in the watch world.
It has become the ultimate expression of wealth, hence they coined the term ‘Billionaires handshake’ for those who wear a Richard Mille. People know if you’re wearing a Richard Mille, and they know you’ve spent a boatload of money for it which is why only the wealthy and famous can afford to wear them.
They’ve basically become so expensive because only people with a lot of money wear them! You’re paying for the brand name and the ‘look at me’ factor when wearing it. You have to be wealthy to own a Richard Mille, therefore they have to be expensive.
3. THE MOVEMENT
Richard Mille is all about high-tech innovation and intricate craftsmanship and every single one of his watches reflects this. The movement parts are usually made of a special alloy consisting of about 90% grade 5 titanium, 6% aluminium and 4% vanadium which are all materials used in other very high-tech industries.
For the RM018 Boucheron (pictured left), the gear train involved wheels created from semi-precious stone that had been placed within a heated brass surround before being fixed as the brass cooled. The research required for such innovations takes years, with dedicated teams of watchmakers and micro engineers.
Richard Mille is all about the tourbillons, a rotating cage that requires a very high level of inventive refinement. With comprehensive design and high-tech materials, they make tourbillons to perfection.
5. LIMITED SUPPLY, HIGH DEMAND
Making a Richard Mille is complex and very time consuming. Most of the work is done by hand so it’s near impossible to just pump out loads of watches naturally restricting supply. However that’s definitely not the only reason why Mille watches are scarce. It all comes down to exclusivity. If you make a ton of watches every year, it loses its mystique. Mille makes less than 5,000 watches per year. While that is not exactly a small number, especially for such a young brand, it does keep things exclusive.
They hit that sweet spot between supply and demand. There’s enough supply for just enough wealthy people to get their hands on one, and it’s not completely impossible to get which makes people try get their own, however production is just small enough to make it difficult and competitive to find which keeps people craving it. The demand far exceeds the supply each and every year, which keeps people craving more and many models are produced in a limited edition which amplifies this effect. Strong prices on the secondary market and auction reflect just how powerful this brands value is.
So is the price worth it?
Some say yes… some say no. A Richard Mille is without a doubt a very impressive watch from an innovation and craftsmanship perspective. There is nothing quite like it out there and it is clear how much precision and expertise goes into making every single watch. It is quite simply faultless when it comes to the manufacturing and movement of the pieces. The part that divides many people is the general overall look of the watches. They are on the bold and fearless side when it comes to colour and size. It really is just down to preference, some say they look childish and plastic and others say they look futuristic and bold. Another point that creates dividing opinions is the weight of the watch. If you’re used to the Rolexes, APs’ and Pateks’, it’s going to feel very odd putting a Richard Mille on your wrist for the first time. Lots of people quite enjoy this lightness however some people argue that having weight to the watch makes them feel more expensive and luxurious and I do agree, I personally like a bit of weight to my watches but I can see why if you have the money and want that ‘wow’ factor, people will go for the Richard Mille no matter the price.