2020 was a transformational year for independent watchmakers.
Before the turn of the new decade, even experienced collectors typically focused on securing rare references from historic marques rather than research the creations of living horological masters like Bernhard Lederer, Sven Andersen or Vianney Halter.
For Italian-born Pietro Tomajer, 2020 was a tipping point. Before, he spent five years researching and relationship-building with artisan independents while endlessly educating enthusiasts about the joy of collecting the rarest timepieces.
Afterwards, his business The Limited Edition burst into life as a fast-growing business bringing a peerless selection of watches to clients who had grown to understand and appreciate makers who craft and finish almost every element of their creations.
2025 is the tenth anniversary for The Limited Edition, and the business is emerging as one of the foremost experts in haute horology in the UK and Mr Tomajer is in demand for his opinions and ability to constantly bring fresh indies into the fold that are sold to clients in his adopted country and across The Pond in the United States.
WATCHPRO: 2025 is your 10th anniversary year. How would you describe your first ten years, the position of TLE today, and your vision for the next decade?
PIETRO TOMAJER: Our first 10 years were incredible, split into two distinct phases. The first phase, which I would define as ‘evangelism’ (2015-2020), involved putting all our efforts into making collectors aware of the incredible world of artisan independent watchmaking.
In 2015, only a few established pioneering independents were known to the public (Urwerk, MB&F, F.P. Journe). We decided to focus solely on watchmakers who had been operating under the radar for years within the AHCI (Vianney Halter, Ludovic Ballouard, Andersen Geneve, Andreas Strehler, Bernhard Lederer) and contribute to the launch of newer names that we were sure would attract the interest of watch collectors: Konstantin Chaykin, Armin Strom, Laurent Ferrier, Czapek Geneve, Trilobe, Kudoke, HYT, Garrick, to name just a few.
The second phase was one of ‘maturity’ (2020-2025). Once the knowledge was there, thanks to hours of live interviews, seminars, and collectors’ events, we found ourselves curating the collections of more and more watch lovers who wanted to complete their collections with some of these pioneering watchmakers (besides the mainstream brands they may have been collecting before becoming aware of this amazing niche of the market).
We moved from officially retailing just four independent watchmakers to representing over eighty today, with a portfolio second to none in terms of the depth of our offer. We serve over a thousand collectors worldwide and are virtually recognised as ‘the home of independent watchmaking.’
WATCHPRO: Independent artisan watchmakers got a huge boost in interest, sales, and valuation during the peak spending period following covid lock downs. How was that time for you?
PIETRO TOMAJER: After a few years of ‘preaching in the desert’ and investing our time to entertain and inform collectors about the insights of artisan independent watchmaking, we saw a massive switch in the market starting in 2019.
What happened in 2020 was as unexpected as it was difficult for many, but for those who could, there was suddenly more time to devote to personal passions.
For watchmaking passionate collectors, those were months spent cultivating knowledge and discovering watchmakers who had remained totally unknown to the public for decades. Real collectors had a great time doing so.
WATCHPRO: Would you agree that interest peaked around 2022/23 and has softened since? I see more watches from the indies being sold at discounts than I did two years ago.
PIETRO TOMAJER: In all honesty, we have not seen any decline in demand so far, although I admit that we specialise in super niche independent watchmakers who, for the most part, produce far less than what the market requires.
However, I have certainly noticed that for the watchmakers who grew because of what we call ‘marketing hype’ or because collectors were given the illusion that watches can be seen as an ‘investment’ to make a quick gain, there has been a slowdown.
In the end, for both the independents and the big brands, once you start overproducing with the aim of filling up the many retailers around the globe, the consequence is a detachment from the delicate balance of supply and demand.
If watchmaking is here to stay, it is because of the ancestral human crafts that it encapsulates, a concept that is the polar opposite of overproduction or hype.
WATCHPRO: How important has it been for you to build personal relationships with watchmakers so that you can source watches for your clients?
PIETRO TOMAJER: I would say it has been fundamental. When we started, it was clear that the hero was never going to be The Limited Edition; the heroes were the watchmakers and their amazing, unique stories.
Instead of enhancing hype and marketing, we managed to create that link between the watchmakers’ stories, our stories, and the individual story that every collector brings with them.
We have found the key. Artisan watchmaking is first and foremost a human activity, and it was clear that the human factor needed to be emphasised to relate to the many highly passionate collectors.
WATCHPRO: Who is a typical TLE client? How have their spending habits and wish lists changed over the past decade?
PIETRO TOMAJER: The typical TLE collector is a passionate individual who has succeeded in life by understanding that what defines us is not what we can afford and show off but, more critically, what we understand and the message or story that a particular item can bring with it.
Wearing a niche artisan watch is not about seeking reassurance or establishing oneself among peers or an immediate circle; it is more about enticing with a story.
An item that, although often not immediately recognisable, brings with it knowledge, culture, history, and bravery.
WATCHPRO: Are you interested in design-led microbrands, or will you always concentrate on true watchmakers making most of their movements and watches from scratch?
PIETRO TOMAJER: We are interested in whatever within the niche we operate brings novelty from the artisan perspective, the engineering standpoint, or indeed the design language.
We believe that the perfect storm happens when these three elements successfully marry. Coming from a ‘normal’ middle-class Italian family, I don’t take for granted the jaw-dropping prices that artisan watchmaking is often associated with, but we strive to also bring original, creative, and imaginative microbrands that, sometimes working on a very limited canvas, manage to marry outstanding quality with an attainable price range (e.g., Lebois, Space One, Kudoke, Amida, Arcanaut, Fears, to name but a few).
From our perspective, the idea that independent watchmaking is unattainable is actually a myth.
WATCHPRO: Last year saw sales drop for most industrialised watchmakers from LVMH, Swatch Group, and Richemont, while analysts believe that AP, RM, Rolex, and PP grew sales slightly and made significant market share gains. Is this your reading of the current market, and how does it impact you at TLE?
PIETRO TOMAJER: I originally come from a big group, and I have spent enough time in the industry to have seen many phases of expansion as well as contraction.
In my view, the issue is always the same. Big groups have to target growth, sometimes at all costs. It is all about creating value for the shareholders who would otherwise invest their money somewhere else.
This creates situations where opening new points of sale, over-producing, over-hiring, and over-reliance on new markets (e.g., China) can push the brands into a wall, as the idea of simply slowing down and not creating growth is, for them, unacceptable.
An independent watchmaker is … independent and, in most cases, a family affair. The luxury of being able to decide at any given moment not to go for growth, not to produce more, not to open points of sale, and not to extend their portfolio to a vast array of different collections is a huge advantage and the best way to maintain both the desirability of the product and the long-term reputation of the name.
WATCHPRO: What do you think the Swiss watchmaking industry needs to do this year to stimulate demand?
PIETRO TOMAJER: I think a reset is needed. Large brands could consider limiting their huge product portfolios in an attempt to compete more effectively for space in points of sale.
Who said that every brand should have a classic men’s watch, a chronograph, a diver, a tourbillon, a GMT, a perpetual calendar, a diamonds collection, and every complication imagined so far?
I believe the only way forward is, like most independents do, to strengthen their offer on their iconic products (in most cases, brands do not have more than two collections that collectors recognise them for) and stop trying to ‘eat market shares and store space’ from brands that specialise in other product categories.
This is the theory, but I feel that once a watchmaker is within a large group, sustainable development of product range and brand reputation can easily become utopic.
WATCHPRO: How concerned are you about stock building up on the grey market and undermining prices?
PIETRO TOMAJER: I am concerned.
Even though this issue affects the bigger luxury brands more, I am always thinking about the larger industry’s reputation.
The industry can’t preach how extraordinary and rare this form of art is when, at the same time, we can observe the results of wrong commercial policies leading to overproduction that inevitably results in close-out sales.
This can, of course, discourage the end consumer. Again, working with independents, we have learnt to be protective of the reputation of any watchmakers in our portfolio and carefully gauge when it is time to push and when it is time to wisely take a step back.
WATCHPRO: Which watchmakers excite you most right now?
PIETRO TOMAJER: The solo watchmakers have a special place in my heart, which is why we will showcase most of those in our portfolio on September 20th, during our private London showcase.
Pioneers like Vianney Halter, Ludovic Ballouard, Andreas Strehler, Bernhard Lederer, and Svend Andersen, to name a few, now followed by the new generation of Shona Taine, Simon Brette, Philippe Narbel, and Sylvain Pinaud, have embodied what the art of watchmaking is about.
The long and hard years restoring timepieces and learning the ancestral skills in creating, manufacturing, and finishing have brought them to be the emblem of this beautiful form of art.