Investment Grade: Early Roger Dubuis Watches
From his formative years at Patek Philippe to the creation of his own visionary brand, Roger Dubuis crafted unique timepieces, making his early works a hidden gem in the world of watch collecting.
In the pantheon of Swiss watchmaking, few stories capture the essence of horological artistry and entrepreneurial spirit quite like that of Roger Dubuis. Born in 1938, Dubuis embarked on his watchmaking journey in the 1950s, beginning at Longines before finding his true calling at Patek Philippe, where he would spend nearly two decades mastering the art of complications. There seems to be a trend at the moment, anyone who spent time at Patek and then left to set up their own shop, is seemingly on the radar of collectors (think Laurent Ferrier and Rexhep Rexhepi).
While I have always found the case shapes and dial layouts of Roger Dubuis beautiful, I never thought I’d ever be an owner (full disclosure). That all changed in an instant, as it so often does, when my dear friend and dealer, Tim Green from Subdial here in London got in touch. In fact, it was just a single image. This insanely beautiful perpetual calendar Hommage 40, with lacquered white dial and off centre dial layout. I was sold immediately. Watches for me are either 'Hell yeah' or 'no'. It can't be in between. And I've learnt that it’s a good one when you immediately start planning how you are going to make it happen. Even if that does mean selling the family silver (without telling the family of course). A few weeks later the watch was mine (this was 2020), the peak of the watch market hype era. The watch exuded old world charm and sophistication. No double anti reflective coating (which is prolific in modern watches) – an aged dial – a case like no other and made in tiny quantities – just 28 (the number of the bench Mr Dubuis used to work at while with Patek). These are just a few of the qualities that go into making Roger Dubuis from the 2000s interesting, and quite possibly an under the radar investment for collectors.
The formative years at Patek Philippe proved instrumental in shaping Dubuis's horological philosophy. Working in the complications department, he developed an intimate understanding of fine watchmaking that would later define his own brand's identity. Through the 1970s and 1980s, Dubuis established himself as an independent watchmaker, earning recognition for his skill in restoring vintage timepieces and creating bespoke complications for both collectors and established brands.
In 1995, at the age of 57, Dubuis made the bold decision to establish his own manufacture. Partnering with Carlos Dias, a former designer for Franck Muller, he set out to create a Geneva-based brand that would bridge the gap between traditional Swiss watchmaking and contemporary design. This venture would become Roger Dubuis, a name that would soon be synonymous with avant-garde horological innovation.
The early years of Roger Dubuis were marked by exceptional creativity and technical prowess. The brand quickly gained recognition for its distinctive aesthetic, characterised by skeletonised dials, unusual case shapes, and intricate complications. Perhaps most notably, the company committed itself to the stringent standards of the Geneva Seal, a distinction that at the time was primarily associated with Patek Philippe. This commitment to excellence was particularly evident in the Hommage collection, which many consider to be the pinnacle of the brand's achievements.
The H37 and H40 Perpetual Calendar, produced around the year 2000, exemplifies the brand's early mastery. These timepieces represent a perfect storm of collectibility: limited production numbers, historical significance, and exceptional craftsmanship. The Hommage series, in particular, demonstrates Dubuis's ability to balance classical design elements with modern innovation, earning both the Geneva Seal and Observatory certification – a testament to their superior accuracy and finishing. Its white gold case featured a distinctive polished, concave bezel and refined lugs, while the bright white lacquered dial housed a complex perpetual calendar mechanism. The watch's key features included a color-coded year indicator, moon phase display, and day-month windows, all powered by the calibre RD5739. While the Monopusher chronographs tend to trade at upwards of £40k, the perpetuals can be found for less than £20k with a bit of luck. Which to mind is bonkers relative value.
The brand's trajectory would shift significantly in 2008 when the Richemont Group acquired a majority stake. While this acquisition provided crucial resources and distribution networks, it also marked the beginning of a new era that would gradually distance the brand from its founder's original vision. Roger Dubuis himself stepped back from daily operations in the mid-2000s, though he remained an ambassador until his passing in 2017.
The modern Roger Dubuis brand has evolved considerably from its origins, embracing partnerships with luxury automotive brands like Lamborghini and Pirelli. While these collaborations have their merits, they represent a significant departure from the pure horological focus of the brand's early years. This transformation has only enhanced the appeal of early Roger Dubuis pieces among serious collectors, who recognise them as artifacts from a golden age of independent watchmaking.
The legacy of Roger Dubuis serves as a compelling reminder of the delicate balance between tradition and innovation in haute horlogerie. His journey from apprentice to master watchmaker, and finally to founder of his own manufacture, embodies the entrepreneurial spirit that has long driven the Swiss watch industry forward. While the brand that bears his name may have evolved beyond his original vision, the timepieces created under his direct influence continue to captivate collectors and enthusiasts who appreciate their unique combination of technical excellence and creative design.
Today, early Roger Dubuis watches stand as testament to a pivotal period in modern watchmaking history, when independent artisans could still make their mark on an industry increasingly dominated by large luxury groups. Their rarity, quality, and historical significance ensure their place in the pantheon of collectible timepieces, while their innovative designs continue to influence contemporary watchmaking. In the end, Roger Dubuis's greatest achievement may be not just the watches he created, but the enduring legacy of excellence and creativity he left behind.
