Luxury timepieces are miniature works of art showcasing precision craftsmanship. Some collectors are drawn by the intricate and elaborate mechanisms, whilst others are passionate about a particular brand, complications, materials, history, age or aesthetic detail. Many collections begin with a theme such as the military or diving, while others start with an era. Whether you are captivated by Rolex, Patek Philippe, Audemars Piguet and Vacheron Constantin, or the newer designers such as California-based Cameron Weiss or Moscow-based Konstantin Chaykin, they all share a love of horology.
Established in 1991 ILS World is headquartered in the Isle of Man and is proud of its time keeping connections. Dr George Daniels, considered by some to be the most eminent horologist in the world, built complete watches by hand from his Island studio. His yellow gold Space Traveller's Watch I, commemorating the first moon landing fetched $4.6 million in 2019. Dr Daniel's protégée Roger Smith is a luxury watchmaker also based on the Isle of Man who creates 10 watches a year with every single mechanical component meticulously handcrafted. One of the world's most successful inventors, the philanthropist Dr John C Taylor OBE, admits he has a great passion for horology and has curated a world heritage quality early English clock collection on the Island.
The collectible watch market sold through auctions has grown tenfold over the past two decades and is dominated by Sotheby's, Christie's and Phillips, representing approximately US$350 million in sales per year. In the first half of 2020 Sotheby's achieved US$44 million in global auction sales and demand is such that in April 2020 Sotheby's Watch Division launched a new sales initiative called "Watches Weekly," a rolling calendar of online sales with a new selection of watches being unveiled every seven days.
The ILS World private client team supports many passionate collectors and as such has become experienced in partnering and working with external accredited experts and acknowledged industry professionals to ensure we provide our clients with the best advice. We appreciate watches need to be physically protected and through our network of global contacts we liaise with specialist valuers, insurers and storage advisers.
The ILS World team is made up of highly-trained and experienced professionals assisting clients with:
• Multi-jurisdictional company incorporation
• VAT and Customs compliance
• Comprehensive administration of the ownership structure
• Management and financial reporting
• VAT and accounting services
• Provision of directors, registered offices and registered agreement/company secretary
• Import and export services
• Maintenance and upkeep
ILS World is a global provider of independent fiduciary services and our private client team has considerable experience in assisting international clients with various solutions around wealth management, asset protection, succession and estate planning and trusts and foundations in multiple jurisdictions.
We act in the long-term interest of our clients and pay careful attention to the quality and personal service we deliver.
The team works hard to create long-term relationships and provide the highest level of service. We do this by being approachable, flexible and pragmatic. We offer regular face-to-face meetings as required and provide direct contact with a senior member of the team. Staff have diverse backgrounds, skills and interests and their professional experience together with their "can-do" attitude means they understand that wealth and business are inextricably linked.
Our private clients often require an international strategy and as a global business with offices in a number of key jurisdictions we are well-placed to provide a cohesive service. Our network includes offices in:
• British Virgin Islands
• Hong Kong
• Isle of Man
For further information please email firstname.lastname@example.org
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This article is part of the ILS Private Client Series, a collection of commentaries originally generated in response to specific enquiries by individual clients. We have amended this briefing on watches to enable us to share it with a wider audience with similar interests. Read the full compendium on our website by clicking here.
Please note: ILS World does not offer tax advice and would therefore recommend you obtain your own tax advice. If you require an introduction to a tax adviser we would be happy to assist.