JP Hernandez and Miguel Ahumada are the founders of Time and Tonic, a seller of ultra high-end, rare timepieces. To give an idea of what they consider high-end and rare, Time and Tonic currently have a Richard Mille 56-01 in their inventory. Made of Brown sapphire, it’s one of five in the world and currently the only one available for sale on the market. It’s valued at $6 million.
Both men found their passion for exclusive watches from their families. In fact, “It’s in my blood,” is what Hernandez replies when asked how he found himself in this business. His grandfather started in the Colombian emerald mines at the age of six and eventually founded his own jewelry brand and stores where Hernadez’s father worked. “My father fell in love with timepieces. I followed suit and started to buy and sell watches at the age of 15.”
For Ahumada, he too, followed his family’s passion for collecting timepieces which inspired him to make his first purchase, a Rolex “Coke” GMT Master 16710. “It was my prized possession until I sold it. I quickly found out that this was a very lucrative business, and I started buying and selling timepieces as a fun hobby,” says Ahumada.
The goal they have for Time and Tonic is to merge the transactional side of the business with the lifestyle of watch collecting to create a community that celebrates these exclusive and rare timepieces.
“It’s a space for both physically and metaphorically like-minded enthusiasts to gather, learn and trade,” explains Hernandez about the business. “The watch industry as it stands today has ample room for disruption. The sector is outdated, old and stuffy. We’re creating a trusted and vetted digital platform and a private members club, both intended to be destinations for enthusiasts and resellers from across the world to connect and trade via a modern experience.”
Part of what they aim to deliver to their consumers is the impossible. The Richard Mille 56-01 was a piece acquired from a collector in Asia through a deep relationship which was built over 5 years. “At first, the collector was reluctant to sell it, but finally due to our relationship he agreed to part ways with it and we’re proud to have it in our inventory,” says Ahumada.
“We do whatever it takes to source the most exclusive timepieces for our clients, thoroughly enjoying the thrill of the hunt and the pleasure in leveraging our knowledge, network and resources to deliver the impossible,” he adds.
When buying a watch, these entrepreneurs advise to keep three things in mind:
THE SOURCE
In today’s market, it is almost impossible to acquire a timepiece directly from the boutique unless you have developed a relationship with the brand that’s built on immense amounts of time, energy, and money. This is why a vast majority of people looking to buy a watch go to the secondary market where availability is not an issue. However, knowing that the resale dealer is a reliable source that will deliver the same quality of product you would expect from the brand boutique is something to watch out for.
THE PRICE
It is important to know that the retail price is not the same as the market price. MSRP is the brands suggested sale price for their products but due to the scarcity and extremely high demand of luxury timepieces in today’s market the resale value of a timepiece can double and even triple. This is why when buying a watch, it’s important to know where the market stands and your source should give you a realistic forecast of what the watch could be worth six months to a year from the date of acquisition. Time & Tonic offers their clients a Buy Back program for the same amount, or more, that was paid at the time of sale anytime a customer wants to sell or upgrade a timepiece.
THE FEELING
Besides knowing from where the watch is being sourced and the price, the entrepreneurs advise that the decisive factor should be the feeling the timepiece gives the buyer. Many people fall into the trap of going after what everyone else likes and end up rushing into making the decision to buy as a result of other people’s influence. When you see a watch for the first time, you should fall in love with the timepiece, and the moment you try it on there are no second thoughts that it is “the one”.
We asked Hernandez and Ahumada to share their Top 5 watch picks of all time and what makes them special. Here’s what they had to say:
The Richard Mille Sapphire
This watch is the marriage of material and mechanism. It’s made out of sapphire, which is one of the hardest materials— it’s stronger than steel—and the most difficult watch to make as only 1 out of 10 cases are successfully produced. The watch’s mechanism is a double tourbillon—a tourbillon is a complication that stabilizes the mechanism in case the watch is inverted in a position in which it may lose frequency.
598012/R - Patek Phillipe
This watch is made of a rose gold case with rubies in the bezel as well as ruby numerals and is a limited edition of five pieces. It’s a watch that is so rare that many watch collectors are unaware of its existence, which is what makes it so special.
6002R Grand Complications Patek Phillipe
Made in rose gold with a hand carved design, this is a watch that has a 10-year waiting list and can only be bought through an invitation from Patek Phillipe. According to the Time and Tonic founders, it is so special because it is a holy grail watch. It has 12 complications, a front and reverse side, and a sky chart with faces and orbit of the moon. It’s worth about $10 Million USD in today’s market.
5712R Patek Phillipe
While this watch can be worn for every occasion—with shorts, jeans and suits—as it’s both sporty and elegant, it’s gathering demand as there are rumors it will soon be discontinued. The founders explain that it’s important to note Patek Phillippe only produces 50,000 watches a year, compared to the one million that other brands make and they also enjoy strong resale value. Ahumada says, “They are truly special watches and worthy of their tagline, ‘You never actually own a Patek Philippe. You merely take care of it for the next generation.’”
The Rolex Daytona
This watch started out as a speed watch for racing in Daytona. When it first came out it wasn’t the most desired and was given as a gift when a customer bought a Datejust or Presidential from Rolex. At the time of its creation, its value was $500. It wasn’t until Paul Newman was seen wearing the watch that people started to realize the beauty of this timepiece. Today, the Daytona it is one of Rolex’s most prized models and also hardest to acquire. The watch shown here watch sold at auction for $15 million.
