My Take | What collectors’ timepieces say about European elite politics in the shadow of Ukraine

Nowadays, hardly anyone wears watches. Little guys like you and I all have an affordable smartphone – or on an instalment plan if too expensive – which can tell not only local time but all 24 time zones.

And yet, at the extreme end of the hyper-rich and powerful, the global market for collectors’ timepieces is huge and generally immune to the ups and downs of the world economy. These people don’t need smartphones; their aides and assistants, and their secretaries, carry them.

But many wear timepieces that can cost as much as a decent car, sometimes much more. Last week, there was a bit of a controversy when the well-groomed German Finance Minister Christian Lindner was seen stealthily putting back on a luxury wristwatch at the end of a talk show on the public broadcaster. He also drives a fashionable Porsche. Some opposition politicians have accused him of trying to hide his wealth during a cost-of-living crisis in the country.

It’s believed he was wearing a Rolex Milgauss, which can cost anywhere between US$9,500 and US$47,000. Its value for collectors is bound to go up as the sporty watch line was discontinued last month and dropped from the official Rolex website.

Lindner’s sleight of hand attracted attention in the European press because French President Emmanuel Macron was spotted shortly before removing his own luxury watch during a TV interview about his fiercely contested pension and retirement-age reform, which has sent millions to protest and riot in Paris and most major cities across the country.

Some connoisseurs have claimed it cost as much as €80,000 (US$87,470), but the furore grew so big the Élysée Palace issued a statement saying it was a French Bell & Ross. Many press reports said it cost no more than €2,400.