Welcome to the Business of Watches, the Haudinky podcast, where Herology meets high finance,

and we go behind the scenes with the executives driving the industry.

This week, one of the UK's biggest watchmakers and a brand that's only about five years old.

We talk with Richard Bentz, the founder of Studio Underdog.

We discuss the rapid growth of the irreverent brand and how he's managing getting bigger

while staying true to the company's roots.

But first, let's catch up with some business news making headlines in the watch world.

Secondary market prices are rising. After years of

declines, prices on the secondary watch market are stabilizing and posted gains of more than 1%

for three consecutive quarters, according to an analyst report from Morgan Stanley and watch charts.

An index of pre-owned watches compiled by watch charts

rose 1.9% in the first three months of the year from the previous quarter, led by gains

from a wide swath of brands, including Longine, Patech Philippe, and Zenith, the data shows. It's the

first time since 2022 that prices have climbed

significantly for an extended period. The results suggest a broad recovery in secondary market

values, driven by rising prices on the primary market, tariffs on watches entering the U.S.,

and increased confidence and interest in the market

for pre-owned premium watches. The gains were broad-based, with 25 out of 35 brands' tracks

showing gains during the period from January to March. And another Cartier record price tag.

Christie's snatched the title of selling the most expensive Cartier wristwatch at auction

with a rare 18-carat gold Cartier London crash from 1990 that fetched about $2 million

at Christie's Geneva Important Watch's sale in May.

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