Can Bangkok Become Asia’s Watch Capital?

For decades, the global watch world revolved around a handful of fixed locations: Geneva for heritage and haute horlogerie, Basel for trade, Hong Kong for auctions and retail. Bangkok was rarely part of that conversation. It was a market, but not a destination in the institutional sense.

That is changing. Within weeks of each other this autumn, two of watchmaking's most significant traveling institutions descended on the Thai capital. The Grand Prix d'Horlogerie de Genève (GPHG) brought its traveling exhibition of nominated timepieces to Bangkok for the second time, while Siam Piwat's Bangkok Watch Week staged a weeklong program at Siam Paragon. Between them, they drew collectors from across Southeast Asia, hosted world premieres, and, for the first time in Southeast Asia, welcomed the Fondation de la Haute Horlogerie's (FHH) Academy Lounge.

But is Bangkok merely enjoying a moment, or is something more durable taking shape?

The comparison with Hong Kong is unavoidable. Raymond Loretan, president of the GPHG Foundation, is explicit that the two cities should not be seen as rivals.

"Hong Kong is an established global watchmaking center, supported by a strong collecting tradition, a sophisticated retail ecosystem and an international reputation," he told Crown & Caliber. "Bangkok is developing along its own path, building on its appreciation of craftsmanship and its increasingly dynamic collector community. These cities are not competitors, but complementary centers contributing to fine watchmaking's growing influence across Asia."

Narun Thamavaranukup, managing director of PMT The Hour Glass, the GPHG's local partner in Bangkok, confirms that view. "Hong Kong has earned its reputation through its own legal systems, liquidity, and all these auction houses establishing tremendous presence already," he said. "Bangkok's role today is not purely about auction. It's about culture, education, making people love watches."

Central to that vision is education. The FHH Academy Lounge made its Southeast Asian debut at Bangkok Watch Week.

"Our role is to help people understand what lies behind a watch: its craftsmanship, its mechanics, its history and its place in a wider cultural context," its spokesman Julien Baudet said. "Giving enthusiasts the tools to develop their own appreciation and judgment is central to our mission."

Baudet is careful to distinguish education from commerce. "We do not measure the success of that mission by whether someone eventually buys at auction. What matters to us is fostering lasting curiosity and informed appreciation."

Pavaris Eam-ekpattana, director of strategic luxury experience management at Supremo Co., Ltd., a member of the Siam Piwat Group, agreed. "Education comes first, and it has value of its own," he says. "A collector who understands what goes into a movement, a finish or a complication makes better choices, stays engaged longer and becomes an integral part of the culture."

Narun points to a generational shift since 2019, when the average age of PMT's clients was around 45 to 50. Today it is roughly 35 to 40.

"In less than 10 years we have moved almost 10 years younger. All the collectors are still buying, whilst their kids and the younger generations have been engaged either through the first generation or their fathers and their uncles. During COVID, social media provided a tremendous amount of information and speed so that they got to know more about watches very, very quickly."

The result is an audience that shows up not to buy (PMT is not an authorized retailer for most of the GPHG exhibits) but to learn. "Watches are now less of a status symbol and more of a culture aspect," Narun said. "There were deeper questions being asked."

Roger Dubuis chose Bangkok for a world premiere. Oris released a Bangkok-specific limited edition. Universal Genève made its Southeast Asian debut in the city, without any existing retail relationship with Siam Piwat.

Pavaris is certain that these are not one-off courtesies. "A world premiere or a market-specific limited edition isn't decided in a few weeks," he said. "The maisons usually plan these moments a year or more ahead. A brand doesn't commit to that just to be courteous to a retail partner. The brands now see Bangkok as a place to launch, not only a place to sell."

Loretan confirms the institutional view. "Our recent exhibitions in Mumbai and Bangkok confirmed Asia's extraordinary enthusiasm for fine watchmaking," he says. "Thailand's appreciation of fine timepieces has deep historical roots, dating back to the reign of King Rama V. Today, that heritage is reflected in a knowledgeable and passionate community of collectors."

The journey is anything but complete, however. "I don't know what capital really means," Narun admits, when asked what would complete the picture. "Whether or not the auction market develops, you already have collectors in Bangkok who are participating in auctions."

What he is certain of is that the work is generational. "We're not the generation that's going to finish this," he said. "We're a generation that's going to build the foundation for somebody else to continue to build on top of. The interest, the ability to spend, invest, and also the knowledge is already there, but we have to continue to build on it."

Loretan, whose institution has now brought its exhibition to Bangkok twice, looks at a bigger picture. "Our experiences in Mumbai and Bangkok confirm that the future of fine watchmaking is global—enriched by diverse cultural traditions and united by a shared passion for craftsmanship, creativity and excellence."

Baudet, too, sees the long game. "Bangkok can develop its own voice within the wider Asian watch community," he said, "and education can help that voice grow."

Whether that voice will grow to have the same institutional weight as Hong Kong is a question no one is ready to answer.