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The real state of the union is otherwise: The forced growth of Chaumet-Investcorp's post-boutique era of mass production had undermined the quality and credibility of the Breguet product and brand in many ways. Throughout the industry the long centuries of quiet etablissage were coming to a close as the new age of the manufacture was dawning: An age of the marketing of the 'manufacture,' and the display-back showcased in-house movement specially dressed for viewing. Of exclusive products which were creating a new sense of 'value' amongst collectors.
As this in-house obsession was taking hold, a large problem lay in the fact that Montres Breguet priced its watches substantially higher than those of these manufactures, which had put extensive capital investment in the manufacturing of their own movements. This is a large part of the reason why the high prices of these manufactures were and are considered justified by collectors, and why their unique products were considered especially desirable. To illustrate the point, the Breguet ref. 3130 is a semi-complicated dress watch featuring a moonphase, date subdial, and power reserve display. It is closely comparable to the Patek Philippe ref. 5054 which has all of the same features.
The 5054 is based on the much beloved in-house calibre 240 PS, while the 3130 is based on the elegant Frederic Piguet calibre 71, also used by Blancpain (and likely others). Granting there is more craft in the 3130's dial, it is balanced against the more complex double-backed case construction of the 5054. The MSRP of the 5054 is a substantial $19,300, while up until this year the Breguet 3130 was priced at $31,500 - more than a 60% premium. I await any explanation that would have justified this price premium, keeping in mind that this comparison is against what was, even then, unquestionably the strongest brand in fine watchmaking.
This emerging concept of in-house value had negative impact throughout their collections as none of the base movements used by Montres Breguet were exclusive. Indeed its most prized haute horlogerie ebauches were often showcased to better effect and at lower prices by innumerable brands, including its prime competitors at rival groups, to smaller independent makers. Equally damaging to the Breguet brand image and its optimistic price point was the similar commonness of its entry level movements, the most accessible of which did not in truth really qualify for the appellation of 'fine,' much less 'high-grade."
Specifically only the Nouvelle Lemania calibres 387, 389, 2320, and the new 1050 are really at the level of quality that one would potentially associate with the Breguet name, and all but the last were as widely sold as ebauches, and thus are as common, as such expensive calibres could be. Profitable for Nouvelle Lemania, but ruinous for Montres Breguet. During the Investcorp years Breguet had also began to utilize the merely passable calibre 8815, and the calibre 1352 which I and some others feel is frankly inappropriate. For some time the latter clogged Breguet's service channels with malfunctioning Type XX chronographs, soiling the Breguet name at the crucial entry level. It goes without argument that a Breguet Type 20 re-issue could only be appropriately fitted with the calibre 2320, but this would have elevated it to an elite, special product, not an entry-level one; in the midst of a market feeding frenzy of entry level sports watches.
Aside from the Type XX, Montres Breguet had attempted to enter the lucrative sports watch market with the Marine collection. In no way demonstrating any of the characteristics or qualities of Breguet's Marine chronometer heritage (example shown right), the collection was essentially a series of overly fussy braceletted watches, lacking the elegance of its dress watches and the stolid clarity, presence, and performance envelope expected of sports watches. We conceed some admiration for the Cottier-style Hora Mundi worldtimer, which carries off an opulent elegance despite its derivation from the Marine line.
Prior to its adoption of the lesser Lemanias, Breguet was far more dependent upon Jaeger-LeCoultre and Frederic Piguet, extensively using Piguet calibres 71 and 21, and Jaeger-LeCoultre calibres 889 and 818. All but the last were fine movements of impeccable craft. Yet at the time, both manufactures were a part of the enemy camp: F. Piguet an adjunct to Blancpain which SMH was attempting to build into a major haute horlogerie player, and Jaeger-LeCoultre belonged to Mannessman's LMH. Both served the market at large, and Montres Breguet was only one of a number of customers. Thus these movements too were widely available in the watches of other brands, and at much lower prices. Here especially the new values being established in the collector mindset played particularly in the favor of manufactures like Patek Philippe, Lange Uhren, and Jaeger-LeCoultre.
This, in sum, is what Swatch inherited when it purchased the Groupe Horloger Breguet. Many would argue that the strongest element of the purchase was the Lemania manufacture, which by that time was the primary Breguet manufactory, and the most important supplier of haute horlogerie and high grade chronograph ebauches to the market. Montres Breguet itself if anything, appeared to be the red-headed stepchild in a Group well represented in haute horlogerie by Blancpain.
