Chopard has a high-watch division and a luxury jewellery division. The L.U.C line and Alpine Eagle sit closer to the high-watch side; Happy Sport sits closer to jewellery. Mille Miglia somewhere in between. That structural reality shapes the pre-owned market more than any other variable. The buyer for a L.U.C...

Karl-Friedrich Scheufele still runs Chopard's watch division. That family ownership matters more than it sounds. The brand operates with a longer-term view than most luxury watch businesses, and the L.U.C line, in particular, has been built to compete technically with Patek and Vacheron rather than commercially with broader luxury brands....