Richard Mille is a watch manufacturing company from Switzerland. It was founded in 2011, in Les Breuleux, in the Canton of Jura, Switzerland.
Founders Richard Mille and Dominique Guenat established the brand from a mutual passion and background in the Swiss watchmaking industry.
Inspired heavily by his fascination with motorsports such as Formula 1, Richard Mille has been the key to the development and growth of the soaring brand.
However, with the cheapest Richard Mille watch retailing at around $60,000 and the watch prices predicted to keep going up, the question remains, why are Richard Mille watches so expensive?
Richard Mille watches are so expensive because of the scarcity and high quality of the brand. Only about 5,000 watches are produced yearly. These watches are adorned with special materials like sapphires and gold. Additionally, the idiosyncratic design is painstakingly meticulous, with a single sapphire case taking up to 1,00 hours to create.
Richard Mille Brand
Brief History
Richard Mille was founded in 2001 by Richard Mille and his friend Dominique Guenat. Dominique Guenat is the owner of Guenat S.A. Montres Valgine, a watchmaking enterprise with a history of over 110 years in watchmaking.
The two friends partnered in 1999 to create the Richard Mille brand. With a shared love for racecars, engineering, and years of watchmaking expertise, the two friends joined forces to create the perfect watch.
With only their second model, Richard Mille made headlines in 2002 with the RM 002. It was the first watch to feature a titanium baseplate in all of watch-making history. With the early success of the first models, the brand joined the ranks of global luxury watchmakers.
Who is Richard Mille?
Richard Mille was born in 1951 in Draguignan, France. He started working in the watchmaking industry in 1974.
Years later, at the age of fifty, Richard decided to create his own designer watches. Richard reportedly wanted to use his love for racecars, technology, and his previous work experience in watchmaking to create the watch of his dreams.
Richard approached his friend Guenat Dominique. Together, the two created a revolutionary new way of manufacturing luxury watches.
Richard Mille Net Worth
Richard Mille is one of the most successful French businessmen. He has an estimated net worth of $1 million – $5 million.
How much is a real Richard Mille watch worth?
Richard Mille watches are very expensive. Even the lower range series cost way more than the average working class can afford.
On the lower spectrum, a Richard Mille watch costs about $80,000. On the higher side, the prices go up to a whopping $1,300,000. On average, the watches cost $200,000 at retail.
Why Do Richard Mille Cost So Much?
1. Global Demand and a Very Limited Supply.
The acclaimed brand produces less than 5000 watches a year. While that may not be a small number, the global demand for these watches means that the supply barely meets the demand. As rules of the economy would dictate, this keeps the price pretty high for the watches.
2. Shock Resistant
Richard Mille watches are a favorite with sportspeople due to their amazing shock-resistant features. They have been proven to resist shocks of up to 10,000 gs. Racecar drivers are spotted wearing these watches in races.
3. Unique material
Richard Mille watches are made with unique materials, some of which are not traditionally used to make watches.
These include silicon nitride, gold fused with carbon, and quartz. These materials are usually used in the aviation industry. The costly materials make the watches incredibly sophisticated and unique.
4. Exclusivity
As with any other luxury brand, Richard Mille is all about making a strong fashion or social statement with high quality and rare items.
Rocking the same watch as Christian Ronaldo is quite a flex, but only because not everyone can do it. Exclusivity is pricey.
5. Function
For watch lovers, it is not enough for the watch to look good, it has to work well as intended too. Richard Mille watches have glorious reviews from watch enthusiasts on their function.
With an emphasis on accuracy, each watch has a maximum daily variation of 8 seconds.
Why is Richard Mille So Popular?
With such high prices, what makes Richard Mille so expensive? The quality of the watches is a major factor in the popularity of the brand.
The founder, Richard Mille, wanted to create a watch of his dreams, irrespective of the cost of production. He ended up creating a phenomenal piece of engineering with unmatched accuracy.
The materials used are also not found on other watches. This unique value and exclusivity make the Richard Mille watches very popular.
Read Also: Why are Ceramic Wheel Bearings So Expensive?
Most Expensive Richard Mille
Richard Mille watches have soared to new heights for watch prices in the luxury watches industry. One of the most notable is the highly limited edition watch from Richard Mille.
The brand produced just 10 pieces of the RM056 10th Anniversary Felipe Massa watch. The price ranges between $1,700,000 and $2,000,000.
Cheapest Richard Mille
The cheapest Richard Mille is not cheap at all compared to normal watch prices. However, as a luxury brand and compared to average Richard Mille prices, this one is relatively affordable.
The cheapest Richard Mille watch is the RM 016 Automatic Winding Extra Flat, which retails at $60,000.
Is It Worth Buying a Richard Mille?
Richard Mille prices are really high yet one can argue that all you need for a watch is to tell time. Is it worth buying from the brand? The answer is yes.
Richard Mille watches are worth every dollar. Not only is the material used long-lasting and precious, but the quality of the engineering will keep the watch ticking for a long time.
The resale value of Richard Mille watches is also really high, offering a way out once a buyer wants to change models.
Watch this beginner Guide for Richard Mille Watches.