A page has turned. The great watch craze, which saw everybody from business people to aficionados buying everything in sight, seems to have definitely passed. In a way, it is for the better.

The great watch 'explosion', reaching its peak at the end of the preceding century, vaguely smelled of stock market speculation coupled with an unbridled desire to own a status symbol. Today, following the bursting of the tech bubble, followed by the war in Iraq and the SARS crisis, people are beginning to think twice about spending a fortune for something as superfluous as a watch.

The industry of time is now showing its strengths, namely research and the determination to innovate, in contrast to making stereotypical goods for the sole purpose of creating a 'luxury' product.

Among the new observations at Basel and Geneva, besides the precise models, was the general trend to find a new rigour in styling. This was seen at nearly all the great traditional brands. Other observations were the influence of the fashion world and the attention to design.

A particularly interesting example showing the emphasis on design is given by the Swiss brand Ventura. The styling and originality of Ventura's entire range is not the result of simple fashion trends, but is the fruit of serious, profound and consistent efforts that are being increasingly seen in the watch world.

In the same arena are the advances made by TAG Heuer. Its electronic chronograph, Micrograph, is very highly regarded. It has all the elements for becoming an emblematic model of contemporary watchmaking. TAG Heuer has enlarged its collection of Heuer Classiques re-editions with the introduction of a historic chronograph from the 1960s, the Autavia. These 'remakes' and the taste for 'vintage' products have met with resounding success.

The design wave has also washed over other historic Swiss brands, at least those with a real past to dig into. This is notably the case of Patek Philippe, with its new Gondolo, as well as Zenith and Omega. The move towards 'vintage' is also clearly seen in brands that we might consider as specialists in their domains, such as Cartier and Vacheron Constantin. Cartier presents its latest variations based on the rich themes of its Tank and Tortue lines. The newest model of the latter collection is offered with a date and lunar phases in very much of a 1950s style.

Cartier and Vacheron Constantin are also greatly appreciated for their efforts in the feminine category, which goes beyond simple stone-set cases. Cartier presents new, unusual and attractive watches such as those in the shape of a horseshoe and the masculine Divan introduced last year. At Vacheron Constantin, we must mention the very well thought out redesign of the tonneau form. Still in the area of ladies' timepieces, the Gold Diamonds by Chopard is quite original with its gold leaf resembling a facetted diamond.

On the Italian scene (even if I am personally not attracted by the flamboyance of the oversized models, while recognizing that this is a major trend), I must mention Officine Panerai. While changes in its new Luminor and especially Submersible models are somewhat predictable, the modifications in the Radiomir raise the brand to the status of a veritable grand classic.

There are a number of other watches that made a definite impression on my mind at Basel and Geneva. Among them are the extraordinary green bezel, in the purest Rolex style, that completely transforms the Submariner without any substantial modification; the mechanical poetry of François-Paul Journe and his 'ancient' masterpieces; the rigorous extravagance of Franck Muller and his Crazy Hours; the working reserve indicator on the reverse side of Jaeger-LeCoultre's Reverso 8 Days; how Audemars Piguet has sailed to the success of the Alinghi with its new Royal Oak; the always beautiful regulator type dials by Chronoswiss; the meticulous use of the working reserve indicator by Breguet; the interesting set of chronographs presented by Longines in celebration of its 25th anniversary in timing; the strange and luxurious cross-shaped watch by Roger Dubuis; the magical wrist melodies created by Girard Perregaux and Ulysse Nardin.

On the other hand, I was a bit perplexed by the avalanche of tourbillons. Are they the result of some brands, lacking real legitimacy, simply trying to move ahead? Or are they the result of real research and innovation of other enterprises exploring new terrain, beyond their normal activities? As mused a famous Italian poet, we leave our descendants to figure it all out.