"We're possibly the largest collector's community on the planet" - Aurel Bacs, International Co-Head of Christie's Watch Department

So Mr Bacs said of watch collectors in his exclusive interview with Paul Fraser Collectibles, last month - just weeks after Christie's posted its highest-ever sales total for fine watches: $91m in 2010.

But how did Christie's achieve this during a time of economic downturn and slow recovery?

The answer lies in the fact that watches are not just accessories that tell you the time, they are also investments.

In our above Video of the Week, CNBC's Carolin Schober finds out how you can clock up profits in the watch industry.

Aurel Bacs also features in the video, offering his expert opinions on the value of the markets for fine timepieces.

Or you can read Paul Fraser Collectibles' exclusive interview with Mr Bacs here.