This is a question I often get asked. When referring to watches, "complications" are any functions beyond hours, minutes, and seconds on a timepiece. When a watch only has these three functions, it is called simple movement. Extra features such as a chronograph, day/date, and automatic winding, do not themselves make a watch complicated.
It is the combination of these features which will make a watch a complicated piece. The more features, the more skill and work is required to design and repair these watches. A complex watch may have a thousand parts, while a regular day/date chronograph will only have around 250. These particularly complex pieces are referred to as "grandes complications".
"Ultra-complicated" watches were innovated by ambitious watchmakers looking to add numerous very complex functions, some including astrological functions. These watches are made in small numbers and can cost several hundreds of thousands of dollars. Companies such as Patek Philippe and Vacheron Constantin are amongst the more highly-regarded makers of these ultra-complicated timepieces.
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