Two years ago a Patek Philippe was auctioned for a mind-boggling eleven million dollars to an undisclosed private collector at the Geneva branch of the Phillips auction house in 2016. Probably all you can do now is imagine how this timepiece must have been prodigious and esthetic. But hold on...
That`s not the case!
The auctioned Patek Philippe wasn`t a lavishly appointed watch encased in a 36-karat gold, neither was it encrusted in diamonds. In fact, the auctioned watch actually belongs to quite an underestimated, stainless steel watch that Patek Philippe produced in 1943.
Unlike the majority of people, experienced and expert watch collectors don`t get fooled by the watch`s appearance. The value is more into the story behind the watch. You would be amazed by opening the case of the watch to find close to 200 individual handcrafted components that have been working together since time immemorial in perfect harmony and in pristine condition. Patek Philippe`s signature is in its sophisticated inner workings
Patek Philippe is one of the oldest watch brands commencing its journey as early as 1839. Initially, Antoni Patek was working with his fellow Czech-born Polish business partner Franciszek Czapek until in 1844 when they separated. The upcoming year Antoni found Patek Philippe by partnering with the famous French watchmaker Adrien Philippe, the inventor of the keyless winding mechanism. So the actual date for Patek Philippe and company`s official opening is 1851.
The young Patek Philippe & Co was quite an innovative company in its era. They popularised the split-seconds hand, chronograph, and minute repeater in watches and the perpetual calendar. Patek Philippe was brought to the American markets in the 19th century, in 1935 to be specific by Henri Stern Watch Agency.
Today, the company still sticks to the mechanical movements of the automatic and manual wind variety although they have produced quite a few quartzes. It is amazing that Patek Philippe is still a family business until, many other major family-owned businesses in the watch-making industry were sold out to large firms. Patek Philippe produces its own in-house components and was the first Brand to start using the L. Klein SA`s specially made for the watch industry Chronifer M-15 X steel.
Whilst other brands are boasting of producing several millions of watches since they started, Patek Philippe actually boasts of producing not more than a million watches since 1839. Whilst other high-end Swiss brands are busy trying to meet demand, Patek Philippe doesn`t even bother. The company`s production is so detailed that in average they take up to nine months to produce their basic watches and up to two years for them to make their sophisticated timepieces.
Patek Philippe produces on average 50 000 watches a year which is not even close to the demand. In nutshell, scarcity is one of the major reason that makes Patek Philippe so expensive and prestigious. Today, Patek Philippe`s watches are the most soughed after and in some cases buyers have to go through a rigorous application process to demonstrate that they are some high calibre collectors.
No one wants to wear a watch for their whole lifetime, one day you probably would want to resell it. As it is with many other brands, the resell value is lower that the initial price. However, with Patek Philipe it’s a different case, the resell value is crazy huge. Buying a Patek Philippe is more like an investment. When you buy a Patek Philippe, you can be rest assured that you won`t lose any money. One of the reasons behind the huge resell value is their scarcity.
Patek Philippe takes a detail of each and every aorta in their watches. The company masters every aspect of the best horology, from the hand-winding two-hand watch and “standard” complications with functions like a second-time-zone or annual calendar to the sophisticated masterpieces with minute repeaters, split-seconds chronographs and tourbillons. This is perfected by the high tech modern day machinery.
Nowadays, Patek Philippe is a symbol of prestige, wealth, and power. It all started in 1851 when the company started supplying its watches to Queen Victoria and her consort, Prince Albert. The Queen acquired a key wound Patek Philippe watch made in a pendant style during the London Great Exhibition. Queen Victoria also owned one exclusive and unique Patek Philippe timepiece that was to be pinned to the Queen`s clothing. The watch was suspended from an enamel and diamond brooch.
Several world leaders and Head of states have owned Patek Philippe top notch timepieces. Its clientele has included the king and queen of Denmark, Christian IX, and Princess Louise, King of Italy and Duke of Savoy Victor Emmanuel III and the Sultan of Egypt from 1914 to 1918, Hussein Kamel among many more prominent world leaders.
Patek Philippe still uses the 1800s traditional case making techniques unlike other watchmakers where cases are cast and machine finished usually at an outside shop. Patek Philippe`s takes no shortcuts, their cases are often in house made and forged from solid pieces of gold. To make a Patek Philippe`s case requires a special know how that has been preserved for a contemporary few from generation to generation.
The craftsmanship, design and artistry balanced in a Patek Philippe watches follows the family`s bloodline. The company has been under the Stern family ownership and leadership for over 80 years, with the ownership now in its fourth generation. This is an assurance of the company`s high level of consistency when it comes to the company’s policies and philosophy.
Patek Philippe is a highly esteemed watch manufacturing company and it boasts of a lot of contributions in haute horlogerie. Owning a Patek Philippe watch is royal but it comes at a great cost. Hotwatches
gives you the unique experience of owning a Patek Philippe at a very affordable cost.
One of the most expensive watches ever sold in history was a 5016A Patek Philippe watch which sold for $7.3 million in 2015. But why pay more for less? We have 100% identical replicas of these million dollar timepieces. Our Patek Philippe watches are manufactured with great precision such they match the original Patek Philippe watch in both design and complications.