Patek Philippe is one of the watch brands that top the list of major Swiss watchmakers. The brand is globally recognised and revered for its high-end luxury watches. A Patek Philippe watch exhibits underrated elegance that eventually represents its confidence and dedication to maintaining the highest standards while designing a watch.
Yes, Patek Philippe watches are expensive. The brand even has the record of being the most expensive timepiece sold ever at auction. A Super-complication pocket watch from Patek Philippe sold for a staggering price of £17.02 million. Moreover, the stainless steel Patek Philippe Reference 1518 fetched nearly £7.81 million at an auction, thereby becoming the world’s costliest wristwatch.
So the question is, why a Patek Philippe watch is costly? What are the factors that make a Patek Philippe watch so valuable? Continue reading to explore the factors that compel people to pay millions of pounds for Patek Philippe timepieces.
Since its foundation in 1839, Patek Philippe has been creating high-end timepieces. A watch from this brand represents a high proficiency and years of experience that one can pass from one generation to another.
Interestingly, the watchmaker incorporates its traditional techniques that date back to the 19th century to make some watch parts like the case. The brand has mastered the art of luxury watchmaking, and even royalties have patronised the brand’s watches. Many kings, queens and notable personalities across the globe have treasured these watches.
Patek Philippe watches flaunt a unique design that elevates their overall beauty. The watchmaker makes use of exceptional artistry, top-notch elements and meticulous techniques to design each watch style. The entire process includes various steps like inlays, precious gems’ setting, enamel painting and intricate engraving.
However, the utmost dedication and immense efforts are noticeable in every part of a Patek watch. You will be fascinated to know that completing a subtle watch part, such as the wheels, requires nearly forty to sixty steps. From the case, bezel to the dial with carved batons, hands, a Patek Philippe watch flaunts every delicate detail.
When it comes to movements, every single component is hand-assembled and hand-finished. However, the dial design is also something that you cannot go unnoticed. The faceted baton hour markers and the hand-polished hands add to the watch’s sophistication, making it look perfect on the wrist.
Patek Philippe has made several cutting-edge advancements that are yet employed in the watch manufacturing processes. The watchmaker has acquired 100patents for its complicated horology inventions. Here are a few examples –
The Calibre 89: This movement is made of 39 unique complications and 1,728 distinct parts.
The Perpetual Calendar: This mechanism enables the numbers of days and the leap years to adjust automatically.
Other innovations include the minute repeater, the split-second chronograph and the two-hand hand-winding timepiece.
Patek Philippe is known to produce just 50,000 timepieces every year. If you compare it to other watchmakers, this amount is limited. However, the detailed steps involved in Patek watches’ production process are responsible for the limited number. The watchmakers take nearly nine months to design and produce some basic models. On the contrary, the more complicated watches typically take over two years to step out of the factory.
One of the most significant factors responsible for the brand’s iconic status and fame is quality. In 2008, the watchmaker introduced the Patek Philippe Seal, and since then, it imposed strict standards that usually surpass the usual standards in the watch industry.
However, the fascinating fact is that the brand does not only stay committed to maintaining its watches’ standards. From employing watchmakers and salesperson to customer support associates, the brand incorporates the highest standards.
Moreover, Patek Philippe provides the ever-first lifetime service warrant in the world. Thus, you can restore and maintain any Patek watches from 1839 to this date.
Patek Philippe watches retain their value exceptionally well over the years, whether contemporary or vintage. Thus, they are excellent investment pieces as some models even increase in value with time. Vintage or modern Patek Philippe watches are available in the second hand market for extraordinary prices.
Models like Cloisonne Enamel Reference 5131 commanded nearly double its retail price (over £2.84 million) at auction. A Patek Philippe Nautilus now costs over £35,512 compared to its retail price of less than £2,130.
