Patek Philippe

Coordinates: 46°09′59″N 6°06′44″E / 46.16629°N 6.11211°E / 46.16629; 6.11211
Source: Wikipedia, the free encyclopedia.
Patek Philippe SA
Founded
  • 1839; 185 years ago (1839) (as Patek, Czapek & Cie)
  • 1845 (as Patek & Cie)
  • 1851 (as Patek, Philippe & Cie)
Founders
HeadquartersPlan-les-Ouates, Canton of Geneva, Switzerland
46°09′59″N 6°06′44″E / 46.16629°N 6.11211°E / 46.16629; 6.11211
Area served
Worldwide
Key people
  • Philippe Stern (Honorary President)
  • Thierry Stern (President)
  • Claude Peny (CEO)
  • Laurent Bernasconi (General Manager)
Products
US$2.05 billion (2023)[2]
OwnerStern family
Subsidiaries
  • The Henri Stern Watch Agency Inc.
  • Patek Philippe Salon Ltd
  • Patek Philippe France
Websitewww.patek.com

Patek Philippe SA (French:

movements, including some of the most complicated mechanical watches. The company maintains over 400 retail locations globally and over a dozen distribution centers across Asia, Europe, North America, and Oceania. In 2001, it opened the Patek Philippe Museum in Geneva.[9][10][11]

Patek Philippe is widely considered to be one of the most prestigious watch manufacturers in the world.[12][13][14][15] As of July 2023, among the world's top ten most expensive watches ever sold at auctions, nine were Patek Philippe watches. In particular, Patek Philippe Grandmaster Chime Ref. 6300A-010 currently holds the title of the most expensive watch (and wristwatch) ever sold at auction (US$31 million/27 million CHF), while Patek Philippe Henry Graves Supercomplication, the world's most complicated mechanical watch until 1989,[16] currently holds the title of the most expensive pocket watch ever sold at auction (US$24 million/21 million CHF).[17][18]

History

Antoni Patek
Adrien Philippe

Early history

The company traces its origins to the mid-19th century, when

Abraham Louis Breguet but not patented by him), and continued the watchmaking business with a new company, Patek & Cie, beginning on 15 May 1845.[21]

On 1 January 1851, the company's name was officially changed to Patek, Philippe & Cie.

wristwatch for Countess Koscowicz of Hungary.[19]

The highly historic Patek Philippe known as “The Watchmaker’s Daughter”. It was first owned by the Patek Philippe founder, Adrien Philippe, and is the only wristwatch owned by one of the company’s founders. He later gifted it to his daughter on her wedding day in 1875. The current whereabouts of this watch is unknown, but rumored to have been purchased by the Patek Philippe Museum due to its historical importance and provenance.[a]

In 1875, Adrien Philippe commissioned a watch that he later gave to his daughter Louise as a wedding present, which is known as the only wristwatch dating back to be owned by either Patek or Philippe. This historical watch is known as “The Watchmaker’s Daughter” and was auctioned in 2023 by the descendants of Adrien Philippe. The watch was purchased most probably by the Patek Philippe Museum though this is not confirmed and may be owned by a private collector.[25] The wedding between Louise Philippe and Joseph Antoine Bénassy where the watch was presented is noted as the wedding that helped Patek Philippe survive the founding generation by providing the company with a successor to Antoni Patek.[26]

In March 1877, Antoni Patek died at the age of 65, but his only son, Léon Mecyslas Vincent Patek, did not join the business.[20][26] As a result, Joseph Antoine Bénassy-Philippe, one of Adrien Philippe's sons-in-law, succeeded to Antoni Patek's position.[26] In 1887, the cross of one of the four Military Orders of Spain, the Order of Calatrava, became the registered company logo of Patek Philippe as a sympathetic allusion to the still-extant order of Catholic knights that fought the Muslims in the Crusades.[27][28] In 1891, the 76-year-old Adrien Philippe handed over his position in the business to his youngest son, Joseph Emile Philippe, together with François Antoine Conty.[26][29] Adrien Philippe died in January 1894.[29]

Company restructuring

1901 saw the transformation of Patek Philippe into a

Theory of General Relativity.[31][32]

The Stern family of Switzerland has owned Patek Philippe since 1932, when Charles Stern and Jean Stern acquired the company during the Great Depression.[4] The Stern brothers' company, Fabrique de Cadrans Sterns Frères, had been a business partner of Patek Philippe as its supplier of watch dials. In 1935, Patek Philippe was brought to American markets by New York-based Henri Stern Watch Agency, where it was sold as a sister brand alongside Universal Genève.[33]

In 1958, Henri Stern, the son of Charles Stern, became the president of Patek Philippe.[4][34] Alan Banbery, who previously designed Universal's "Compax" movements and worked as a horologist for London's Garrard & Co, would take on the position of Director of Sales in 1965 and later authored official reference books on vintage Patek Philippe pocket watches and chronographs.[35][36]

Recent developments

In 1993, Philippe Stern, the son of Henri Stern, became the president of the company.[4][34] He initiated the publication of the twice-a-year Patek Philippe Magazine in 1996, which is reserved for the watch owners and has received contributions from various prominent writers including Nobel Laureates Gao Xingjian and José Saramago.[37]

In 2009, Philippe Stern's son, Thierry Stern, took over the reins from his father.

Federation of the Swiss Watch Industry FH.[43]

Since the 2000s, Patek Philippe timepieces have repeatedly fetched high prices in auctions worldwide. As of 2023, among the world's top ten most expensive watches ever sold at auctions, nine were Patek Philippe watches. Among the top 58 most expensive watches sold at auction (over 2 million US dollars), 46 are Patek Philippe watches. A small part of the demand for auction pieces is driven by Patek Philippe themselves, as they are purchasing in the auction market to add to the collection of the Patek Philippe Museum in Geneva.[44][45][46]

Motto and slogan

One of Patek Philippe's company slogans is "You never actually own a Patek Philippe. You merely look after it for the next generation." The slogan was introduced when the company launched its "Generations" campaign in 1996.[47]

Watch manufacturing

A pocket watch in the Patek Philippe collection of Tiffany & Co., an authorized retailer and close business partner of Patek Philippe[48][49]
A Patek Philippe chronograph wristwatch

Patek Philippe manufactures its own watch components.

quartz watches.[51] In fact, Patek Philippe was one of the twenty Swiss watch companies that founded the Centre Electronique Horloger and collaboratively developed the first Swiss quartz movements, such as the Beta 21 movement (1969) which was used by several manufacturers in their watches.[52] In 1950s, the company even produced a prototype for a mechanical digital wristwatch, Ref. 3414.[53]

Patek Philippe popularized

minute repeater in mechanical watches.[54][55][56] In 2009, the company announced that all of its future mechanical timepieces would be imprinted with the Patek Philippe Seal which requires a precision of -3/+2 seconds per day for diameters no less than 20 mm and -5/+4 seconds per day for diameters less than 20 mm, surpassing the highest industry standard of watch manufacturing and thus abandoning the Geneva Seal.[57][58][59]

In December 2018, World Wide Fund for Nature (WWF) released a report assigning environmental ratings for 15 major watch manufacturers and jewelers in Switzerland.[60][61] Patek Philippe was given the lowest environmental rating as "Latecomers/Non-transparent", suggesting the manufacturer has taken few actions addressing the impact of its manufacturing activities on the environment and climate change.[60][61]

Notable inventions and patents

Patek Philippe has invented over 20 basic calibres and has received over 100 patents.[62] The following are some of the important contributions from Patek Philippe to the watchmaking industry.

Notable models

Most expensive pieces

A Patek Philippe pocket watch
Main article: List of most expensive watches sold at auction
  • On November 28, 2012, the Patek Philippe Star Calibre 2000 Ref. 990/1 was sold at
    Westminster Chimes, minute repeating, lunar orbit and so on, and was made in 2008.[76]
  • On November 11, 2014, the Henry Graves Supercomplication was sold at Sotheby's Geneva Auction for a record-breaking US$23.98 million (CHF 23,237,000), becoming the most expensive watch ever sold at auction and held the title until November 9, 2019.[77] The Supercomplication was made in 1933 for the prominent banker Henry Graves Jr. The ultra-complicated pocket watch (having 24 complications) was the result of Graves' friendly horological competition with James Ward Packard. After Graves' death, the watch was held by his daughter, and then by his grandson until 1969, when it was sold to Seth G. Atwood who kept the watch in his renowned "Time Museum" in Rockford, Illinois until 1999.[77][78] The watch was auctioned for the first time at Sotheby's in December 1999 for a record-breaking US$11 million to Sheikh Saud Bin Mohammed Bin Ali Al-Thani of the Qatari royal family.[79]
  • On November 12, 2016, a Patek Philippe Ref. 1518 in steel took the title as the most expensive wristwatch ever sold at auction (until October 2017). Sold through Phillips' Geneva auction house, the watch fetched a final price of US$11.14 million (CHF 11,002,000).[80] This was the first time that a steel-case Ref. 1518 (only four were made in steel) went for auction; in fact, this piece was the first of the four steel Ref. 1518 manufactured, which features a chronograph and perpetual calendar.[81]
  • On November 9, 2019, Patek Philippe Grandmaster Chime Ref. 6300A-010 became the most expensive watch ever sold at auction, fetching US$31 million (CHF 31,000,000) in Christie's Geneva auction.[82][18]
  • On December 11, 2021, Patek Philippe Nautilus Ref. 5711 with Tiffany blue dial set a new world record for any wristwatch sold online, realizing US$6.5 million in Phillips New York auction.[83]
  • On April 25, 2022, a likely unique Patek Philippe Ref. 2499 – featuring a rare pink-gold case, and even rarer signature on its center subdial from Gobbi, the Milan watch dealer – sold at Sotheby's in Hong Kong for $7.68 million (HKD 60,265,000), setting a new record as the most expensive Ref. 2499 ever sold at auction.[84]

Calatrava wristwatch

Main article: Patek Philippe Calatrava

In 1932, Patek Philippe launched the first Calatrava model Ref. 96, which was designed by English horologist David Penney who was influenced by the Bauhaus art movement in Germany.[19][85][86] Originally, the Stern brothers, soon after they acquired Patek Philippe in 1932, introduced the Calatrava to help the company pass through the Great Depression smoothly.[85][87]

The original Calatrava Ref. 96 was in production for more than 40 years, and its successor models include Ref. 2526, Ref. 3520, Ref. 5196 and so on.[86][88] Known for its simple and elegant design, the Calatrava wristwatch has been a flagship model of Patek Philippe since its introduction.[87][88] Notably, the Calatrava Cross has been company's logo since 1887.[27]

Patek Philippe 5131R-011 World Time wristwatch

World Time wristwatch

Patek Philippe World Time (Heures Universelles) collection was introduced in 1939, with Ref.1415 being the first model.

minute repeater), and so on.[89]

As of 2018, Patek Philippe World Time collection (Ref. 1415, Ref. 2523) holds 6 spots among the 58 world's most expensive watches sold at auction (over 2 million US dollars), with the world record being 4.027 million US dollars (6,603,500 CHF) made at Antiquorum's Geneva auction on April 13, 2002.[92][93]

Diagram of the Nautilus

Nautilus wristwatch

In 1976, Patek Philippe introduced the Nautilus collection after deciding it was time to produce an exclusive sport watch with finishes of the highest quality.[94][95] The first model was Ref. 3700 and was made of steel.[96] It was designed by Swiss watchmaker Gérald Genta, who previously designed the Royal Oak collection for Audemars Piguet, and was released by Patek Philippe during the quartz crisis in the hope that it would help re-attract people's attention to high-end Swiss mechanical watches.[95]

The Nautilus collection played a key role in Patek Philippe's overall marketing strategy as it had to refresh the brand image while perpetuating tradition. The target was represented by dynamic business managers of the new generations.[97] The Nautilus wristwatch has become one of the most popular collections from Patek Philippe, and the Ref. 5711 & 5712 models, which the company introduced in 2006 to celebrate the 30th anniversary of the collection, are among the most popular models.[95][98]

Aquanaut wristwatch

In 1997, Patek Philippe introduced the Aquanaut collection, marking a departure from their traditional dress watches. The Aquanaut was designed as a luxury sports watch for a younger generation of watch enthusiasts, featuring a contemporary and sporty aesthetic alongside the refined craftsmanship that Patek Philippe is known for.

The first Aquanaut model, the Ref. 5060A, was crafted from stainless steel and equipped with a black dial and a black rubber strap. This signature rubber strap, a first for Patek Philippe, was composed of a new composite material designed for durability and comfort. The Aquanaut collection has grown to encompass a variety of models in stainless steel, rose gold, and white gold, with additional complications like chronograph and travel time functions.

The Aquanaut has become a highly successful collection for Patek Philippe, known for its blend of sportiness, luxury, and everyday wearability.


Perpetual calendar chronograph

Patek Philippe perpetual calendar chronograph was introduced in 1941, with Ref. 1518 being the first model.[99] On November 12, 2016, a Ref. 1518 in steel became the most expensive wristwatch ever sold at auction (until October 2017), fetching a record-breaking US$11.14 million (11,002,000 CHF) in Geneva (through Phillips' auction house).[80]

As the successor, Ref. 2499 is widely considered to be one of the greatest watch models in the world.[99][100][101][102][103] Historically, only 349 pieces of Ref. 2499 were made from 1950 to 1985 - around 9 pieces each year.[99][100] Over the course of 35 years, four series of Ref. 2499 were introduced, exerting a strong influence on the watch designs of many other renowned watchmakers.[99] As of June 2019, Ref. 2499 holds eleven spots among the 59 world's most expensive watches sold at auction (over 2 million US dollars) and at least 18 pieces of Ref. 2499 have been auctioned for more than 1.5 million US dollars, with the world record being 3.880 million US dollars (3,915,000 CHF) made at Sotheby's Geneva auction on November 13, 2018.[104] The successors to Ref. 2499 include, in chronological order, Ref. 3970, Ref. 5970 and Ref. 5270.[99]

Sky Moon Tourbillon

Patek Philippe Ref. 5002 Sky Moon Tourbillon

Patek Philippe Sky Moon Tourbillon wristwatch was introduced in 2001, with Ref. 5002 being the first model.

minute repeater, sky chart, and moon phase & orbit. In 2013, the company introduced the second model of Sky Moon Tourbillon, Ref. 6002, also with 12 complications.[105] The new model took 7 years of research and development, while the engraving on each piece alone took more than 100 hours.[107][108]

Sky Moon Tourbillon was the most complicated wristwatch from Patek Philippe until 2014.

HKD 21,240,000), making it one of the most expensive watches ever sold in auction.[109]

150th anniversary edition

Main article:
Calibre 89, then the most complicated mechanical watch ever made, for its 150th anniversary.[110] Calibre 89 holds 33 complications, including the date of Easter, time of sunrise, equation of time, sidereal time, and many other indicators. 1,728 unique parts allow sidereal time, a 2,800 star chart, and more.[111][112] In addition, Calibre 89 is able to add a day to February for leap years while leaving out the extra day for every 100 year interval.[113][114]

Only four pieces of Calibre 89 were ever manufactured by Patek Philippe, with one in white gold, one in yellow gold, one in rose gold, and one in platinum.[110][115] The yellow-gold and the white-gold Calibre 89 were sold at auctions by Antiquorum in 2009 and 2004, respectively, and both watches currently rank among the top ten most expensive watches ever sold at auction, with final prices over 5 million US dollars.[111][112][116][117]

175th anniversary edition

In 2014, Patek Philippe introduced the Grandmaster Chime Ref. 5175, the most complicated wristwatch ever built by the manufacturer (with 20 complications, but no tourbillon), to celebrate its 175th anniversary.[74][118] Only seven pieces of Ref. 5175 were created, with one permanently residing in the Patek Philippe Museum in Geneva. The sale price for each of the other six pieces was 2.5 million CHF (2.6 million US dollars).[74][119]

In 2016, Patek Philippe introduced the Grandmaster Chime Ref. 6300, succeeding the Grandmaster Chime Ref. 5175.

minute repeater, and alarm with time strike (but without tourbillon), with the sale price over 2.2 million US dollars.[121][122] The purchase of each piece requires an application from the buyer and has to be approved by Patek Philippe President Thierry Stern.[119]

See also

Notes

  1. ^ Originally the watch was ordered and owned by the founder, Adrien Philippe. Adrien gifted the watch to his daughter, Louise, as a gift for her wedding to Joseph Antoine Bénassy in 1875, which is noted as the marriage that saved Patek Philippe. A successor was desperately needed at the time for the company to survive the founding generation. Joseph would replace Antoni Patek running the company in 1877 upon his death. It is one of a kind as the only wristwatch owned by one of the founders of Patek Philippe. The watch is the earliest ancestor of the Calatrava possessing the profile and size that would become the standard for future wristwatches being slim with a round case, which would be later implemented in Reference 96. The watch was passed down internally by the descendants of Adrien Philippe for 148 years. Auctioned at Sotheby's in 2023.[25]

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Further reading

External links

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