Patek Philippe
BRUNO LOBO
Words
If we look at the rankings, Patek Philippe is placed fourth or fifth among the big watchmaking brands. That said, if you talk to collectors or keep an eye on the major auction houses, there's no doubt who comes first. From humble beginnings to worldwide respect, this is the story of a fascinating brand.
The watches we can never call our own
It’s 1831 and the young Lieutenant Antoni Patek has just been awarded Poland’s highest military honour for bravery in combat. The conflict we’re talking about is the November uprising against Russian rule, which involves Poland, as well as parts of Ukraine, Belarus and Lithuania. Unfortunately, it doesn’t end well for the revolutionaries and Patek is handed the task of organising one of the four escape routes, which first leads him to France and then to Geneva, where he first encounters the art of watchmaking.
And so begins the first chapter of the Patek Philippe story, the tale of ‘the best watchmaking brand in the world’, as Jean-Claude Biver once said. The statement may have seemed rather overstated, had it not come from a lifelong competitor of Patek, the man who helped revive the fortunes of Omega, resurrected Blancpain, created Hublot and led Louis Vuitton’s watchmaking department. A watchmaking legend himself, Biver is also a keen collector of Patek timepieces because, ‘no other brand is responsible for more innovations, better quality or more beautiful designs in the history of watchmaking. None.’
It may be interesting to understand why so many people are attracted to horology. The question obviously begs a multitude of answers. Even for those less interested in such things, there’s no denying the genius of these little machines, which contain hundreds or thousands of tiny parts and gears that inexorably mark the passing of time. Powered only by a spring and regulated with deviations of little more than one second a day. Some timepieces feature complications, such as perpetual calendars with lunar information, while they tell the time in any of the 24 time zones or carry small and large sonneries, which sound like miniature chimes. With such quirky pieces, it’s only natural that humanity should be attracted to these achievements over centuries.
Obviously, these more contemporary watches are very different to those that Patek was familiar with, almost 200 years ago. That said, his brand was key in the development of all these complications, just as it continues to play a crucial role in preserving the decorative arts, which make it possible to transform any watch into a work of art. It remains one of the few houses that preserves the arts and crafts that once made Geneva famous, such as micro-painting, marqueterie, fire enamelling, guilloché, engraving and crimping. These techniques are still used in the Patek workshops because, as they say, ‘there’s no better way to maintain such arts than by using them regularly’.
Contrary to general belief, the idea that watches are no longer simple timekeeper and now form a new form of stylish adornment is nothing new. It even dates back to before Patek, Jean-Marc Vacheron and Abraham Louis Breguet. The difference is that, with the advent of mobile phones, for most people, wearing a watch is no longer necessary. Deciding to wear one is no longer something rational but rather something emotional, which, in turn, makes it more an object of desire.
Curiously - or perhaps not - one of the most ingenious advertising slogans coincided with the late 1990s: ‘You never actually own a Patek Philippe. You merely look after it for the next generation.’ The slogan was surprising because it made no mention of the watch’s functions or usefulness, instead of focussing on people. The phrase implied Patek’s quality and longevity, while transmitting the message that its true value went far beyond function or price.
After almost 30 years, the advertising campaigns still use the same slogan, while adapting to the new rules of parenting, using a wider variety of moments between fathers, mothers and their children. That said, and as brilliant as the idea was - and it was - the phrase would never have had the same impact if it had been associated with another brand, because none of them enjoy the same prestige.
Post war times
While living in Geneva, Antoni Patek met Franciszek Czapek, a fellow Polish emigrant/refugee. They soon decided to create Patek, Czapek & Co on 1st May 1839. Czapek was a gifted watchmaker and the author of the first book on watchmaking in Polish. Even so, initially, the two men focussed primarily on buying ready-made movements and cases, which were decorated by famous craftsmen in the Swiss city. This was a far cry from the integrated manufacture we know today, but these timepieces were already giving primacy to the decorative arts.
In 1845, with a workshop already established, they decided to go their separate ways. Czapek formed a new partnership with Julius Grużewski, founding Czapek & Co, which acquired a workshop in Geneva and a shop in Place Vendôme in Paris, eventually becoming official supplier of watchmaking to the court of Napoleon III. Unfortunately, it didn’t survive the death of its founders and the name was lost in the mists of time - at least until a trio of investors decided to revive the brand in 2011.
Calatrava 5077101G, Métiers d'Art
Calatrava 5077R, Métiers d'Art
As for Patek & Co, it hired a young and talented watchmaker named Jean-Adrien Philippe, who had invented the first winding mechanism to use a crown, instead of an external key. This invention signalled the start of a series of innovations that would later result in the first perpetual calendars on pocket watch and wristwatch, rattrapante chronographs and being able to tell the time in different parts of the world. There were many innovations and over 100 patents, an industry record.
In 1851, Adrien became a partner and the company was finally renamed Patek Philippe & Co. This particular year proved decisive for the fledgling brand, after participating at the Great Exhibition of the Works of Industry of All Nations in London, one of the first major universal exhibitions designed to amaze the general public with the advances of modern science. Despite its rather secondary position at the event, Patek Philippe captured the attention of the most important person there, Queen Victoria, who ordered two watches, one a pendant model for herself and a pocket watch for her husband, Prince Albert, co-organiser of the exhibition. The monarch’s purchases did not go unnoticed by Europe’s great noble and ruling houses, nor by the Church’s top brass, with the Pope soon following suit. Many say that the best advertising comes from clients. If that’s true, then Patek Philippe couldn’t have found more important ambassadors.
Breakfast at Tiffany’s
Later that same year, Antoni Patek travelled to New York seeking partners in the US market, meeting Charles Louis Tiffany, founder of the famous jewellery house. The two gentlemen immediately formed a bond and soon sealed an agreement that saw the jeweller become the house’s representative in the USA, an arrangement that continues to this day: in 2022, on the 170th anniversary of their partnership, Patek and Tiffany launched a commemorative edition, limited to 170 pieces, boasting Tiffany’s iconic light blue highlighted on the dial and the signature of both houses. However, it was the model chosen by Thierry Stern, Patek’s CEO, which left enthusiasts agape.
A little background to start with: at the beginning of 2022, the ‘internet’ discovered that Patek was planning on ending production of the Nautilus reference 5711, in steel, with a date. Being the most popular model in the collection, reactions were mostly negative. Obliged to comment on the decision, Thierry Stern explained the company’s stance it in an interview with a Swiss newspaper: ‘We’ve already increased production of this model and, even so, demand is constantly growing. We don’t want to have a model that accounts for 50% (or more) of our sales, or that dominates our image. We’re obliged to make not only the most beautiful watches, but ones that retain their value, and rarity is a key factor. Discontinuing this model will allow us to focus on new creations, and it is essential that we continue to evolve.’
This episode exemplified Patek’s unique approach - after all, how many companies would have the nerve to discontinue their best-seller at the height of its popularity? This meant that the Tiffany would be the ‘swansong’ of the reference 5711, with interest in the model skyrocketing. With an initial price tag of 52,000 euros, which is slightly more expensive than the normal version, the first watch was put up for sale at a charity auction. The final bid was an expressive six million euros. The remaining watches were sold exclusively in Tiffany shops in New York and San Francisco, with those who managed to acquire them able to resell them today at a profit of over 1,000%. Not a bad investment.
Patek Philippe’s second life
In the early 20th century, led by Emile Joseph Philippe, Adrien’s son, the Patek house developed some of the most extraordinary watches in its history, such as the Packard and Graves, or the first wristwatches with ratrappante chronographs and perpetual calendar. Unfortunately, the devastating impact of the Great Depression and the First World War prevented the company from reaping the economic dividends of these innovations. It was 1932 and Patek urgently needed a solvent buyer who could guarantee its survival, which is where Jean and Charles Stern came to the rescue. These two entrepreneurs already supplied dials through their Fabrique de Cadrans Stern Frères and were willing to invest in the brand, guaranteeing the continuation and independence of the last of the great Geneva houses.
Henri Stern replaced Jean and Charles at the forefront of the business in 1958, followed by Philippe in 1993 and Thierry in 2009. Perhaps Patek’s slogan could also be applied to the family, with one small difference: removing the word ‘a’. In other words, “you never actually own Patek Philippe. You merely look after it for the next generation.”
Philippe Stern
Thierry Stern
Calatrava Skeleton watch, 2017
Money talks
If the main value of a Patek Philippe is sentimental for many, then those more interested in figures might like to know that the two most expensive watches in the world sold at auction were made by Patek Philippe. The Grandmaster Chime, created in 2014 as part of the company’s 175th anniversary celebrations, was already the brand’s most complicated wristwatch. However, in 2019, it also became the most expensive in history, when it was sold at auction for around 31 million dollars. Although the auction house’s initial estimate was relatively low (between 2.5 and 3 million Swiss francs), some expected it to dethrone Paul Newman’s personal Rolex Daytona, auctioned two years earlier in New York for 17,752,500 dollars, which it duly did. As the bidding began to peak, the room fell silent, as the price inched past the 24 million mark, which was the price eventually paid for the Henry Graves Supercomplication. This was another Patek, a pocket watch from 1933, which was sold for that amount at a Sotheby's auction in 2014.
While these three watches occupy the podium positions (first to third place), the rest of the top ten are all Patek pieces. It can be no coincidence that nine of the ten most expensive watches sold at auction are made by the Geneva brand, proof that, regardless of the hype other brands conjure, prestige endures.