Patek Philippe is a luxury watchmaker that was established in Switzerland in 1851. Their mechanical watches are known for their incredible complexity and as such they are held to be one of the most elite brands of timepieces in the world, having been worn by royalty and the extremely wealthy for more than a hundred years.

About Patek Philippe

At its inception, Patek focused primarily on designing pocket watches, which were all the rage during the 19^th century. However, by 1844 collaboration begins with Adrien Philippe, who invented the world’s first winding mechanism that was keyless. This partnership led to innovations such as the chronograph, perpetual calendar, minute repeater and split seconds hand.

Patek watches didn’t reach the American market until the 1930s, where they would be sold in conjunction with Universal Genève. One of their most famous designs is the Nautilus, which was introduced in 1976. This watch marked a noted departure from previous releases due to the fact it was a sports watch which was exclusive and incorporated a high quality finish, which was unheard of at the time. The Nautilus allowed Patek to reinvent itself while reaching and whole new audience.

Design

Although this watchmaker primarily designs manual wind and automatic mechanical movements, it has also worked with quartz designs. Patek Philippe is distinct from other watchmakers in that they build their own components, without relying on a third party. They were also the very first watchmaker to incorporate steel from Chronifer M-15 X. As is the case with most luxury Swiss watchmakers, Patek has a dedicated following and their watches have sold for exceptionally high prices at international auctions. The company has a museum in Geneva and will often buy back classical versions of its watches in order to store there.

Sales

By 2010 it is estimated that this firm had manufactured between 40,000 and 50,000 watches since its founding. Some editions have become extremely rare and hard to find, such as the Henry Graves Supercomplication which was custom designed for financier Henry Graves in 1933. This watch features 24 functions and after Graves passed away was sold at an auction 66 years later for $11 million to the royal family of Qatar. At the time it was the most costly watch ever sold, but was sold again in 2014 at more than twice the amount at $24 million.

Few watches, even luxury brands, can fetch prices for more than $1 million, but Patek Philippe stands out from its peers. Its Sky Moon Tourbillon is a platinum wristwatch which was sold in Hong Kong in 2008 at about $1.4 million, the most expensive modern watch to be sold at auction at the time. These watches have been owned by the likes of Queen Victoria, Albert Einstein and Pope Pius IX. Many editions are one of a kind and they are not just designed for the well-heeled, they are designed for those who are extraordinarily powerful and successful.