As one of the most coveted and most expensive watch brands in the world, it won’t surprise you to learn that Patek Philippe holds a fair few records in and around the auction house.
With more than 177 years of watchmaking prowess and history under its belt, not only is Patek Philippe a brand renowned for its exceptional quality timepieces, but it has become a brand steeped in tradition. This tradition, which bridges the skills of its two founding members and is passed on between individual collections and its generation of owners, has put Patek Philippe on a pedestal in the industry.
In this blog, we’re looking at how this demand translates across the auction market, and the impact that this has.
The History of Patek Philippe and Its Role in Each Watch’s Value
Patek Philippe was founded in 1839, combining the skills of Antoni Patek and Adrien Philippe to create timepieces that were creative, innovative, and high in quality.
While innovation and trend has continued to bolster the brand throughout its history, manufacturing pieces that are both on-trend and can withstand the test of time in equal measure, Patek Philippe has created a gold standard across the market. Every watch that is released is met with great respect and even greater demand – but what is it that pushes a brand like Patek Philippe so far in the luxury market?
When we look at the history of Patek Philippe, it’s important to note a few key dates and time periods, as well as a couple of notable milestones. While some of these revolve around selling price and the value fetched at auction, which we will go on to share in more detail in the next section, there are a few other staple dates in the Patek Philippe history book.
One of the most notable is 1876, when the brand was named as the principal supplier of watches for Tiffany & Co. The collaboration with this iconic luxury brand put Patek Philippe even more firmly on the map and secured its status as a must-have for the rich and the wealthy. The release of models like the Nautilus further boosted the popularity of the brand, bridging functional design features with a timeless style.
While the Nautilus remains a classic Patek Philippe that consistently fetches high prices on the retail and the resale market, there are a few other rarer and more exclusive models that have made headlines in the auction world.
Auction Records Held by Patek Philippe
Did you know that a Patek Philippe watch sold at auction in 2019 for upwards of $31 million?
This particular watch was a one-off timepiece, created to raise money for a specific auction event – a unique variation on the Grandmaster Chime 6300A-010. Crafted from stainless steel, the watch held a special inscription reading “the only one”, and featured extra details, including a black and rose-gold reversible case, solid gold plates, and an alligator-leather watch strap.
And this isn’t the only Patek Philippe record-breaker worth mentioning, as the previous auction record was also held by a Patek Philippe original. This watch, a 1932 Patek Philippe, was sold for around $24 million at the time, back in 2014.
Another notable watch sold at auction, bolstering the prominence and status of the brand, includes the Patek Philippe ref. 2523 ‘Silk Road’. This watch sold in 2021 for $7.8 million – with the target being set at around $4 million, pushing this timepiece well above its estimated value and price. Much of this was likely a result of the timepiece being the first Silk Road watch to have appeared on the auction market in over 20 years.
In addition to the exceptional price, this 2523 model also made history as the most expensive yellow-gold wristwatch to ever be sold at auction.
Suffice to say, Patek Philippe is no stranger to headlines or to record-breaking prices – particularly when it comes to the auction house. But what impact does this have on the demand for Patek Philippe watches across other market channels?
The Impact of Patek Philippe’s Winning Auction Streak
Everything we’ve shared in this blog so far will tell you that Patek Philippe is a brand built on quality and on an exceptional reputation – dedicating itself to the creation of watches that withstand the test of time. Not only are these watches high in financial value, but their design harks back to the history of the brand and the early commitment, back in the 1830s, to develop watches that are innovative and push the boundaries of watch design.
The fact that it is Patek Philippe timepieces at the top of the auction market only serves to solidify the brand’s position at the forefront of the luxury market.
These are not watches that you buy on a whim. They are considered purchases that come at a price – and are incredibly difficult to source and get hold of. Limited supply continues to push the demand of every single watch that’s released, culminating in waitlists and in rising prices with every new collection.
This makes them a good investment as well as a coveted and sought-after purchase among watch enthusiasts. An authentic Patek Philippe is a piece of history, connected to a brand that has long favoured the luxury market and has earned its place among other great names and collections.
So, is a Patek Philippe the right investment for you?
Buying an Authentic Patek Philippe Watch
While Patek Philippe watches sometimes pop up at auctions, often the best place to find and buy an authentic piece is via a reputable boutique reseller.
Offering access to several models and collections, often with changing stock according to availability, resellers like Love Luxury offer a valuation service as well as authentication services, ensuring that every piece we handle is 100% genuine.
Visit our boutique store in West London to see if your next investment or watch is currently sitting in one of our display cases!
