Patek Philippe

Summary

Patek Philippe, founded in 1839, stands as a pinnacle of luxury watchmaking, renowned for its unparalleled craftsmanship, technical innovation, and timeless elegance. This Swiss brand has a legacy of creating iconic timepieces such as the Calatrava, Nautilus, and Grand Complications, each blending precision engineering with artistic mastery. Revered by royalty, celebrities, and collectors, Patek Philippe embodies prestige and exclusivity, crafting watches designed to be cherished across generations. With its famous slogan, “You never actually own a Patek Philippe. You merely look after it for the next generation,” the brand captures the essence of legacy, making every timepiece not just a product but a timeless heirloom.

History

On May 1, 1839 Franciszek Czapek and Antoni Patek formed Patek, Czapek and Cie in Geneva. Initially the duo bought engraved and then enamelled timepieces with interpretation of important artistic masterpieces and built a series of the most exquisite pocket watches. The nineteenth century was booming for Geneva- based artisans but in no time there was a slow decline due to increasing industrialisation. Patek Philippe, alert to the possibility of the art of making handcrafted artistic timepieces fading into oblivion, continued commissioning work from artisans though it was destined to languish in the stockroom.

The company was liquidated due to discord between the partners. Patek then went into business with Jean Adrien Philippe, a gifted watchmaker famed for his keyless winding mechanisms, and continued watchmaking under a new company, Patek and Cie. Shortly the company’s name changed to Patek, Philippe and Cie and it acquired a patent for keyless winding and hand-setting system. The brand was most sought after and Jean Adrien Philippe received a bronze medal for his keyless winding and hand-setting system at Industrial Exposition, Paris.

By the time of the Great Exhibition of 1851 the brand was paid the ultimate compliment when both Prince Albert and Queen Victoria acquired Pateks. most notable was Queen Victoria’s keyless pendant watch beautifully embellished with rose-cut diamonds set in the design of a bouquet of flowers and another exclusive timepiece, to be pinned on clothing through a diamond and enamel brooch. This, in addition to supplying royal courts around the world. Till date, the brand enjoys a special relationship with Tiffany, which is accorded the privilege of cosigning the dials of the Pateks it sells.

Regrettably, Patek was critically ill and had to designate a successor to prevent Patek, Philippe and Cie from flailing. His employees Cingria, Rouge, and Köhn injected capital and became co-owners of the company which then had five partners. After Antoni Patek passed away, his son Léon Mecyslas Vincent had no interest in the business and subsequently Adrien Philippe’s sons-in-law Joseph Antoine Bénassy-Philippe succeeded Patek. In 1887, the company began using Calatrava Cross as the logo and acquired patents for precision regulator, perpetual calendar mechanism for pocket watches and first double chronograph.

In 1891 Adrien Philippe handed over his portion of the business to his son Joseph Emile Philippe and Francois Antoine Conty, and passed away. To assure its continuity beyond limited partnership agreements, the partners decided to transform Patek Philippe into a joint-stock company in 1901 — Ancienne Manufacture d’horlogerie Patek, Philippe and Cie, Société Anonyme. Its share capital reportedly amounted to 1.6 million Swiss francs and five of the seven shareholders served on the board of directors. Joseph E. Philippe’s son later joined the company.

In 1915 Albert Einstein ordered a gold pocket watch from Patek Philippe… the year he completed The Theory of General Relativity. And, James Ward Packard acquired Patek Philippe astronomical pocket watch. In 1932, brothers Charles and Jean Stern, who were previously suppliers of watch dials to the company, invested in Patek, Philippe and Cie. In 1935, Patek Philippe appeared in American markets through the efforts of Henri Stern Watch Agency where it was sold alongside Universal Genève.

In 1958 Henri Stern, son of Charles Stern, became President of Patek Philippe. Alan Banbery, who previously designed Universal’s “Compax” movements and worked as a horologist for London’s Garrard and Co, became Director of Sales and authored books on its vintage pocket watches and chronographs. The launch of Calibre-89 marked a hundred and fifty years of Patek Philippe; a pocket watch that was to herald a golden age of mechanical watchmaking that has endured financial crashes and the odd holocaust.

In 1993 Philippe Stern, son of Henry Stern, became President of the company. It is under his stewardship that the brand established a commanding position in the industry. His legacy includes Patek Philippe Museum in Geneva and relocation of the manufacturing facilities from workshops scattered around Geneva to a campus at Plan Les Ouates. In 2009, Philippe Stern’s son, Thierry, took the reins.

In 2014 Patek Philippe celebrated its 175th anniversary. The Genevan company ranks among the oldest Swiss watchmaking manufactures that have been in business without interruption. For the Stern family, which has owned the company since 1932, it was a welcome occasion to dedicate festivities to this proud event all year long. On August 9, 2014 over 500,000 spectators watched a magnificent fireworks display entitled “Man and Time”: a gift by Patek Philippe to its native city within the scope of the Fêtes de Genève.

In order to maintain quality and exclusivity, he put a ceiling on the number of timepieces produced each year and in November 2019 his signature grand complication, Grandmaster Chime became the most expensive watch ever sold at an auction. Currently, the company is a member of Federation of the Swiss Watch Industry. FH. Patek Philippe timepieces continue to fetches high prices in auctions. As of 2018, among the world’s top ten most expensive watches ever sold at auctions, seven are Patek Philippe.

Mission Statement

Patek Philippe is dedicated to preserving the art and tradition of fine watchmaking while continuously pushing the boundaries of innovation and excellence. With a heritage dating back to 1839, the brand is committed to creating timepieces that are not only technically superior but also works of art that reflect its long-standing values of craftsmanship, elegance, and precision. By integrating the finest materials and employing master artisans, Patek Philippe ensures that every watch embodies the pinnacle of horological artistry. The brand strives to maintain its independence, uphold its family legacy, and produce watches that are cherished heirlooms, passed down through generations.

As a guardian of haute horlogerie, Patek Philippe’s mission is to advance the art of watchmaking by combining traditional techniques with pioneering innovations. The brand continually invests in research and development to introduce new complications and refine existing ones, all while respecting the timeless standards that have made it a leader in the industry. Patek Philippe also emphasizes exclusivity and quality by limiting production, ensuring that each piece remains a unique expression of the brand’s dedication to perfection. Through these efforts, Patek Philippe seeks to inspire future generations of watchmakers and enthusiasts, perpetuating its legacy as a symbol of the finest Swiss watchmaking.

Vision

Patek Philippe envisions a future rooted in its tradition of excellence, innovation, and elegance. With a legacy spanning nearly two centuries, the brand aims to continue leading the horological world by creating timepieces that embody timeless beauty and technical mastery. The company’s commitment to craftsmanship and precision is unwavering, ensuring that every watch is a masterpiece of both form and function. As it moves forward, Patek Philippe aspires to blend heritage with modernity, setting new standards in watchmaking while honouring its storied past.

The brand’s vision is to remain at the pinnacle of haute horlogerie, nurturing its reputation as a family-owned company that values exclusivity and artistry. Patek Philippe seeks to cultivate an enduring relationship with its clientele by offering watches that are not only tools of timekeeping but also heirlooms that pass from one generation to the next. This emphasis on legacy reflects the brand’s philosophy of creating watches that stand the test of time, both mechanically and aesthetically, embodying a unique blend of tradition and innovation.

Looking ahead, Patek Philippe envisions itself as a guardian of the watchmaking tradition, continuously pushing the boundaries of design and engineering. The brand is committed to advancing the art of horology, exploring new materials and technologies without compromising its fundamental principles. By balancing innovation with an unwavering respect for tradition, Patek Philippe aims to inspire future generations of watchmakers and enthusiasts alike, ensuring that its name remains synonymous with the pinnacle of luxury watchmaking for centuries to come.

Products and Services

Patek Philippe is renowned for its diverse range of collections that showcase the pinnacle of horological artistry and technical innovation. The Calatrava collection, one of the brand’s most iconic, epitomizes timeless elegance and understated sophistication. Known for its minimalist design and perfect proportions, the Calatrava has been a symbol of refined taste since its introduction in 1932. The collection features a variety of models, from classic three-hand timepieces to those with intricate complications, all crafted with the brand’s hallmark attention to detail and craftsmanship. The simplicity and purity of the Calatrava’s design make it a versatile choice for any occasion, reflecting Patek Philippe’s philosophy of creating watches that transcend trends and generations.

Another standout collection is the Nautilus, which has become an emblem of luxury sports watches since its launch in 1976. Designed by the legendary Gérald Genta, the Nautilus introduced a new era for the brand with its bold, porthole-inspired design and integrated bracelet. Initially met with skepticism due to its unconventional look, the collection has since become one of the most sought-after and collectible series in the world of horology. The Nautilus features models with various complications, including moon phase displays, annual calendars, and chronographs, making it a perfect fusion of sportiness and sophistication. The collection’s ability to balance ruggedness with elegance has made it a favorite among collectors and enthusiasts alike.

For those who appreciate technical mastery, the Grand Complications collection is Patek Philippe’s ultimate showcase of horological prowess. This collection is home to some of the most complex and intricate timepieces ever created, featuring perpetual calendars, minute repeaters, and split-seconds chronographs. Each Grand Complication watch is a testament to the brand’s dedication to pushing the boundaries of watchmaking art, often requiring years of development and countless hours of meticulous craftsmanship. These timepieces are not only functional marvels but also works of art that embody the spirit of innovation and excellence that has defined Patek Philippe for over 180 years. Owning a Grand Complication is to possess a piece of horological history, a true representation of the brand’s commitment to creating the world’s finest timepieces.

Awards and Recognition

Patek Philippe is universally recognized as one of the finest luxury watchmakers in the world, synonymous with exceptional craftsmanship, innovation, and timeless elegance. Revered for its meticulous attention to detail, the Swiss brand has consistently set benchmarks in haute horology, producing timepieces that are not only technically sophisticated but also artistic masterpieces.

From its groundbreaking complications, such as perpetual calendars and minute repeaters, to its iconic designs like the Calatrava and Nautilus, Patek Philippe holds an unrivaled reputation in the industry. It’s a brand cherished by royalty, celebrities, and discerning collectors alike, embodying heritage, prestige, and a sense of exclusivity that few can match. Owning a Patek Philippe is more than just wearing a watch; it is a symbol of legacy, as highlighted by the brand’s iconic slogan, “You never actually own a Patek Philippe. You merely look after it for the next generation.”

Leadership Team

• Thierry Stern (President)
• Philippe Stern (Honorary President)
• Claude Peny (CEO)

References

• Official website Patek Philippe
• Brand history Patek
• Twitter page of Patek Philip Twitter
• 175 years of Patek Phillipe Pragnell
• Facebook page of Patek Philip Facebook
• Patek celebrates 175 years Patek
• Brand History Deployant
• Key Points in the brand history Patek
• Instagram page of Patek Philip Instagram
• Authorised Distributors Patek
• Youtube channel of Patek Philip YouTube
• Authorised Retailers Patek
• How Patek Philippe became the most celebrated watchmaker GQ
• Patek Philippe Rudells
• LinkedIn page of Patek Philip LinkedIn
• Billionaire index Bloomberg
• Wikipedia page of Patek Philip Wikipedia
• Patek Philippe Boss Planning Rollout of First New Watch in 24 Years Bloomberg
• Family Values Watch Time
• Audemars Piguet Tops Patek Philippe in Revenue Bloomberg