Patek Philippe: history, models and value

Founded

1839

Founder(s)

Antoni Patek, Franciszek Czapek; later Adrien Philippe

Headquarters

Plan-les-Ouates (Geneva)

Owner / group

Independent (Stern family)

Patek Philippe: origins and founding

The company was founded in Geneva in 1839 as Patek, Czapek & Cie. The founders were two Polish emigrants, Antoni Patek and the watchmaker Franciszek Czapek. They made high-quality pocket watches for wealthy customers. The partnership with Czapek ended a few years later.

In 1845 the French watchmaker Adrien Philippe joined Patek. Philippe had developed a keyless winding and hand-setting system, which the firm patented: the watch could be wound and set by the crown, without a separate key. On January 1, 1851, the company was renamed Patek, Philippe & Cie.

Founders and family

Antoni Patek brought the business sense and the client network, Adrien Philippe the technical skill. After the Great Depression hit the company hard, the brothers Charles and Jean Stern, who ran a Geneva dial factory, bought it in 1932. The Stern family has owned and run Patek Philippe ever since. Henri Stern led the company from 1958, his son Philippe Stern from 1993, and Thierry Stern has been president since 2009.

Patek Philippe history and milestones

• 1845: patent for keyless winding and hand-setting.
• 1887: the Calatrava cross becomes the company's emblem.
• 1889: patent for a perpetual calendar mechanism for pocket watches.
• 1932: the Stern family takes over. The same year the Calatrava Ref. 96 is launched.
• 1933: the Henry Graves Supercomplication, a gold pocket watch with 24 complications, is delivered.
• 1941: the Ref. 1518, the first serially made wristwatch with perpetual calendar and chronograph.
• 1976: the Nautilus, a steel sports watch designed by Gérald Genta.
• 1989: the Calibre 89 pocket watch with 33 complications for the 150th anniversary.
• 1997: the Aquanaut, a sportier and more casual line.
• 2001: the Patek Philippe Museum opens in Geneva.
• 2009: the Patek Philippe Seal replaces the Geneva Seal as the house's own quality standard.
• 2014: the Grandmaster Chime with 20 complications.
• 2021: the steel Nautilus Ref. 5711/1A is discontinued after the company had decided to end it.

Famous Patek Philippe models

• Calatrava: the classic round dress watch since 1932, made in many references over the decades.
• Nautilus: the steel sports watch with the porthole-shaped case, from the Ref. 3700 of 1976 to the Ref. 5711 and Ref. 5712.
• Aquanaut: launched in 1997, with a rounded octagonal case and a rubber strap.
• Complications: annual calendars, perpetual calendars, chronographs, world-time watches and minute repeaters. Vintage perpetual calendar chronographs such as the Ref. 1518 and Ref. 2499 are among the most collected wristwatches.
• Ellipse, Gondolo and Twenty~4: dress and ladies' models, including the oval Golden Ellipse and the Twenty~4 ladies' watch.
• Pocket watches: the core of the business before the wristwatch era. Many antique Patek pocket watches still exist in families.

Movements and technique

Patek Philippe makes its own movements and is known for complications: chronographs, perpetual and annual calendars, moon phases, world time, minute repeaters and grand complications. The house's watches are finished by hand and since 2009 carry the Patek Philippe Seal. Before that, many Geneva-made Patek movements carried the Geneva Seal. Some older chronographs used movement blanks from specialist suppliers, which Patek finished itself. A small number of Patek models have quartz movements, mainly ladies' watches.

Patek Philippe today

Patek Philippe is one of the few large Swiss manufactures still owned by a family. It is based in Plan-les-Ouates near Geneva and also runs the Patek Philippe Museum and its salon in Geneva. It sits at the top end of the market, in the haute horlogerie segment, and limits production. Popular steel models have long had waiting lists at authorised dealers.

Patek Philippe prices on the pre-owned market

Patek is one of the strongest brands on the used market. Steel sports models such as the Nautilus and the Aquanaut often sell above their last retail price, although these prices go up and down with the market. Complications from the 1940s to the 1980s, especially perpetual calendars and chronographs in good original condition, are sought by collectors worldwide. Gold Calatravas and other dress watches are widely traded, but are usually priced more modestly than the sports models.

Two auction results show the very top of the market. At Christie's in Geneva in 2019, the Grandmaster Chime Ref. 6300A-010, a unique steel piece for the Only Watch charity auction, sold for CHF 31 million. At Sotheby's in Geneva in 2014, the Henry Graves Supercomplication sold for CHF 23.2 million. These are exceptions, not a guide for an ordinary Patek.

What drives value: the exact reference, the case metal (steel is often more sought than gold in sports models), an original and unrestored dial, a crisp case that has not been over-polished, and full documents. The box, certificate and service papers make a real difference.

How to recognise a genuine Patek Philippe

Patek watches carry a movement number and a separate case number. Patek Philippe can issue an Extract from the Archives for older pieces, which confirms the original reference, materials and date of production. On modern watches the Patek Philippe Seal should appear on the movement. Fakes are very common, especially of the Nautilus and Aquanaut. Look closely at the movement through the display back, the quality of the dial printing and the weight of the watch. Vintage pieces can also be "frankens" with replaced dials, cases or movements. Our guide on how to spot a fake watch explains the basic checks; for an expensive Patek, have it inspected by the brand or a specialist.

What is your Patek Philippe worth?

Photograph the dial, the caseback and, if possible, the movement and papers, and upload them for our free watch value estimate. For estates, insurance or a family division, you can order a written watch appraisal.

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