“You never actually own a Patek Philippe. You merely look after it for the next generation.”
(You never actually own a Patek Phillipe. You merely look after it for the next generation.) 

‘Generations’ Advertising Campaign / ⓒ Patek Philippe

This is the most famous slogan from the ‘Generations’ advertising campaign that the world’s finest watch brand Patek Philippe has run since 1996. Patek Philippe watches are not just machines that tell time but heirlooms that can pass down ‘value’ for generations. Each watch stands on the same plane as a work of art, Which also implies that ‘its value shines brighter as time passes.’ We present the story of Patek Philippe, Which began with a commitment to creating the finest timepieces.

The Birth of Patek Philippe

Patek Philippe was founded with the purpose of reaching the pinnacle of watchmaking. The ambition to become the best started with the founder Antoine de Patek.

From the left, Patek and Philippe / © LUCERNE

Patek, A Polish nobleman in exile, Moved to Geneva, Switzerland and fell in love with watches. In 1939, Patek met another Polish watchmaker, Czapek, And together with partners founded Patek, Czapek & Cie. After Czapek left the company, Patek, In need of a new partner, Joined hands with watchmaker Jean Adrien Philippe. Philippe was a talented individual who had won awards for creating a watch that did not require a winding key, A new technology at the time.

The two ambitious men combined their strengths. Patek had knowledge of luxurious styles that would captivate the upper class, While Philippe obsessively studied horology. The meeting of a businessman and a technician enabled the creation of the finest watches with advanced technology, And in 1851, The company name was changed to Patek, Philippe & Cie. That same year, The brand gained wide recognition by presenting a watch to Queen Victoria at the London World’s Fair.

Queen Victoria’s Patek Philippe Pocket Watch / © Fortune

The Throne Is Built on Principles

The brand’s identity became even stronger after Patek and Philippe passed away. This is because, After the businessman Patek died, All the brand’s energy was poured into watchmaking. Patek Philippe has continued to set new paradigms in horology, Developing the first perpetual calendar for wristwatches a hundred years ago and creating the ‘Supercomplication’ with 26 functions. Paradoxically, The brand’s unique vision of prioritizing self-satisfaction over profit has been the secret to its commercial success. This vision continues to this day.

1925 No. 97975 Perpetual Calendar / ⓒ Revolution

The Stern Family Shapes Today’s Patek

In 1929, Patek Philippe could not avoid the aftermath of the Great Depression in the United States. In 1932, The Stern brothers, Who had long admired Patek Philippe’s philosophy, Acquired the struggling company and decided to preserve its values. Since then, Patek Philippe has remained a family-owned and independent business, Now in its fourth generation.

Thierry and Philippe Stern / © Spear’s

The Stern family adheres to traditional watchmaking but is never conservative. Third-generation CEO Philippe Stern launched the Nautilus, A luxury sports watch, In 1976 with the world’s top watch designer Gérald Genta to respond to the quartz crisis, And fourth-generation CEO Thierry Stern perfectly understood market demand by launching the Aquanaut in 1997 for younger consumers.

Nautilus 5811/1G / ⓒ Patek Philippe

Aquanaut 5167R / ⓒ Patek Philippe

Nautilus 5711/1A-011

40mm, White

Nautilus 5711/1R-001

40mm, Brown

Nautilus 5711/1A-010

40mm, Blue

Upholding Only Perfect Quality

Patek Philippe treats every watch as a work of art. True to its independent spirit, Each watch becomes a unique creation. Every watch is engraved with the ‘Patek Philippe Seal, ’ a certification granted by the company itself. The current CEO, Thierry Stern, Personally inspects the chime of every minute repeater and is involved in client management. In fact, Those wishing to purchase a minute repeater must receive Stern’s personal approval, Reflecting the strict screening process.

Patek Philippe Seal / ⓒ Patek Philippe

Minute repeater that chimes every hour, 15 minutes, And minute / ⓒ Patek Philippe

Patek Philippe produces only about 65, 000 to 70, 000 watches per year (the official production in 2018 was 62, 000). Compared to Rolex, Which is known to produce about one million watches annually, This is only about one twentieth. The reason for such low quantity is that most of the watch assembly process is done in-house and by hand. It takes four to eight years to produce and complete a new complication watch for sale, So production volume is inevitably limited. The company even accepts economic losses for perfect quality. In 2021, When the COVID-19 pandemic severely impacted the mechanical watch industry, Patek Philippe opened a new factory for quality control, Once again highlighting its dedication to perfection.

The family-centered narrative that emphasizes ‘value to be passed on to the next generation’ seems to be the story of the Stern family, Who oversees all these processes.

Patek Philippe Today and Tomorrow

“We are watchmakers, Not retailers.” - Thierry Stern

While Nautilus and Aquanaut are familiar to the public, The brand’s pride lies in its complication watches. The Grand Complications, Produced in very small quantities by hundreds of technicians, Are often sold at auction. Specially made references are sometimes sent directly to auction houses by the company. Nine out of the ten most expensive watches ever sold at auction are Patek Philippe.

Patek Philippe’s DNA will not change in the future. The brand’s best-seller, The Nautilus 5711, Was discontinued at the height of its popularity, Showing Patek Philippe’s commitment to preserving its heritage and identity. This year, It was announced that Patek Philippe will unveil a new collection for the first time since 1999. There is great anticipation as to whether the new release will also become an object symbolizing ‘the best.’