We all know how expensive Patek Philippe watches can be, there price tags is one of the many things about them that astounds many people. This makes many people wonder, why is it that these watches are so expensive. So, we decided to cater to that very curiosity in this article and answer that very question in depth. So, without further ado, lets get right into it.
There are numerous factors that contribute to the expansiveness of a Patek Philippe watch and we’ll go over all of them, but to give you a brief answer, Patek Philippe is an old brand and they have earned quite a lot of reputation, so much so that the Queen Victoria and Queen Elizabeth II also owned their amazing timepieces. With such a large reputation also comes a huge price tag.
Factors Contributing To The Expensiveness Of A Patek Philippe Watch
Several factors contribute to the expansiveness of a Patek Philippe watch such as the exclusivity of the watch, the quality of the watch and history of the company, and in this article all of these factors will be discussed in detail so you get a better understanding as to why Patek Philippe watches are so expensive.
History And Reputation Of The Brand
When justifying the reason for the expensiveness of a Patek Philippe watch it is very important to first look at the history of the company. This company was born in 1839 and since then has uninterruptedly produced some of the most magnificent timepieces. The age alone of this company builds so much trust and solidifies the fact that they are not going anywhere soon. This in turn affects the price as owning their watches might even be a good investment for the future. Their slogan also states this ” You never actually own a Patek Philippe. You merely look after it for the next generation.”
Secondly, another important factor is that this company’s watches have been owned by some of the most important people, ranging from British queens such as Queen Victoria and Queen Elizabeth II to Presidents of the United States such as John F.Kennedy. Several other important people include Albert Einstein, Marie Curie, and the Italian Pope Pius IX. The reason behind mentioning these important personalities was to properly convey to you guys about the reputation that this company holds.
Exclusivity Of Patek Philippe Watches
This is also an important factor that contributes to the ridiculous price of a Patek Philippe. You see Patek Philippe watches are really exclusive, if you want to buy a rare Nautilus, for example, the dealer just won’t get it for you if you don’t know the guy. Of course, you can get a newer model of Patek Philippe
Secondly, you can buy Rolex all you want but Patek Philippe watches are very limited. They only produce a total of 50000 watches a year while some of the other brands produce over a million watches, you see what I’m getting at here, with exclusivity comes a great price. The reason behind the exclusivity of these watches is the fact that some of the simpler models take more than 9 months to be manufactured and more complex ones even take up to 2 years, so they just cannot produce large amounts of watches without compromising quality.
Quality And Craftsmanship
With Patek Philippe watches comes a promise of guaranteed quality, they push out some of the best-engineered watches all around the world and they even have a lifetime service pledge, which means they can restore your watches throughout the companies lifetime, which is just amazing and automatically adds to the price as now it would be an even better investment for the future.
Secondly, they have a Patek Philippe seal which further makes this watch exclusive and the reason behind leaving the Geneva Seal, according to some reasons, is that Patek thought this seal damaged their reputation as newer brands joined in. Furthermore, another reason was that Geneva Seal Bureau didn’t have the necessary requirements for the performance of the movement.
Moreover, they produce some of the best-crafted watches which are manually produced. This adds to the additional cost because you are getting the best quality and the watch is being built manually which takes a lot of time as well as effort.
Patek Philippe Watches Are A Good Investment
Due to the exclusivity and the rare nature of these watches, they tend to go up instead of down and so can be a good investment and it is already stated in the company’s slogan “You never actually own a Patek Philippe. You merely look after it for the next generation.” So if you know that the watch is going to go higher in price, the retail price can be justified.
Unlike other brands, Patek Philippe offers a lifetime restoration pledge, so even if you have a watch in bad condition, it can still be restored and sold. For example, some of the watches from the Nautilus collection released in the 1980s have increased more than 10 times in price, and the fact that they are one of the oldest brands with continued production of timepieces, it can be said that they are here to stay and their watches would hold or increase in value.
Considering all these factors, the price of a Patek Philippe can be justified. The watches might be expensive for a medium class person, but I think the person who has $50k to spare doesn’t need to justify the price of a Patek Philippe, he’s probably just buying it as a status symbol. Here are the 10 Best Patek Philippe Watches, feel free to take a look at them.