Patek Philippe

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The company traces its origins to the mid-19th century, when Polish watchmaker Antoni Patek and his Czech-born Polish business partner Franciszek Czapek formed Patek, Czapek & Cie in Geneva on 1 May 1839 and started manufacturing pocket watches.{{Cite web|url=https://www.patek.com/en/company/history|title=Patek Philippe SA {{!}} History (1839–1877)|website=www.patek.com|language=en|access-date=2018-05-07}} The two eventually separated due to disagreements, and the company was liquidated on 18 April 1845.{{Cite web|url=https://static.patek.com/pdf/others/Patek_Philippe_Museum_Catalog_Preview_Volume_I.pdf|title=Patek Philippe Watches (Volume I) - Patek Philippe Museum|website=Patek Philippe}} At that point, Czapek founded Czapek & Cie on 1 May 1845 with a new partner, Juliusz Gruzewski.{{Cite web|url=https://czapek.com/the-history/|title=The History|website=Czapek|language=en-US|access-date=2018-12-22}} Subsequently, Patek was joined by French watchmaker Adrien Philippe, the inventor of the keyless winding mechanism (although this had been discovered previously by Abraham Louis Breguet but not patented by him), and continued the watchmaking business with a new company, Patek & Cie, beginning on 15 May 1845.{{Cite web|url=https://www.officialwatches.com/patek-philippe/history/|title=Patek Philippe History|website=Official Watches|archive-url=https://web.archive.org/web/20190113182244/https://www.officialwatches.com/patek-philippe/history/|archive-date=2019-01-13|url-status=dead}}

On 1 January 1851, the company's name was officially changed to Patek, Philippe & Cie. In the same year, Queen Victoria of the United Kingdom acquired a keyless pendant watch at the Great Exhibition in London. The watch was embellished with rose-cut diamonds set in the pattern of a bouquet of flowers. The Queen had another exclusive Patek Philippe timepiece, to be worn pinned to clothing. This watch was suspended from a diamond and enamel brooch.Cf. [http://www.patek.ch/contents/default/en/timeline.html Patek Philippe website official history timeline][http://www.patek.com/contents/default/en/library.html Timepieces for Royalty – 1850-1910 by Patek Philippe], Geneva : Patek Philippe Museum, 2005. In 1868, Patek Philippe created the first Swiss wristwatch for Countess Koscowicz of Hungary.

File:Adrien Philippe 1875.jpg

In 1875, Adrien Philippe commissioned a watch that he later gave to his daughter Louise as a wedding present, which is known as the only wristwatch dating back to be owned by either Patek or Philippe. This historical watch is known as “The Watchmaker’s Daughter” and was auctioned in 2023 by the descendants of Adrien Philippe. The watch was purchased most probably by the Patek Philippe Museum though this is not confirmed and may be owned by a private collector. The wedding between Louise Philippe and Joseph Antoine Bénassy where the watch was presented is noted as the wedding that helped Patek Philippe survive the founding generation by providing the company with a successor to Antoni Patek.

In March 1877, Antoni Patek died at the age of 65, but his only son, Léon Mecyslas Vincent Patek, did not join the business.{{Cite web|url=https://www.pragnell.co.uk/pragnell-house/news/175-years-of-patek-philippe-a-big-story-in-three-chapters|title=175 years of Patek Philippe: A big story in three chapters|website=www.pragnell.co.uk|language=en|access-date=2019-01-07}} As a result, Joseph Antoine Bénassy-Philippe, one of Adrien Philippe's sons-in-law, succeeded to Antoni Patek's position. In 1887, the cross of one of the four Military Orders of Spain, the Order of Calatrava, became the registered company logo of Patek Philippe as a sympathetic allusion to the still-extant order of Catholic knights that fought the Muslims in the Crusades.{{Cite web|url=https://www.hautehorlogerie.org/en/brands/brand/h/patek-philippe/|title=Patek Philippe|website=www.hautehorlogerie.org|access-date=2019-01-05}}{{Cite web|url=https://www.thehourglass.com/collectors-guides/patek-philippe-calatrava/#:~:text=The%20Calatrava%20cross%2C%20registered%20by,in%201158%20from%20Arabian%20invaders|title=Patek Philippe|website=www.thehourglass.org|date=9 August 2019 |access-date=2023-01-13}} In 1891, the 76-year-old Adrien Philippe handed over his position in the business to his youngest son, Joseph Emile Philippe, together with François Antoine Conty.{{Cite web|url=http://www.brittons-watches.co.uk/watches_patek_history.htm|title=Patek Phillipe - A Brief History|website=www.brittons-watches.co.uk|access-date=2019-01-07}} Adrien Philippe died in January 1894.

1901 saw the transformation of Patek Philippe into a joint-stock company, Ancienne Manufacture d'horlogerie Patek, Philippe & Cie, Société Anonyme, initiated by J. A. Bénassy-Philippe and Joseph E. Philippe.{{Cite web|url=https://www.truefacet.com/guide/beginning-brand-patek-philippe/|title=The History of the Patek Philippe Brand {{!}} The Loupe, TrueFacet|date=2015-09-29|language=en-US|access-date=2019-01-07}} Still being run as a family business, Patek Philippe then had seven shareholders, five of whom formed the board of directors with J. A. Bénassy-Philippe being the chairman. Joseph E. Philippe's son later joined the company, and he was the last offspring of the founders in the business. In 1915, Albert Einstein ordered a gold pocket watch from Patek Philippe; in that year, he completed his Theory of General Relativity.{{Cite web|url=https://www.watchtime.com/downloads/free-download-watchtime-spotlight-patek-philippe/|title=Patek Philippe, Pocket Watch to Wristwatch: A History of the Patek Philippe Watch Company|last=Friedrich|first=Carina|date=2015-11-10|website=WatchTime - USA's No.1 Watch Magazine|language=en-US|access-date=2019-01-27}}{{Cite web|url=https://www.ias.edu/idea-tags/general-relativity|title=General Relativity|website=Institute for Advanced Study|language=en|access-date=2019-01-27|archive-url=https://web.archive.org/web/20190128082842/https://www.ias.edu/idea-tags/general-relativity|archive-date=2019-01-28|url-status=dead}}

The Stern family of Switzerland has owned Patek Philippe since 1932, when Charles Stern and Jean Stern acquired the company during the Great Depression.{{Cite news|url=https://www.bloomberg.com/billionaires/profiles/philippe-stern/|title=Philippe Stern|newspaper=Bloomberg|access-date=2018-12-12}} The Stern brothers' company, Fabrique de Cadrans Sterns Frères, had been a business partner of Patek Philippe as its supplier of watch dials. In 1935, Patek Philippe was brought to American markets by New York-based Henri Stern Watch Agency, where it was sold as a sister brand alongside Universal Genève.{{cite book|title=A Grand Complication: The Race to Build the World's Most Legendary Watch|last=Perman|first=Stacy|publisher=Simon & Schuster|year=2013|isbn=978-1439190081|page=[https://archive.org/details/grandcomplicatio0000perm/page/220 220]|url=https://archive.org/details/grandcomplicatio0000perm/page/220}}

In 1958, Henri Stern, the son of Charles Stern, became the president of Patek Philippe.{{Cite web|url=https://www.patek.com/en/company/history|title=Patek Philippe {{!}} Company {{!}} History|website=Patek Philippe SA|language=en|access-date=2018-12-12}} Alan Banbery, who previously designed Universal's "Compax" movements and worked as a horologist for London's Garrard & Co, would take on the position of Director of Sales in 1965 and later authored official reference books on vintage Patek Philippe pocket watches and chronographs.{{Cite web|title=How Alan Banbery shaped the modern history of Patek Philippe|url=https://www.acollectedman.com/blogs/journal/alan-banbery-patek-philippe|access-date=2021-04-15|website=A Collected Man|date=20 November 2020 }}{{Cite web|title=Who Is Alan Banberry?|url=https://montrespubliques.com/1minute-reads/who-is-alan-banbery|access-date=2021-04-15|website=Montres Publiques|language=en-CA}}

In 1993, Philippe Stern, the son of Henri Stern, became the president of the company. He initiated the publication of the twice-a-year Patek Philippe Magazine in 1996, which is reserved for the watch owners and has received contributions from various prominent writers including Nobel Laureates Gao Xingjian and José Saramago.{{Cite web|url=https://www.fhs.swiss/eng/2017_01_12_02_Patek.html|title=The "Generations" ad campaign is twenty years old|website=Federation of the Swiss watch industry FH|access-date=2019-02-25}}

In 2009, Philippe Stern's son, Thierry Stern, took over the reins from his father.{{Cite news|url=https://www.europastar.com/news/1004020426-thierry-stern-takes-over-the-presidency-of-patek.html|title=Thierry Stern Takes Over the Presidency of Patek Philippe|date=October 2009|newspaper=Europa Star|access-date=2022-05-22|language=en-US}} In 2010, the company produced 40,000 timepieces and, according to Thierry Stern, it produced 58,000 pieces in 2017.KPMG, [http://www.kpmg.com.cn/en/virtual_library/Consumer_markets/Consumer_Currents/CC0805.pdf "Standing the Test of Time"], pp.16-18, in Consumer Currents, Issue 5, 2008, KPMG International{{cite web|url=https://journal.hautehorlogerie.org/en/thierry-stern-you-have-to-innovate-otherwise-you-die/|title=Thierry Stern: "You have to innovate, otherwise you die" |website=journal.hautehorlogerie.org|language=en-US|access-date=2018-12-30}} In 2018, the number went up to 62,000, and in order to maintain quality and exclusivity, Patek Philippe would only slowly increase the number of timepieces produced each year (by 1-3 percent per year) but with a ceiling.{{Cite news |url=https://www.reuters.com/article/us-swiss-watches-idUSKCN1R22CK |title=Swiss watchmakers say slowing growth in China won't hurt sales this...|date=2019-03-21|publisher=Reuters|access-date=2019-03-23|language=en}}{{Cite news|url=https://uk.reuters.com/article/uk-swiss-watches-patek-idUKKCN1MS26M|archive-url=https://web.archive.org/web/20181129140542/https://uk.reuters.com/article/uk-swiss-watches-patek-idUKKCN1MS26M|url-status=dead|archive-date=November 29, 2018|title=Swiss watchmaker Patek Philippe says Chinese demand still rising|date=2018-10-18|work=Reuters|access-date=2018-12-11|language=en}} Currently{{When|date=January 2024}}, the company is an active member of the Federation of the Swiss Watch Industry FH.{{cite web|url=https://www.fhs.swiss/eng/watch_brands.html?letter=P|title=Our brands|website=Federation of the Swiss watch industry}}

Since the 2000s, Patek Philippe timepieces have repeatedly fetched high prices in auctions worldwide. As of 2023, among the world's top ten most expensive watches ever sold at auctions, nine were Patek Philippe watches. Among the top 58 most expensive watches sold at auction (over 2 million US dollars), 46 are Patek Philippe watches. A small part of the demand for auction pieces is driven by Patek Philippe themselves, as they are purchasing in the auction market to add to the collection of the Patek Philippe Museum in Geneva.Clerizo, Michael, [http://magazine.wsj.com/gatherer/how-much-is-it-worth/time-honored/ "Watch Auctions: Time-Honored: With their mystique, brands like Patek Philippe can command hundreds of thousands of dollars at watch auctions"], The Wall Street Journal, April 29, 2010Frank, Robert, [https://blogs.wsj.com/wealth/2007/10/08/all-that-glitters-may-not-be-gold/ "All That Glitters May Not Be Gold"], The Wall Street Journal, October 8, 2007{{cite web|url=http://www.patek.ch/contents/default/en/museum.html|title=Patek Philippe SA - Welcome to Our Official Website|author=Patek Philippe SA|access-date=24 May 2016}}

One of Patek Philippe's company slogans is "You never actually own a Patek Philippe. You merely look after it for the next generation." The slogan was introduced when the company launched its "Generations" campaign in 1996.{{Cite web|url=https://www.hodinkee.com/articles/untold-story-patek-philippe-generations-advertising-campaign|title=The Untold Story Of Watchmaking's Most Iconic Advertising Campaign: The 'Generations' Campaign Of Patek Philippe|date=December 27, 2016|first1=Stephen|last1=Pulvirent|website=Hodinkee|language=en|access-date=2019-01-23}}

File:Tiffany's Patek Philippe Watch Collection 18.jpg, an authorized retailer and close business partner of Patek Philippe{{Cite web|url=https://www.hodinkee.com/articles/introducing-the-patek-philippe-ref-5396g-made-exclusively-for-tiffany-co|title=Introducing The Patek Philippe Ref. 5396G, Made Exclusively For Tiffany & Co.|date=November 15, 2012|website=Hodinkee|language=en|access-date=2019-01-30}}{{Cite web|url=https://www.tiffany.com/watches/patek-philippe-tiffany/explore|title=Patek Philippe Watches {{!}} Tiffany & Co.|website=www.tiffany.com|language=en|access-date=2019-01-30}}|alt=]]

File:Patek-Philippe MG 2586.jpg wristwatch|alt=|200x200px]]

Patek Philippe manufactures its own watch components.{{Cite web |title=Patek Philippe crafts its future |url=http://fortune.com/2014/06/02/patek-philippe-watch/ |access-date=2018-12-11 |website=Fortune |language=en}} Like other Swiss manufacturers, the company produces mostly mechanical movements with automatic or manual winding mechanism, but has also been producing quartz watches.{{Cite web|url=https://www.patek.com/en/collection/movements|title=Patek Philippe {{!}} Watch Movements & Calibers|website=Patek Philippe SA|language=en|access-date=2019-01-11}} In fact, Patek Philippe was one of the twenty Swiss watch companies that founded the Centre Electronique Horloger and collaboratively developed the first Swiss quartz movements, such as the Beta 21 movement (1969) which was used by several manufacturers in their watches.{{Cite web|url=https://www.hodinkee.com/articles/the-beta-21|title=Collecting The First Swiss Quartz Movement: 5 Beta-21 Watches To Look For|date=June 24, 2015|first=Cara|last=Barrett|website=Hodinkee|language=en|access-date=2019-01-11}} In 1950s, the company even produced a prototype for a mechanical digital wristwatch, Ref. 3414.{{Cite web|url=https://www.watchprosite.com/patek-philippe/a-modern-version-of-ref-3414-called-cobra---/11.907283.6226783/|title=Patek Philippe - A modern version of Ref. 3414, called "Cobra" ...|date=2014-01-15|website=Watchprosite|language=en|access-date=2019-01-11}}

Patek Philippe popularized complications such as perpetual calendar, split-seconds hand, chronograph, and minute repeater in mechanical watches.{{Cite web|url=https://blog.crownandcaliber.com/the-perpetual-calendar-complication-a-history/|title=The Perpetual Calendar Complication: A History|date=2018-06-21|website=Crown & Caliber Blog|language=en-US|access-date=2018-12-13|archive-url=https://web.archive.org/web/20190402195032/https://blog.crownandcaliber.com/the-perpetual-calendar-complication-a-history/|archive-date=2019-04-02|url-status=dead}}{{Cite web|url=https://www.hodinkee.com/articles/a-detailed-survey-of-the-split-seconds-chronograph-and-its-cousins|title=In-Depth: A Detailed Survey Of The Split-Seconds Chronograph And Its Cousins|date=July 14, 2016|first=PH|last=Zhou|website=Hodinkee|language=en|access-date=2018-12-13}}{{Cite web|url=https://www.watchcollectinglifestyle.com/home/insider-patek-philippe-minute-repeaters-history-explanation-and-10-facts-you-need-to-know-about-them|title=Insider: Patek Philippe Minute Repeaters. History, Explanation and 10 Facts You Need to Know About Them.|website=Watch Collecting Lifestyle|language=en-US|access-date=2018-12-13}} In 2009, the company announced that all of its future mechanical timepieces would be imprinted with the Patek Philippe Seal which requires a precision of -3/+2 seconds per day for diameters no less than 20 mm and -5/+4 seconds per day for diameters less than 20 mm, surpassing the highest industry standard of watch manufacturing and thus abandoning the Geneva Seal.{{Cite web|url=https://journal.hautehorlogerie.org/en/patek-philippe-creates-its-own-seal/|title=Patek Philippe creates its own Seal – FHH Journal|website=journal.hautehorlogerie.org|language=en-US|access-date=2019-01-12}}{{Cite web|url=https://www.patek.com/en/company/the-manufacture|title=Patek Philippe {{!}} Company {{!}} The Manufacture|website=Patek Philippe SA|language=en|access-date=2019-01-12}}{{Cite web|url=https://www.fhs.swiss/eng/2009-04-24_696.html|title=The New Standard Of Quality - The Patek Philippe Seal|website=Federation of the Swiss watch industry FH|access-date=2019-02-05}}

In December 2018, World Wide Fund for Nature (WWF) released a report assigning environmental ratings for 15 major watch manufacturers and jewelers in Switzerland.{{Cite web |title=Environmental rating and industry report 2018 |url=https://www.wwf.ch/sites/default/files/doc-2018-12/2018_12_07_WWF%20Watch%20and%20Jewellery%20Report%202018_final_e_0.pdf |access-date=2019-01-19 |website=World Wide Fund for Nature}}{{Cite web |title=Swiss luxury watches fail to meet environmental standards |url=https://www.swissinfo.ch/eng/politics/benchmark-report_swiss-luxury-watches-fail-to-meet-environmental-standards/44628536 |access-date=2019-01-19 |website=SWI swissinfo.ch |date=19 December 2018 |language=en}} Patek Philippe was given the lowest environmental rating as "Latecomers/Non-transparent", suggesting the manufacturer has taken few actions addressing the impact of its manufacturing activities on the environment and climate change.

Patek Philippe has invented over 20 basic calibres and has received over 100 patents.{{Cite news|url=https://www.nytimes.com/2016/03/18/fashion/watches-patek-philippe.html|title=At Patek Philippe, 'the D.N.A. Comes In'|last=Liu|first=Ming|date=2016-03-17|work=The New York Times|access-date=2019-02-21|language=en-US|issn=0362-4331}} The following are some of the important contributions from Patek Philippe to the watchmaking industry.

• In 1845, patented keyless winding and hand-setting system, which received a bronze medal at the 1844 Industrial Exposition in Paris.
• In 1868, created the first Swiss wristwatch.
• In 1881, patented its precision regulator.{{Cite web|url=https://www.patek.com/en/company/history|title=Patek Philippe {{!}} Company {{!}} History (1878-1931)|website=Patek Philippe SA|language=en|access-date=2019-01-11}}
• In 1889, patented perpetual calendar mechanism for pocket watches.
• In 1902, patented double chronograph.
• In 1916, produced the world's first lady’s wristwatch with complication (No. 174 603, a five-minute repeater).
• In 1923, launched the world's first split-second chronograph wristwatch (No. 124 8244).
• In 1925, created the world's first perpetual calendar wristwatch (No. 97 975), with a compact movement for pendant watches created in 1898.{{Cite web|url=https://blog.crownandcaliber.com/the-perpetual-calendar-complication-a-history/|title=The Perpetual Calendar Complication: A History|date=2018-06-21|website=Crown & Caliber Blog|language=en-US|access-date=2019-02-20|archive-url=https://web.archive.org/web/20190402195032/https://blog.crownandcaliber.com/the-perpetual-calendar-complication-a-history/|archive-date=2019-04-02|url-status=dead}}
• In 1933, created the Henry Graves Supercomplication, the most complicated mechanical watch in the world (24 complications) until 1989.
• In 1949, patented the Gyromax balance.{{Cite web|url=https://www.patek.com/en/company/history|title=Patek Philippe {{!}} Company {{!}} History (1932-1949)|website=Patek Philippe SA|language=en|access-date=2019-01-11}}
• In 1956, created the world's first all-electronic clock which, in 1958, received the "Award for Miniaturization” in New York.{{Cite web|url=https://www.watchcollectinglifestyle.com/home/experience-patek-philippe-celebrates-its-175th-anniversary-a-chronological-journey-of-its-history|title=Experience: Patek Philippe Celebrates its 175th Anniversary. A Chronological Journey of The Manufacture's Rich History.|website=Watch Collecting Lifestyle|language=en-US|access-date=2019-01-11}}{{Cite web|url=https://www.patek.com/en/company/history|title=Patek Philippe {{!}} Company {{!}} History (1950-1988)|website=Patek Philippe SA|language=en|access-date=2019-01-11}}{{Cite web|url=https://doensen.home.xs4all.nl/i.html|title=History and Development of the Quartz Watch|website=doensen.home.xs4all.nl|access-date=2019-01-11}}{{Cite web|url=https://deployant.com/history-at-a-glance-the-story-of-patek-philippe/|title=History at a Glance: The Story of Patek Philippe -|date=2017-09-25|website=Deployant|language=en-US|access-date=2019-01-11}}
• In 1962, a tourbillon movement achieved the world's still-unbeaten timekeeping precision record for mechanical watches at Geneva Observatory.
• In 1986, patented the secular perpetual calendar with retrograde date indication.
• In 1989, created the Calibre 89, the most complicated mechanical watch in the world (33 complications) until 2015.
• In 1996, patented annual calendar mechanism and introduced the first annual calendar model Ref. 5035.{{Cite web|url=https://www.patek.com/en/company/history|title=Patek Philippe {{!}} Company {{!}} History (1988–2018)|website=Patek Philippe SA|language=en|access-date=2019-01-11}}{{Cite web|url=https://robbreport.com/style/watch-collector/history-comparison-annual-calendar-watches-eg17-2768783/|title=The Annual Calendar Mechanism is Truly a Modern Movement|last=Malcolmson|first=James D.|date=2017-12-24|website=Robb Report|language=en|access-date=2019-01-11}}
• In 2003/05, launched the annual calendar Ref. 5250, being the world's first watch with silicon-based (the Silinvar alloy) escapement wheel.{{Cite web|url=http://www.thepurists.net/patrons/members/wsw/ppforum/sil05/pp_technew.htm|title=The Purists.net, Patek Philippe 2005 technical innovations|access-date=January 23, 2009|archive-url=https://web.archive.org/web/20090215035058/http://www.thepurists.net/patrons/members/wsw/ppforum/sil05/pp_technew.htm|archive-date=February 15, 2009|url-status=dead}}{{Cite web|url=https://quillandpad.com/2017/12/30/give-five-5-patek-philippes-advanced-research-limited-editions/|title=Give Me Five! All 5 Of Patek Philippe's Advanced Research Limited Editions|date=2017-12-30|website=Quill & Pad|language=en-US|access-date=2019-02-15}}
• In 2006, introduced the silicon-based Spiromax balance spring.
• In 2008, introduced the Pulsomax silicon-based escapement.
• In 2011, introduced the Oscillomax ensemble, combining the Spiromax balance spring, the Pulsomax escapement, and the GyromaxSi balance.
• In 2014, created the Grandmaster Chime Ref. 5175, one of the world's most complicated wristwatches (20 complications).{{Cite web|url=https://www.bloomberg.com/news/2014-10-13/patek-philippe-unveils-grandmaster-chime-the-world-s-most-complicated-wristwatch-ever-.html|title=Patek Philippe Unveils Grandmaster Chime: The World's Most Complicated Wristwatch (Ever)|website=www.bloomberg.com|access-date=2018-12-11}}

File:Patek-Philippe MG 2596.jpg

{{main|List of most expensive watches sold at auction}}

• On November 28, 2012, the Patek Philippe Star Calibre 2000 Ref. 990/1 was sold at Christie's in Hong Kong for a final price of US$3.28 million (HKD 25,300,000), becoming the most expensive timepiece ever auctioned in Asia at the time.{{Cite web|url=https://www.christies.com/about-us/press-archive/details?PressReleaseID=6029&lid=1|title=Results: Christie's Hong Kong Sale of Important Watches Realises HK$186,337,375 (US$24,167,957)|website=www.christies.com|language=en|access-date=2018-12-01}} The timepiece boasts 21 complications, including Westminster Chimes, minute repeating, lunar orbit and so on, and was made in 2008.{{Cite web|url=https://www.christies.com/lotfinder/lot_details.aspx?intObjectID=5638919|title=Patek Philippe (Star Calibre 2000, Ref. 990/1, Movement No. 3,200,005, Case No. 4,125,166, Circa 2008)|website=www.christies.com|language=en|access-date=2018-12-21}}
• On November 11, 2014, the Henry Graves Supercomplication was sold at Sotheby's Geneva Auction for a record-breaking US$23.98 million (CHF 23,237,000), becoming the most expensive watch ever sold at auction and held the title until November 9, 2019.{{Cite web|title=Patek Philippe (The Henry Graves Jr. Supercomplications)|url=http://www.sothebys.com/en/auctions/ecatalogue/2014/important-watches-ge1404/lot.345.html|website=Sotheby's}} The Supercomplication was made in 1933 for the prominent banker Henry Graves Jr. The ultra-complicated pocket watch (having 24 complications) was the result of Graves' friendly horological competition with James Ward Packard. After Graves' death, the watch was held by his daughter, and then by his grandson until 1969, when it was sold to Seth G. Atwood who kept the watch in his renowned "Time Museum" in Rockford, Illinois until 1999.{{Cite web|url=https://www.hodinkee.com/articles/george-daniels-seth-atwood-documentary-roger-smith|title=Historical Perspectives: Rarely Seen Documentary Video Featuring George Daniels And Seth Atwood|date=June 21, 2018|first=Nicholas|last=Manousos|website=Hodinkee|language=en|access-date=2019-01-29}} The watch was auctioned for the first time at Sotheby's in December 1999 for a record-breaking US$11 million to Sheikh Saud Bin Mohammed Bin Ali Al-Thani of the Qatari royal family.{{Cite web|url=https://www.independent.co.uk/news/people/news/sheikh-saud-bin-mohammed-bin-ali-al-thani-sheikh-who-became-qatars-culture-minister-and-spent-15bn-9866377.html |archive-url=https://ghostarchive.org/archive/20220525/https://www.independent.co.uk/news/people/news/sheikh-saud-bin-mohammed-bin-ali-al-thani-sheikh-who-became-qatars-culture-minister-and-spent-15bn-9866377.html |archive-date=2022-05-25 |url-access=subscription |url-status=live|title=Sheikh Saud Bin Mohammed Bin Ali Al-Thani: Sheikh who became Qatar's|date=2014-11-18|website=The Independent|language=en|access-date=2019-01-25}}
• On November 12, 2016, a Patek Philippe Ref. 1518 in steel took the title as the most expensive wristwatch ever sold at auction (until October 2017). Sold through Phillips' Geneva auction house, the watch fetched a final price of US$11.14 million (CHF 11,002,000).[http://www.twentytwoten.com/919/most-expensive-wrist-watch-ever/ "Most Expensive Wrist Watch Ever Sold? Patek Philippe Ref. 1518"], Twentytwoten.com, News, 12 Nov 2016 This was the first time that a steel-case Ref. 1518 (only four were made in steel) went for auction; in fact, this piece was the first of the four steel Ref. 1518 manufactured, which features a chronograph and perpetual calendar.{{Cite web|date=2020-02-09|title=The story of the Patek Philippe 1518|url=https://www.italianwatchspotter.com/the-patek-philippe-1518/?lang=en|access-date=2021-04-15|website=Italian Watch Spotter|language=en-US}}
• On November 9, 2019, Patek Philippe Grandmaster Chime Ref. 6300A-010 became the most expensive watch ever sold at auction, fetching US$31 million (CHF 31,000,000) in Christie's Geneva auction.{{Cite web|title=Patek Philippe Grandmaster Chime – The Grandmaster Chime reference 6300A-010|url=https://www.christies.com/lotfinder/lot_details.aspx?intObjectID=6227458&from=salesummary&intObjectID=6227458&lid=1|access-date=2019-11-11|website=Christie's|language=en}}
• On December 11, 2021, Patek Philippe Nautilus Ref. 5711 with Tiffany blue dial set a new world record for any wristwatch sold online, realizing US$6.5 million in Phillips New York auction.{{Cite web|url=https://www.timeandwatches.com/2021/12/patek-philippe-nautilus-for-tiffany.html|title=Patek Philippe Nautilus for Tiffany sets a new world record for any wristwatch sold online}}
• On April 25, 2022, a likely unique Patek Philippe Ref. 2499 – featuring a rare pink-gold case, and even rarer signature on its center subdial from Gobbi, the Milan watch dealer – sold at Sotheby's in Hong Kong for $7.68 million (HKD 60,265,000), setting a new record as the most expensive Ref. 2499 ever sold at auction.{{Cite web|url=https://watchesbysjx.com/2022/04/most-expensive-patek-philippe-2499-pink-gold-gobbi.html|title=Auction Watch: Sotheby’s Sets Record for Most Expensive Patek Philippe Ref. 2499|website=SJX Watches}}

{{main|Patek Philippe Calatrava}}In 1932, Patek Philippe launched the first Calatrava model Ref. 96, which was designed by English horologist David Penney who was influenced by the Bauhaus art movement in Germany.{{Cite web|url=http://www.watchfinder.com/articles/review-patek-philippe-calatrava-tra|title=Review: Patek Philippe Calatrava Travel Time|website=www.watchfinder.com|access-date=2019-01-14}}{{Cite web|url=https://www.truefacet.com/guide/the-history-of-the-patek-philippe-calatrava/|title=The History of the Patek Philippe Calatrava {{!}} The Loupe, TrueFacet|date=2018-10-12|language=en-US|access-date=2019-01-14}} Originally, the Stern brothers, soon after they acquired Patek Philippe in 1932, introduced the Calatrava to help the company pass through the Great Depression smoothly.{{Cite web|url=https://ph.asiatatler.com/style/patek-philippe-and-its-german-art-movement-connection|title=Patek Philippe And Its German Art Movement Connection|last=Lim|first=Terence|date=2017-10-11|website=Philippine Tatler|language=en-PH|access-date=2019-01-14}}

The original Calatrava Ref. 96 was in production for more than 40 years, and its successor models include Ref. 2526, Ref. 3520, Ref. 5196 and so on.{{Cite web|url=https://www.hodinkee.com/articles/the-patek-philippe-2526-and-why-its-a-watch-to-pay-attention-to|title=In-Depth: The Patek Philippe 2526, And Why It's A Watch To Pay Attention To|date=May 18, 2016|first=Benjamin|last=Clymer|website=Hodinkee|language=en|access-date=2019-01-14}} Known for its simple and elegant design, the Calatrava wristwatch has been a flagship model of Patek Philippe since its introduction. Notably, the Calatrava Cross has been company's logo since 1887.

File:Patek Philippe 5131R-001 World Time in Rose Gold.jpg

Patek Philippe World Time (Heures Universelles) collection was introduced in 1939, with Ref.1415 being the first model.{{Cite web|url=https://www.hodinkee.com/articles/the-patek-philippe-mens-world-time-ref-5230g-new-york-2017-special|title=Introducing: The Patek Philippe World Time Ref. 5230G New York 2017 Limited Edition|date=July 12, 2017|first=Jack|last=Forster|website=Hodinkee|language=en|access-date=2019-01-05}} The "World Time" complication is able to show the time for all 24 time zones on the same watch and was invented by Swiss watchmaker Louis Cottier in 1931.{{Cite web|title=Time Around The World: A History of Patek Philippe World Timers {{!}} The 1916 Company|url=https://www.the1916company.com/blog/patek-philippe-world-timers.html|access-date=2021-04-15|website=www.the1916company.com|language=en}} Cottier's invention attracted several watchmaking companies, while Patek Philippe was the first company to introduce a series of World Time wristwatches after forging a partnership with Mr. Cottier.{{Cite web|url=https://www.europastar.com/time-keeper/1004090024-world-time-patek-philippe-and-louis-cottier.html|title=World time: Patek Philippe and Louis Cottier|website=www.europastar.com|language=en|access-date=2019-01-05}} The successors to Ref. 1415 include Ref. 2523, Ref. 5230, Ref. 5531 (with minute repeater), and so on.

As of 2018, Patek Philippe World Time collection (Ref. 1415, Ref. 2523) holds 6 spots among the 58 world's most expensive watches sold at auction (over 2 million US dollars), with the world record being 4.027 million US dollars (6,603,500 CHF) made at Antiquorum's Geneva auction on April 13, 2002.{{Cite web|url=https://catalog.antiquorum.swiss/en/lots/patek-philippe-ref-ref-1415-lot-26-608|title=Patek Philippe & Cie, Genève, No. 929693, case No. 656462, Ref. 1415 HU (Heures Universelles).|website=catalog.antiquorum.swiss|access-date=2019-01-05}}{{Cite web|url=https://www.forbes.com/2008/02/28/most-expensive-watches-forbeslife-time08-cx_nr_0229watch_slide.html|title=By The Numbers: The World's Most Expensive Watches|last=Ruiz|first=Nicola|website=Forbes|language=en|access-date=2019-01-05}}

File:Patek-Philippe-Nautilus-5711.jpg

In 1976, Patek Philippe introduced the Nautilus collection after deciding it was time to produce an exclusive sport watch with finishes of the highest quality.{{Cite web|url=https://www.patek.com/en/company/history|title=Patek Philippe {{!}} Company {{!}} History|website=Patek Philippe SA|language=en|access-date=2019-01-05}}{{Cite web|url=https://www.christies.com/features/Secrets-of-the-Patek-Philippe-Nautilus-7706-1.aspx|title=Secrets of the Patek Philippe Nautilus {{!}} Christie's|website=www.christies.com|language=en|access-date=2019-01-05}} The first model was Ref. 3700 and was made of steel.{{Cite web|url=https://monochrome-watches.com/history-patek-philippe-nautilus-part-1-nautilus-3700/|title=History of the Patek Philippe Nautilus, Part 1 - The Birth of an Icon, the 3700 (1976/1990)|date=2016-10-11|website=Monochrome Watches|language=en-US|access-date=2019-01-05}} It was designed by Swiss watchmaker Gérald Genta, who previously designed the Royal Oak collection for Audemars Piguet, and was released by Patek Philippe during the quartz crisis in the hope that it would help re-attract people's attention to high-end Swiss mechanical watches.

The Nautilus collection played a key role in Patek Philippe's overall marketing strategy as it had to refresh the brand image while perpetuating tradition. The target was represented by dynamic business managers of the new generations.{{Citation|title=History of the Patek Philippe Nautilus, 2015|url=http://www.timeandwatches.com/p/history-of-patek-philippe-nautilus.html}} The Nautilus wristwatch has become one of the most popular collections from Patek Philippe, and the Ref. 5711 & 5712 models, which the company introduced in 2006 to celebrate the 30th anniversary of the collection, are among the most popular models.{{Cite web|url=https://www.watchtime.com/featured/luxury-in-steel-a-history-of-the-patek-philippe-nautilus/|title=Luxury in Steel: A History of the Patek Philippe Nautilus|last=Koch|first=Jens|date=2018-12-14|website=WatchTime - USA's No.1 Watch Magazine|language=en-US|access-date=2019-01-05}}

In 1997, Patek Philippe introduced the [https://diamondsourcenyc.com/collections/patek-philippe-aquanaut-watches Aquanaut collection], marking a departure from their traditional dress watches. The Aquanaut was designed as a luxury sports watch for a younger generation of watch enthusiasts, featuring a contemporary and sporty aesthetic alongside the refined craftsmanship that Patek Philippe is known for.

The first Aquanaut model, the Ref. 5060A, was crafted from stainless steel and equipped with a black dial and a black rubber strap. This signature rubber strap, a first for Patek Philippe, was composed of a new composite material designed for durability and comfort. The Aquanaut collection has grown to encompass a variety of models in stainless steel, rose gold, and white gold, with additional complications like chronograph and travel time functions.

The Aquanaut has become a highly successful collection for Patek Philippe, known for its blend of sportiness, luxury, and everyday wearability.

Patek Philippe perpetual calendar chronograph was introduced in 1941, with Ref. 1518 being the first model. On November 12, 2016, a Ref. 1518 in steel became the most expensive wristwatch ever sold at auction (until October 2017), fetching a record-breaking US$11.14 million (11,002,000 CHF) in Geneva (through Phillips' auction house).

As the successor, Ref. 2499 is widely considered to be one of the greatest watch models in the world.{{Cite web|url=https://www.christies.com/features/Patek-Philippe-perpetual-chronograph-wristwatches-7654-1.aspx|title=Collecting guide: Patek Philippe perpetual chronograph wristwatches|website=www.christies.com|language=en|access-date=2018-12-15}}{{Cite web|url=https://www.sothebys.com/en/articles/one-of-the-most-important-vintage-wristwatches-in-the-world|title=One of the Most Important Vintage Wristwatches in the World|website=Sotheby's}}{{Cite web|url=https://www.phillipswatches.com/geneva-auction-highlight-the-rose-gold-patek-philippe-ref-2499-third-series/|title=Geneva Auction Highlight: The Rose Gold Patek Philippe Ref. 2499 (Third Series)|website=www.phillipswatches.com|access-date=2018-12-15}}{{Cite web|url=https://www.hodinkee.com/articles/understanding-the-entire-lineage-of-patek-philippe-perpetual|title=Reference Points: Understanding The Entire Lineage Of Patek Philippe Perpetual Calendar Chronographs|date=March 11, 2014|first=Benjamin|last=Clymer|website=Hodinkee|language=en|access-date=2019-01-26}}{{Cite web|url=http://watchtime.me/the-knowledge/article/1151/patek-philippe-ref-2499-a-brief-history-of-a-classic|title=Patek Philippe Ref. 2499: A Brief History of a Classic|website=watchtime|language=en|access-date=2018-12-15}} Historically, only 349 pieces of Ref. 2499 were made from 1950 to 1985 - around 9 pieces each year. Over the course of 35 years, four series of Ref. 2499 were introduced, exerting a strong influence on the watch designs of many other renowned watchmakers. As of June 2019, Ref. 2499 holds eleven spots among the 59 world's most expensive watches sold at auction (over 2 million US dollars) and at least 18 pieces of Ref. 2499 have been auctioned for more than 1.5 million US dollars, with the world record being 3.880 million US dollars (3,915,000 CHF) made at Sotheby's Geneva auction on November 13, 2018.{{Cite web|url=http://www.sothebys.com/en/auctions/ecatalogue/2018/important-watches-ge1804/lot.220.html|title=Patek Philippe (Retailed by Asprey: Ref 2499)|website=Sotheby's}} The successors to Ref. 2499 include, in chronological order, Ref. 3970, Ref. 5970 and Ref. 5270.

File:Patek-Philippe MG 2583.jpg

Patek Philippe Sky Moon Tourbillon wristwatch was introduced in 2001, with Ref. 5002 being the first model.{{Cite web|url=http://www.sothebys.com/en/auctions/ecatalogue/2014/important-watches-n09159/lot.30.html|title=The Titanium Collection: Patek Philippe 5001T|website=Sotheby's|access-date=2019-01-29}}{{Cite web|url=https://www.forbes.com/sites/elizabethdoerr/2013/05/30/the-patek-philippe-sky-moon-tourbillon-earns-a-place-in-horological-history/|title=The Patek Philippe Sky Moon Tourbillon Earns A Place In Horological History|last=Doerr|first=Elizabeth|website=Forbes|language=en|access-date=2019-01-28}} The wristwatch has two dials and contains 12 complications including tourbillon, minute repeater, sky chart, and moon phase & orbit. In 2013, the company introduced the second model of Sky Moon Tourbillon, Ref. 6002, also with 12 complications. The new model took 7 years of research and development, while the engraving on each piece alone took more than 100 hours.{{Cite web|url=https://www.cnbc.com/2013/09/13/1-million-watchand-you-have-to-apply-to-buy-it.html|title=$1 million watch—and you have to apply to buy it!|last=Frank|first=Robert|date=2013-09-13|website=www.cnbc.com|access-date=2019-01-30}}{{Cite web|url=https://www.revolution.watch/live-images-full-report-patek-philippe-launches-the-sky-moon-tourbillon-ref-6002g-in-geneva/|title=Patek Philippe Launches The Sky Moon Tourbillon|date=2013-06-01|website=Revolution|language=en-US|access-date=2019-01-30}}

Sky Moon Tourbillon was the most complicated wristwatch from Patek Philippe until 2014. It is estimated that only 3 - 5 pieces are made each year, and the price for each piece is over US$1.2 million. However, every purchase of the piece requires an application from the buyer and has to be approved by Patek Philippe President Thierry Stern. On October 2, 2018, a Sky Moon Tourbillon 6002G was auctioned by Poly Auction in Hong Kong, fetching US$2.707 million (HKD 21,240,000), making it one of the most expensive watches ever sold in auction.{{Cite web|url=https://www.polyauction.com.hk/en/buy-and-sell/auctions/lot-listings/194/details/28550/?currencyType=USD|title=Patek Philippe {{!}} Poly Auction Hong Kong|website=www.polyauction.com.hk|access-date=2019-01-28}}

{{main|Patek Philippe Calibre 89}}In 1989, Patek Philippe created Calibre 89, then the most complicated mechanical watch ever made, for its 150th anniversary. Calibre 89 holds 33 complications, including the date of Easter, time of sunrise, equation of time, sidereal time, and many other indicators. 1,728 unique parts allow sidereal time, a 2,800 star chart, and more. In addition, Calibre 89 is able to add a day to February for leap years while leaving out the extra day for every 100 year interval.{{Cite web|date=2017-05-11|title=Patek Philippe Calibre 89, the 20th century's most complicated watch, heads to auction|url=https://newatlas.com/patek-philippe-calibre-89-auction/49458/|access-date=2021-04-15|website=New Atlas|language=en-US}}{{Cite web|title=Patek Philippe Caliber 89, The World's Most Complicated Watch For 26 Years, To Be Auctioned By Sotheby's In May 2017 Important Watches Sale – Quill & Pad|url=https://quillandpad.com/2017/03/10/patek-philippe-caliber-89-worlds-complicated-watch-26-years-auctioned-sothebys-may-2017-important-watches-sale/|access-date=2021-04-15|website=quillandpad.com}}

Only four pieces of Calibre 89 were ever manufactured by Patek Philippe, with one in white gold, one in yellow gold, one in rose gold, and one in platinum.{{Cite web|url=https://www.hodinkee.com/articles/a-patek-philippe-caliber-89-for-sale-at-christies-new-york|title=Hands-On: A Patek Philippe Caliber 89, For Sale At Christie's New York|date=May 23, 2016|first=Jack|last=Forster|website=Hodinkee|language=en|access-date=2018-12-13|archive-url=https://web.archive.org/web/20181123112127/https://www.hodinkee.com/articles/a-patek-philippe-caliber-89-for-sale-at-christies-new-york|archive-date=2018-11-23|url-status=dead}}{{Cite web|url=https://www.hodinkee.com/articles/sothebys-patek-philippe-caliber-89-may-2017|title=Auction Report: Patek Philippe Caliber 89 Fails To Sell (Again)|date=May 14, 2017|first=Arthur|last=Touchot|website=Hodinkee|language=en|access-date=2018-12-13}} The yellow-gold and the white-gold Calibre 89 were sold at auctions by Antiquorum in 2009 and 2004, respectively, and both watches currently rank among the top ten most expensive watches ever sold at auction, with final prices over 5 million US dollars.{{Cite web|url=https://catalog.antiquorum.swiss/en/lots/patek-philippe-lot-222-364?browse_all=1&page=1&q=Patek+Philippe+Calibre+89|title=The Yellow Gold Calibre 89 Patek Philippe|website=catalog.antiquorum.swiss|archive-url=https://web.archive.org/web/20181124003703/https://catalog.antiquorum.swiss/en/lots/patek-philippe-lot-222-364?browse_all=1&page=1&q=Patek+Philippe+Calibre+89|archive-date=2018-11-24|access-date=2018-11-23|url-status=dead}}{{Cite web|url=https://catalog.antiquorum.swiss/en/lots/patek-philippe-lot-51-301?browse_all=1&page=2&q=Patek+Philippe+Calibre+89|title=Patek, Philippe, Genève. The white gold "Calibre 89"|website=catalog.antiquorum.swiss|archive-url=https://web.archive.org/web/20181124003638/https://catalog.antiquorum.swiss/en/lots/patek-philippe-lot-51-301?browse_all=1&page=2&q=Patek+Philippe+Calibre+89|archive-date=2018-11-24|access-date=2018-11-23|url-status=dead}}{{Cite news|url=https://www.hodinkee.com/articles/a-patek-philippe-caliber-89-for-sale-at-christies-new-york|title=Hands-On: A Patek Philippe Caliber 89, For Sale At Christie's New York|work=Hodinkee|access-date=2018-11-23|language=en|archive-url=https://web.archive.org/web/20181123112127/https://www.hodinkee.com/articles/a-patek-philippe-caliber-89-for-sale-at-christies-new-york|archive-date=2018-11-23|url-status=dead}}{{Cite news|url=https://www.jckonline.com/editorial-article/patek-philippe-calibre-89-sold-for-5-million/|title=Patek Philippe Calibre 89 sold for $5 million|work=JCK|access-date=2018-11-23|language=en-US|archive-url=https://web.archive.org/web/20181123112137/https://www.jckonline.com/editorial-article/patek-philippe-calibre-89-sold-for-5-million/|archive-date=2018-11-23|url-status=dead}}

In 2014, Patek Philippe introduced the Grandmaster Chime Ref. 5175, the most complicated wristwatch ever built by the manufacturer (with 20 complications, but no tourbillon), to celebrate its 175th anniversary.{{Cite web|url=https://www.hodinkee.com/articles/introducing-patek-philippe-grandmaster-chime-ref-5175r|title=Introducing The Patek Philippe Grandmaster Chime Ref. 5175R, Their Most Complicated Wristwatch Yet|date=October 21, 2014|first=Evald|last=Muraj|website=Hodinkee|language=en|access-date=2018-12-11}} Only seven pieces of Ref. 5175 were created, with one permanently residing in the Patek Philippe Museum in Geneva. The sale price for each of the other six pieces was 2.5 million CHF (2.6 million US dollars).{{Cite web|url=https://www.cnbc.com/2014/10/14/patek-philippe-unveils-26m-watch.html|title=Patek Philippe unveils $2.6M watch|last=Wright|first=Erica|date=2014-10-14|website=www.cnbc.com|access-date=2018-12-11}}

In 2016, Patek Philippe introduced the Grandmaster Chime Ref. 6300, succeeding the Grandmaster Chime Ref. 5175.{{Cite web|url=https://www.patek.com/en/collection/grand-complications/6300G-001|title=Patek Philippe {{!}} Grand Complications Grand Master Chime 6300G-001|website=Patek Philippe SA|language=en|access-date=2019-01-05}}{{Cite web|url=https://www.hodinkee.com/articles/the-grandmaster-chime-reference-6300g-the-most-complicated-patek-now-in-white-gold|title=Introducing: The Grandmaster Chime Reference 6300G – The Most Complicated Patek, Now In White Gold|date=March 17, 2016|first=Benjamin|last=Clymer|website=Hodinkee|language=en|access-date=2019-01-05}} Ref. 6300 also has 20 complications, including grande sonnerie, minute repeater, and alarm with time strike (but without tourbillon), with the sale price over 2.2 million US dollars.{{Cite web|url=https://www.bloomberg.com/news/articles/2016-04-06/patek-philippe-grandmaster-chime-ref-6300-is-handsome-chill|title=Patek Philippe Goes 'Simple' With a $2.3 Million Wristwatch|website=www.bloomberg.com|access-date=2019-01-05}} The purchase of each piece requires an application from the buyer and has to be approved by Patek Philippe President Thierry Stern.

In 2024, Patek Philippe introduces a new collection called Cubitus, presenting an exclusive interpretation of the “casual chic” style.{{Cite web|url=https://www.patek.com/en/collection/cubitus|title=Cubitus Collection|website=Patek Philippe SA}}

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{{Reflist}}

• [http://www.patek.com/contents/default/en/library.html Library of reference books on Patek Philippe watches and company] - Patek Philippe website
• Kepa, Marek, [http://culture.pl/en/article/watches-for-royalty "Watches for Royalty"], Culture.pl, July 27, 2015
• Liu, Ming, [https://www.nytimes.com/2016/03/18/fashion/watches-patek-philippe.html?hpw&rref=fashion&action=click&pgtype=Homepage&module=well-region®ion=bottom-well&WT.nav=bottom-well&_r=0 "At Patek Philippe, 'the D.N.A. Comes In'"], The New York Times, March 17, 2016
• Thompson, Joe, [http://www.watchtime.com/featured/family-values-patek-philippes-thierry-philippe-stern/ "Family Values: Patek Philippe’s Thierry and Philippe Stern"], WatchTime Magazine, August 8, 2012
• Walston, Oliver. [https://web.archive.org/web/20101229073137/http://www.lussoluxury.com/feature/69/david-and-goliath "David and Goliath"], Lusso magazine, August 8, 2009.
• Mazzardo, Alessandro. [https://www.timeandwatches.com/p/history-of-patek-philippe-nautilus.html "History of the Patek Philippe Nautilus"], Time and Watches, Dec 16, 2021.

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