Patek Philippe & Co.

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Patek Philippe

Type	Watch Maker
Founded	1851
Headquarters	Geneva, Switzerland
Area served	Worldwide
Industry	Watch Making
Products	Watches
Website	www.patek.com

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Patek Philippe & Co. is one of the most famous^[1] and expensive brands of wrist watches in the world. Patek Philippe is currently owned by the Stern family and is led by Henri Stern and his son. Many watch collectors regard Patek Philippe timepieces as the best in the world. Over the years, Patek Philippe watches have been worn by a number of notable individuals, including members of royalty, movie stars and tycoons. Albert Einstein was also a customer. They are famous for manufacturing most of their own components, Lusso Magazine said, "Most Swiss watchmakers buy in the parts which they then proceed to assemble in their own premises. Patek does no such thing. Instead they manufacture all of their own parts and assemble them in their own building."

1 History
2 Most expensive
3 Ownership by royalty
4 Anniversary edition
5 Gallery
6 See also
7 References
8 External links

[edit] History

Antoni Patek started making pocket watches in 1839 in Geneva, along with his fellow Polish migrant Franciszek Czapek. They separated in 1844, and in 1845 Patek joined with the French watchmaker Adrien Philippe, inventor of the keyless winding mechanism. In 1851, Patek Philippe & Co was founded.

In 1868, Patek Philippe made their first wristwatch. They have also pioneered the perpetual calendar, split-seconds hand, chronograph and minute repeater in watches. The company has produced quartz watches in the past and even a digital wrist watch, the Ref. 3414.

[edit] Most expensive

Patek Philippe produced an ultra-complicated (with 24 functions) pocket-watch for Henry Graves, Jr., who entered into a friendly horological competition with James Ward Packard, which resulted in the production of the watch sold to Mr. Graves in 1933. After his death, the watch was auctioned at Sotheby's in December 1999 for USD$11,000,000, at that time the most expensive timepiece ever sold.^[2] On April 10, 2008, 2003 "Ref. 5002P Sky Moon Tourbillon" platinum Patek Philippe tourbillon wristwatch made the world record as the most expensive modern wristwatch sold at Hongkong Sotheby's for HK$11.75 million ($1.49 million). It erased the previous record of Vacheron Constantin Tour de l'Ile sold at Antiquorum for $1.4 million in Geneva in 2005.^[3]

[edit] Ownership by royalty

Patek Philippe watches have enjoyed great demand among discerning collectors and watch connoisseurs of a high social status and wealth. Since Queen Victoria’s reign, monarchs, popes, political leaders and rulers have purchased timepieces manufactured by the brand either for their personal use or as a precious gift to be presented to an important guest, or in recognition of someone's remarkable bravery and loyalty.

In 1851, Patek Philippe started supplying its watches to Queen Victoria and her consort. Timepieces of the Genevan manufacture immediately attracted attention of all the royal courts of Europe. Queen Victoria acquired a key-wound Patek Philippe watch created in a pendant style in November 1851 during the Great Exhibition of London. Queen Victoria owned one more exclusive Patek Philippe timepiece to be worn pinned to clothing. The watch suspended from a diamond and enamel brooch.

The list of Patek Philippe noble clientele also highlights Pope Pius IX, Christian IX and Louise (the king and queen of Denmark), Victor-Emanuel III (king of Italy and Duke of Savoy), and Hussein Kamal (prince of Egypt in the period of 1914-1917).^[4]

[edit] Anniversary edition

In 1989, Patek created one of the most complicated mechanical watches ever made, the Calibre 89, created for the 150th anniversary of the company. It holds 33 complications, including the date of Easter, a thermometer, 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.^[5] The Calibre 89 is also able to add a day to February for leap years while leaving out the extra day for every 100 year interval.

Patek Philippe is also renowned in the watch auction circles, and their timepieces have recorded high closing prices worldwide. A large part of the demand for auction pieces is driven by Patek Philippe themselves, as they are often purchasing in the auction market to add to the collection of the Patek Philippe Museum in Geneva.

Patek Philippe produces a number of collectible watches. In the 150 year history of the company, they have produced approximately 600,000 timepieces in total — less than the annual production of Rolex.^{[citation needed]} (Rolex makes about 650,000-800,000 annually. http://www.stern.nyu.edu/Sternbusiness/fall_winter_2004/rolex.html

In 2005 the company introduced the revolutionary Silicon escapement wheel to the industry. ^[6]

[edit] Gallery

Combined chronograph and calendar/moonphase wristwatch	Calendar and moonphase pocket-watch	Chronograph	Calendar and moonphase wristwatch
Watch from 1940's, Ref 1543	Inside watch. Ref 1543