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Hypebeast

If you’re thinking about buying your first Patek Philippe, we’re glad you stopped to read this before you did.
In the world of luxury watches there are countless brands that get thrown in our faces on a daily basis, such as Omega, Breitling and Rolex.
These three brands together spend an estimated US$150 million per year on advertising to ensure that it is known by everyone that they are the forefront of luxury.
However, there is one brand that spends a small fraction of that amount and yet is still known to produce some of the world’s highest quality watches.
It produces about 50,000 watches a year – 35,000 of which are mechanical men’s watches.
Patek Philippe produces about 50,000 watches a year – 35,000 of which are mechanical men’s watches.
 
It is thought of by many people as the pinnacle of Swiss watchmaking. That brand is Patek Philippe.
Since its inception in 1839, it has remained an independent and family owned watch manufacturer.
If you are one of the lucky few searching for your first Patek Philippe, check out some of the basic information you should know before going out to buy one.
Is Swiss watchmaker Patek Philippe really up for sale?
Patek Philippe currently offers about 200 models.
The best way to organise these watches is to put them into several subcategories or “families”.
Most men’s watches include the Calatrava, Nautilus, Aquanaut, Complicated, and Grand Complication families.
Patek Philippe Families

There are many different models within each of these families. These models are often differentiated and referred to based on which complications they have.
A standard three-hand (minute, hour and second) Nautilus with no complications, for example, is often referred to simply as Nautilus. A Nautilus that has an annual calendar is often referred to as an annual calendar Nautilus.
To make things a bit more confusing, most collectors and enthusiasts don’t refer to the models by name at all, but rather by their designated reference/model number.
A basic three-hand Nautilus with no complications has a reference number of 5711/1A.

An Annual Calendar Nautilus has a reference number 5726/1A.
If you are just starting out, we advise you to know the reference of the watch you are interested in before visiting your local authorised dealer. This ensures there is no confusion about which watch you are requesting.
Additionally, it also shows your authorised dealer that you have done your research.

When looking at different models, we see that most are made out of either rose gold (notated by the letter R), yellow gold (notated by the letter J), white gold (noted by the letter G), and stainless steel (notated by the letter A).
Patek Philippe states that stainless steel is the most precious metal it produces. This is because some of the most expensive pieces to have ever sold at auction were stainless steel variants of a model normally fitted with gold
Some of these include the model 1518 in steel, that once sold for more than US$11 million and a limited production 5004A in steel, which was bought for nearly US$550,000.
Patek Philippe is also very selective about which models are offered in stainless steel.
Did a Chinese buyer pay a world-record US$3.88 million for the Patek Philippe wristwatch?

There are three major routes people choose when buying Patek Philippe watches.
There are Patek Philippe stores, authorised dealers and the secondary market dealers.
Patek Philippe owns and maintains three stores throughout the world where you can buy a watch.
The next option for acquiring your Patek Philippe is from a third-party-owned jewellery store or a stand-alone boutique that is authorised by Patek Philippe to sell its watches.
The non-Patek-Philippe-affiliated option is the secondary market. The secondary market includes resellers and grey market dealers.
You will be judged and scrutinised to see if you are ‘worthy’ of being considered for a Patek Philippe watch, so don’t be surprised
 
Most first-time Patek Philippe buyers will gravitate towards entry-level models priced at between US$19,000 and US$30,000. Within this price range buyers have several options to choose from: the Calatrava, Nautilus and Aquanaut families.
From these families, only models from the Calatrava family will be readily available at your local authorised dealer.
These models include the Calatrava 5196 as well as the Calatrava 5227: both are stunning examples of dress watches that Patek Philippe has evolved and refined over decades.
If you are planning to buy a Calatrava as your first Patek Philippe you should have two goals.
First, try to secure a discount. Second, let your authorised dealer know that you would like to buy the Calatrava only if you can be added to the waiting list for a high demand piece, such as a Nautilus 5711/1A, further accompanied by an email confirmation regarding the estimated time of arrival.
How to buy

The models from the Nautilus and Aquanaut families will be very difficult to obtain from your authorised dealer.
You will be judged and scrutinised to see if you are “worthy” of being considered for one, so don’t be surprised.
Your authorised dealer may put you through a small process to prove to them you are a local client (they will want local buyers only) and that you are not affiliated with the watch business.
This can often be done by simply giving them your business card and telling them a little about yourself.
Nearly every model from these two families resells on the secondary market for prices that are substantially higher than its current retail price because of limited supply and high demand.
As Patek Philippe offers about 200 models, it helps to know the reference of your desired model when you go to your authorised dealer to avoid any confusion
 
The Aquanaut model 5167A is the basic three-hand model on a rubber strap with no complications. It sells for US$18,940, but resells for nearly US$30,000 today and has an average waiting list time of three years.
The Nautilus 5711/1A sells for US$29,800 but resells for nearly US$65,000 and has a waiting list at most authorised dealers of five years.
Needless to say, as a result of these large potential profits, both collectors and dealers are scrambling to acquire these models.
Yet we do have a few suggestions that may increase your chances of acquiring a Nautilus or Aquanaut.
China demand ‘still rising’ says Patek Philippe despite industry fears
1. Be honest and upfront with your sales agent. Let them know that you understand the high demand for the model, but you intend to keep it for personal use.
2. Prove to them that you are not a watch dealer looking to sell the watch to make an easy profit. Let them know your profession: it always helps to form a personal relationship.
3. Offer to let them hold the Certificate of Origin while it is under factory warranty. This gives them some reassurance you are not going to “turn and burn” the watch.
4. Let them know this will be the first transaction of many and you plan to be a loyal customer.
5. Last, but certainly not least, tell your sales agent that, if he is adding you to the waiting list, but doesn’t have any reasonable time frame or expectation of delivery, to please let you know so you can contact another authorised dealer who may not have such a long waiting list.

An important cost to keep in mind, as with any mechanical device, is general maintenance, which includes a service of the movement every five years.
You can expect this service to have a starting cost of US$800 for a basic three-hand watch (of hour, minute and second).
When choosing to buy such an expensive watch there are a few reasons I would go only with Patek Philippe.
First, the fit and finish of its watches is uncompromising and arguably the best in the world.
Many of the highest prices paid at auction for timepieces have been for Patek Philippe wrist and pocket watches – some have been sold for as much as US$24 million.
 
Its movements are some of the most complicated and sought after, including the heavily modified Valjoux movements.
Patek has been making watches for over 175 years and will continue to be making watches for another 175 years.
With this tremendous history, many of the highest prices paid at auction have been for Patek Philippe wrist and pocket watches. Some have been sold for as much as US$24 million.
It’s this history and high level of quality that sets Patek Philippe apart from the rest of the brands, and makes it one of the safest brands to spend your money on without getting burnt when going to resell it, or trade it in down the line.
The Stern family, which owns Patek Philippe, have been fantastic guardians and stewards of the brand and I believe in future this family will uphold all the values that make Patek Philippe what it is today.
Most importantly, the design of most of its watches and its innovations and complications never cease to amaze.
King Farouk of Egypt’s Patek watch sells for US$912,500 at auction
We hope this information helps some of you first-time buyers to understand the world of Patek Philippe.
Good luck and we look forward to bringing you more informative articles such as this on all things Patek Philippe, Rolex and other brands.
David Farkas is the founder of Swiss Watch Time, and is an expert on Patek Philippe timepieces.
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This article originally appeared on  HYPEBEAST .


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The Swiss brand’s watches, where entry level models cost from US$19,000, often sell for twice as much second-hand and waiting lists can be up to five years, writes David Farkas


Patek Philippe