|
|
 |
|
| Watches |
Patek Mystique
James D. Malcolmson
05/03/2004
|
A Legacy Lauded
The force behind the surge is an enthusiast base whose
commitment to the Patek Philippe marque never wavers, despite the price
appreciation. These avid collectors take as gospel that no other brand is as
consistently better made, more accurate and finer looking than the one they
prize.
VALUE JUDGEMENT
• Rare or complicated Patek Philippe watches appreciated
200 percent to 300 percent in the
1990s.
• Standard models appreciated by 50 percent in
the same period.
• The brand’s strong investment
performance is due in large part to its
loyal admirers, who value its legacy of craftsmanship, family
ownership and innovation.
• The company takes steps
that boost valuations, such as limiting
production and intervening in the secondary market. |
The company’s proud history evokes, in part, their strong admiration.
Patek Philippe has consistently been awarded top honors in mechanical watch
accuracy competitions, such as the Chronometer Competition of the Geneva
Observatory, which has been held since 1880. A record set in 1962 by Patek
Phillipe’s pocket watch with a Guillaume balance tourbillon still has not been
broken by any other mechanical timepiece.
Before the 1960s, Patek Philippe
was the only company making perpetual calendar wristwatches in any significant
numbers. This explains why its whole production of complicated models from this
earlier period is now sought after by collectors.
Patek Philippe’s legacy of
family ownership (by the Stern family since 1932) also has inspired loyalty.
Philip Stern, who became managing director in 1978, upholds the company’s
traditional way of doing business, even as the Swiss watch industry has largely
become modernized and automated in order to reduce expenses. As a result of
automation, many steps in the watch-manufacturing process of other companies are
done with standardized parts and completed by computer-directed machines.
|
|
|
|
|
|
|
