It was
not long, however, before a group of American enthusiasts began to follow the
Italian collectors’ lead and amass significant caches of their own. “When you
went overseas or to auctions here, it was always the same group of Americans at
each event,” says Jeffrey Hess, one of the six collectors of Patek Philippe who
started in the early ’80s, at the beginning of the vintage market in the United
States. “Three or four major, longtime collectors, like Massimo Barraka, were
particularly active during the ’80s, and between us, several million dollars in
Patek Philippes would trade hands.”
 | | THE VALUES of coveted complicated watches, like the perpetual calendar,
escalated 200 percent to 300 percent during the ’90s. |
The contrast between those early days
and today could not be greater. The number of collectors who have accumulated
more than 10 pieces from Patek Philippe is estimated to be at least several
thousand. Fueled by books and regular auctions, such as those held by
Antiquorum, the lore of the brand has grown since the 1980s. Market In Ascent
Many of the basic models have acquired popular names,
like the “Top Hat” classic rectangular men’s watch and the “Eiffel Tower,”
with its distinctive reverse curves. Basic collector’s models, like the Caliber
96, which could sell for around $2,200 in the 1980s, have at least doubled in
price to $4,000 to $5,000 today, while the rare models incorporating two or more complications, such as a chronograph/perpetual calendar, have appreciated 300
percent or more. Some models, like the Reference 2499 or the 1518, take diligent
searching to find at shows, at auction or on the Internet. Prices for the most
expensive models—the very complicated, and certainly very rare, limited series
from the ’30s and ’40s—vary from the mid to high six figures and occasionally
even higher. They have created a new elite level of collector.
|
