A luxury watch of any calibre is perhaps one of the most expensive purchases you will make in life – akin to a new house or car. Because of this, it is essential that you are 100% sure you are making the right call before jumping headlong into a decision.
Used Patek Philippe watches are no exception. After all, this is the brand with the slogan “You never really own a Patek Philippe, you merely look after it for the next generation.” Pre-owned models from this iconic brand can still come with a large price tag, so you will want to be certain that it is a good use of your money. This begs the question: are used Patek Philippe watches worth buying?
The History of Patek Philippe
Before we discuss whether a used Patek Philippe watch is worth spending your money on, we will first of all delve a little into the history of this iconic brand. In the world of horology, the brand is regarded as one of the most prestigious and is one of the biggest players in the market. Owning a Patek Philippe is regarded as an ultimate statement of wealth, style and appreciation for heritage.
The history of this beloved watchmaker began in 1839, when Antoni Patek moved from his native Poland over to Geneva and started making pocket watches. He eventually set up a partnership with fellow immigrant Franciszek Czapek and the pair began to ramp up production – making around 200 products every year.
Despite the fact that everything they made was of extremely high quality, the pair often had disagreements and decided to part ways in 1851 when Czapek withdrew from the company. His position was ultimately replaced by Frenchman Adrien Philippe, who was already an established watchmaker in his own right. Indeed, Philippe had previously invented the keyless winding mechanism in 1842.
This partnership worked much better, given the fact both parties were united in their desire to seek out new innovations, while ensuring that everything they produced was of the highest quality. This level of determination helped make the Patek Philippe brand the powerhouse it is today.
Reasons for Buying Used Patek Philippe Watches
Now that we have looked into the history of the iconic brand, we will now examine a few reasons why used Patek Philippe watches are worth the money.
Investment Potential
The resale value of used Patek Philippe watches trumps that of all other luxury watchmakers, whether they are vintage or something more modern. While many luxury products such as cars or rings actually decrease in value as soon as they are purchased – this is definitely not the case with Patek Philippe.
For example, pieces such as the 5131 Cloisonné Enamel managed to almost double their price at auction, right after they were bought at retail. Other watches that have done incredibly well are Nautilus models that sold for around $3,000 when they were first produced in the 1970s can now routinely go for five or six-figure sums.
Collectors of watches view Patek Philippe timepieces as something akin to blue chip stocks. While the value of each and every model may not skyrocket every single time, the market will never crash. As a result, you can be absolutely certain that your investment will be protected for generations to come – making them well worth the purchase.
Quality & Exclusivity
Every single used Patek Philippe watch is of exceptionally high quality. The company even went as far as introducing its own Seal of Quality in 2008, which extends far beyond the existing industry standards. This guarantee establishes rigid requirements that cover every single aspect of a timepiece’s production process, the components used and the accuracy of its timekeeping.
In addition, each individual watch can take months to produce – such is the company’s insistence that everything is of a high standard. Even the most basic design and movement can take up to nine months to manufacture, while more complicated pieces can take up to two years to develop.
The company also employs more than 200 specialist craftspeople whose job it is to ensure that everything is assembled with exact precision. The production process does not end there either, as each piece is put through months of examination and observation before it is allowed to leave the factory.
Another factor that makes used Patek Philippe watches worth the investment is the level of rarity. While some luxury brands release over a million timepieces every single year, Patek Philippe only sends out around 45,000 watches every twelve months. The scarcity of models, plus the insatiable amount of demand makes Patek Philippe the perfect choice for an investment opportunity.
Commitment to Innovation
Patek Philippe watches are not only well-known for their quality, but also the brand’s desire to be a leader in innovation. The company has filed more than 80 patents in its lifetime, some of them for inventions that have proven to be the most important advancements in watchmaking. Examples of this include split-seconds hand, perpetual calendar and minute repeater.
Cultural Phenomenon
Something else that drives up the popularity of used Patek Philippe watches is the strong association the brand has with pop culture and people of influence. Famous owners of a Patek Philippe timepiece include Nelson Mandela, the Beatles, Albert Einstein and Queen Elizabeth II.
In addition, the brand has a strong relationship with rap culture, since it has been rapped about by the likes of Cardi B and Meek Mill. In every case, Patek Philippe is referred to as a symbol of power and wealth.
Are Used Patek Philippe Watches Worth Buying?
While used Patek Philippe watches can be quite expensive, there are a plethora of reasons why the price is justified. With high-quality craftsmanship and a history of innovation, this is one brand that will keep its value for generations to come.
Ultimately, the question of whether a used Patek Philippe is worth buying comes down to personal preference and what you intend to use it for. If you are just wanting something to wear regularly, you may decide that going for something less expensive is better. Should you be looking for an investment opportunity, this brand is an ideal choice.
If you would like some expert guidance on purchasing a used Patek Philippe watch, Blowers Jewellers can help. Contact our team today or book an appointment at one of our boutiques.