One of the most coveted luxury watch brands in the world, Patek Philippe has been a pillar in the watch industry for well over a century. They have built their reputation as a brand by making some of the most complicated, iconic, and most popular watches in history. Nonetheless, they also have one of the most expensive price tags on the watch market. So what exactly makes their watches so expensive? Through my own research, I have found nine different reasons why they are so expensive.
| 9 Things That Make Patek Philippe So Expensive |
| 1. High Demand of Patek Philippe |
| 2. Low Supply of Watches |
| 3. Exclusivity and Status |
| 4. Masterful Craftsmanship |
| 5. Iconic Designs and Timepieces |
| 6. Luxurious Materials |
| 7. Growing Watch Market |
| 8. Outstanding Reliability |
| 9. Celebrity Engagement |
I have been a huge fan of Patek Philippe for a long time now because they are such an iconic and historic brand, and my passion for them led me to do in-depth research about why they are so expensive. Read on to view my full breakdown of each specific reason that makes Patek Philippe expensive.
1. High Demand of Patek Philippe
When it comes down to it, Patek Philippe is simply one of the most highly demanded watch brands on the whole planet. Because of Patek Philippe’s overwhelming demand for their timepieces, the overall prices of their watches, both retail prices and second-hand market prices, have gone through the roof.
Patek Philippe has built their reputation by being one of the oldest watch manufacturers who have mastered and honed its craftsmanship and design. Because of their long-lasting and solid reputation as a luxury watch brand, their customers and fans are wanting their watches more and more.
But on top of that, Patek Philippe’s demand is only increasing as time goes on. Since Patek Philippe has a low supply and the luxury watch market continues to grow, Patek Philippe watches are becoming even more sought-after since they’re one of the biggest watch brands in existence.
2. Low Supply
While Patek Philippe remains one of the most highly demanded watch brands in the entire world, they have a low supply of their watches that doesn’t keep up with their demand, which in turn has boosted their retail price and secondary market price significantly.
Why doesn’t Patek Philippe just make more watches to fix their supply and demand issues you ask? Well, the reason that I found is to maintain their exclusive image. Since Patek Philippe is a leading luxury watch brand, they keep their watch production low to make their watches more luxurious and exclusive, which then makes their watches more expensive.
For example, let’s consider the Patek Philippe Nautilus reference number 5711, which is arguably the hottest and most popular watch in the world right now. The blue dial version of this watch, which is one of the most sought-after models that had a retail price of around $35,000, was discontinued by Patek Philippe. Now, the watch is selling at an exponentially higher price on the secondary market because of how its low supply and one of them even sold for 11 times its retail price at an auction.
This shows how scarce and rare some Patek Philippe watches are and how difficult it can be to get your hands on one of their iconic timepieces, which makes their watches extraordinarily expensive.
3. Exclusivity
The main reason why people buy Patek Philippe watches, or luxury watches in general, is because they’re a symbol of status and reputation.
While there are plenty of people who admire the craftsmanship and detail put into luxury timepieces, at the end of the day, people buy luxury goods to show off their status and achievement to others. The exclusivity and status that Patek Philippe watches offer play a significant role in their high price point.
Since the rise of the internet and social media, people have the ability to show off their status and luxuries through pictures, videos, and articles to people all over the globe. Since Patek Philippe is highly sought after and demanded, as I was talking about earlier, it makes it a brand that people want to show off to others around the world, which comes at a high price.
4. Masterful Craftsmanship
Another factor that plays a big role in Patek Philipe’s expensive prices is the artistry, detailing, and craftsmanship put behind all of their timepieces.
There is a reason why Patek Philippe is in the “Holy Trinity” of watch manufacturers: it’s because of their impeccable dedication to creating the absolute best timepieces in the world.
You see, Patek Philippe doesn’t picture their success and reputation in the short-term, but they rather picture what their outlook is like in the long term. Because Patek Philippe has a long-term outlook, they focus and take their time on making timeless watches that will stand the test of time by crafting and designing them with the utmost expertise.
The brand’s manufacturing output per year shows how much dedication, artistry, patience, and detail they put into their watches. In 2018, it was reported that Patek Philippe makes about 62,000 watches per year, which is much less than other brands.
Also, Patek Philippe is the brand that has popularized many of the complications that we know and love today such as the perpetual calendar, the chronograph, the annual calendar, and so many other functions that have become the baseline and foundation of complications today that has influenced so many other watch brands.
5. Iconic Designs And Timepieces
Another reason why Patek Philippe watches are so expensive is that they have some of the most iconic designs and timepieces ever. The unique design and
For example, Patek Philippe has created one of the most iconic and memorable timepieces in existence, the Patek Philippe Nautilus, which has a unique and unprecedented design, unlike any other watch. It has a round, octagonal dial that differentiates it from other watches on the market.
Also, Patek Philippe has made annual calendars and perpetual calendars extremely popular by implementing them in their classic chronographs. And they are also known for creating other incredible complications such as the celestial watch, which displays the night sky of the northern hemisphere.
This just shows how historic, creative, and iconic Patek Philippe’s design is, which plays a massive role in their expensive price.
6. Luxurious Materials
One other factor that plays a role in Patek Philippe’s high prices is its luxurious materials put into each and every single one of their timepieces.
Patek Philippe is known for using the best materials possible for all of their watches such as pure gold, platinum, silver, steel, and other precious metals. They’re known for using these materials not only on the outer case, bracelet, and dials of their watches but also in their movements as well, which shows their dedication to making increases their prices as a whole.
7. Growing Watch Market
The fact of the matter is that the watch market is growing and increasing at a substantial rate. Since the watch market is growing and more people are getting into watches, Patek Philippe will attain more popularity, customers, and attention.
According to Statista.com, one of the most reliable websites that track a wide range of statistics, the watch market is valued to be over $7 billion dollars as of right now, and it’s projected to be almost $10 billion by the year 2025.
So how does the increase and growth of the watch market make Patek Philippe watches so expensive? Well, Patek Philippe is a very strong pillar in the luxury watch industry and as the watch market continues to grow and more people and companies get into the watch market, the popularity, demand, and price for Patek Philippe increase as well.
8. Outstanding Reliability
At the end of the day, Patek Philippe has built their name by making some of the most reliable watches you could buy on the market, which plays a role in their expensive price point. Some of Patek Philippe’s timepieces have the Chronometer certification, which means they’re very precise and accurate.
How does a watch brand or a specific watch get a Chronometer certification? Well, to get a chronometer certification, a watch needs to withstand extensive and intense precision tests over the span of 15-days conducted by the COSC, which some Patek Philippe watches have passed with flying colors.
When someone is looking to buy a watch, they want to have a reliable watch that will last for years and years, and Patek Philippe has shown that they provide just that with their incredible craftsmanship through their timepieces.
Patek Philippe’s slogan says “You never actually own a Patek Philippe. You merely look after it for the next generation.” Their slogan shows how reliable and durable their watches are and they’re confident that their watches last for decades.
9. Celebrity Engagement
Lastly, the final reason on this list why Patek Philippe is so expensive is because there are many celebrities and artists who engage and endorse Patek Philippe, which has significantly increased its demand
Over the years, big-name celebrities, song artists, and athletes have been wearing the coveted Patek Philippe brand on their wrist, which has influenced the demand and price of the brand as a whole.
For example, names like Drake, Conor McGregor, Jason Statham, and Ellen DeGeneres are all celebrities who love Patek Philippe. These are just a couple of names of A-list celebrities who have increased the price, popularity, and demand of Patek Philippe, and there is plenty of other celebrities, rappers, and artists who also admire the brand.
Also, song artists have greatly increased the popularity of Patek Philippe by shouting out the brand in the lyrics of their songs.
Since these types of celebrities have such a large influence on their fans and the general public, they give Patek Philippe much more attention and popularity whenever they wear one of their timepieces. If it weren’t for celebrities wearing Patek Philippe or artists shouting them out in their songs, then they would not be as popular, recognizable, or demanded as they are now. So these celebrities and artists play a big role in Patek Philippe’s high price.
Wrapping Up
There are many reasons why Patek Philippe watches are expensive, but these specific reasons that I mentioned above make them one of the most expensive luxury watch brands on the market. The main reason is the supply and demand of Patek Philippe: they are an extremely high-demand luxury watch brand, but they keep the production of their watches low to keep their exclusive image, which increases their price substantially.
If you’re someone who is looking to buy a luxury watch, but doesn’t know what to look for or doesn’t know which brands are the best, don’t worry my friend I have just the thing for you. I have compiled a whole page of the best luxury watch brands and what to look for in a luxury watch. If you want to check out that page, click right here.