PATEK PHILIPPE

The military officer, who founded the company that manufactures the worlds most expensive watchesPatek Philippefirst tried his hands in many trades, including selling of wines and liquor before starting on the path that led to the establishment of the phenomenal watchmaker. In 1832, 20-year-old Antoni Patek was assigned as a commander of a small unit of polish soldiers to organize an evacuation route for Polish insurgents from Russia to France by General Jozef Bem. After finishing with the evacuation, Patek settled in France where he got a job as a typesetter. Two years later, an unfavourable decree was issued by the French government, which forced many insurgents to resettle in Switzerland. In Switzerland, Patek tried his hand at many things and even traded with liquors and wines in a small town called Versoix near Geneva. It is here that Patek met French watchmaker Jean Adrien Philippe and in 1845, the two went into business together. Initially, the company was called Patek & Co.

Royal Nod
Six years later, Philippe became a full partner in the business and it was renamed Patek Philippe & Co. It was Philippe, who in 1868, invented the first wristwatch, states www.horology-stuff.com. According to the website, the new company quickly became one of the most highly respected watchmakers, counting a number of royalties among its clients. It has produced a number of spectacular watches, which are much sought after by collectors. When, Queen Victoria visited the Patek & Co. Display at the first Universal Exhibition held in London in 1851, she was shown a small ladys watch, about 30 millimetres in diameter. She bought it on the spot. On this occasion, Prince Albert also bought himself a Patek watch. The fame achieved at the London exhibition was widely publicised, and Patek, who had began experiencing financial problems because of his wide travels got a breather. He began to publicise and market his products everywhere, including Russia. Patek became a supplier to establishments in Paris, Madrid, and to the biggest watch and jewellery stores in France, Spain, and Germany, states www.patekwatch.net. In 1999 the most expensive watch ever sold, a 1933 gold Patek Philippe, was auctioned off at the Sothebys Institute of Art in New York for $11 million to an anonymous buyer.

Currently, the most common Patek Philippe watch is the platinum 5078P, which goes for Sh.25.6 million per piece. The creation of very expensive and very intricate watches is a long tradition within the relatively brief history of the industry, which really only got going in the latter half of the 19th century, states www.forbes.com. According to Forbes magazine, wristwatches became popular with military officers during World War I prompting watchmakers such as Cartier and Patek Philippe to begin marketing limited edition and steeply priced models expressly for the connoisseurs market. And it didnt take long for others to follow.

Status Symbols
Then as now, at the most expensive levels wristwatches are status symbols meant for collectors, Matthew Morse, editor-in-chief of Watch Time magazine told Forbes. Morse noted that any watch retailing for more than $100,000 is likely to interest enthusiasts.\ Though some watch companies dont make a lot of money off their highest-end watches because of the cost of research and development, they still produce them to give their brand an ambiance of exclusivity. For people who can afford them, theyre about the pleasure of owning something extraordinary, whether or not they ever actually wear them. Patek Philippes platinum 5078P, the most expensive watch, which is classified as within reachable limits is a new time-piece not an antique and doesnt look complicated at face value. Ms Vanessa Herrera, deputy director for Sothebys Asia watch department told The Wall Street Journal that it is worth every penny during an interview. The watch consists of 342 parts, all hidden in the casing except for a small switch on the outside that activates the function, which reports the time every minute through a coded series of delicate but distinct tones. Its a call-back to the pocket watch, said Herrera, who adds that a crisp, well-paced and rich-toned ding is one of the most difficult things that Patek Philippe was able to achieve in watch making. The Patek Philippe name is to watches what Mercedes Benz is to vehicles. Each watch comes with the assurance that even on the second hand market it will retain its value.

Great Innovations
Patek Philippe released one of the first crown wound pocket watches in 1839. [Prior to this, pocket watches were wound with a key]. This invention earned the company one of its 70 patents. In 1868, Patek Philippe made the first ever wrist watch. Patek Philippe is the only Geneva watch manufacturer to receive the Geneva Seal, the highest official quality distinction in the industry.