Patek Philippe

Patek Philippe is one of the few remaining independent Genevan luxury watch manufacturers. They are still family-owned, which contributes to their good reputation – and not just among experts. Patek Philippe builds nearly every component for their watches themselves. A Patek Philippe is the crown jewel of any watch collection. What's more, their high esteem and lasting value make these timepieces fantastic investments.

The manufacturer relies on a primarily traditional design language and emphasizes its position as a family business. In terms of materials, Patek is known for using precious metals such as gold or platinum. Stainless steel editions do exist, but they are much less abundant than in other manufacturers' catalogs.

The Calatrava and Nautilus are Patek Philippe's most recognized models. The former has been in production since 1932 and embodies simple elegance, while the Nautilus debuted in the late 1970s and boasts a sporty design accredited to none other than Gérald Genta. For many watch enthusiasts, the Nautilus is synonymous with the watch giant as a whole.

Patek Philippe flexes their watchmaking muscles in the Complications and Grand Complications collections. Here you'll find watches with tourbillons, minute repeaters, perpetual calendars, moon phase displays, and world time functions.

Patek Philippe crafts some of the world's most prestigious timepieces. As a result, most of these watches demand high prices. Models from the Complications and Grand Complications collections are especially expensive, with prices for models in the current collection starting at around 53,000 USD. That said, you can find select older models for around the 16,000 USD mark. Premium, complicated timepieces can command millions; the Grand Complications ref. 5208R-001, for example, requires an investment of no less than 1.4 million USD.

Wristwatches from the popular Calatrava series are a bit more affordable in comparison, starting at around 8,500 USD on Chrono24. Prices for models in the Aquanaut collection rarely fall below 20,000 USD, and certain references with intricate complications and precious metal cases can climb to well over 100,000 USD. By mid-2023, the value of the Advanced Research Aquanaut Travel Time in white gold had reached 600,000 USD.

The Nautilus is one of Patek Philippe's most celebrated collections. Prices for pre-owned women's watches demand at least 20,000 USD, while the global icon ref. 5711/1A-010 will set you back roughly 143,000 USD in mint condition (June 2023). The limited-edition Nautilus 5711 with a blue Tiffany dial is on a whole other level, with dealers expecting similar prices to those for a Grandmaster Chime – a timepiece that has broken 3 million USD.

Despite this, owning a Patek Philippe doesn't have to cost an arm and a leg. Models like the Golden Ellipse, Twenty~4, and Gondolo change hands for much more manageable prices. Current editions generally cost between 11,000 and 45,000 USD on Chrono24. Vintage models in good condition can be found for as little as 5,500 USD.

The Calatrava collection has been part of the Patek Philippe catalog for over 80 years. Its name comes from the Spanish Order of Calatrava, whose cross serves as the company logo. This same image also adorns the crown of each Patek watch. Thanks to its simple elegance, the Calatrava is the perfect companion to any tailor-made suit and, thus, the ideal dress watch.

The collection contains a wide range of timepieces, but all Calatrava watches have a particularly thin profile. The three-handed ref. 5227, for example, has a 39-mm diameter and stands at only 9.24 mm tall. This automatic watch is available in white, rose, or yellow gold and costs between 37,000 and 43,000 USD, depending on your chosen version.

A particularly elegant choice is the model with a small seconds dial at 6 o'clock. The ref. 6119 is the most recent Calatrava to feature a guilloché "Clous de Paris" bezel. Inside the case, you'll find the in-house caliber 30-255 PS with a 65-hour power reserve. The white gold version changes hands for around 34,000 USD, while the rose gold edition was demanding closer to 37,000 USD in mid-2023.

The Calatrava collection also contains several women's watches. Most of these models come in rose or white gold and feature diamonds. They measure between 33 and 38 mm in diameter, and you can also choose from especially compact versions with manual or automatic calibers. Prices for a pre-owned Calatrava women's watch with a quartz movement begin around 5,000 USD. Models sparkling with diamonds can run up to 70,000 USD.

The finest variants of the Calatrava have intricately engraved dials and cases made of platinum. One example is the ref. 5088/100P, which easily demands about 115,000 USD.

New Calatrava Models in 2023

Patek Philippe treated the watch community to a number of new Calatrava models at Watches and Wonders 2023. The Calatrava 24-Hour Travel Time ref. 5224R-001 is a particular highlight among the latest releases. Outfitted with the in-house caliber 31-260 PS FUS 24H complete with a micro-rotor, this reference offers a second time zone. Unlike conventional GMT watches, the 5224R-001 shows the local and home times on one 24-hour display. You can buy this rose gold Calatrava on Chrono24 for around 53,000 USD.

The Calatrava Pilot Travel Time is now available as a chronograph under the reference number 5924G. This white gold timepiece resembles a pilot's watch and comes with a bluish gray or khaki dial. Prices come in around 100,000 USD.

The Swiss manufacturer also launched new versions of existing models. The limited-edition stainless steel 6007A-001 is now available in three different white gold versions, all in standard series production. Unlike their muse, these new releases feature a black dial, and splashes of red, yellow, or bright blue inject color into the collection. Depending on which of the trio you choose, you can expect prices between 65,000 and 85,000 USD.

Patek Philippe show off their sporty side with the Nautilus. Those who value tradition gravitate toward the models in stainless steel – the material used for the very first Nautilus. The original was released in 1976 under the reference number 3700/1 and drew immediate attention with its porthole design created by Gérald Genta. As of mid-2023, these vintage models cost a solid 200,000 USD, a good 70,000 USD more than the follow-up release, the ref. 5711/1.

At Watches and Wonders 2021, Patek Philippe announced a "farewell" 5711 edition under the reference number 5711/1A-014. This watch's unique feature is its olive green sunburst dial with a horizontal relief pattern – an entirely new design in the Nautilus collection. While its list price came in at 34,893 USD, its market value had risen to a staggering 335,000 USD by June 2023.

You also have the option to fit a diamond-paved bezel on your "green" Nautilus. This configuration can be found under the ref. 5711/1300A and has an official retail price of 94,624 USD. Listings on Chrono24 come in at around 800,000 USD.

If you're a big fan of diamonds and white gold watches, the ref. 5719/10G-010 is a great option. This timepiece boasts no less than 1,700 diamonds and requires an investment of 650,000 USD.

The title of most expensive Nautilus model is held by the 5711/1A with a Tiffany Blue dial. The watch was created in collaboration with Tiffany & Co. to mark 170 years of partnership in 2021. The white gold timepiece has the same inner workings as the stainless steel edition and was limited to a production run of just 170 pieces. It was exclusively sold in Tiffany boutiques in the USA for 52,635 USD, but prices on the secondary market had soared to close to 3 million USD by mid-2023.

In October 2022, Patek Philippe surprised fans with a successor to the Nautilus 5711, the ref. 5811/1G-001. The watch's white gold case clocks in at 41 mm – 1 mm larger than previous versions – and is paired with a matching white gold bracelet. Otherwise, not many updates were made to the newer edition. The watch sports a blue dial and uses the renowned caliber 26-330 S C. Prices on Chrono24 sit at around 170,000 USD (June 2023).

Patek Philippe Nautilus: Complications & Women's Versions

Patek Philippe not only offers the Nautilus as a three-hand watch, but also with numerous complications, including annual calendars, moon phase indicators, chronographs, and second time zones. Depending on the complication, expect to pay anywhere between 95,000 and 250,000 USD to call one of these timepieces your own.

Women's Nautilus watches are smaller than those intended for men. Patek produces a 32-mm quartz-powered model, as well as a 35.2-mm automatic edition. In terms of material, you can choose from stainless steel or rose gold, and some versions also come with a diamond bezel or are entirely embellished in diamonds. Prices for the ref. 7118 run between 60,000 USD for a refined stainless steel version to over 400,000 USD for the rose gold version decorated with 2,553 diamonds.

Aquanaut: Modern With Softer Lines

Patek released the Aquanaut in 1997. While clearly inspired by the Nautilus, this timepiece is no remake. Its design is more modern and less angular. The manufacturer crafts the tropical strap out of a special composite material resistant to water, abrasion, and UV rays, which lends the timepiece a rather sporty feel. Prices for the three-hand version in stainless steel (ref. 5167A-001) come in at around 70,000 USD.

Those in white or rose gold are more expensive at between 90,000 and 105,000 USD. The stainless steel Aquanaut Travel Time ref. 5164A occupies a similar price range and features a second time zone. If you prefer the Travel Time in gold, be prepared to spend roughly 130,000 USD. For an additional 16,000 USD, you can purchase a model that also has a chronograph function.

Patek offers women's Aquanaut watches in two sizes: 35.6 and 38.8 mm. Options include everything from simple stainless steel models to diamond-encrusted gold timepieces. The price range for these watches is similarly vast. A stainless steel women's Aquanaut with a quartz movement changes hands for as little as 15,000 USD on Chrono24. The same watch with a diamond bezel costs about 60,000 USD. Those in the market for a gold watch with diamonds can expect to pay between 105,000 and 405,000 USD.

New in 2023: Aquanaut With an Annual Calendar

Spring 2023 marked the dawn of a new era for the Aquanaut: Patek Philippe gave the latest models an annual calendar and moon phase indicator. The Aquanaut Luce Annual Calendar 5261 is made of rose gold and measures 39.9 mm across. The watch's beating heart is the in-house caliber 26-330 S QA LU, which you can admire through a sapphire crystal case back.

Patek lists this timepiece for 61,506 USD. The model was a rare find on the secondary market in mid-2023.

Patek Philippe turns watchmaking into an art form in the Complications and Grand Complications collections. Fans of intricate complications are sure to get their money's worth. The exclusive use of precious metals like gold and platinum underscore the high-end nature of these collections. Furthermore, most models feature diamonds and/or fine engravings.

Models with a world time function and those that combine an annual calendar with a moon phase indicator serve as the entry point into these collections. You can call one of these timepieces your own for between 44,000 and 88,000 USD. Prices for watches with fine skeletonization range from 80,000 to 132,000 USD. Versions with a perpetual calendar demand similar prices. You'll have to dig much deeper into your pockets if you want one of the intricately finished top models with both a perpetual calendar and chronograph. These masterpieces usually demand between 220,000 and 330,000 USD. Finally, Patek watches with a minute repeater for relaying the time acoustically cost upward of 220,000 USD.

Highly complicated models like the Sky Moon Tourbillon and Grandmaster Chime are among Patek Philippe's crowning achievements. The former features twelve complications, while the latter boasts an astonishing 20 complications. These include a perpetual calendar, tourbillon, second time zone, sidereal time, minute repeater, date repeater, and several more. However, all this luxury has its price. The Sky Moon Tourbillon requires an investment of over 2 million USD, and the Grandmaster Chime sells for more than 3 million.

New Grand Complications Models in 2023

Patek Philippe expanded both collections in the spring of 2023 with new variants of existing models. The Grandmaster Chime is now available in a two-tone design combining white and yellow gold, as well as with emeralds and diamonds.

The ref. 5316P also got some attention: The new version of the platinum watch, the ref. 5316/50P-001, uses the caliber R TO 27 PS QR as before. This means it offers a perpetual calendar, minute repeater, tourbillon, and a moon phase indicator. The updates are seen on the dial, which is now a sapphire crystal with blue metallization. The crystal allows the wearer to gaze deep into the movement below. There were no listings for this model on Chrono24 in mid-2023. The previous version with a black dial, however, can be found on the marketplace under the reference number 5316P-001 for around 1.2 million USD.

In addition to the classically round Calatrava and the porthole design of the Nautilus, Patek Philippe also offers a wide array of watches in different shapes. For example, the Golden Ellipse catches the eye with its elliptical design. Crafted in 1968 according to the divine proportion, it exudes a classic beauty. Current models come in platinum or rose gold and cost between 34,000 and 50,000 USD on Chrono24. However, you can find older models from the 1970s and 1980s in good condition for as little as 7,500 to 16,000 USD.

Patek Philippe has been offering women's watches in the Twenty~4 collection since 1999. You can choose from two different designs. The classic version bears a slight resemblance to the Cartier Tank thanks to its rectangular case and integrated bracelet. As of 2018, the Twenty~4 collection also contains a round edition. Other than its shape, this timepiece sets itself apart from its counterpart through its technology. While the rectangular Twenty~4 is only available as a quartz watch, the round version features an automatic movement. Beyond the shape, you can also decide between rose gold or stainless steel for the case, as well as whether you would like diamonds. Plan to spend anywhere from 11,000 to 300,000 USD on one of these timepieces.

The Many Shapes of the Patek Philippe Gondolo

The Gondolo collection is marked by its Art Deco design and interesting shapes. Whether it's cushion-shaped, rectangular, barrel-shaped, or a subtle combination of the three, this collection has something for everyone. Patek produces these watches exclusively in gold, which the manufacturer then artfully combines with diamonds and pearls. Most get their power from manual calibers, though some feature a quartz movement. Prices for vintage timepieces from the 1970s begin around 7,100 USD. Simpler models from the current collection run between 27,000 and 44,000 USD. More intricate pieces with diamonds and pearls can easily demand up to 210,000 USD.

Patek Philippe is best known for mechanical watches made with in-house movements. Their calibers have a few special features. In 1949, the company patented the "Gyromax," a special type of balance wheel that is still in use today. While regular balance wheels use weight adjustment screws on the side of their rims, the Gyromax features adjustable weights that sit on top of the wheel. Therefore, it has a greater moment of inertia, resulting in increased precision.

Patek Philippe has been using the material Silinvar in their escapements since 2005. Similar to silicon, it's anti-magnetic and extremely hard. Due to this hardness, there is less friction in the movement, and it doesn't require lubrication. The manufacturer presented the first balance spring made from this high-tech material in 2006.

Over the years, Patek Philippe has continued to cut its ties to third-party suppliers. In 2005, the company introduced their first in-house chronograph caliber. As of 2012, they produce all their chronograph movements themselves. Before that, they had used movements from other manufacturers. For example, the first Nautilus used a caliber based on the 920 from Jaeger-LeCoultre. Audemars Piguet used this movement for the first Royal Oak as well, as did Vacheron Constantin for the 222. Valjoux and Lemania also used to deliver to Patek Philippe.

In 2009, Patek Philippe introduced and began using their own seal, which marks a watch passing the world's most demanding quality test for mechanical timepieces. They had previously used the Geneva Seal, which has been a sign of high-quality watches from that canton since 1886. A significant difference between the two is that the new testing methods are for the entire, finished watch. According to the old Geneva Seal rules, separate movements could receive certificates.

Patek Philippe also offers watches with quartz movements. The manufacturer even invented the first solid-state quartz watch with no moving parts and had it patented in 1959.

In 1839, Polish watchmaker and emigrant Antoni Patek (1812-1877) began producing pocket watches in Geneva. In 1845, he combined forces with his French colleague Adrien Philippe (1815-1894). Philippe's father had been a watchmaker and taught his son the craft. In 1844, Philippe unveiled an invention to the world of watches that is ubiquitous today: the crown. Before this, movements were usually wound using a key, much like many larger clocks today. The company has existed under the name Patek Philippe since 1851.

The two business partners participated in the Great Exhibition of 1851 in London, where Queen Victoria purchased two watches: one for herself and one for Prince Albert. Danish and Italian royalty also joined their list of distinguished clientele. In addition, a partnership with the New York jeweler Tiffany & Co. began during a trip to the United States when the American retailer ordered 130 watches.

From there, the company hit one milestone after another. In 1902, Patek Philippe patented the first double chronograph, and in 1925, they introduced the first wristwatch with a perpetual calendar. In 1932, the Stern family took over the business, and it remains in their hands to this day. Thierry Stern has been leading the company since 2010. Patek Philippe produces around 68,000 watches per year.

A Rivalry Between Watch Collectors

Patek Philippe has always defined themselves by their excellence. In 1933, after three years of development and five years of manufacturing, the Henry Graves Supercomplication, an 18-karat gold timepiece, was finally completed. Banker Henry Graves Jr. had commissioned the watch to outdo the pocket watches commissioned by automaker James Ward Packard. Packard owned a dozen complicated Patek Philippe timepieces, which he had collected over the course of 25 years.

Graves and Packard were two of the leading watch collectors of their time and had an ongoing rivalry that the Supercomplication put to an end. The watch is composed of 920 individual components and has 24 impressive complications. These include a perpetual calendar, Westminster Quarters, the sunrise and sunset time, and a view of the starry sky over New York City from Graves' Fifth Avenue apartment. In November 2014, the pocket watch sold for a record price of 24 million USD at auction. Graves initially paid 60,000 CHF when he commissioned the watch, which is equal to about 200,000 USD today. The Supercomplication is the most complicated watch ever built without computer assistance. In 1989, Patek Philippe celebrated their 150th anniversary by unveiling the Calibre 89 pocket watch, which, with 33 complications and 1,728 components, outdoes even the Supercomplication.

In November 2016, Patek Philippe broke another record: A watch with the reference number 1518 sold at auction for over 11 million USD. At the time, it was the highest price ever paid for a wristwatch. This precious timepiece is a stainless steel chronograph with a perpetual calendar. Then, on November 9, 2019, at a charity auction, the Patek Philippe Grandmaster Chime ref. 6300A-010 in stainless steel was sold to an unknown bidder for the record hammer price of 31 million USD. It is thus one of the most expensive watches in the world.