Why Do Patek Philippe Watches Reign Supreme At Watch Auctions?
7 min read
Picture this. Its November 2019 and the stage was set. It was the much awaited bi-annual Only Watch charity auction. The watch community waited with baited breath as a super rare Patek Philippe watch was up for grabs. So rare, that it was famously known as one of the most complicated watches in the world. All necessary arrangements were done. Bidders were eager to get their hands on this watch, watch enthusiasts making their own predictions, auction hammer at the ready. And then, the results were in. The world of luxury watchmaking witnessed an extraordinary moment when the Patek Philippe Grandmaster Chime, Reference 6300A-010, shattered records as it sold for an astounding $31 million (CHF 31 million), making it the most expensive wristwatch ever auctioned.
To mark the brand’s 175th anniversary in 2014, Philippe Stern officially started the Grandmaster Chime project in 2007, conceptualising a wristwatch that would befit the occasion: the most complicated wristwatch that Patek Philippe had ever produced, celebrating the entire legacy of the maison since 1839. The watch, featuring 20 complications, including dual dials is revered as one of the most intricate watches ever made. The auction model was particularly unique, not just because of its technical prowess, but also due to its exclusivity as the only Grandmaster Chime in stainless steel, a material rarely used in Patek Philippe’s high-complication watches.
The watch’s extraordinary hammer price reflected both its technical brilliance and the fervent admiration of collectors for Patek Philippe’s craftsmanship. Proceeds from the sale were donated to muscular dystrophy research, underscoring the event’s charitable mission. The 2019 auction of the Grandmaster Chime thus stands as a landmark event in horological history, combining philanthropy with unparalleled luxury.
But that’s not all. When the legendary Formula One driver Michael Schumacher put up his collection of watches at Christie’s Rare Watches auction that included an impressive Patek timepiece it hammered in at US$2,711,500. If that was not enough, the watch world was buzzing with the news of Hollywood actor and avid watch collector Slyvester Stallone auctioning his epic watch collection which included the coveted Grandmaster Chime which alone fetched US$5.4 million. 2024 saw the sale of yet another Patek Philippe watch at the 10th Edition of the Only Watch auction that priced in at a staggering US$ 17.3 million. So what is it about a Patek that consistently brings in the highest value to these auctions? Let us investigate into the unique connection between the brand and auction house.
To understand this we first need to understand what an auction actually is. When you take a watch to an auction house, specialists will value the watch based on factors such as the brand, the age, and the condition of the timepiece. Buyers then slowly up the price through bidding. This continues until a buyer states a price that no one else wants to exceed. Then your watch is officially sold. Record prices for ultra-luxury watches are usually only attained at auction; where bidders are given the chance to take ownership of a lot if they are able to increase their bid to the highest bid attained during a live public sale.
So what makes brand Patek Philippe stand out from the rest at an auction?
A symbol of excellence and the pinnacle of success, the value of a Patek Philippe watch goes far beyond just a wristwatch. As per its own Generations campaign tagline, “You never really own a Patek Philippe. You simply look after it for the next generation.” This particular quote acknowledges the exclusive price tag that comes with owning a Patek Philippe watch whilst also pulling on the heartstrings of potential customers making it a family heirloom.
When it comes to Stallone’s collection, the stand out piece is undoubtedly the Grandmaster Chime, Patek Phillipe’s most complicated watch ever. In his own words he shares, “Watch collecting is not about collecting watches that simply tell the time. They represent where you are at every step in your life. I enjoy the collecting process like so many others in this passionate community, who don’t just see watches as an accessory, but admire them for their history, craftsmanship, and artistry – but most importantly – how they make them feel.”
Known for its high complexity, the Grandmaster Chime watch is geared with 20 complications, two independent dials, 6 patented innovations, 5 chiming modes and a stunning reversible case that took 100,000 hours to craft. However one cannot simply purchase this watch just by paying its hefty price tag. Stallone had to write several letters to the board as well as the brand’s ruling Stern family and after going through a rigorous process, it was determined that he would be the owner of the incomparable- Grandmaster Chime. A timeless timepiece that remains unopened to this day, this watch represents excellence through every tick and every chime.
The Patek Philippe auction at the prestigious Only Watch auction is an auction with service to humanity at its core. Held to help raise funds for research into Duchenne Muscular Dystrophy, a degenerative neuromuscular disorder that befalls one out of every 3500 children, adolescents, or young adults around the world, the auction is a highly anticipated event that garners the interest of watch enthusiasts the world over.
For the 10th edition of Only Watch, Patek Philippe chose to highlight its know-how in the field of striking watches by reinterpreting the Grande Sonnerie reference 6301, an exceptional watch launched in 2020, combining a Grande Sonnerie a Petite Sonnerie and a minute repeater. It is also distinguished by its highly crafted dial, a Rare Handcrafts dial with hand-guilloched swirling pattern visible beneath a Grand Feu blue green enamel, using the traditional flinqué enamel technique. The watch broke all previous records when it sold for a whopping $17.3 million at the auction making it one of the most expensive watches of all time. Out of the total $31.1 million sales, the Patek was responsible for $17.3 million of the proceeds from the auction.
Who doesn’t know of Michael Schumacher, world renowned Formula One race driver, but what very few people know is that he is also a passionate watch collector. Following his tragic accident in 2013, his family put up a few watches that went under the hammer at the Christie’s Rare Watches auction in 2024. Among the watches offered for sale, the 1948 reference 1518 by Patek Philippe set the highest price for a wristwatch sold this spring season. As one of only 58 made in pink gold and one of 12 with a pink dial, made for the Latin American market as weekday and month-calendar is in Spanish, the watch fetched US$2,711,500.
What makes this timepiece so special is the fact that Schumacher has been away from the public eye for so many years that fans are eager to catch even a glimpse of his greatness through his amazing watch collection. Such little is known about the man who holds the record of seven World Drivers’ Championship, that when his collection was up for auction, the entire watch community took notice.
As one of the last family-owned independent watchmakers, Patek Philippe continues to set the standard in an industry often characterized by conglomerate ownership. At the heart of the brand’s allure is its commitment to unparalleled craftsmanship. Each watch is a masterpiece, taking several years to design, develop, and manufacture. With over 180 years of history, the brand endures as a beacon of savoir-faire in a world dominated by machine made replicas that lack a soul.
