The Evolution of Patek Philippe - A History of Excellence in Watchmaking

Patek Philippe remains independent so it can make long-term investments in quality and innovation without taking on external financing arrangements. Their historic manufacturing headquarters in Plan-les-Ouates with their annex building, exclusive salons and ateliers are self-financed by the company itself.

Stern family watches have earned them international renown due to their dedication to perfectionism, making it one of the premier watch brands worldwide. Highly prized for both their technical proficiency and aesthetic, historic, and artistic value, these Swiss timepieces are revered among enthusiasts around the globe.

Table of Contents

The Origins of the Company

Early 1900s saw significant transformation within the company. Unfortunately, however, with 1929’s Wall Street Crash coming about and creating global economic turmoil; Patek Philippe & Cie SA found themselves facing severe financial strain.

Luckily, the Stern brothers were there to save the day – their company Cadrans Stern Freres being one of their primary dial suppliers and thus being in a position to provide much-needed financial support for them.

Henri Stern took on the challenge of revitalizing Patek Philippe, producing luxury sports watches in steel waterproof cases and collecting rare models with miniature paintings, engravings, or cloisonne enamel decorations – these models later formed part of Patek Philippe museum collections.

The First Watches

The founders’ goal of producing only the finest watches never wavered; they continued to innovate: Antoine Graf de Patek designed a modern crown hoist for mechanical watches (1845), while Jean Adrien Philippe patented a minute repeater in 1861.

Patek-Richard gained in prestige: its timepieces became favorites among royalty and aristocrats, winning multiple awards at exhibitions. Furthermore, Henry Graves purchased an ornate Patek watch to outdo James Ward Packard’s sophisticated pocket watches in 1933 to cement their prestige even further.

Patek Philippe expanded into new markets, opening Henri Stern Watch Agency in New York as an important step in its success in America, which continues today.

The Second Watches

Antoine Norbert de Patek was an innovative watchmaker. He created and patented several revolutionary inventions which contributed significantly to the evolution of watches.

Patek Philippe introduced their Heure Universelle wristwatch, an annual calendar system enabling an accurate world time mechanism that only required adjustment once per year, in 1936. This technological feat required years of research before realizing its full potential.

The Stern family continued the work begun by their grandfather and father in Geneva by upholding and strengthening Genevan traditions while keeping Patek Philippe on the cutting-edge of technology. Committed to independence and innovation, their decision was to develop their own ebauches which further demonstrated Patek Philippe’s technical superiority while making them less dependent on external suppliers. This approach also made Patek Philippe less dependent upon third party suppliers.

The Third Watches

The Wall Street Crash of 1929 precipitated the Great Depression, placing Patek Philippe under immense financial strain. However, its third generation CEO Thierry Stern made it his mission to safeguard Patek Philippe’s heritage and secure its future success.

To meet these objectives, cases, bracelets and dials were manufactured entirely within Patek Philippe to guarantee superior quality and no longer marked with Geneva Seal certification standards; instead establishing what has become known as the Patek Philippe Seal instead.

Patek Philippe saw an extraordinary improvement in precision among their watches produced. This was particularly evident with their Travel Time models featuring their interpretation of Calatrava’s iconic design inspired by Bauhaus principles of form following function.

The Fourth Watches

The Wall Street Crash of 1929 heralded a 12-year economic crisis that devastated Ancienne Manufacture d’horlogerie Patek Philippe. With no other option left for them to turn to for financial relief, Charles and Jean Stern of Cadrans Stern Freres purchased Patek Philippe at its lowest point for only PS1.00 each.

Upholding tradition did not preclude innovation, however; soon thereafter the manufacture patented their Gyromax balance that allowed watch rates to be accurately adjusted by altering only its moment of inertia. They also earned two patents for photoelectric table clocks.

Patek Philippe timepieces have long been prized among collectors, known for their intricate mechanical movements and luxurious aesthetic. Not only are these watches purchased as luxury goods but they can also serve as long-term investments with value added at auction houses across the globe.