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Watch Freeks > Watch Brand Forums > Luxury Brands: > Patek Philippe > Valuations: Why is This Watch Worth $312,000? | |||||||
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Watch Freeks > Watch Brand Forums > Luxury Brands: > Patek Philippe > Valuations: Why is This Watch Worth $312,000? | |||||||
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| Valuations: Why is This Watch Worth $312,000? | Rate Topic |
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| Posted: Mon Oct 18th, 2010 08:41 pm |
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1st Post |
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toecutter Watch Freek
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Purists prefer Patek Philippe, says Vanessa Herrera, deputy director for Sotheby's Asia watch department. Everytime the auction house has a Patek in its lot, it is flagged as an auction highlight. For the Oct. 6 Sotheby's watch auction, a Patek Philippe platinum 5078P sold for 2.42 million Hong Kong dollars (US$312,000). It was "a most sought-after piece," says Ms. Herrera. The seemingly simple watch, a new timepiece — not an antique — doesn't seem much at face value, but Ms. Herrera helps us pick apart the details to explain why it is worth every penny. Minute-repeating function: This is the watch's only "complication" — a term used to describe any watch feature that does something other than tell time — but it is considered the "ultimate complication" by connoisseurs. It 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. "It's a callback to the pocket watch," says Ms. Herrera, who adds that a crisp, well-paced and rich-toned "ding" is one of the most difficult things to achieve in watchmaking. Enamel dial: Unlike metal faces, which can tarnish and darken with time and humidity, an enamel dial, produced by baking under extremely high temperatures, behaves much like bone or porcelain — it never ages. But creating a perfect (uncracked) enamel face is another delicate element of the watchmaker's art. 38-millimeter diameter: This Patek Philippe model is an evolution of an older model, which had a smaller face. In addition to looking more substantial, the larger face improves the acoustics of the minute-repeating function as well. Brand: "The Patek Philippe name is to watches what Bordeaux is to wines," says Ms. Herrera. Each watch comes with the assurance that even on the secondhand market, it will retain its value. Every Patek Philippe is handmade and assembled in Geneva and comes stamped with a Geneva Seal — a guarantee that all mechanisms meet the highest standards. Platinum case: Platinum is the hardest of all metals to sculpt, so much so that watchmakers wear out a set of tools for every three pieces of platinum they work with. Traditional design: Classic designs, like this Patek Philippe, are hard to imitate. "When there are a lot of flourishes and flash, it's easier to overlook the details. But for a simple design to be this elegant takes a real aesthetic eye," says Ms. Herrera. Waiting list: "This watch is currently available on the retail market, but you can't just go in and buy it," says Ms. Herrera. The waiting list is long, which only inflates its already hefty price. "Think of it like an Hermès Birkin bag — only VIP customers have a shot at scoring one. Sometimes watches with waiting lists sell for higher than retail prices in an auction simply because it is so hard to purchase one." Attachment: 5078p.jpg (Downloaded 98 times) Last edited on Mon Oct 18th, 2010 08:45 pm by toecutter ____________________ Stay out of the Tiger's cage |
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| Posted: Mon Oct 18th, 2010 08:44 pm |
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2nd Post |
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WATCHURSELF SEIKO SENSEI 
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BECAUSE SOME RICH SMUCK WAS WILLING TO PAY THE PRICE ????
____________________ GEORGE "EVERY FORM OF REFUGE HAS IT'S PRICE" SEIKO FAN |
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| Posted: Mon Oct 18th, 2010 11:41 pm |
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3rd Post |
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Tattoo Chef Moderator 
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Because everything has different value to each person. Its handmade, it has an amazing expensivie detailed hand made movement, its made of platinum, and its a patek phillipe...... now, why I dont personally care for it , as it is plain in design for my tastes, others may drool for it....... Just like anything else out there in the world, taste is subjective, and so is worth.........
____________________ I have come here to chew bubblegum and kick ass. .......and Im all out of bubblegum.  |
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| Posted: Mon Oct 18th, 2010 11:47 pm |
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4th Post |
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CurrentTime Watch Freek
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I think it's worth every penny spent. In another 10-20 years, it will be worth that much more.
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| Posted: Mon Oct 18th, 2010 11:51 pm |
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5th Post |
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Tattoo Chef Moderator
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CurrentTime wrote: I think it's worth every penny spent. In another 10-20 years, it will be worth that much more. Exactly. If you have the money , and that is what you want, and you have no issues spending that kind of money on a watch..............then go for it.............. we have lots of different discussions about price and worth on here, with lots of different brands, and we compare, etc, but the bottom line, is if its what you want and worth it to you, thats all that matters....... like I said, the watch really isnt my style, but I still cant deny the horological genius and beauty that it is.........
____________________ I have come here to chew bubblegum and kick ass. .......and Im all out of bubblegum. |
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| Posted: Tue Oct 19th, 2010 12:06 am |
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6th Post |
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djpop Watch Freek 
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This type of high end watch is for the very wealthy where that kind of money is pocket change. Any one else would be out of there mind to buy it.
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| Posted: Tue Oct 19th, 2010 12:10 am |
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7th Post |
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WATCHURSELF SEIKO SENSEI
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+1 djpop wrote: This type of high end watch is for the very wealthy where that kind of money is pocket change. Any one else would be out of there mind to buy it.
____________________ GEORGE "EVERY FORM OF REFUGE HAS IT'S PRICE" SEIKO FAN |
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| Posted: Tue Oct 19th, 2010 12:18 am |
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8th Post |
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WatchSnobJack HIGH FIVE TO THE USA 
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Its obvious you must be wealthy to purchase this watch. If you can spend that type of money on 1 watch then its worth it for that person and its only pocket change. Its not my type of watch but I have to say it really is a beautiful time piece.
____________________ Jack DA Wizack  I'm Don's Pal....9/11 Never Forget.. |
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| Posted: Tue Oct 19th, 2010 12:24 am |
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9th Post |
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dane1991 Time Is Art 
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WatchSnobJack wrote: Its not my type of watch but I have to say it really is a beautiful time piece. +1
____________________ DANE |
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| Posted: Tue Oct 19th, 2010 12:41 am |
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10th Post |
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Donut Watch Freek
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As I said in another post....because it is Perfection. It is of the very highest quality and well...it's perfect....That certainly doesn't represent pocket change to me and as I have already stated I would consider taking myself out of the game for a year or two just to buy that beautiful timepiece and end my collection there. I have had the extreme priviledge to hold one in my hand, maybe that is why I have a different point of view than other members, then again...maybe not. To me, the reason I wear a watch is not to impress others....it is to impress me. That watch impresses the hell out of me, and to leave it to my son would be a dream come true...something that would always remind him of how much he meant to me. That is why I would pay that much to own such a beautiful, perfect timepiece. Cheers, Rob Last edited on Tue Oct 19th, 2010 12:43 am by Donut |
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| Posted: Tue Oct 19th, 2010 12:43 am |
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11th Post |
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Tattoo Chef Moderator
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Donut wrote: As I said in another post....because it is Perfection. It is of the very highest quality and well...it's perfect....That certainly doesn't represent pocket change to me and as I have already stated I would consider taking myself out of the game for a year or two just to buy that beautiful timepiece and end my collection there. Excellent explanation and post................
____________________ I have come here to chew bubblegum and kick ass. .......and Im all out of bubblegum. |
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| Posted: Tue Oct 19th, 2010 12:44 am |
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12th Post |
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WWIIBuff Watch Freek
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That is the watch Donut said is his ultimate watch that may complete his collection. It is a stunning watch.
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| Posted: Tue Oct 19th, 2010 12:50 am |
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13th Post |
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Spaceview Go Yankees !!! 
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Donut wrote: As I said in another post....because it is Perfection. It is of the very highest quality and well...it's perfect....That certainly doesn't represent pocket change to me and as I have already stated I would consider taking myself out of the game for a year or two just to buy that beautiful timepiece and end my collection there. I wish I felt that way about a watch. I may someday but not now. I think it is great that you have that level of passion for a work of art and I respect that. I wish someday that you own this piece and that I am as lucky as you to find my true grail watch.
____________________ In Rotation: Accutron Spaceview T Case (1970), WF LE NFW AutoPilot, Luminox 1861 Auto Chrono, Citizen AT4008-51E, Omega Planet Ocean XL, Raymond Weil Nabucco GMT, Citizen Skyhawk JY0000-53E, UNIQ GAF Military, Steinhart Apollon, Halios 1000m Puck, Benarus Megalodon 500, Breitling Super Avenger A13370, H2O ORCA, CITIZEN ECO-DRIVE NIGHTHAWK AS4020-44B, Kickstarter Pebble, Jorg Gray JG9700, Boschett Cave Dweller WF LE (pre-order), Lum-Tec M53 Bronze (pre-order)  “You may delay, but TIME will not.” ~ Benjamin Franklin “TIME is an illusion.” ~ Albert Einstein |
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| Posted: Tue Oct 19th, 2010 12:57 am |
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14th Post |
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TVDinner Administrator 
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Here is my take. Forget if I can afford it or not. I know I can not, but that does not mean I can not marvel at its craftsmanship and how it is made. Is that watch my style or something I would buy even if I had the money - probably not. Not because of the size or the hands, or the numbers, or anything. It just is not my style. That simple BUT after watching the videos posted about that model, reading about it, reading Robs posts about it, and just trying to understand what has gone into making that watch I have a better understanding to why it is so highly regarded. I also understand that there is higher value for some brands over others in EVERY industry and product type. That being said I do get why this watch has obtained both its status in the watch world, and it's price tag. It has nothing to do with some wealthy person being willing to pay that price. There are many many many watches in that same price range and MUCH HIGHER as we have all seen in many threads on this forum and others. This watch is a hand made (truly hand made), PLATINUM watch, which has one of the grails of complications in it (minute repeater), and is the ultimate example of "limited edition". From everything I have read this watch will go up in value....forever. We constantly discuss "retained value" on this site for our $100 - $10,000 watches and how it is important to many of us. Well this is a watch that has a retained value of over a quarter of a million dollars and GOING UP. that is hard to ignore. Again, I don't necessarily like it personally, but as I am learning more about "watches", which is important to me to keep learning, I am starting to understand the real value and history this watch represents.
____________________ Current Rotation: Breitling Seawolf Avenger | Omega Seamaster Planet Ocean | Oris TT1 Diver Small Second Date | Oris TT1 Titan Chrono | Glycine Lagunare White Dial Chrono | SWI LE 7751 | Orient Saturation Diver | Hamilton X-Wind | CASIO G-SHOCK | Boschett Cavedweller WF LE (on order) |
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| Posted: Tue Oct 19th, 2010 05:05 pm |
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15th Post |
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Bichondaddy Watch Fan
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WATCHURSELF wrote: BECAUSE SOME RICH SMUCK WAS WILLING TO PAY THE PRICE ???? +1.....and we are all P.O.'ed that rich smuck isn't us!!!! 
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| Posted: Tue Oct 19th, 2010 05:34 pm |
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16th Post |
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Seattle Watch Fan
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Nice watch. They would not ask "the price" if people were not willing to pay it. Is it worth it? Beats the hell out of me. Some think we're nuts for spending $1200 for a watch. Or having collections worth thousands......it's all relative baby. CJ
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| Posted: Thu Jan 6th, 2011 09:41 am |
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17th Post |
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Shpinkis The Guy...you know...The GUY 
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Just an awesome watch, wow. If ya got or can get the money its def. worth owning. Minute repeater is nice, especially from the tops. Killer look, movement and case.
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| Posted: Thu Jan 6th, 2011 10:04 am |
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18th Post |
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arnie11 Capone. Al Capone ! 
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It is a work of art for sure from head to toe. We seemingly except that works from Picasso, Rembrandt and the like are worth millions.................... so why not a watch ??? The movement itself is a "creation", IMO. Would I pay it ??? No! Do I admire it ??? Absolutely !!!
____________________  
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