Switzerland’s Patek Philippe is a master of watchmaking and thanks to a 45-year relationship with bespoke jeweller and retailer J Farren-Price, the brand has forged remarkable inroads in Australia, writes Norman Burns.
Queen Victoria wore one. So did Albert Einstein. Brad Pitt and Johnny Depp still wear one and rapper Future named a tune after one. It’s hard to imagine any other high-end Swiss watch having such an eclectic following as Patek Philippe.
For more than 180 years, Patek Philippe has been the choice of kings and queens, world leaders, aristocrats, stars of the screen, sporting celebrities and all that appreciate the finest in Swiss watchmaking.
The pinnacle of horology
The Geneva-based brand, owned by the Stern family since the early 1930s, is among the rarest of watchmakers. It’s a manufacturer that makes every component of its superbly engineered timepieces including the most intricate facets of the movements.
Its models range from the iconic Nautilus steel sports watch to the phenomenal ‘Grand Complications’, considered the pinnacle of horology. It’s a marque that more than holds its value. In fact, nine of the top 10 ‘all-time’ auction records – including a staggering US$31.19 million for a Patek Philippe Grandmaster Chime sold in Geneva in 2019 – are held by Patek Philippe. The Stern family’s business philosophy is built around ten stated values: independence, tradition, quality and fine workmanship, rarity, value, aesthetics, service, emotion, heritage and innovation.
Patek Philippe has racked up dozens of patents since its inception. This includes the first watch with a double chronograph and, in 1952, the first self-winding wristwatch – now found in most modern mechanical wristwatches.
But there’s also another ‘intangible’ element that has powered its success across nearly two centuries – trust.
Trust and family relationships
Trust is the cornerstone of any agreement between Patek Philippe and its worldwide network of resellers, and that’s certainly the case in Australia with Sydney’s J Farren-Price which this year celebrates 45 years as a brand partner.
“My mother, Krysten, opened a high-end jewellery salon on Castlereagh Street in Sydney in 1975,” says director Julian Farren-Price.
“At that time, Patek Philippe was not represented in Australia. It was a very low-volume producer, and it was not easy to get the agency for this brand due to its production limitations.”
And although the Stern family was very particular (as it is now) in choosing its trading partners, it ‘clicked’ with the Farren-Price family.
“Personal relationships are very important to Patek Philippe. My father, John, was an incredible entrepreneur with great charisma. Plus, he had built the biggest watch organisation in Australia. Combined with my mother’s elegance and dedication, I am sure Patek Philippe saw the potential in dealing with our family.”
And the relationship has certainly paid off for both parties.
“In 1977 we really did not know how we would pay for our first shipment of watches, valued at around $100,000. Today we can sell a Patek Philippe for more than three million dollars.”
The Australian market for Patek Philippe timepieces
While Europeans had venerated Patek Philippe timepieces for decades, brand awareness and appreciation of the brand did take a little while longer to take hold Down Under. However, Julian says in the past 20 years Australian watch buyers have become more sophisticated and knowledgeable and that has led to demand for Patek Philippe models.
“Before 2000 we were definitely more of an advisory service,” says Julian. “Typically, a client might want to celebrate an achievement or milestone and consult us about which watch to buy. There was definitely less known about upmarket watches by consumers back then.”
The modern watch buyer will now come to the boutique well-versed in the technical details.
One to watch
Julian says asking him to pick a favourite Patek Philippe is near impossible, however, one does spring to mind.
“I do have a bit of a thing for bling and its 2022 diamond-set minute repeater perpetual calendar with sapphire baguette indexes is just so attractive and has my vote – for the moment.”
For all its success, Patek Philippe’s marketing strategy is remarkably low-key, focusing on the emotional allure of wearing one of its timepieces. Its slogan is: “You never really own a Patek Philippe. You merely look after it for the next generation.”
It’s a philosophy that growing numbers of Australian watch lovers are embracing.
This article originally appeared in volume 43 of Signature Luxury Travel & Style magazine. Subscribe to the latest issue today.
