Over 170 years ago, when two Polish immigrants, Antoni Patek, a businessman and Franciszek Czapek, a watchmaker, came together in Geneva, little did they know that their joint venture would someday blossom into one of the most successful businesses in wristwatch manufacture in the world.
Today, Patek Phillipe, Geneve, is an esteemed brand owned by the Stern family who took over that business in 1932 and nurtured it into a world renowned name in watches that adorn the wrists and pockets of the rich and the famous. Thierry Stern, the fourth generation of the Sterns, and the current president of Patek Philippe, was in Muscat on March 1, 2011, to promote his brand at Al Qurum Jewellery, his esteemed and exclusive retailer in Oman. The author meets him for a chat at the Al Bustan Palace hotel. Excerpts from an interview:
What is your understanding of the middle east market for your brand of watches?
We have been in the middle east since many years and we have seen a growth in the middle east market during the past few years. Today, there is a revolution in the market, not only for making beautiful, jewellery pieces but also mechanical movements which has been interesting a lot of people.
Now, we have a lot of major collectors who not only want new watches but also museum pieces which is quite new and difficult for us, as we have to compete with new collectors to procure museum pieces. So, we have some competitors in the middle east who do want to buy them and it shows the interest for fine mechanical items and the mix between beauty and movement.
What according to you is a ‘wristwatch’?
For me, a wrist watch should be something that not only tells the time but also looks fine. I would like to have something which is like a piece of art. the aesthetics of the watch does matter a lot. So, I basically look at a wrist watch as a piece of art.
Have not brands like yours converted the wristwatch into a style statement rather than a utility?
Well, I would like to combine the two. The main target is to give you the time, along with the date and other information, but it also is a status symbol. I believe, if technically you make a watch very well, it will also fit well on the wrist and will look nice.
Why did you retain the name Patek Philippe and not bring in Stern somewhere?
This name has been retained since 1839. We are only the keepers of this brand name. I have taken over Patek but in a few generations, I will be gone and the next generation will take it over and look at the brand as something created long long ago. We have not created the brand, we are just the guardians and, so, the brand must live forever. It is the real name and it is a tradition that even our customers would not like to see changed in any way.
In this era of a digital revolution wherein gadgets are loaded with countless functions, including telling the time, do you think wrist watches will still be in vogue?
We are all using a lot of electronic gadgets these days, it can be a Blackberry, iPhone, computer, whatever, but I see that people still like to have something that does not run on battery, something that’s mechanical, something that would continue to run, even if you do not have any power. At the high level, wristwatches will always be in vogue, though it might change for the mid and lower levels. Patek, I hope, will remain as a piece of art, like a painting, which can always be given to the next generation.
What was the first watch you yourself wore? Did you buy it, was it a gift?
I don’t really remember, but it was definitely not a Patek as, in my family, we have a tradition of being presented with a Patek only after you are 20 years old. This is because one is too young, before 20, to be able to understand the value of a Patek and to take good care of it. So, the first watches I wore were Seiko or Swatch which were gifts to me.
What is the costliest watch in your collection? How many and how frequently do you sell these?
The costliest watches we offer is the Sky Moon Tourbillon collection. We also have pocket watches like Star Calibre which are very competitive watches but these are not seen in our catalogues. Sale of these watches are not brisk because we do not produce a lot them. If you look at the demand, it is way higher than what we can produce.
Today, it takes me a minimum of two years to deliver one of those watches because I have to train watchmakers and people who fabricate the components, they are all hand finished watches. So we are using a high level of technology, a high level of know-how from the past and the real skill of Patek Philippe is to be able to mix both of these and still maintain the real beauty of the watch as well as its technical mastery.
The popular colour for brands like Rado is black and for Chopard it’s gold, what is the popular colour for Patek Philippe?
In the past, we had a line called the Ellipse which was very popular because of its blue dial. For my grandfather, the Ellipse was very important, its blue collar was known all over the world. It still is popular but the sale of this model is only one per cent of our total sales.
Any innovation in the pipeline, any new designs for 2011?
Of course, there are many coming up. The target for Patek, is to be able to present two technical innovations every year, besides new designs and colours, so all together we would be coming out with 15 new models and designs this year. I think, it is important to be creative every year but you have to follow your line and this is the strength of Patek.
Do you have anything to offer for the younger generation that looks for smart designs at low costs?
It’s not easy at our level to produce something that’s smart and available at a low cost. The value of Patek Philippe watches are high but not very high when compared with some brands. Today, for Patek, the target is to hit more and more of complication and its is coming from the new generation. There is a whole bunch of new customers willing to wear complicated watches but it also means that they are not low cost. My production is very tiny so I would target customers who are willing to wear those watches and who are willing to pay for them.
What is the price range of Patek Philippe?
Our price range, in dollars would start from 10,000-11,000 dollars right up to a million dollars. I try, of course, to have many different prices but I wouldn’t be able to realise a watch for a thousand dollars, we are not made for that. All brands choose their own target and we choose to have a high level of complexity, a high level of quality and it has a price that allows you to keep it for generations.
Besides watches, what other products do you deal with?
We deal only in wrist watches, pocket watches and dome clocks for the table. Our focus is just on watches, we would not like to diversify into any other products
This is the 15th year of the Patek Philippe magazine, anything new to mark this milestone?
This magazine is something that our customers enjoy but it is not easy to bring it out periodically. To be frank, we would be coming out with a special issue for our 175th anniversary, which will be in 2014, which is a more important milestone for the brand.
Quick replies
Do you think a watch is an ideal gift?
Yes, I believe so, because it remains for many, many years.
Have you lost any watches in life?
No, not a Patek, I think I lost a Swatch when I was younger.
What’s the costliest watch you have gifted anyone?
It was an ‘annual calendar’ model, worth about 30,000 (dollars), which I gifted to my best friend for his wedding.
Do you like watches of any other brand?
Yes, when you are passionate about watches, you do appreciate the work of other brands as well.
Which do you prefer, wrist or pocket watch?
As a daily watch, I do prefer a wristwatch but, in terms of beauty, a pocketwatch allows me to do beautiful enameling or engraving. So, I cannot really pick one, it’s like choosing between your two children.
Have you ever gone out without wearing a watch?
Yes, sometimes, when I’m on a holiday. It’s good for me to leave the watch at home because it really means I am on holiday.
Do you wear a watch while sleeping?
No, never, I don’t like it. I do keep it next to my pillow but I don’t wear it. But, my wife does wear one while sleeping.
Hubert Vaz - Hubert Vaz is a journalist with 22 years of varied writing expereince behind him. Hailing from Mumbai (India) where he worked for 16 years ...
