An amazing piece on Velociphile about PP’s habit of inflating prices. Amazing.
So says Philippe Stern, but Patek Philippe has been supremely successful in conjuring a frenzy for its line of current wristwatches. What has Patek Philippe allegedly done specifically? Well, at the start of the 80s, Patek started aggressive buying of their vintage pieces on the second hand market “for their museum”. A strategy allegedly proposed and developed by Alan Banbury (acclaimed horological expert who was a personal consultant to Philippe Stern during the creation of the museum collection) to reawaken interest in the brand. Crucially they also made sure the results were loudly accounted in the press as evidence for the mounting value of old watches. Remember up until this point, that watches were really not bona fide collectibles. That all changed, particularly when the Calibre 89 fetched $3.7 million. Suddenly, this event created a market among collectors for wristwatches.
The Ultimate Shill [Velociphile’s Journey into Watches]