Patek Philippe (watch brand)

Patek Philippe is a Swiss watch brand founded in 1839. It is headquartered in Plan-les_Ouates in Canton of Geneve. The company name is derivated from its two founders Antoni Patek - Polish watchmaking pioneer and Adrien Philippe, a French horologist. In the partnership, Philippe was responsible for the production and development of new models, and Patek was engaged in sales, traveling the world and attracting influential customers, including ruling monarchs, to the side of the company. One of the first watches under the new brand was presented to Queen Victoria during the 1851 World's Fair at the Crystal Palace. Patek Philippe is regarded as one of the most renowned watch brands in the world. 
In 1868, the company produced the world's first wrist watch-bracelet, which is currently stored in the company's museum. This was followed by numerous patents and innovations - a chronograph, a perpetual calendar, a minute repeater, etc. In 1932-1933, the company took part in the “watch competition” on the side of the millionaire Henry Graves, having made the most complicated mechanism at that time by his order. In 1999, Graves' watch was sold at Sotheby's for US$11 million, the highest price ever paid for a watch. In 1901, when both titular founders had long since died, the firm was renamed Ancienne Manufacture d'Horlogerie Patek Philippe & Cie, SA. In 1932, the brothers Jean and Charles Stern acquired it, and at the same time the current name Patek Philippe SA was established. In 2007, the firm is owned and run by the third and fourth generations of the Stern house, father and son Philippe and Thierry Stern. All production facilities and the firm's museum are still located in Geneva. 220 people are employed in production, in the modern catalog of the company there are 45 serial movements of 23 calibers. The volume of production, taking into account the exceptionally high prices, remains small - the production of Patek Philippe watches in the entire history of its existence is estimated at 600 thousand pieces.
A ranking from 2020 showcasing top ten most expensive timepieces sold in history lists eight Patek Philippe watches including the first place -Patek Phlippe Grandmaster Chime Ref. 6300A-010 sold at an action for 31 million CHF. Among other notable transactions we have to include the sale of Patek Philippe Star Calibre 2000 Ref. 990/1 in Christie's for 3.28 million USD and Patek Philippe Henry Graves Supercompilation, which was purchased at Sotheby's for nearly 23.98 million USD. Apart from that, the world's most expensive steel watch "Patek Philippe Ref. 1518" 1941 were sold on November 12, 2016 at The Geneva Watch Auction: Four at the Geneva Hotel La Reserve for $11,136,642. On the other hand the cheapest retail brand-new timepiece made by Patek Philippe is Aquanaut with it prices reportedly starting from around 23,000 USD. Stern family acquired the company in 1932 benefiting from the economic turmoil of that era. Since then the Sterns control the company.
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