I inherited a Patek Philippe. What should I do first?

Nothing irreversible. Don't polish it, don't service it locally, don't sell it to the first buyer. Photograph it, gather any paperwork, and get competing offers from dealers who know what it is. The spread between a casual offer and an informed one on Patek can be enormous.

My Patek isn't running. Is it still valuable?

Yes. Patek movements are worth restoring at almost any cost, and dealers price that in. A non-running Patek is still a Patek.

Why not just take it to one high-end jeweller?

Because one opinion is one number. Patek values swing widely on reference and condition subtleties, and dealers bidding against each other protect you from the low end of that swing.

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Geneva, Switzerland · est. 1839

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The most valuable watches on earth. If you own a Patek, you need competing offers before you do anything.

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The Patek Philippe story

Founded in Geneva in 1839, Patek Philippe has been owned by the Stern family since 1932 and is widely regarded as the finest watchmaker in the world. It built complicated watches for Queen Victoria, created the perpetual calendar wristwatch, and its Calibre 89 held the title of most complicated watch ever made. Its motto — 'You never actually own a Patek Philippe, you merely look after it for the next generation' — is the most famous line in watch advertising because it's largely true.

The Gérald Genta-designed Nautilus of 1976 became the most hyped luxury sports watch on the planet, while the Calatrava has defined the dress watch since 1932. At auction, Patek holds most of the all-time price records. Even entry-level references are five-figure watches on the second-hand market, which is precisely why a single walk-in valuation is never enough for one.

What moves the price

On Patek, provenance is money: original certificates, extract of the archives, boxes and even sales receipts all move the price materially.
Never polish a Patek before selling — collectors pay for untouched cases and will discount refinished ones.
An Extract from the Archives (which Patek issues for older watches) can strengthen offers if papers are lost.
Even damaged or non-running Pateks are valuable — movements and cases carry serious worth. Get offers before considering any repair.

Selling your Patek Philippe: common questions

I inherited a Patek Philippe. What should I do first?: Nothing irreversible. Don't polish it, don't service it locally, don't sell it to the first buyer. Photograph it, gather any paperwork, and get competing offers from dealers who know what it is. The spread between a casual offer and an informed one on Patek can be enormous.
My Patek isn't running. Is it still valuable?: Yes. Patek movements are worth restoring at almost any cost, and dealers price that in. A non-running Patek is still a Patek.
Why not just take it to one high-end jeweller?: Because one opinion is one number. Patek values swing widely on reference and condition subtleties, and dealers bidding against each other protect you from the low end of that swing.

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