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Joël Pynson
June 2026
Patek Philippe occupies a prominent place in the imaginary hierarchy of watchmaking as envisioned by watch enthusiasts. The company’s rich history, the very high prices of vintage Patek Philippe watches, and the intense speculation surrounding certain current models are the key elements of a beautiful, idealized legend that is easily conveyed in media outlets that are more or less sponsored.
Philippe Stern is credited with having a strategic vision for the revival of the mechanical watch through the launch of the Nautilus model [1], the development of the Caliber 89—the world’s most complicated “wearable” watch at the time—and the creation of the Patek Philippe Museum in Geneva [2].
However, looking back, none of these symbols seems to have had any prescient quality, nor do they appear to have been a “first” in the watchmaking world of the 1970s and 1980s.
Let's try to put each of these events into context and show that Patek Philippe was, in fact, following a broader trend that had already been underway for several years.
The "electronic" watch began with the "electric" watch of the 1950s (Hamilton in 1957 and Lip in 1958), then continued with the tuning-fork watch (Bulova in 1960, Ébauches SA in 1968), and reached its peak in 1969 with the launch of the first quartz watches [3].
It’s often forgotten today, but Patek Philippe was a pioneer in the field of quartz watchmaking: as early as 1952, the Geneva-based company introduced the first quartz clock without hands [4].
Patek Philippe quartz clock, without hands, 1952
Although the Swiss watch industry had prepared for quartz technology, it was powerless to do much about the collapse in prices of quartz modules from the United States and later from Asia, or against the appreciation of the Swiss franc against all other world currencies [4]. The extremely low price of quartz modules also made it difficult to adopt this technology in “luxury” watches, which also emphasize the intrinsic value of the timepiece.
At the same time, the 1970s saw the emergence of a new high-income demographic. As Philippe Stern himself said in 1982, “There is now a new, unconventional generation of luxury watch consumers. These are the men who drive an industrial society forward; they are the talented and skilled individuals who lead and shape today’s economic world. [5]”
The term “unconventional” is significant here: the typical clientele of the major Geneva watchmakers consisted mainly of royalty and industrial magnates. This new generation had no qualms about using steel: Audemars Piguet understood this well when it launched the famous Royal Oak model in 1972. With success—perhaps unexpected—on the horizon, Patek Philippe and Vacheron Constantin followed suit five years later with the Nautilus and 222 models, respectively.
When the Swiss watch market suddenly collapsed in 1975, some had already realized that mechanical watchmaking was far from over. But this was contingent on certain conditions: a significant move upmarket, a well-honed storytelling strategy [6], and a race toward complexity to clearly demonstrate unique and time-honored craftsmanship. A pioneer like Adolphe Benz, CEO of Comor, had already been producing mechanical watches with complications since the early 1970s [7], and the number of companies launching into the production of “luxury” mechanical watches at the same time was impressive: Gérald Genta, Montre Royale, GMT Gold Collection, Schlegel & Plana, and others. To make a lasting impression, Vacheron Constantin unveiled the Kallista in 1979—the world’s most expensive watch at the time, adorned with 118 diamonds—while Corum introduced the Golden Bridge, a mechanical marvel designed by Vincent Calabrese.
1978
1980
But the true revival of the mechanical watch took place in the early 1980s. The Federation of the Swiss Watch Industry’s promotional campaign for the automatic watch likely had little impact. However, the proliferation of mechanical watchmaking feats—admittedly aided by the use of new computer technologies—brought Swiss craftsmanship into the spotlight. Notable examples include Dominique Loiseau’s ultra-complicated “Renaissance” watch in 1982, the arrival of Blancpain and its rejection of quartz watches in 1983, Ludwig Oeschlin’s “Trilogy of Time” for Ulysse Nardin beginning in 1985, and Gérald Genta’s grand complication wristwatch that same year.
In 1986, Audemars Piguet launched the first automatic wristwatch with a tourbillon escapement.
1977
At Patek Philippe, they followed the trend—but a little late. While they did introduce a tourbillon caliber in 1984, it was a pocket watch. A perpetual calendar wristwatch was launched in 1985, but Audemars Piguet, Blancpain, Ebel, and Vacheron Constantin already had their own.
Furthermore, the race toward ultra-complication was on: Gérald Genta in 1985, Dominique Loiseau’s “Rose des Temps” timepiece for Omega that same year, and Audemars Piguet’s automatic grand complication wristwatch in 1987, again with the help of Dominique Loiseau.
1990
Patek Philippe’s Caliber 89, then, came later. Admittedly, the technical specifications are impressive: 33 complications and 24 hands. But, weighing more than a kilo, it is in fact a demonstration watch that cannot be worn. And there is a curious speculative aspect to it: instead of being sold through traditional channels, the first of these “timepieces”—made of yellow gold—was auctioned in Geneva on April 9, 1989, alongside 200 vintage Patek Philippe watches, and fetched a record sum of 4.95 million francs, which of course fueled intense speculation surrounding the brand. Purchased by a group of Japanese investors, it was put up for sale a few weeks later for 8.5 million francs [8].
Patek Philippe, like other watchmakers, thus wisely followed the underlying trend that revived the mechanical watch between the late 1970s and early 1980s. Quartz, which the company’s watchmakers knew very well, was not viewed as an inevitable fate. Let’s hear what Philippe Stern had to say about it in 1983: “Our main focus remains on mechanical watches. We produce quartz watches somewhat out of necessity to meet our customers’ demand. In men’s watches alone, only 10% of our production is electronic. In women’s watches, that percentage is on the rise. It currently stands at around 30%. [9]”
The pragmatism of a good business leader…
{3] For a complete list of references, see Joël Pynson, La montre-bracelet Suisse, éditions Time To Tell, 2024, chapitres 7 et 8
[4] Joël Pynson, La crise du quartz et l’horlogerie suisse, Chronométrophilia, 2021, 88, 2, pp. 97-116
[5] Revue de la Fédération Horlogère, 1982, 21, p. 27
[6]
[7] Journal Suisse d’Horlogerie, 1980, 3, p. 375 et suivantes
[8] Europa Star, 1989, 3, p. 17
[9] Journal Suisse d’Horlogerie, 1983, 6, p. 607