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It's a show-off piece by master craftsmen at the pinnacle of engineering. Patek does not make these pieces to make a profit, but to position themselves at the
by garethsprice 9y ago
It's a show-off piece by master craftsmen at the pinnacle of engineering.
Patek does not make these pieces to make a profit, but to position themselves at the top of the pile when it comes to engineering as their customers want "the best", and are willing to pay a huge markup for it over "the next best".
It sounds crass to call such a beautiful thing "marketing", but it is - these show-off pieces are what sells the rest of the line (cheap at $20k starting price).
- dghughes 9y agoAnd Patek-Philippe won't even sell their million dollar watches to just anyone you have to own previous Patek-Philippe watches. It makes me laugh it sounds so silly. I want to buy that Apple computer? Do you own an Apple computer? No. Sorry I can only sell you an Apple product if you already own one.
- handedness 9y agoYou're comparing something with unit sales in the millions to something more in the range of several-to-hundreds. While Patek is probably among the worst offenders in that regard, a very reasonable consideration is that the stratospherically high-end watches are supply-constrained (partly due to there being so few people in the world capable of making them–I'm not taking about your $5K Rolex or even your $25K Patek, but the most complicated and finely-finished ones that can take a watchmaker months to years to produce just one example), and it's reasonable to sell them to known individuals who aren't just buying to immediately flip them at auction. It also makes sense to reward those most loyal to the brand rather than allow something to be bought by the nouveau riche who will quickly move on to the next flavor of the month. That's how you alienate lifelong customers.
- BrandonMarc 9y agoLamborghini has a similar policy ... there is a certain model of Lamborghini which is built entirely by hand, and they will only sell you one if you already own one of their other models. Or so I've been told, anyway. For all I know it's an urban legend.