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WHAT IS THE PATEK PHILIPPE PRICE INCREASE 2024?

Two months into a brand new year, Patek Philippe has followed on from Rolex’s initial 4% price increase by grabbing their retail costs by scruff of the neck and raising their own prices by 7%. Furthermore, they have discontinued a range of models, including some highly sought after watches from the Nautilus line.

With the horological market currently experiencing a little bit of turbulence, we are currently seeing prices levelling off after the excitement of post-Covid when people emerged from their homes with more cash saved up and a willingness to invest in something beautiful.

It wouldn’t stay so positive for long. With turnover dropping by an estimated 19.3% from April 2022 to March 2023 after people are currently struggling in the dire economic climate, it appears that the horological market is starting to slow. For now.

So, whether you want the sports infused Patek Philippe Nautilus, the technical excellence of the Grand Complications or the dress watch elegance of the Calatrava, it’s critical you know just how much you’ll be spending this year on their array of wonderful watches.

Chrono Hunter has taken time out to reveal the latest Patek Philippe price rise 2024, what that looks like across the main models and how this has differentiated from previous years.

Wrists up…let’s start the clock.

Patek Philippe Price Predictions

Interestingly, we were not expecting any great growth in terms of price increases.

PP Salon - Source - PP

There appeared to be a consensus by high ranking figures in the Swiss horological market that we wouldn’t be seeing any exponential rises.

Remember that the estimated rate of sales dropped to 3.6% from the second half of the year, following the whopping 11.8% increase during the first half of the year.

Following the uncertainty of COVID and the prices rising in order to combat loss in production, the Swiss horological market should be slowing down in terms of price increases. After all, the virus is but a distant memory and things have slowly returned back to normal.

With prices jumping over COVID and buyers starting to become disillusioned with the crazy figures after initially spending all their saved money on luxury watches after lockdown, there are a range of factors outside of horology that would suggest the price hike to cease.

The current economy is unstable
Higher interest rates
Inflation
Concerns over rising inflation

With conglomerates like Richemont, owners of Cartier, IWC and Jaeger-LeCoultre stating they saw a 3% decline in sales in November 2023, there was however some good news by the end of 2023 that Swiss watch exports had increased to a record CHF 26.7 billion in 2023.

But hold on to your horological hats for a second.

What could we have said for 2024? Well, our thoughts would’ve been that major luxury brands such as Rolex, Audemars Piguet and Patek Philippe would’ve slowed down and waitlists would have dissipated into thin air. Think again.

The Swiss horological world is a bizarre and wondrous beast. And sometimes what one company does is not always indicative of how the rest of the luxury watch sector behaves.

Unlike Jurgen Klopp, Patek are not the “Normal One” when it comes to abstaining from price hikes.

The Patek Philippe Price Increase 2024

The industry trend follows that the theme of prices rising are actually slowing down. Au contraire Patek Philippe.

Calatrava reference 5227J - Source - PP

As of February 2024, it has been reported that the Swiss outfit has implemented a 7% price increase price...for the majority of model lines and across all regions.

As a case study, let’s use a few examples from the Stern portfolio.

One such model is the 5236 Perpetual Calendar. Crafted out of platinum and given a brushed navy blue dial, it was originally valued at around £113,330, but now the value has increased to £121,100, as of February 2024.

This theme isn’t just saved for the platinum 5236. Looking back through our archives, we have noted timepieces like the Calatrava 5227J. Crafted out of yellow gold and featuring an ivory dial, they have risen from £32,380 in January 2024 to £34,620 as of February 2024.

Another example from the Complications collection is the rose gold 5905R. Given a rich blue dial with rose gold apertures, it was originally valued at £60,480 as of January 2024.

It has now risen to £64,590 in February 2024.

Turning to the Golden Ellipse 5738R and this rose gold timepiece with ebony black sunburst dial retailed for £29,530 as of January 2024. Now, it has a price increase of more than £2,000 with a retail price of £31,600.

The question posed here is the following. Why oh why is the Swiss brand so eager to undertake a 7% price increase this year?

It appears they are confident that with their level of brand reputation, exclusivity and sheer selling power, they have the ability to combat rising production prices and the strength of the Swiss franc by allowing prices to increase.

Will this be at the risk of losing a great level of demand? Only time will tell.

Comparative Price Increase Of Two Titans - Patek and Rolex

If there was any watchmaker that was going to hike their prices, it would've been Rolex. Opening three factories in March 2023 that totalled around £790,000, there was a Rolex price increase of 8% and a staggering 11% for Rolesor style from 2022 to 2023.

Rolex Factories - Source - Wikimedia via Björn S

Rolex are just like Patek Philippe in that the watchmakers keep their cards close to their timekeeping chest concerning their finances and sales figures. Talk about being left in the pitch black!

For 2024, Rolex kept things quite low-key with prices increasing by just 4%.

This is in stark contrast to the previous figure of 8%. Besides, there were many other factors in play, such as rising levels of inflation, a weak pound and subsequently imported goods and overseas supply chains being pricier.

For the next twelve months, Rolex’s price increase of 4% is reflected across the majority of their collections. This is especially true for the Daytona, Submariner, Sea-Dweller, 1908, Sky-Dweller and Explorer which all averaged around 4%.

Compare this with the exceptions like two-tone watches which saw the biggest price increase as seen in collections such as the GMT-Master 126713GRNR that rose by 5.3% and the Root-Beer reference 126711CHNR that rose by 5%.

We are actually more surprised than witnessing Taylor Swift’s incredible timepiece necklace choker at the Grammys 2024. Yes, they are a thing didn’t you know.

However, due to the current poor financial climate, increasing costs of gold and the cost of living crisis, it could have allowed Rolex to hit us hard in the chops with a larger figure.

Patek Philippe has done the work for them!

Following in Rolex’s footsteps with a 7% price rise, it has nearly doubled the average rise from the stable of Hans Wilsdorf.

The company makes around 1 million watches per year which dwarfs Patek Philippe’s limited 70,000 annual production, hence making their timepieces highly sought after and elusive.

Therefore, it could be argued that Patek Philippe have more reason to raise their prices as they only have so many watches and they know the level of demand vastly supersedes the supply figures.

Both brands are huge players in the horological world with PP a Holy Trinity member. So, the argument of one watchmaker being worth more than another does not really hold weight.

However, Rolex is a more popular brand which means they could charge more for their pieces.

But let’s focus now on the state of discontinued Patek Philippe watches 2024. After we gathered our chins from off the floor for just a second, we saw that a wide variety of much loved and respected pieces have bitten the horological dust.

What has bitten off more than it can chew? Which reference has sidled off into the sunset? Gentlemen, it’s time to get down to business.

Discontinued Patek Philippe Watches

They have discontinued a number of imposing novelties, some of which were bestsellers at retail and on the secondary market!

Patek Philippe reference 51641A-001 - Source - Christie’s

The discontinued timepieces include models like reference 5063/450R-001 (Aquanaut) which has a case, dial and bezel that's coated in more diamonds than King Charles III’s royal sceptre.

In addition, there are more classical models that have fallen to the timekeeping guillotine including reference 5164A-001 (Aquanaut Travel Time) which is crafted out of steel and features a highly legible black dial.

With Patek Philippe making the choice to cut out some very popular models, including an Aquanaut Travel Time in steel, we can see why they want to try and earn some cashback!

Below is a summary of all discontinued Patek Philippe watches which we have laid out in this handy, easy to read table;

Collection	Reference	Material	Dial Colour
Aquanaut	5062/450R-001	Rose Gold	Diamond
Aquanaut Luce Travel	5269/200R	Rose Gold	White
Grand Complications	5160/500G-001	White Gold	Cream
Complication	5147G-001	White Gold	Navy
Aquanaut	5164A-001	Steel	Black
Complication	5396R-015	Rose Gold	Navy
Complications Annual Calendar	5396G-011	White Gold	White
Calatrava	5088/100P-001	Platinum	Black
Nautilus	5712R-001	Rose Gold	Golden Brown
Nautilus	5712G-001	White Gold	Slate Grey
Nautilus	5980/1R-001	Rose Gold	Black
Nautilus	5980R-001	Rose Gold	Black
Nautilus	5980/1AR	Steel/Rose Gold	Navy Blue
Twenty4	7300/1200R-011	Rose Gold	Golden
Calatrava Pilot Travel Time	7234R-001	Rose Gold	Black
Calatrava Pilot Travel Time	7234G-001	White Gold	Navy Blue
Complications World Time	5230P-001	Platinum	Navy Blue

Conclusion

There we have it, Timelords.

We’ve looked through the archives, done our rigorous research and found that there is indeed a new Patek Philippe price rise.

Overall there has been around a 7% augmentation which is significantly more than industry competitor Rolex, capped at around 4%. For you horophiles who are looking for a new investment, what should you be looking for when it comes to trends?

Both the Nautilus and Aquanaut lines are unquestionably the most sought after lineup of watches from Stern’s eponymous stable that not only hold value but go way above retail.

Averaging around an 8% price rise for both Nautilus and Aquanaut lines, models like the white gold Aquanaut reference 5168G have had a price hike from £39,530 in January 2024 to £42,290 as of February 2024.

Furthermore, the steel Aquanaut reference 5968A rose from £44,290 in January 2024 to £47,390.

In the Nautilus line, models like the steel Nautilus 5726/1A has risen from £45,240 to £48,240, and other timepieces like the Nautilus reference 5990/1R has had a price increase from £95,240 in January 2024 to £101,930, as of February 2024.

So, we would recommend you turning to these big lines if you are looking for some watches that will yield some excellent figures upon resale.

If you are feeling inspired to buy a Patek Philippe and have been wanting to know how they fare at retail, we hope this article has helped you.

Now, with prices rising so much and their timepieces becoming even more unobtainable and desirable, maybe you should consider moving to the secondary market in order to get your horological fix and avoid the waitlists…

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