How Swiss Watchmaker Patek Philippe Handcrafts Its Famous $500,000 Watches
Patek Philippe is a famous Swiss luxury watch manufacturer founded in 1851. It's widely considered to be the most prestigious watch brand in the world.
Its split-second chronograph watches are immensely popular, with each one costing $500,000. Patek Philippe only makes 50,000 of its watches every year (that's 14 times less than competitor Rolex).
Source: Bloomberg TV
That's because the watches they produce are incredibly complicated — it takes 12 months for the craftsman to build.
Source: Bloomberg TV
And it's not surprising why: 252 individual parts are used to create the luxury timepiece.
Source: Bloomberg TV
The bulk of the work is done in the Patek Philippe factory, where craftsman carefully assemble each watch at a work station.
Source: Bloomberg TV
They follow a very precise blueprint to make sure they place every piece in the correct position.
Source: Bloomberg TV
Some of the parts are so small that they're nearly impossible to see with the naked human eye. They all must fit at precise angles in order to keep perfect time.
Source: Bloomberg TV
In addition to putting the watches together, the watch makers must also test the product to make certain it's in working order.
Source: Bloomberg TV
Because even the smallest mislaid gear can cause the $500,000 watch not to function.
Source: Bloomberg TV
Of course, technology now exists that precisely cuts and helps mold the fine gears of the watch.
Source: Bloomberg TV
The base plate of the watch is cut by a high-tech laser with a computer for the ultimate accuracy.
Source: Bloomberg TV
The modern technology helps insure that all of the watch parts are uniform, making them easier to work with.
Source: Bloomberg TV
But hand assembly remains extremely important to the company since it mixes the traditional with the innovative and maintains the brand's unique heritage.
Source: Bloomberg TV
Some Patek Philippes sell for way more than $500,000.
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