US Tariffs: Patek Philippe “to Hike Prices by 15%”

Patek Philippe will reportedly hike watch prices by 15 per cent tomorrow (Monday 15 September) in response to US reciprocal tariffs.

If confirmed, it will be Patek Philippe’s third price rise in the US this year, according to the WatchPro website.

Prices were increased in January because of soaring gold prices and the strength of the Swiss franc, and in April as a response to the US announcement of across-the-board tariffs.

Authorized dealers will also have their margins cut. Patek Philippe will be the first Swiss watchmaker to raise prices since the US introduced 39 per cent tariffs on 7 August.

Watchmakers rushed to export their goods ahead of the tariff deadline, resulting in a 6.9 per cent increase during July.

But price increases in the near future are almost inevitable as the reciprocal tariffs bite and stocks need replenishing.

One of the lowest-priced Patek Philippes, the $26,000 stainless steel Patek Philippe Aquanaut Ref. 5167A-001 (pictured) will cost $30,000 if the price increases take place.

Source: DCLA

Unique Patek Philippe Sells for $4.3m

A unique Patek Philippe watch sold for $4.3m at Sotheby’s New York – the highest price realized by the auction house for a timepiece this year.

But it was well below the $7.75m achieved by the same watch when it changed hands at Sotheby’s Hong Kong.

The pink gold perpetual calendar chronograph wristwatch with moon phases, was made in 1957 and was sold by the Milan-based retailer Gobbi Milano.

It was one of just nine made and is the only one known to still exist.

A private collector paid $4.3m for the watch, which had a pre-sale estimate of $3m to $5m. It led the Important Watches: Take a Minute sale last Tuesday (10 June).

In 2007 the watch sold for CHF 2.7m ($2,.2m at historic exchange rate) at Christie’s Geneva.

Source: DCLA

Swiss Watch Exports Plunge Amid Halt in Asia Demand

Swiss watch exports recorded a steep decline in March as demand in China and Hong Kong dipped below that of four years ago, during the height of the pandemic.

Shipments of timepieces slid 16% to CHF 2 billion ($2.2 billion) for the month, the Federation of the Swiss Watch Industry reported Thursday. The downturn followed a 3.8% fall in February, the first drop in more than two years, as appetite began to falter in Asia.

“Swiss watch exports recorded a sharp decline in March,” the federation noted. “China and Hong Kong accounted for a particularly high proportion of the trend. China suffered a decline…dropping to a level below that of March 2020, when the sector practically came to a halt in the middle of the month because of the Covid-19 pandemic. Hong Kong…saw a similar change.”

Supply to the US fell 7% to CHF 340.5 million ($374.5 million). In China, the federation’s second-largest market, shipments plunged 42% to CHF 150.2 million ($165.2 million), and in Hong Kong they plummeted 44% to CHF 148.1 million ($162.9 million). In Japan exports saw a 3.5% drop, while they slipped 3.6% in the United Arab Emirates (UAE). Decreases of 15% in Singapore, 13% in the UK and Germany, and 12% in France were closer to the global average, the federation explained.

Timepieces at each price point noted decreases. Watches that cost less than CHF 200 ($220) fell 19%, as did those priced between CHF 200 and CHF 500 ($550). Watches valued at CHF 500 to CHF 3,000 ($3,300) slid 38%, while those worth over CHF 3,000 decreased 10%.

For the first quarter of the year, exports went down 6% to CHF 6.08 billion ($6.69 billion).

Source: DCLA

Sotheby’s Hong Kong Watch Sale Sees Two World Records

Two timepieces set new auction records at the most recent Sotheby’s watch sale in Hong Kong, while nearly half of the lots sold above their high estimates.

A Patek Philippe Ref. 2526, the first self-winding wristwatch from collector J.B. Champion, brought in HKD 5.7 million ($729,977), within its estimated range, Sotheby’s said Monday. Meanwhile Cartier’s Paris Cloche, No. 1/1, fetched HKD 1.7 million ($210,882), more than four times its high estimate. Both set a record for the highest auction amount for the specific model, Sotheby’s noted.

In total, the April 7 Hong Kong Important Watches auction garnered HKD 126.3 million ($16.1 million). Over two-thirds of buyers were from China and the US, the auction house noted.

Meanwhile, the top lot of the auction, a Patek Philippe Ref. 2499 made in 1960, saw fierce bidding between participants in the room and on the phone. That piece, which sold within its estimated range, went for HKD 8 million ($1 million) after nearly 20 bids.

Source: DCLA