The company traces its origins to the mid-19th century, when Polish watchmaker Antoni Patek and his Czech-born Polish business partner Franciszek Czapek formed Patek, Czapek & Cie in Geneva on 1 May 1839 and started manufacturing pocket watches. The two eventually separated due to disagreements, and the company was liquidated on 18 April 1845. At that point, Czapek founded Czapek & Cie on 1 May 1845 with a new partner, Juliusz Gruzewski. Subsequently, Patek was joined by French watchmaker Adrien Philippe, the inventor of the keyless winding mechanism (although this had been discovered previously by Abraham Louis Breguet but not patented by him), and continued the watchmaking business with a new company, Patek & Cie, beginning on 15 May 1845.
n 1 January 1851, the company’s name was officially changed to Patek, Philippe & Cie. In the same year, Queen Victoria of the United Kingdom acquired a keyless pendant watch at the Great Exhibition in London. The watch was embellished with rose-cut diamonds set in the pattern of a bouquet of flowers. The Queen had another exclusive Patek Philippe timepiece, to be worn pinned to clothing. This watch was suspended from a diamond and enamel brooch. In 1868, Patek Philippe created the first Swiss wristwatch for Countess Koscowicz of Hungary.In 1875, Adrien Philippe commissioned a watch that he later gave to his daughter Louise as a wedding present, which is known as the only wristwatch dating back to be owned by either Patek or Philippe. This historical watch is known as “The Watchmaker’s Daughter” and was auctioned in 2023 by the descendants of Adrien Philippe. The watch was purchased most probably by the Patek Philippe Museum though this is not confirmed and may be owned by a private collector. The wedding between Louise Philippe and Joseph Antoine Bénassy where the watch was presented is noted as the wedding that helped Patek Philippe survive the founding generation by providing the company with a successor to Antoni Patek1901 saw the transformation of Patek Philippe into a joint-stock company, Ancienne Manufacture d’horlogerie Patek, Philippe & Cie, Société Anonyme, initiated by J. A. Bénassy-Philippe and Joseph E. Philippe. Still being run as a family business, Patek Philippe then had seven shareholders, five of whom formed the board of directors with J. A. Bénassy-Philippe being the chairman. Joseph E. Philippe’s son later joined the company, and he was the last offspring of the founders in the business In 1915, Albert Einstein ordered a gold pocket watch from Patek Philippe; in that year, he completed his Theory of General Relativity.The Stern family of Switzerland has owned Patek Philippe since 1932, when Charles Stern and Jean Stern acquired the company during the Great Depression. The Stern brothers’ company, Fabrique de Cadrans Sterns Frères, had been a business partner of Patek Philippe as its supplier of watch dials. In 1935, Patek Philippe was brought to American markets by New York-based Henri Stern Watch Agency, where it was sold as a sister brand alongside Universal Genève.Since the 2000s, Patek Philippe timepieces have repeatedly fetched high prices in auctions worldwide. As of 2023, among the world’s top ten most expensive watches ever sold at auctions, nine are Patek Philippe watches. Among the top 58 most expensive watches sold at auction (over 2 million US dollars), 46 are Patek Philippe watches. A small part of the demand for auction pieces is driven by Patek Philippe themselves, as they are purchasing in the auction market to add to the collection of the Patek Philippe Museum in Geneva.
