The CEO of Patek Philippe hinted that they may be reconsidering the decision to stop issuing archive extracts for watches sold after 1989. In case you missed it: prior to Watches & Wonders 2021, our friend John Reardon wrote an article discussing this new policy, and its potential adverse consequences.
As Patek Philippe was introducing their new releases for 2021, many requested clarification regarding this new policy.
So, what’s actually gone on with the Patek Philippe Extracts from the Archives?
Mr. Stern stated that a large part of the decision was influenced by the reselling market. In essence, this was Patek Philippe’s way of expressing their disdain for those who exploit this aftermarket. Indeed, over the past couple of years, we’ve seen loads of individuals selling their Pateks to watch dealers. These dealers then resell the watches to collectors who might have missed out on them. This practice isn’t unique to the watch world: it happens all the time with fine art and sneakers, too.
Correctly so, Thierry Stern wants to look out for his own clients, and his company, just as his father did. That being said, there were definitely some – more than valid – arguments against the decision, particularly in regards to how far back the “ban” would be placed. By not issuing extracts from the archives to watches sold after 1989, well over 30 models would be affected. This would definitely be a disservice to even Patek Philippe’s most loyal customers: those who wouldn’t even dream of selling their watch but have simply misplaced their documentation.
The importance of the extracts and warranties
Only in recent years have aspects such as documentation and warranties become important. Especially in the vintage world, it’s nearly impossible to find a coveted timepiece with all of its paperwork – back then, they would often just throw it away! Nowadays, archive extracts (in the absence of original paperwork) can massively increase the value of the timepiece.
The CEO of Patek Philippe continued in his statement, saying “yes, perhaps I was wrong, and for that I apologise. The spirit of the decision was well-intentioned, and was meant to be in everyone’s best interest”. This got a lot of people thinking that Patek has changed their controversial stance on issuing extracts from the archives.
“We do not want to discourage any of our collectors. That will never be our intention. At the same time, we want to find a way to respond to those who abuse the systems in the second-hand market, which is acting unfairly to our own clients”.
Final thoughts
Personally, I think that this was one of the most candid and humble statements that I have ever heard. In a time where arrogance seems to reign supreme, and watchmakers ignore their own clients, these brief comments made by Thierry Stern displayed a great deal of humility and open-mindedness.
At the time of this article, no official statement regarding the reversal of the policy has been made. However, it is believed that it will be modified to a more “reasonable” 10 years.
Credit where credit is due: Patek Philippe has acknowledged their lapse in judgement, and their are acting upon it! I can only respect that.
-Translated by Patrick R.
