Patek Philippe Increases Retail Prices And Closes Authorized Dealers (Including 2 Tiffany & Co.) | Italian Watch Spotter (2024)

February 1st was a day of change for the Geneva Maison, in fact Patek Philippe increases retail prices for 2023 and closes several Authorized Dealers around the world including 2 Tiffany & Co. point of sale.

Today we discover all the changes that we will see for the brand in 2023, from the complete list of increases to the store closures.

Patek Philippe increases retail prices in 2023

New year, new catalog and new price lists. Patek Philippe retail prices increase in 2023 have averaged around 4%, with the smallest increase being 2% for the Ref.7130G and 7130R (feminine WorldTime with guilloché dial) and the largest increase by 6% in the Ref.5370P (the famous modern split-seconds chronograph by PP).

All the watch brands have started to raise their prices in the last 5 years, not only following the inflation, but also trying to close the gap between the mind-boggling prices of the secondary market and the official ones. For example, the Aquanaut 5167A has gone from around €18,000 a few years ago to €24,450 in 2023, but we wonder what a sustainable increase in the prices of these watches could be.

Now to you the complete list of increases and to follow the closures of Authorized Dealers.

Calatrava

Complications

Grand Complications

Nautilus

Aquanaut

Twenty-Four

Ellipse

Patek Philippe closes different Authorised Dealers from February 1, 2023

The brand’s distribution network is among the best known, both for its solidity and for its historicity. Patek has relied particularly on its local authorised dealers to sell on local markets, making the most of the expertise of those who experience the country first-hand, just think of the history of the Gondolo to get an example in mind.

Since the first day of the month, several Authorized Dealers around the world have been closed, which brings a big change for collectors of the brand. In the United States, for example, 8 concessions have been closed, taking them down from 60 to 52, while in Italy only 1, which brings the total of ADs to 30 on Italian soil.

In northern Europe today they are: 16 for Spain, 3 for Portugal, 1 only for France (Patek Salon and not AD), 29 for Germany, 38 for the United Kingdom (of which 1 Patek Salon), 2 in Ireland and 1 Northern Ireland, 2 in Belgium, 4 in Holland, 5 in Austria, 21 in Switzerland (1 Patek Salon), 30 in Italy, 1 in Poland, 2 in Sweden, 1 in Norway.

Worldwide, the total is 350 authorized dealers and 3 Patek Philippe Salons, in Geneva, London and Paris.

The fears of collectors

These closures will mean major changes for collectors who bought PP from the authorized retailers that closed in 2023. It is now well known the importance of creating a purchase history in only one store, therefore of building a solid relationship with your local AD.

The closure of some points will mean that customers are absorbed by other authorized dealers in the close proximity, but this cannot always happen in a regular and linear manner. At the same time, one of the positive factors is that previously delivered watches will be redistributed in the Patek retail chain, creating new opportunities for customers.

Patek concentrates its forces in New York with Tiffany & Co.

Another big news is the closure of 2 of the 3 existing Patek Philippe stores at Tiffany & Co.

New York, San Francisco and Beverly Hills were the only three shops of the New York jeweler to have the concession for the sale of Patek Philippe timepieces, all characterized by the iconic signature on the dial. The presentation of the in 2021 had completely shaken the market, both for the particular aesthetic with its turquoise and for the figure made by Phillips, 5.7 million euros.

Starting this month, PP has chosen to concentrate its forces only on the 5th Avenue store in New York and to remove the sale of its watches in San Francisco and Beverly Hills. Today’s rumors already speak of the possible closure of NY, even if we wouldn’t rush to conclusions after such a short time.

The market for Tiffany double signed watches is likely to grow in a rush of speculation.

What will be the future of the network of authorized dealers for Patek Philippe?

As we told you, the brand relies on its Authorized Dealers and we really think this is a strong point. At the same time, the changes taking place in the world of watchmaking are diverse and the direct relationship with the customer is increasingly important. What do you think about it? What will be the future?

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