(Photo: Patek Philippe Grandmaster Chime / Sotheby's)
Sylvester Stallone's recent sale of his Patek Philippe Grand Master Chime for $5.4 million at Sotheby's has caused quite a stir in the watchmaking world. Patek Philippe's president, Thierry Stern, is not pleased.
Stallone's Flip Makes Headlines
This is common knowledge to all those manufacturing luxury watches, such as Rolex and Patek Philippe, which do not condone customers who hawk their much sought-after watches. Such actions lead to customers being put on a list of banned customers for the next purchase they intend to make. While flipping houses, some owners aim to remain as inconspicuous as possible, but Stallone's sale became one of the significant spring sensations to hit the auction.
Financial Gains and Collectors' Disdain
According to WatchPro, Stallone could have made as much as $2 million from the sale, considering he owned the watch for only a few years. However, the issue at hand among serious watch collectors isn't merely about the money earned. The crux of the matter lies in the privilege of owning such a rare timepiece and the respect for the artistry involved. The Grand Master Chime boasts 20 complications and requires 100,000 hours of meticulous craftsmanship.
Stern expressed his discontent with the sale: "It's not fair for a client that may have been waiting for the piece for many years and then sees it being sold." This sentiment reflects the frustration of those who believe that access to these rare watches should be reserved for true connoisseurs who appreciate the time and effort that goes into creating them.
Also Read: Top 5 Cities Where the Ultra-Wealthy Own Property Revealed in New Report
Classic Flipper Behavior
Stallone's decision to keep the watch in its original packaging exemplifies typical flipper behavior. Flippers often keep high-demand watches in their sealed pouches to maintain their "new" status and increase resale value. Patek Philippe watches come in a sealed plastic protector, and the ones on this cover tend to cost more than the ones that are opened.
As seen when it was introduced to the public at Sotheby's before the sale, even with the plastic shell, it was difficult to discern the complexities of its designs and operations of the Grand Master Chime. Nevertheless, it was successfully sold at Sotheby's auction, where the watch attracted a lot of bidding and became the most expensive modern timepiece ever purchased.
Industry Repercussions
Stern elaborated on the repercussions of such sales, stating, "I do get emails complaining that I have sold a watch to this person or that person, who is then selling it." There is also ongoing speculation about whether Hollywood celebrities receive preferential treatment from Patek Philippe's retail partners, fueling discontent among genuine collectors.
While Stern did not explicitly confirm whether Stallone would be barred from future purchases, it appears that the actor's decision to flip the Grand Master Chime may have cost him dearly in the eyes of the luxury watchmaker.
Sylvester Stallone's high-profile sale of the Grand Master Chime has highlighted a broader issue within the luxury watch industry: the balance of power between adhering to the company's brand and controlling celebrity input. As the debate continues, however, what is still very obvious is that Patek Philippe, along with its clients, appreciates and respects their possessions, not to mention their money, which is invested in those creations.
Related Article: 6 Architectural Watches Crafted by Pritzker Prize Winners
