Thierry Stern’s Comments, Stallone’s Auction Approved By Patek, Lisa Jones Background

[Russell996]

Originally Posted by James84

And some are skewed in the other direction too. Thierry can do no wrong to some of those heavily invested in the brand and relationship. The bias is clearly there too.

When you are a leader and make arrogant comments or belittle some in passive aggressive ways in commentary it should be discussed. Broad brushing any group is fundamentally wrong. I don’t care how many minute repeaters they allocate you. Some things are just fundamentally wrong to say. Especially for “leaders”

Love the dialogue.

My comment wasn't related the current discussion, it was based on a history of 1000's of postings over many years.

[brandrea]

Originally Posted by subtona

Interesting discussion.

I’m rooting for the brand to continue to navigate the fickle world of collectors.

I find it interesting that when it comes to design, there are times the masses are not ready to accept it and there are times the company missteps in their pursuit of greatness.

to appreciate this process is part of the joy of the experience of collecting.

This seems like a safe place to agree with here

Well said Gus

[Ashj52]

I think his comments have been blown well out of proportion. He said something along the lines of haters will never have a Patek, this had no correlation to whether they can afford one or not. He did not call anyone "poor" or unable to afford one. This time and tide garbage have used the qoute to get clicks and views.

[codecow]

They don’t need to crap on the general public, they crapped on their own customers by closing our ADs without transferring our status to one of their boutiques. Clearly they’re not concerned about existing or aspirational customers, so who are they selling to these days?

[Ashj52]

Originally Posted by codecow

They don’t need to crap on the general public, they crapped on their own customers by closing our ADs without transferring our status to one of their boutiques. Clearly they’re not concerned about existing or aspirational customers, so who are they selling to these days?

Closing AD's without transfer is very unfair, I agree with this.

He wasn't crapping on the aspirational customer - he was crapping on the "haters" (I hate the terminology) . In an attempt to compare, I run a tiny tiny business, and sometimes whatever we do there are "haters" who criticise the business, happy to criticise but have no intention of being our customer. TS was in my opinion saying something similar unless I have really misread the article.

[mickyd329]

Whatever the intention message was, I just think he could have worded it better.

[scurfa]

Originally Posted by codecow

They don’t need to crap on the general public, they crapped on their own customers by closing our ADs without transferring our status to one of their boutiques. Clearly they’re not concerned about existing or aspirational customers, so who are they selling to these days?

I bet the customers who are worth plus £10m got a new AD allocated! They want the elite and there is millions of millionaires and now thousands of billionaires, we watch enthusiasts need to take the effing hint.

[subtona]

Originally Posted by Ashj52

Closing AD's without transfer is very unfair, I agree with this.

He wasn't crapping on the aspirational customer - he was crapping on the "haters" (I hate the terminology) . In an attempt to compare, I run a tiny tiny business, and sometimes whatever we do there are "haters" who criticise the business, happy to criticise but have no intention of being our customer. TS was in my opinion saying something similar unless I have really misread the article.

What would be the incentive for the AD to transfer detailed info about their customers?

[scurfa]

Originally Posted by subtona

What would be the incentive for the AD to transfer detailed info about their customers?

A lot of the AD’s we’re in a chain and they could of easily moved you onto another shop within the same company, the letter in my Patek magazine now says if I want to see any watches go to Patek.com
I have six watches registered so they could at least moved me onto a shop that could help with any servicing or repairs.

[subtona]

Originally Posted by scurfa

A lot of the AD’s we’re in a chain and they could of easily moved you onto another shop within the same company, the letter in my Patek magazine now says if I want to see any watches go to Patek.com
I have six watches registered so they could at least moved me onto a shop that could help with any servicing or repairs.

[Roger Lococco]

I found this comment from a few months ago to be offputting.

"I’ve worked for Patek Philippe for 35 years and am, by far, the watchmaker who knows his customers best. I challenge any other watchmaking boss – or market manager for that matter – to contradict me."

[321Forever]

I agree that his quotes are overblown. It's like when a couple is arguing and every word matters way too much. I do enjoy trying to parse what he's trying to do, with all of the inconsistencies in his public comms and actions. A welcome distraction from world affairs...

I'm not a fan of the Cubitus design and understand why it's considered lazy by some. Yet in automotive design there is a ton of repetition within brands (Mach-E v Mustang or BMW back not so long ago (lol)). So saying it's a square Nautilus is like saying a Panamera is a 911 with 4 doors.

[edyu]

https://www.ablogtowatch.com/patek-p...e-giants-fall/

Interesting summary of TS

[metallic]

Originally Posted by edyu

https://www.ablogtowatch.com/patek-p...e-giants-fall/

Interesting summary of TS

Very interesting article, thanks for posting.

The article is generally more about personality and leadership than the actual watch. It took quite a bit of chutzpah for a watch journalist to publish this article for fear of long term retribution and getting access to watch executives in the future.

A lot has been said about Thierry Stern. Of course, nobody can truly know or understand any individual without spending real time with that person. However, as a public executive leading a major luxury brand company, public perception of the individual is important. As a Nepo-baby, you would think TS would go the extra mile to validate his position and reputation as a leader. Instead, most of his words have done just the opposite. He comes across as a complete self indulgent tool.

This entire Cubitus release begs the question: What criteria do we really seek when we purchase a watch?

Several criteria come to mind, in no particular order:

1. Brand history and story of the brand.
2. Brand leadership and company direction (especially for the independents).
3. Appearance of the watch face.
4. Movement (finishing, robustness, uniqueness, etc)
5. Case and bracelet
6. Value retention
7. Complications
8. Show off credibility (look at me)
9. Cool factor
10. Overall functionality

The importance of each of these criteria varies greatly based on the cost of the watch. At $1,000, criteria 9 and 10 are possibly the only thing that matters much. At $50,000, $100,000, $200,000 the most important criteria really begin to change drastically.

Company leadership and company direction really begin to matter at the Patek price point. Of course, that company direction directly influences value retention.

This is a unique hobby, buying and collecting these overpriced trinkets. What criteria gets you to spend an automobile budget on a wrist ornament?

[enjoythemusic]

Originally Posted by metallic

This is a unique hobby, buying and collecting these _____ trinkets. What criteria gets you to spend an automobile budget on a wrist ornament?

Brother, have asked myself that for decades. DECADES! Yet here we are. But sometimes the passion really takes over.

You mention wrist timepieces, how about a few desk clocks, or a floor one that most associate with their grandparents clock... furthermore, and just when you felt you got to the bottom of your crazy, you find out there's a Crazy Underground Garage... so you commission a Grandfather clock to be built to certain specs including dial, hand-painted scenes, hands, mechanical movement, type of chime, stain... and i personally (re)tuned the chimes for the tonality and harmony desired.

Apologies, what was the question again?

[mobster600]

TS made an ugly cousin of Gerald Genta's Nautilus. Yet TS claims he is a creator/designer.....he made a copy of an existing watch. He also states he has like 20 other designs of watches he's made. Yet again, why if you have all this creativity you make an ugly copy of someone elses design?

Gerald Genta provided PP the best selling, most in demand watch PP ever sold, the Nautilus. Idk why TS needs to build upon that legacy. No design will top the Nautilus. Why the need to make something so similar, yet claiming being a creative genius, I don't understand.

[PPcollector]

Everyone remember how Thierry decided to discontinue the 5711 at the peak?? 2021 was basically peak Nautilus and Thierry even said he wanted to look after the collectors.

https://www.nzz.ch/english/patek-phi...711-ld.1612302

Yes, there are auction valuations in the Patek Magazine and Patek cares about what the secondary markets are on their references…especially the rarer production models.

This aligns with collectors that want to know a brand is looking out for the collector’s interests as well. Who wants to buy into a watch brand that is just an overnight sensation? Collectors are buying into a brand so their next generation can be proud owners of a lasting legacy…

[0nly5iv3Digits]

Love Patek Philippe. Thierry, however, is an obnoxiously elitist twonk. Much preferred his father.

[James84]

Originally Posted by 0nly5iv3Digits

Love Patek Philippe. Thierry, however, is an obnoxiously elitist twonk. Much preferred his father.

Agree

[dchang81]

I remember reading an article discussing generational wealth rarely makes it past two or three generations. I don't know if it's just a lack of self awareness or what but he's had multiple interviews where he looked like he was shotgunning his own Kool aid

[Gebbeth]

Originally Posted by dchang81

I remember reading an article discussing generational wealth rarely makes it past two or three generations. I don't know if it's just a lack of self awareness or what but he's had multiple interviews where he looked like he was shotgunning his own Kool aid

I think it's hard to replicate the achievements of the founding generation. It may have been the uniqueness of the creator's mind and abilities. It may have been the uniqueness of the time and opportunities. It could have been bad luck and good luck. So I don't want to put the pressure on succeeding generations to have the same level of good fortune.

But I think the drive, the necessity, perhaps the dire circumstances of the founder, is hard to replicate in the next generation who probably have wanted for nothing, didn't have the same desire or drive, and having the right brains....well, that might be chance.

That's why it's better to have a successful business go to professional managers or experts in their field. Perhaps they too have the founder's original desires, ideas, the need to succeed. They may also have the skillsets to make this all happen.

It's a shame to see a successful company go under because of the failures of the succeeding generation(s), but it's unfortunately not uncommon.

Patek will be fine. In many ways, it's on autopilot, and TS couldn't screw it up if he tried. So long as people desire a Patek, like they desire Porsches or Ferraris, etc., they will do well.