It never ceases to amaze me how much Patek Philippe mania has gripped watch collectors. Unless one was asleep in a cave somewhere over the last decade or so, the meteoric ascent of Patek Philippe watches has been one of the most apparent phenomena in the world of fine timepieces. While there are other strong performers in the luxury watch realm, there is no question that Patek Philippe watches dominate the auctions, achieving record prices time after time.

Patek Philippe head Philippe Stern has expressed a certain cynicism over the “investment syndrome” (my term) gripping the brand, emphasizing that first and foremost, an owner should purchase the watch with the primary idea being enjoyment; that way, if a certain reference doesnt become a hot commodity later on, you still have a watch you like. Still, I find it hard to believe that at least privately, the Stern family isn’t grinning like Cheshire cats as result of their once quietly prestigious brand’s current ultra-celebrity status.

Behind the priceless vintage Patek references, or the ultra-heady realm of minute repeaters and tourbillons, the current hotties in the Patek Philippe stable are references with chronograph and chronograph combined with perpetual calendar. The Ref. 5970 seems to be the classical favorite, with the new 5960P lagging not far behind. Ironically, the new 5960P chronograph was designed to be a more “reasonably” priced alternative to the traditional manual-wind, Lemania-based chronographs (such as the 5970). Of course, by the time you factor in the waiting list, the huge lines of buyers, and the inevitable supply and demand price hiking by both dealers and flippers, the once “economical” Patek Philippe Ref. 5960P chronograph is of course well on its way to the six-figure mark.