Patek Philippe Has Changed How It Issues Collateral for Collectors
A new policy for requesting Extracts from the Patek archives increased in price and has strict new guidelines to protect the brand and buyers on the secondary market.
Source: Hodinkee
Originally published by Cole Pennington on Hodinkee.
Patek Philippe recently sent out a memorandum stating that it has made a few key changes to the way the company handles the process of obtaining Extracts from the Archives. The company issues extracts to owners of watches based on the individual serial numbers and pictures of the watch. It doesn't necessarily guarantee authenticity, but it does allow folks to access the records that Patek Philippe has been keeping since 1839. The service allows customers to request information like, "the type of watch, movement number, caliber, case number, style, type of dial, date of manufacture, date of sale, bracelet type, and additional information if any."
For now, the service costs CHF 150 and takes twelve weeks. An extract "can be ordered for any Patek Philippe timepiece older than five years," according to Patek Philippe's website.