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108-472: Patek Philippe is widely considered to be one of the most prestigious watch manufacturers in the world. As of July 2023, among the world's top ten most expensive watches ever sold at auctions , nine were Patek Philippe watches. In particular, Patek Philippe Grandmaster Chime Ref. 6300A-010 currently holds the title of the most expensive watch (and wristwatch) ever sold at auction (US$ 31 million/27 million CHF ), while Patek Philippe Henry Graves Supercomplication ,

216-626: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,

324-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around

432-548: A black rubber strap. This signature rubber strap, a first for Patek Philippe, was composed of a new composite material designed for durability and comfort. The Aquanaut collection has grown to encompass a variety of models in stainless steel, rose gold, and white gold, with additional complications like chronograph and travel time functions. The Aquanaut has become a highly successful collection for Patek Philippe, known for its blend of sportiness, luxury, and everyday wearability. Patek Philippe perpetual calendar chronograph

540-520: A family business, Patek Philippe then had seven shareholders, five of whom formed the board of directors with J. A. Bénassy-Philippe being the chairman. Joseph E. Philippe's son later joined the company, and he was the last offspring of the founders in the business. In 1915, Albert Einstein ordered a gold pocket watch from Patek Philippe; in that year, he completed his Theory of General Relativity . The Stern family of Switzerland has owned Patek Philippe since 1932, when Charles Stern and Jean Stern acquired

648-588: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to

756-459: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to

864-596: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside

972-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and

1080-641: A new company, Patek & Cie , beginning on 15 May 1845 . On 1 January 1851, the company's name was officially changed to Patek, Philippe & Cie . In the same year, Queen Victoria of the United Kingdom acquired a keyless pendant watch at the Great Exhibition in London . The watch was embellished with rose-cut diamonds set in the pattern of a bouquet of flowers. The Queen had another exclusive Patek Philippe timepiece, to be worn pinned to clothing. This watch

1188-505: A report assigning environmental ratings for 15 major watch manufacturers and jewelers in Switzerland. Patek Philippe was given the lowest environmental rating as "Latecomers/Non-transparent", suggesting the manufacturer has taken few actions addressing the impact of its manufacturing activities on the environment and climate change. Patek Philippe has invented over 20 basic calibres and has received over 100 patents. The following are some of

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1296-563: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In

1404-474: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of

1512-699: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to

1620-470: A successor to Antoni Patek. In March 1877, Antoni Patek died at the age of 65, but his only son, Léon Mecyslas Vincent Patek, did not join the business. As a result, Joseph Antoine Bénassy-Philippe, one of Adrien Philippe's sons-in-law, succeeded to Antoni Patek's position. In 1887, the cross of one of the four Military Orders of Spain, the Order of Calatrava , became the registered company logo of Patek Philippe as

1728-699: A sympathetic allusion to the still-extant order of Catholic knights that fought the Muslims in the Crusades. In 1891, the 76-year-old Adrien Philippe handed over his position in the business to his youngest son, Joseph Emile Philippe, together with François Antoine Conty. Adrien Philippe died in January 1894. 1901 saw the transformation of Patek Philippe into a joint-stock company , Ancienne Manufacture d'horlogerie Patek, Philippe & Cie, Société Anonyme, initiated by J. A. Bénassy-Philippe and Joseph E. Philippe. Still being run as

1836-711: A threshold of 1.5 million US dollars. The following table shows the brand breakdown of the most expensive watches ever sold at auction (for at least US$ 1.5 million). As of December 2022, there are 19 manufacturers that have manufactured watches that qualify: Patek Philippe , Rolex , Breguet , Audemars Piguet , Philippe Dufour , F. P. Journe , George Daniels , Richard Mille , URWERK, Zenith , Vacheron Constantin , Omega , Tag Heuer , Chopard , Bulova , Cartier and Attributed to Piguet & Capt. Among these brands, Philippe Dufour, F.P. Journe, George Daniels, Richard Mille, URWERK and Piguet & Capt are independent watchmakers. The following table contains details of

1944-438: Is "You never actually own a Patek Philippe. You merely look after it for the next generation." The slogan was introduced when the company launched its "Generations" campaign in 1996. Patek Philippe manufactures its own watch components. Like other Swiss manufacturers, the company produces mostly mechanical movements with automatic or manual winding mechanism, but has also been producing quartz watches . In fact, Patek Philippe

2052-642: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation

2160-422: Is able to add a day to February for leap years while leaving out the extra day for every 100 year interval. Only four pieces of Calibre 89 were ever manufactured by Patek Philippe, with one in white gold, one in yellow gold, one in rose gold, and one in platinum. The yellow-gold and the white-gold Calibre 89 were sold at auctions by Antiquorum in 2009 and 2004, respectively, and both watches currently rank among

2268-429: Is possibly incomplete. (USD millions) (USD millions) date place Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around the world. The economic contagion began in 1929 in

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2376-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated

2484-523: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that

2592-506: The Aquanaut collection , marking a departure from their traditional dress watches. The Aquanaut was designed as a luxury sports watch for a younger generation of watch enthusiasts, featuring a contemporary and sporty aesthetic alongside the refined craftsmanship that Patek Philippe is known for. The first Aquanaut model, the Ref. 5060A, was crafted from stainless steel and equipped with a black dial and

2700-614: The Great Depression smoothly. The original Calatrava Ref. 96 was in production for more than 40 years, and its successor models include Ref. 2526, Ref. 3520, Ref. 5196 and so on. Known for its simple and elegant design, the Calatrava wristwatch has been a flagship model of Patek Philippe since its introduction. Notably, the Calatrava Cross has been company's logo since 1887. Patek Philippe World Time ( Heures Universelles ) collection

2808-565: The New York Bank of United States – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of

2916-823: The United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. The Depression was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on the stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until

3024-475: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,

3132-421: The most expensive watches ever sold in auction . In 1989, Patek Philippe created Calibre 89 , then the most complicated mechanical watch ever made, for its 150th anniversary. Calibre 89 holds 33 complications, including the date of Easter, time of sunrise, equation of time , sidereal time , and many other indicators. 1,728 unique parts allow sidereal time , a 2,800 star chart, and more. In addition, Calibre 89

3240-399: The 173 timepieces auctioned for at least US$ 1.5 million , ranked according to their original auction prices. The inflation-adjusted price is given by consumer price index inflation-adjusted value of United States dollars in 2023. The following table contains some of the most expensive auctioned watches without public online records from auctioneers (e.g., major auction houses). This list

3348-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It

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3456-459: The 58 world's most expensive watches sold at auction (over 2 million US dollars), with the world record being 4.027 million US dollars (6,603,500 CHF ) made at Antiquorum 's Geneva auction on April 13, 2002. In 1976, Patek Philippe introduced the Nautilus collection after deciding it was time to produce an exclusive sport watch with finishes of the highest quality. The first model was Ref. 3700 and

3564-795: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with

3672-464: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there

3780-514: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in

3888-480: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit

3996-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic support for the debt deflation theory and the expectations hypothesis that – building on the monetary explanation of Milton Friedman and Anna Schwartz – add non-monetary explanations. There

4104-639: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade

4212-473: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on

4320-540: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This

4428-485: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending

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4536-678: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in

4644-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had

4752-632: The Wall Street crash, after which the slide continued for three years, which was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in

4860-455: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why

4968-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate

5076-416: The brand image while perpetuating tradition. The target was represented by dynamic business managers of the new generations. The Nautilus wristwatch has become one of the most popular collections from Patek Philippe, and the Ref. 5711 & 5712 models, which the company introduced in 2006 to celebrate the 30th anniversary of the collection, are among the most popular models. In 1997, Patek Philippe introduced

5184-414: The buyer and has to be approved by Patek Philippe President Thierry Stern. List of most expensive watches sold at auction This list of most expensive watches sold at auction documents the watches sold at auction worldwide for at least 1.5 million US dollars . The final price listed is the total price paid by the buyer converted to US dollars, according to the currency exchange rate at

5292-521: The buyer's premium, and so the rankings which follow are based on the aggregated price paid by the buyer: for the watch itself (the hammer or sale price) and for the auction house's services and administrative costs (the buyer's premium). Inflation-adjusted prices are also listed for reference. If a watch has been sold at auction for several times, only the highest final price is included. Finally, any auctioned watch without public online records from auctioneers (e.g. major auction houses) will not be included in

5400-458: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which

5508-549: The company announced that all of its future mechanical timepieces would be imprinted with the Patek Philippe Seal which requires a precision of -3/+2 seconds per day for diameters no less than 20 mm and -5/+4 seconds per day for diameters less than 20 mm, surpassing the highest industry standard of watch manufacturing and thus abandoning the Geneva Seal. In December 2018, World Wide Fund for Nature (WWF) released

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5616-413: The company during the Great Depression . The Stern brothers' company, Fabrique de Cadrans Sterns Frères , had been a business partner of Patek Philippe as its supplier of watch dials. In 1935, Patek Philippe was brought to American markets by New York -based Henri Stern Watch Agency , where it was sold as a sister brand alongside Universal Genève . In 1958, Henri Stern, the son of Charles Stern, became

5724-412: The company was liquidated on 18 April 1845. At that point, Czapek founded Czapek & Cie on 1 May 1845 with a new partner, Juliusz Gruzewski. Subsequently, Patek was joined by French watchmaker Adrien Philippe , the inventor of the keyless winding mechanism (although this had been discovered previously by Abraham Louis Breguet but not patented by him), and continued the watchmaking business with

5832-472: The company. He initiated the publication of the twice-a-year Patek Philippe Magazine in 1996, which is reserved for the watch owners and has received contributions from various prominent writers including Nobel Laureates Gao Xingjian and José Saramago . In 2009, Philippe Stern's son, Thierry Stern, took over the reins from his father. In 2010, the company produced 40,000 timepieces and, according to Thierry Stern, it produced 58,000 pieces in 2017. In 2018,

5940-653: The course of 35 years, four series of Ref. 2499 were introduced, exerting a strong influence on the watch designs of many other renowned watchmakers. As of June 2019, Ref. 2499 holds eleven spots among the 59 world's most expensive watches sold at auction (over 2 million US dollars) and at least 18 pieces of Ref. 2499 have been auctioned for more than 1.5 million US dollars, with the world record being 3.880 million US dollars (3,915,000 CHF ) made at Sotheby's Geneva auction on November 13, 2018. The successors to Ref. 2499 include, in chronological order, Ref. 3970, Ref. 5970 and Ref. 5270. Patek Philippe Sky Moon Tourbillon wristwatch

6048-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downturn, they fail to account for its severity and longevity; they argue that these were caused by

6156-620: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what

6264-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered

6372-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and

6480-435: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did

6588-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of

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6696-427: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought

6804-576: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though

6912-494: The explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating

7020-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be

7128-501: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August

7236-599: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing

7344-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,

7452-497: The important contributions from Patek Philippe to the watchmaking industry. In 1932, Patek Philippe launched the first Calatrava model Ref. 96, which was designed by English horologist David Penney who was influenced by the Bauhaus art movement in Germany. Originally, the Stern brothers, soon after they acquired Patek Philippe in 1932, introduced the Calatrava to help the company pass through

7560-514: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at

7668-543: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. After the Wall Street Crash of 1929 , when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with

7776-512: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,

7884-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then

7992-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view

8100-496: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and

8208-427: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that

8316-568: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In

8424-546: The number went up to 62,000, and in order to maintain quality and exclusivity, Patek Philippe would only slowly increase the number of timepieces produced each year (by 1-3 percent per year) but with a ceiling. Currently, the company is an active member of the Federation of the Swiss Watch Industry FH . Since the 2000s, Patek Philippe timepieces have repeatedly fetched high prices in auctions worldwide. As of 2023, among

8532-491: The other six pieces was 2.5 million CHF (2.6 million US dollars). In 2016, Patek Philippe introduced the Grandmaster Chime Ref. 6300, succeeding the Grandmaster Chime Ref. 5175. Ref. 6300 also has 20 complications, including grande sonnerie , minute repeater , and alarm with time strike (but without tourbillon), with the sale price over 2.2 million US dollars. The purchase of each piece requires an application from

8640-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during

8748-477: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in

8856-455: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in

8964-399: The president of Patek Philippe. Alan Banbery, who previously designed Universal's "Compax" movements and worked as a horologist for London's Garrard & Co , would take on the position of Director of Sales in 1965 and later authored official reference books on vintage Patek Philippe pocket watches and chronographs . In 1993, Philippe Stern, the son of Henri Stern, became the president of

9072-867: The ranking. As of December 2022, the most expensive watch (and wristwatch ) ever sold at auction is the Patek Philippe Grandmaster Chime Ref. 6300A-010, fetching US$ 31.19 million (31,000,000 CHF ) in Geneva on 9 November 2019. The most expensive pocket watch ever sold at auction is the Patek Philippe Henry Graves Supercomplication , fetching US$ 23.98 million (23,237,000 CHF) in Geneva on 11 November 2014. As of December 2022, at least 115 timepieces have been sold at auction for over US$ 2 million, and at least 173 timepieces have been sold at auction for over $ 1.5 million. Among

9180-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of

9288-477: The time of auction. This price is the aggregate of the hammer price (i.e., the winning bid or sale price at the auction) plus any buyer's premium paid to the auction houses (where levied, and in accordance with the rates charged by the relevant auction house). While the rates of buyer's vary between auction houses (which rates can also vary within each auction house based on the nature of the lot and its value), most auction houses publish their results inclusive of

9396-465: The top 10 of these watches, nine are Patek Philippe timepieces and one is Rolex 's. The following table shows the breakdown of auction houses that have sold the most expensive watches at auctions (for at least US$ 2 million). As of December 2022, there are at least six auction houses that have sold watches for no less than $ 2 million: Christie's , Phillips , Antiquorum , Sotheby's , Poly Auction , and Monaco Legend Auctions. The following table has

9504-524: The top ten most expensive watches ever sold at auction , with final prices over 5 million US dollars. In 2014, Patek Philippe introduced the Grandmaster Chime Ref. 5175, the most complicated wristwatch ever built by the manufacturer (with 20 complications, but no tourbillon ), to celebrate its 175th anniversary. Only seven pieces of Ref. 5175 were created, with one permanently residing in the Patek Philippe Museum in Geneva. The sale price for each of

9612-496: The world's most complicated mechanical watch until 1989, currently holds the title of the most expensive pocket watch ever sold at auction (US$ 24 million/21 million CHF ). The company traces its origins to the mid-19th century, when Polish watchmaker Antoni Patek and his Czech -born Polish business partner Franciszek Czapek formed Patek, Czapek & Cie in Geneva on 1 May 1839 and started manufacturing pocket watches . The two eventually separated due to disagreements, and

9720-455: The world's top ten most expensive watches ever sold at auctions , nine were Patek Philippe watches. Among the top 58 most expensive watches sold at auction (over 2 million US dollars), 46 are Patek Philippe watches. A small part of the demand for auction pieces is driven by Patek Philippe themselves, as they are purchasing in the auction market to add to the collection of the Patek Philippe Museum in Geneva. One of Patek Philippe's company slogans

9828-471: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and

9936-659: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in

10044-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among

10152-639: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject

10260-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did

10368-403: Was auctioned in 2023 by the descendants of Adrien Philippe. The watch was purchased most probably by the Patek Philippe Museum though this is not confirmed and may be owned by a private collector. The wedding between Louise Philippe and Joseph Antoine Bénassy where the watch was presented is noted as the wedding that helped Patek Philippe survive the founding generation by providing the company with

10476-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of

10584-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing

10692-491: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by

10800-446: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened

10908-617: Was introduced in 1939, with Ref.1415 being the first model. The "World Time" complication is able to show the time for all 24 time zones on the same watch and was invented by Swiss watchmaker Louis Cottier in 1931. Cottier's invention attracted several watchmaking companies, while Patek Philippe was the first company to introduce a series of World Time wristwatches after forging a partnership with Mr. Cottier. The successors to Ref. 1415 include Ref. 2523, Ref. 5230, Ref. 5531 (with minute repeater ), and so on. As of 2018, Patek Philippe World Time collection (Ref. 1415, Ref. 2523) holds 6 spots among

11016-503: Was introduced in 1941, with Ref. 1518 being the first model. On November 12, 2016, a Ref. 1518 in steel became the most expensive wristwatch ever sold at auction (until October 2017), fetching a record-breaking US$ 11.14 million (11,002,000 CHF ) in Geneva (through Phillips ' auction house). As the successor, Ref. 2499 is widely considered to be one of the greatest watch models in the world. Historically, only 349 pieces of Ref. 2499 were made from 1950 to 1985 - around 9 pieces each year. Over

11124-458: Was introduced in 2001, with Ref. 5002 being the first model. The wristwatch has two dials and contains 12 complications including tourbillon , minute repeater , sky chart, and moon phase & orbit. In 2013, the company introduced the second model of Sky Moon Tourbillon, Ref. 6002, also with 12 complications. The new model took 7 years of research and development, while the engraving on each piece alone took more than 100 hours. Sky Moon Tourbillon

11232-524: Was made of steel. It was designed by Swiss watchmaker Gérald Genta , who previously designed the Royal Oak collection for Audemars Piguet , and was released by Patek Philippe during the quartz crisis in the hope that it would help re-attract people's attention to high-end Swiss mechanical watches. The Nautilus collection played a key role in Patek Philippe's overall marketing strategy as it had to refresh

11340-629: Was one of the twenty Swiss watch companies that founded the Centre Electronique Horloger and collaboratively developed the first Swiss quartz movements, such as the Beta 21 movement (1969) which was used by several manufacturers in their watches. In 1950s, the company even produced a prototype for a mechanical digital wristwatch, Ref. 3414. Patek Philippe popularized complications such as perpetual calendar , split-seconds hand , chronograph , and minute repeater in mechanical watches. In 2009,

11448-418: Was suspended from a diamond and enamel brooch . In 1868, Patek Philippe created the first Swiss wristwatch for Countess Koscowicz of Hungary . In 1875, Adrien Philippe commissioned a watch that he later gave to his daughter Louise as a wedding present, which is known as the only wristwatch dating back to be owned by either Patek or Philippe. This historical watch is known as “The Watchmaker’s Daughter” and

11556-531: Was the most complicated wristwatch from Patek Philippe until 2014. It is estimated that only 3 - 5 pieces are made each year, and the price for each piece is over US$ 1.2 million. However, every purchase of the piece requires an application from the buyer and has to be approved by Patek Philippe President Thierry Stern. On October 2, 2018, a Sky Moon Tourbillon 6002G was auctioned by Poly Auction in Hong Kong , fetching US$ 2.707 million ( HKD 21,240,000), making it one of

11664-464: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that

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