Patek is to horology as Picasso is to art. Does a painting by Picasso possess any more empirical value than a painting by an unknown artist? No. But when buying a Patek or a Picasso one is not simply paying for the object, one is paying for the aura.
Patek is considered, by many, as the greatest manufacturer of timepieces, ever. They have a rich and well-documented history. Therefore, any piece with the Patek Philippe name on the dial will garner a premium. This piece is particularly beautiful. It is in top condition. And, crucially, it is rare.
I find it more difficult to justify the prices that some are willing to pay for certain Rolex watches. These lack the finishing and quality that often elevates a Patek above the rest. But subjectivity is likely the essence of value.
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