People in the watch business find this reassuring, because they believe a smooth transition from one generation to the next bodes well for the future of the industry. There is always concern that the company could be gobbled up by a conglomerate and lose the personality and reliability that give Patek watches a special glow.

“If you have a strong Patek Philippe, then I think you will have a strong watch business,” says David Duggan, who runs two shops that sell fine used watches in London’s Bond Street neighborhood. “Philippe Stern has the highest possible standards and such passion for watches. I love the attention to detail. Since they make their own movements, they don’t have to import anything from other houses. Everything is polished in their own inimitable way and oiled in their own inimitable way and put together in their own inimitable way. It’s a labor of love.”