SDC Weekly 71; Patek Cubitus Wrap; Originality in Design; Social Status Again
Rolex Patents, Swiss Watch Industry September Update, Franken-watches in Monaco Auction, Watches of the Brain, Giorgio Armani at 90, AI & NVIDIA Deep dive, Kollokium Review and more!
🚨 Welcome to another edition of SDC Weekly. Estimated reading time: ~38 mins
“The haters are for the most part people who have never had a Patek and never will have one. So that doesn't bother me.”
You’ll never guess who said this.
Today, we dive into the aftermath of the Cubitus launch. We’ll also examine the latest Swiss watch export data, unpack the concept of originality in design, and delve into Paul Fussell’s insights on social class as they relate to watch collecting.
Once again, I’ve moved the ‘small stuff’ section below the Cubitus story - I reckon this is the last of the Cubitus news for a while. 🤞
If you’re new here, welcome! Check out the previous SDC Weekly posts here, and the pre-launch Cubitus commentary here.
⏹ Cubitus: A Square Peg in a Round Hole?
Well, well, well. The cat’s out of the bag, and it seems the Cubitus has landed with all the grace of a lead balloon. Time to cover the aftermath of Patek’s latest “innovation.”
First, a confession: your humble scribe may have been a tad optimistic in his initial assessment. In light of the new information and, dare I say, a reality check after reading some of Thierry Stern’s commentary, it’s time for a more critical look at this release.
Thierry Stern, in this interview following the launch1, waxed lyrical about the Cubitus being a bold new direction for Patek. Upon closer inspection, this “revolution” feels more like a half-hearted pirouette. The use of the familiar Nautilus dial was one thing, but I think the use of the Nautilus bracelet as well, paints this exercise with a laziness brush, rather than one rooted in innovation. This is like Patek took their beloved Nautilus, gave it a stern talking-to2, and sent it to bed without supper.
Ben Clymer, in his Hodinkee piece, tries valiantly to put a positive spin on things, but even he can’t mask his disappointment entirely. In listing out what he likes, Ben mentions the dial and bracelet in the second point (they aren’t new to begin with), then he lists the dial again in point 3! He then concludes, ‘the fact that Thierry et al are proud of it’ is something he likes about the watch? Wtf is that about! Hey, he tried 😂
Stern’s claim that he wants to move Patek away from being known solely for the Nautilus and Aquanaut product lines is about as convincing as a chocolate teapot; That’s because, in the same interview, Jerome Pernici from Patek admits that 40% of their production will be dedicated to the Nautilus, Aquanaut, and Cubitus. This is like saying you’re trying to lose weight while ordering a triple cheeseburger, with fries and a shake topped with whipped cream!
Throughout his interview, Thierry Stern’s use of “I” and “me” rather than “we” is more telling than he perhaps realises3. It paints a picture of a captain steering his ship based on personal whims rather than market wisdom. It is no wonder we were served a 45mm behemoth that seems more suited to Stern’s own wrist than the average collector’s. This conceit really shone through in a later interview:
Mr. Stern, the Cubitus is the first new collection from Patek Philippe in 25 years. What is your part in this?
100 percent.
In the calibre as well as in the design?
60 percent in the calibre and 100 percent in the design. I’ve been responsible for the creation for a long time. I'm good at that, without really having a clue, I've never been to a design school. But I grew up with the products and have a strength there. Why? I don't know, it was just always easy for me to have ideas and go into the details.
The arrogance is palpable.
It is rather worrying that Patek’s design team consists solely of Thierry and a very agreeable mirror. Plus, as we learned from the 5070, years ago, the percentage of Patek’s client list which includes overweight rich guys probably does not represent ‘the average collector’ very well, but it does ensure Patek’s success if they cater to these people first!
I say first, because just like other brands offer various sizes for their square watches, nobody will have any difficulty predicting the next launch cycles for the Cubitus line. It is all but guaranteed, we will see smaller variants of this watch in the coming years.
The use of the green dial, previously reserved for the final edition of the 5711, feels like a slap in the face to loyal collectors. This is akin to re-gifting a cherished present - sure, it’s the thought that counts, but the thought in this case seems to be, “We’ve run out of ideas, so here’s a recycled one.” Most Patek die-hards, even ones who own the green 5711, seem to brush it off as acceptable but even they agree the bracelet was a step too far.
The launch event, attended by Patek’s favoured clients and influencers, predictably generated positive buzz. However, I can’t help but take the glowing reviews with a hefty pinch of salt. When your future allocations and invitations depend on your level of enthusiasm, it is amazing how quickly criticism turns to praise. This was less of a launch party and more a gathering of Stockholm syndrome sufferers.
The pricing of the Cubitus is, to put it mildly, ambitious. Calling it an “entry-level” watch while slapping a 35,000 CHF price tag on it, reeks of the same tone-deaf arrogance that has become Stern’s hallmark. Thierry can’t genuinely talk about attracting young collectors and also have a starting price this high.
The Cubitus, for all its hype, is simply a missed opportunity. It is neither revolutionary enough to justify its existence nor evolutionary enough to excite purists. It is a watch caught between two worlds - much like a square peg in a round hole.
Will it sell? Undoubtedly. Brand power and artificial scarcity will ensure that. The question is, at what cost to Patek’s reputation as the pinnacle of watchmaking? Only time will tell, but one thing is certain – the Cubitus has set tongues wagging, and not all of them are singing praises.
Horology Ancienne Speaks
Horology Ancienne, a prominent Patek collector and respected voice in the watch community, also offered a balanced yet critical assessment of the Cubitus. His feedback reflects a deep appreciation for the brand’s heritage while expressing concerns about this latest offering.
He begins by highlighting the positives, praising the case design as “very handsome” and “elegant”, and appreciating the engineering behind the new movements with their “6 new patents mostly centred around energy transmission and user friendliness.” He particularly commends the platinum variant, noting that “The big date is really nice... and has some patents concerning instantaneous change.”
However, his enthusiasm is significantly dampened by some of the issues we covered above. The size of the watch is a major concern, and he states, emphatically, “45mm is big. Many will tell you it wears smaller on the wrist. They’re not lying, but that’s almost misleading because it still wears really big!” This over sizing, he feels, compromises the elegance of the design.
Just like Ben said, the use of a circular movement in a square case is another point of contention for him. As he puts it, “I didn’t like the fact that watch was so centred on being square, being called the Cubitus and then was fitted with a circular movement. It just takes away from the magic of something being called the Cubitus.” This design choice seems to contradict the very essence of the initial concept for the product line.
Most tellingly, HA expresses disappointment with the bracelet design, feeling it leans too heavily on the Nautilus heritage. He laments, “Patek has such a long, creative and powerful history of bracelets, I wish they could have reactivated that energy to bring us something entirely novel.” This over reliance on familiar design elements leads him to conclude that “this watch does, primarily because of the bracelet and case size, feel like a second place prize to the Nautilus.”
Amen, brother.
Despite these criticisms, HA’s feedback is far from a wholesale rejection of the Cubitus. His analysis and suggestions for improvement reflect a genuine desire to see Patek succeed with this new line. As he concludes, “I think the watch has great potential. But not in its current format,” indicating he will probably buy future iterations of the Cubitus family when released in a smaller case.
Fundamentally, if they fixed the bracelet and squared off the centre links to better align with the Cubitus theme, I think that would go a long way towards appeasing a huge proportion of the naysayers.
Sentiment
I saw a great comment on the Hodinkee post which resonated with me:
This release clarifies a sentiment I think I’ve had slowly growing. For a while I felt like I was too young to understand what Patek was doing, but no. Patek is so focused on creating some false sense of d*ck measuring exclusivity with their watches that they've forgotten how to make actually great watches.
Patek will obviously be fine on their $400k+ grand complication watches forever, but for us mortals, I think I've lost my lust for the brand. VC is much more appealing to me as a company interested in advancing watches over pompousness now.
The Cubitus feels less like a standing ovation and more like a polite golf clap. It’s not a Code 11.59 disaster, but it’s far from the masterpiece Patek - and indeed, we - had hoped for.
The sentiments expressed in other comments and indeed on private chat groups & social media, reflects a growing disconnect between Patek and its aspirational customer base. The shift in brand positioning is causing emotional distress among long-time admirers who now feel priced out of the market.
Another Hodinkee comment poignantly described this feeling, sharing a personal perspective that Patek is no longer accessible for people in their financial situation - i.e. successful but not extremely wealthy. The commenter suggests they could potentially spend around $20,000 on a watch as a reward for hard work, but $50,000 is out of reach:
“Unfortunately, that Patek has disappeared. I suppose there are enough extraordinarily wealthy people in the world that consumers like myself don’t matter to them.”
They include a nostalgic reference to the Aquanaut launch in the 1990s, which was priced at an inflation-adjusted $16,000 - more affordable relative to incomes at the time. This is a key point. The brand has moved away from customers like themselves, and into a ‘higher tier’ of society/income. This essentially encapsulates the frustration of those who once saw Patek as an achievable goal, that are now feeling left behind by the brand shifting even more upmarket.
Patek is playing a new game. They are balancing their heritage and aspirational appeal with a move towards extreme luxury. The emotional resonance of the brand among long-time enthusiasts is at risk, an this might even impact its cultural cachet in the long term. Grey market inventory suggests Thierry needs to tread carefully, because this strategy may have market consequences beyond just sentiment if they keep relentlessly shoving vastly overpriced watches onto people when these same pieces are available at half price on the grey market. .
Conclusion
The Cubitus launch represents more than just a new watch; it is essentially a litmus test for Patek’s future direction. The brand’s prestige remains intact for now, but the growing disconnect between Patek and its aspirational customer base raises questions about long-term strategy and brand loyalty.
Patek is at a crossroads. On one hand, catering to ultra-high-net-worth individuals ensures short-term profitability, and we all know Thierry loves money. On the other hand, alienating long-time enthusiasts and potential future collectors could erode the brand’s cultural cachet and emotional resonance that has been carefully cultivated over generations.
The challenge for Patek moving forward will be to find a new balance. Can they maintain their position at the pinnacle of watchmaking while also nurturing the dreams of aspiring collectors? The answer may lie in a more diversified product range, with truly innovative designs at various prices, rather than relying on variations of existing icons.
One thing is clear now more than ever before; the Cubitus, for better or worse, has reignited the conversation about the future of watchmaking. This conversation goes beyond aesthetics and engineering, and speaks to the very essence of what makes a brand truly desirable in the long run.
The real insight will be how Thierry responds to the feedback, adapts Patek’s strategy, and shapes its legacy for the next generation of watch enthusiasts.
Philosopher Kwame Anthony Appiah once said:
“In life the challenge is not so much to figure out how best to play the game; the challenge is to figure out what game you’re playing.”
I’m not convinced Thierry has worked out he is responsible for more than just ‘making money’ with Patek Philippe. Read this interview, and you’ll see what an arrogant SOB he is.
Yes - You never actually own a Patek Philippe, you merely look after it for the next generation – but will that next generation still aspire to own one?
For now, Thierry doesn’t care:
“The haters are for the most part people who have never had a Patek and never will have one. So that doesn't bother me. What counts for me is the result. And I'm confident about the Cubitus, because I have a good nose and a lot of professionals around me who told me it would work.”