In an era dominated by electronic timepieces, Philippe Stern successfully marketed $40,000 handmade watches, revitalizing a struggling industry. He was instrumental in steering Patek Philippe, one of the world’s leading luxury watch brands, through the 1970s ‘quartz crisis’ brought about by cheaper and more precise quartz watches.

Philippe Stern passed away on June 14 at the age of 88. As the third generation of his family to lead the Geneva-based Patek Philippe, he served as president from 1993 to 2009. The company announced his death but did not disclose further details.

Under his leadership, Mr. Stern introduced new models that expanded the technical capabilities of mechanical watchmaking. His handmade watches, priced at $40,000, became symbols of status akin to a ‘Mercedes-Benz for the wrist.’ This approach fostered a market of passionate collectors who actively sought these timepieces through specialist magazines and websites.

Mr. Stern’s influence was acknowledged by Italian Watch Spotter, which credited him as ‘the guardian of a vision that helped shape the entire contemporary watchmaking industry.’

The ‘quartz crisis’ of the 1970s challenged Swiss watchmaking after Seiko, a Japanese company, introduced the first electronic wristwatch using a quartz crystal oscillator. These watches offered greater accuracy than the mechanical models from traditional Swiss firms, leading to fears of obsolescence. As Japanese and American quartz watches dominated, Swiss watchmaking saw a significant decline in employment from 1970 to the late 1980s.