Patek Philippe president voices frustration at Sylvester Stallone flipping his Grandmaster Chime

Patek Philippe president Thierry Stern has voiced frustration that Sylvester Stallone resold a rare Grandmaster Chime watch within a few years of being given the green light to buy it from the watchmaker’s headquarters.

Sotheby’s sold the watch in New York, which was still contained its factory wrappers, for $5.4 million; likely netting the Rocky star a profit of over $2 million.

The watch collecting community has voiced its own anger at Mr Stallone flipping such a prestigious watch, which most will never have the chance to buy, even if they can meet the $3 million sticker price.

Patek Philippe’s retail partners have also come under fire for the suspicion that Hollywood celebrities receive preferential access to the hottest watches.

Mr Stallone bought the Grandmaster Chime from an authorised dealer in the United States, but the purchase was approved much higher up the Patek Philippe hierarchy.

In a video message explaining his decision to sell the watch, the actor describes how difficult it was to acquire it in the first place, saying he had to write many letters to the Patek Philippe board before getting the green light to buy it.

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Being so public about the buying and selling of the watch has made a delicate situation harder to handle for Patek Philippe, but Mr Stern is pragmatic about the difficulty of ensuring no watches are resold in this way.

When asked by WatchPro today whether he is upset that he had signed-off on the watch for Sylvester Stallone, only to see it sold just a few years later, Mr Stern replies: “Of course we do not like it, but it can happen. I cannot control everybody. It is not fair for a client that may have been waiting for this piece for many years and then sees it being sold”.

Mr Stern and his team may be unable to control what a celebrity client does with their collection, but would he control whether he ever gets to buy another one?

“Yes, that is part of the job,” Mr Stern responds. “We can be vigilant, but we cannot be perfect. I can be criticized, and I do get e-mails complaining that I have sold a watch to this person or that person, who is then selling it. Could those people do better than me [at judging who might resell a watch]? If they have a crystal ball, and think they can do better than me, then please propose it. You cannot control humans one hundred percent. Those risks are part of success. You have to accept them and see how to handle it in the future,” he adds.

Mr Stern was in London to officially open a Rare Handcraft exhibition of Patek Philippe watches and clocks. The show is taking place on the floor above the brand’s Bond Street boutique.

It runs from June 7-16, 10am-6pm Monday to Saturday and 12pm-5pm on Sundays. The exhibition is open to the public with free admission via pre-booked ticket reservations on www.patek.com/rhc-london.