“Patek has been making watches for 180 years, while Rolex has only been around for 110,” notes Bob's Watches founder and renowned Rolex collector, Paul Altieri. “But in that time they've eclipsed any other luxury watchmaker. Patek may still be tops in terms of pure prestige, but Rolex is more iconic and much cooler.

The Stern family of Switzerland has owned Patek Philippe since 1932, when Charles Stern and Jean Stern acquired the company during the Great Depression.

So, why is Patek Philippe so expensive? It's a combination of craftsmanship, heritage, exclusivity, and the brand's revered reputation. Each Patek Philippe watch represents a timeless masterpiece that transcends the concept of timekeeping, making it a true symbol of luxury.

Depending on condition, date of production, and specific style, expect to pay around $14,000 to $20,000 for a pre-owned Ellipse 3738 watch. The starting prices of ladies' Patek Philippe Ellipse watches are, unsurprisingly, lower, at around $5,500.