Patek Philippe has adjusted retail pricing in opposite directions across two major markets, cutting prices in the United States by 8.6% while raising prices in the United Kingdom by 4%, effective February 1, 2026. The move follows a period of rapid, tariff-linked price changes in the US and appears designed to narrow gaps between regional price lists once taxes are factored in.
The shift is illustrated by the Cubitus Ref. 7128/1G-001 and other high-profile references. A 40mm Cubitus in gold moved from US$92,469 (excluding sales tax) to US$84,522 after the cut. The Aquanaut ref. 5968A-001 dropped from US$67,574 to US$61,766. In the UK, both watches increased by 4% over the same period.
The rebalancing comes after a tariff-driven sequence in the US market. Prices rose by roughly 15% on September 15, 2025, after a 39% tariff on Swiss watches was introduced in August 2025. That increase followed an earlier adjustment tied to an additional 10% tax in May 2025. During those earlier moves, dealer margins were also reduced, spreading the impact between manufacturer, retail partners, and consumers.
Tariff conditions have remained unsettled. A reduction to 15% was announced in December and applied retroactively to November, but a final trade agreement was still pending, and aspects of the tariff regime were being challenged in the Supreme Court. Officials have also floated the possibility of rebates tied to previously higher tariff rates.
Currency and bullion volatility have further complicated pricing. The report notes a recent 3% shift in the US dollar against the British pound over a 10-day span, alongside sharp moves in gold prices that briefly touched record levels before pulling back.
The adjustment also lands alongside other US pricing changes from major Swiss brands. Rolex implemented an average US price increase of 7% on January 1, 2026, with steel references rising about 5.6% and gold references by nearly 9%. Over a one-year span, average pricing was described as up nearly 15%, with tracked steel watches up 10.6% since the end of 2024 and gold watches up almost 20%.
