'First, I told them, 'gentlemen, please stay seated because you will be quite surprised,'' Stern said. It included Alexandre Arnault, the 29-year-old family scion who was recently named Tiffany's executive vice president of product and communications. He held a virtual meeting to present the Ref. Stern did, however, want to offer Bernard Arnault something special to commemorate LVMH's $15.8 billion deal to buy Tiffany. Stern said he has met with Bernard Arnault in the past and told him 'we are independent and not interested in selling.' Bernard Arnault has for years explored the potential of adding one of the Big Four watch brands - Rolex, Patek, Audemars Piguet and Richard Mille - to its luxury brand stable, which already includes Tag Heuer, Zenith and Hublot. The Swiss Stern family has owned Patek since 1932, while LVMH is controlled by Bernard Arnault, the world's third richest person. The two companies are also family controlled with plans to pass leadership to the next generations. Today, Patek watches are sold at certain Tiffany boutiques and Patek watches co-stamped with 'Tiffany & Co.' sell for big premiums.

On his first business trip to the U.S., Antoine Norbert de Patek met with Charles Lewis Tiffany in New York.

In 1851, Tiffany became Patek's first official retail partner in the U.S. Stern's decision to make the final 5711s for Tiffany came from the deep history and mutual values of the two companies, he said.

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