World's Most Wanted: Making a $500K Patek Phillipe

July 10 (Bloomberg) -- They're some of the most coveted and luxurious watches in the world and they're entirely hand made, each taking a year to assemble and carrying a price tag of a half-million dollars. Only 50,000 are sold each year, which pales in comparison to rival Rolex who produces 14 times that amount using automated manufacturing. Bloomberg News visits the company's headquarters and factory in Geneva, Switzerland to see how they've combined tradition and innovation to make timepieces that last for generations. (Source: Bloomberg)