Our first live auction of 2023, the PHILLIPS Geneva Watch Auction: XVII, takes place on May 13 and 14, at La Réserve Genève. The auction includes more than 200 of the world's finest watches – and though we loath to boast, we truly think it's one of the best catalogs we've ever assembled. We'll be spotlighting a number of the most interesting lots and stories featured in the sale over the next month, including the many exceptional Patek Philippe wristwatches featured in this story.
We've said it before, and we'll say it again – our upcoming Geneva Watch Auction: XVII is one of the finest catalogs we've ever had the privilege of assembling, full of an absolutely incredible assortment of timepieces. It should come as no surprise, then, that there's a significant selection of incredibly rare and special Patek Philippe timepieces to choose from. So we thought it would make sense here to gather up 10 of the most important and heavy-hitting Patek Philippe watches from the modern era that are included in the sale.
That means grand complications in all sorts of rare configurations, a Saatchi sighting (or two), and a pair of the rarest series-produced Aquanauts ever. It was extremely difficult to limit our selection to only 10 watches, which means a number of seriously cool watches didn't make the cut – like, say, the 5970 in all four of its case metal variations (yup, check lots 10 - 13) – so you'll have to dig through the catalog yourself to see what we didn't include. Oh, and doesn't even cover the many different incredible vintage Patek Philippe wristwatches in the sale (1518s, 2499s, 2526s – need we go on?), some of which Arthur spent some time covering earlier this week.
All that means is that you should go ahead and enjoy the selection of Patek Philippe highlights below – good luck keeping your jaw off the floor – but make sure to study the rest of the Geneva Watch Auction: XVII catalog to uncover all the remaining hidden gems in the sale.
Lot 57: A Patek Philippe World Time Minute Repeater Ref. 5531R-012, with a cloisonné enamel dial; single sealed
Few wristwatches command as much attention as a Patek Philippe world time minute repeater. Both complications are indissolubly linked with the manufacturer; the world time is as iconic in its modern incarnations as it is in its ultracollectible vintage ones. On the other hand, the company holds in such high regards their minute repeating watches that every single one of them is reportedly tested by the company’s president and owner - Mr. Stern - before leaving the factory.
It is no surprise, then, that when Patek Philippe unveiled a timepiece reuniting the two complications in 2017 – and adorned it with an exquisite enamel dial – the collective gasp of the collector community could most likely be heard in nearby star systems.
The ref. 5531 immediately rose to the top of horological wishlists worldwide – but the output of this outstanding work of art is and remains extremely limited, estimated in a small number of examples per year. This is true “unobtanium” for even the deepest pockets in the market, with the few lucky recipients of the watch guarding their pieces with extreme tenacity.
The model was technically first launched at the Patek Philippe New York Grand exhibition, but in fact only 10 examples – five sporting the New York skyline during daytime on the dial, and five sporting it at sunset – were made on that occasion. The model was introduced in the official collection only the following year, featuring an enamel dial representing the Lavaux vineyard terraces on the shores of Lake Geneva. Thus, it in fact follows the tradition of vintage world timepieces – which at times feature a cloisonné dial with various geographical maps.
When Patek Philippe decided to launch a world time minute repeater, they knew very well that they were “toying” with their two most iconic complications. Thus, the final result truly had to be truly exceptional, both from an aesthetic and a mechanical point of view. The result of this effort is the innovative cal. R27HU. While world time minute repeaters have been realised before, never before a world time piece has been able to chime the local time, being instead immutably set on the home time. The ref. 5531 indeed syncs its chime to the local time, which can be adjusted when travelling by pressing the pusher at two o’clock. Next to this landmark innovation, many other subtle details are introduced, such as security systems to avoid damaging the movement, if attempting to adjust timezone while the repeater is engaged.
While any example of the ref. 5531 could be rightfully considered the crown jewel of any watch collection, the present example pushes the boundaries of collectability even further. It comes complete with all its original accessories, and it is even factory single sealed, further adding to its collectibility. Considering how difficult – some would say near-impossible – it is to obtain this watch from Patek, and compounding to that the even higher difficulty of obtaining a sealed example, present factory fresh timepiece can be deemed as one of the pinnacles of collectability when it comes to modern timepieces.
The present watch is the second example of its kind (on strap) to ever come on the market, underscoring its absolute rarity. Estimate: CHF 900,000 - 1,800,000
Lot 139: A Patek Philippe Perpetual Calendar Split Seconds Chronograph Ref. 5004A-001
In the modern world of horology, Patek Philippe is synonymous with innovation and fine craftsmanship. One watch that exemplifies everything about Patek Philippe is the ref. 5004 – a wondrous epitome of Swiss horological prowess, technological mastery and breathtakingly beautiful design. In production between 1994 and 2012, the ref. 5004 is one of the scarcest Patek Philippe models on the market, as only approximately 12 examples were created per year due to its technical difficulty. The ref. 5004 embodies some of the most significant features in the history of horology, including a perpetual calendar, a split seconds chronograph, moon phase, as well as 24-hour and leap year indication.
To celebrate the retirement of this iconic model, Patek Philippe created the ref. 5004 encased in stainless steel, as all preceding models were in gold or platinum. It was rumoured that 50 examples were made. Wristwatches with perpetual calendar or chronograph movements encased in stainless steel are some of the rarest timepieces in the world of watch collecting. Cased in stainless steel, the present ref. 5004 is not only a rare work of art for the wrist, but also a highly complex timekeeping device. Adding an element of exclusivity, the ref. 5004 in stainless steel was sold exclusively through the Geneva Salon, providing personalization customization for the brand’s most loyal clients.
Fresh to the auction market, the present watch was brand new and only unsealed on January 17, 2023 for the purpose of shipping the timepiece. A video of the unsealing of the timepiece is available to view, and the timepiece is also accompanied by a signed letter from Phillips' in-house counsel attesting this fact. As such, it is a study of originality, showing how a reference 5004 should look when it is brand new, from the curves on the lugs, to the fluting and all the hallmarks – all are original, as if the timepiece left Patek Philippe yesterday. It is furthermore accompanied by its original accessories, such as the Patek Philippe Certificate of Origin, dated April 25, 2012, additional caseback, numbered hang tag, setting pin, portfolio with photograph, numbered slip case, presentation box and outer packaging.
To date, only nine examples of the ref. 5004A have ever graced the auction market, underscoring the rarity and importance of the present timepiece. Estimate: CHF 400,000 - 800,000
Honorable Mention: If you like this watch, check out lot 199 – the 18k pink gold ref. 5004R-014 provides an entirely different look and feel.
Lot 137: A Patek Philippe Perpetual Calendar Minute Repeater Ref. 5074P-001
Since the turn of the Millennium, the "50" series of Patek Philippe watches, including the ref. 5070, 5016 and 5074, have gained notoriety for their impressively bold case designs, underscoring the classic DNA of Geneva's last family-owned manufacture. The ref. 5074, however, trumps most, with a direct lineage to the 3974, a watch launched to celebrate the 150th anniversary of the brand and is now a collecting icon. Both share a self-winding caliber, a perpetual calendar with moon phases, and crucially, a minute repeater. However, the 5074 boasts an impressive 42mm case housing a cathedral gong formed from a special alloy that wraps around the movement one and three-quarter times to produce a prolonged reverberation.
Patek Philippe released the ref. 5074 in yellow gold in 2001 to the delight of collectors and lovers of high horology, replacing it with the pink gold model in 2005, and the coveted platinum edition was introduced in 2009. It was without question a contemporary take on the grand complication watches of the mid-20th century's golden age of watchmaking.
Fresh to the auction market and consigned from the original owner, the present watch was brand new, complete with a full suite of accessories and double sealed originally. It was only unsealed on January 17, 2023 for the purpose of shipping the timepiece. A video of the unsealing of the timepiece is available to view, and the timepiece is also accompanied by a signed letter from Phillips' in-house counsel attesting this fact. Estimate: CHF 350,000 - 700,000
Lot 95: A Patek Philippe Perpetual Calendar Chronograph Ref. 3970EP-046, made for the 2015 Patek Philippe Watch Art Grand Exhibition at the Saatchi gallery in London and one of three known
Freshly opened from its original Patek Philippe factory seal, the present ref. 3970 with special dial (ref. 3970 with dial code -046) is not only cased in platinum but also features a beautiful inky black dial adorned with a Breguet numeral at 12 o'clock and additional tachymeter scale, which is confirmed by the Certificate of Origin. The third of its kind and the first freshly-unsealed example to ever appear at auction, this timepiece was specially made for the 2015 Patek Philippe Watch Art Grand Exhibition at the Saatchi gallery in London.
With over 400 exceptional timepieces on view, the 2015 Patek Philippe Watch Art Grand Exhibition was at the time the largest Patek Philippe exhibition ever held overseas. To celebrate the momentous occasion, Patek Philippe for the first time ever publicly released a selection of previously discontinued pieces with special dials. Such watches were only granted to Patek Philippe's most trusted and exclusive clientele. Today, pieces from this momentous exhibition are considered trophy pieces due to their rarity and historical importance within the history of Patek Philippe.
Fresh to the auction market, the present watch was brand new and double sealed originally. It was only unsealed on January 17, 2023 for the purpose of shipping the timepiece. A video of the unsealing of the timepiece is available to view, and the timepiece is also accompanied by a signed letter from Phillips' in-house counsel attesting of this. It is further accompanied by its original accessories including the Certificate of Origin, setting pin, additional numbered caseback and portfolio photograph.
Launched in 1986 and in production until approximately 2004, the ref. 3970 replaced the ref. 2499. Both models share certain features such as pump pushers and downturned fluted lugs. The ref. 3970 replaced the Valjoux movement of its predecessors with a heavily modified Lemania 2310 ébauche named CH 27-70Q. Further, two new indications were added to the ref. 3970: a leap year indication and a 24 hour hand.
The ref. 3970 underwent three significant transformations. While the first series featured a snap-on caseback, the second series displayed baton markers, feuille hands, and a screw back. It was produced concurrently with the ref. 3971, which had a snap-on sapphire back. Finally, the third series merged the ref. 3970 and 3971, offering both sapphire and solid screw-down case backs. This example comes with both its sapphire caseback and solid numbered platinum caseback. Estimate: CHF 300,000 - 600,000
Honorable Mention: If Saatchi dials are of interest to you, but you prefer a less complicated watch, don't miss out on lot 94 – it's a white gold Calatrava ref. 5089G-041 with an enamel dial depicting the Palace of Westminster that was made for the same 2015 Patek Philippe Watch Art Grand Exhibition in London.
Lot 203: A Patek Philippe Nautilus Ref. 5980/1400G
Even in the current collecting landscape of endless waitlists and strict allocation systems, there are different levels of rarity. While indeed some Nautilus models are more collectible than others, the true endgame lies within the “out of catalog” products. It is relatively common practice on part of Patek Philippe to occasionally offer to their most important clients the opportunity to buy watches that are not part of the public collection, but rather made in extremely low numbers and offered directly to the client, if he or she is deemed worthy. In fact, the genesis of the white gold reference 5980/1400G is exactly this – a small number of pieces discreetly made for special customers.
One of the most impressive Nautilus models to grace the auction market, this ref. 5980/1400G is fitted with an impressive total of 893 diamonds, weighing approximately 4.468 cts, and 182 baguette-cut diamonds, weighing 15.46 cts. Given the laborious process of creating such timepieces, such lavish models were created only for the very best clients of Patek Philippe. To date, only one other example has ever graced the auction market.
Preserved in excellent condition with barely any signs of wear, the present watch is accompanied by its Original Certificate, setting pin, presentation box and outer packaging. Representing the ultimate tier in terms both of aesthetics and collectability as well, the present piece is without a doubt one of the most impressive and hard to acquire timepieces made by the company and would be the “crown jewel” of any sport’s watch collection. Estimate: CHF 450,000 - 900,000
Honorable Mentions: Interested in more rare Nautilus? Head over to lot 84, a ref. 5976/1G-001, and lot 202, a ref. 5711/1P-001.
Lot 182: A Patek Philippe Grand Complications Minute Repeater Perpetual Calendar Tourbillon Ref. 5016R-011
For many watch collectors, the Patek Philippe ref. 5016 is an ultimate grail. From the outside, nothing much reveals the extreme degrees of difficulty embodied on the inside. A sophisticated grand complication, the present watch flaunts all the impressive complications one could dream of while remaining discreet and elegant in its appearance. Introduced in 1993, it was at the time the most complicated watch produced by the Swiss manufacture, featuring a minute repeater, a perpetual calendar with retrograde date and a tourbillon. It wasn’t until 2001 at the launch of the reference 5002 – the Sky Moon Tourbillon – that Patek Philippe presented a more complicated timepiece.
Produced in yellow, white, and pink gold, as well as platinum, and a one-off, unique piece for charity in stainless steel in 2015, the model most often featured a silvered or black dial with applied Breguet numerals matching the case metal. It is believed that approximately 200 examples were produced until the reference was discontinued in 2011.
With an “R” suffix in the model’s name short for or rose (pink gold), the present watch displays a 37mm stepped case with well-defined fluted lugs. Only the slide that triggers the minute repeater deviates slightly from Patek Philippe’s unmistakable classic look. Thanks to the intelligently organized black dial, the eight time and calendar indications are superbly legible. The hours and minutes are shown with pink gold Breguet hands and applied markers, and the seconds with a slender white baton hand at six o'clock. The calendar also features generously sized apertures for the day of the week, the month, and the leap-year cycle, as well as a white retrograde hand from the center that points at the date. Contributing to the perfect equilibrium of the dial, the moonphase display is placed at six o’clock, adding a final touch of poetry to this masterpiece of horology.
The present pink gold ref. 5016 is a wristwatch that embodies all the masterful qualities one expects from Patek Philippe, with a classic design and a complicated movement. It is a legendary wristwatch that many adore, but few can own. Accompanied by all its original accessories, including its certificate of origin, second solid caseback and setting pin – it is the sixth example in pink gold with black dial to appear on the public market; a modern masterpiece that could be the crown jewel of any collection. Estimate: CHF 250,000 - 500,000
Lot 50: A Patek Philippe Aquanaut Ref. 5167A-012, made in a limited edition of 500 pieces for The Singapore Grand Exhibition
Launched to celebrate the 10th anniversary of the Aquanaut, Patek Philippe introduced the reference 5167 in 2007. Unveiled together with the reference 5165, the ref. 5167 featured a larger case measuring 40mm diameter to cater towards the taste of contemporary collectors. Highly sought after in recent years, the reference can be considered as one of the hottest Patek Philippe sports models on the market, alongside the Nautilus.
In 2019, to celebrate and commemorate the 2019 Grand Exhibition in Singapore, Patek Philippe delighted collectors by launching the reference 5167 with an unusual twist and adding eye-catching details. The model now displayed red accents on the dial, as well as the seconds hand. Further, a red strap was delivered with the watch, giving it a memorable appearance.
One of a limited edition of 500 pieces only, the present timepiece is the first of its kind to be auctioned in public and also at Phillips in Association with Bacs & Russo. It is offered with all its original accessories, marking an exciting opportunity for any discerning collector to acquire this exceedingly rare variant of the Aquanaut. Estimate: CHF 60,000 - 120,000
Honorable Mention: If an Aquanaut of a different hue is what you seek, mosey on over to lot 85 for a prime example of the popular khaki green-colored ref. 5168G-010.
Lot 158: A Patek Philippe Advanced Research Aquanaut Ref. 5650G-001, one of a limited edition of 500 pieces
In the early 2000s, Patek Philippe created the Advanced Research department with the goal of finding innovative timekeeping and engineering solutions intended to advance the field of watchmaking into the 21st century. Working with the CSEM research lab and the École Polytechnique Fédérale de Lausanne, researchers originally focused on “new materials”, “new manufacturing technologies” and a “new conceptual fundamentals”. Out of this came Silinvar®, a patented mono-crystal silicon. The material is unaffected by temperature change, is very lightweight, requires no lubrication and is corrosion resistant. Patek Philippe’s first watch to use this new material was the reference 5250 Annual Calendar Advanced Research with Silinvar® escape wheel, and it was followed by 3 more models (5350, 5450 and 5550) which saw incremental application of the technology to the hairspring, escape anchor, and eventually balance wheel, finally achieving a full escapement in silicon.
Reference 5650G can be considered an archetypal result of the AR department. Inspired by the company’s heritage (the first travel time reference - ref. 2597 - dates back to the 1950s) Patek Philippe engineers found a novel way to construct Louis Cottier’s invention of a jumping hour hand. Using technologies unimaginable until a few years ago, the travel time system, originally constructed as an “old school” ensemble of hinged steel bridges and screws, was redesigned to be a single piece sporting flexible steel blades. This solution eliminates any hinged part from the system, thus enormously increasing its precision, resilience, and lifetime. The window cut into the dial of the watch allows the wearer to admire the entire system in action.
Produced in a limited edition of 500 timepieces, the model is currently one of the most heatedly sought-after modern Patek Philippe pieces. Estimate: CHF 300,000 - 600,000
Lot 156: A Patek Philippe Perpetual Calendar Split-Seconds Chronograph Ref. 5204P-011
The perpetual calendar chronograph wristwatch is one of the cornerstones of Patek Philippe as a watchmaker. It all began in 1940 with the introduction of the ref. 1518; the line has continuously been in production ever since, spawning five main references. It is however only in recent times, with the introduction of reference 5004 in 1996 that a split-second feature was added to the ensemble.
Launched in 2012, the ref. 5204 replaced the ref. 5004 being the first perpetual calendar chronograph wristwatch to feature the manufacturer’s first in-house cal. CHR 29-535 PS Q, replacing its former Lemania based cal. CHR 27-70Q.
The addition of a split-second feature propels the watch into the ultimate echelon of watchmaking, the split-second chronograph being one of the most daunting complications to execute, together with the minute repeater. Such mechanical prowess coupled with the generous proportions of the watch and the quintessentially Patek Philippe design of the piece made reference 5204 an instant classic, highly coveted by collectors.
Cased in platinum and displaying a striking black dial, the present timepiece is preserved in excellent and barely worn condition and is accompanied by all its original accessories. Estimate: CHF 120,000 - 240,000
Lot 55: A Patek Philippe Perpetual Calendar Chronograph Ref. 3971 in 18k pink gold, one of only eight known
Originally introduced in 1986, Patek Philippe's reference 3971 was conceived alongside its sibling reference 3970. Remaining in production for about 4 years, it was later absorbed into the general 3970 line, which would remain within Patek Philippe’s catalogue until its discontinuation in 2004. Aesthetically, the two references shared many similarities like feuille hands, stick indexes, and differently coloured sub-dials, the only and major difference between the two being a solid caseback present on the reference 3970 opposed to a sapphire caseback for the reference 3971.
According to research, less than 300 examples where ever produced. The first series produced from 1986 until 1988 were still offered with a snap-on back. The second series as seen on the present watch began production from 1987 until 1990, known as the ref. 3971E (E for "étanche" or "water-resistant") and was equipped with a screw-down caseback with only 170 pieces made, according to research.
An additional curious aspect of the ref. 3971 is the placement of the hallmarks. Present on the outer sides of the lugs, this unusual placement was later abandoned mid-production probably because the location is very sensitive to rubbing, making those few examples, like the present timepiece, even more desirable.
According to our most recent research, the present example is only the eighth pink gold reference 3971 to be identified with this peculiar difference, makes it even more desirable. Of the eight examples known, the present timepiece is so far the only one with the numbers in the minute track printed as dots in place of the more commonly found arrows.
Interestingly, the present watch was the property of Jean Joseph Jacober (as indicated on the Certificate), the former Marketing Manager and COO of Patek Philippe, who later joined Breguet and oversaw its sale to the Swatch Group in 1999. Estimate: CHF 100,000 - 200,000
You can learn more about all of the above featured watches and register to bid by visiting the online catalog for PHILLIPS Geneva Watch Auction: XVII.
About Phillips In Association With Bacs & Russo
The team of specialists at PHILLIPS Watches is dedicated to an uncompromised approach to quality, transparency, and client service. Phillips in Association with Bacs & Russo holds the world record for the most successful watch auction, with its Geneva Watch Auction: XIV having realized $74.5 million in 2021. Over the course of 2021 and 2022, the company sold 100% of the watches offered, a first in the industry, resulting in the highest annual total in history across all the auction houses at $227 million.
Recommended Reading
A Guide To White Metal, Black Dial, Patek Philippe Chronographs
Discovering A Possibly Unique Patek Philippe "Grand Complication" Ref. 3974