Our first live auction of 2025, the PHILLIPS Geneva Watch Auction: XXI, takes place on 10 - 11 May, at the Hotel President, at Quai Wilson 47, in central Geneva. The auction includes nearly 200 of the world's finest watches – and though we are loath to boast, we truly think it's one of the best catalogs we've ever put together. We'll be highlighting a number of the most interesting lots and stories featured in the sale over the next month, including examples of the Patek Philippe ref. 3974 and 5074 detailed below.
– By Logan Baker
When it comes to complicated watchmaking in the modern era at Patek Philippe, there are few pairs of references that invite comparison like the legendary Minute Repeater Perpetual Calendar ref. 3974 and its successor, the ref. 5074.
Both watches marry a minute repeater with a perpetual calendar, yet these two minute-repeating perpetual calendars, launched 12 years apart and reflect very different moments in Patek Philippe’s history and design philosophy.
While many brands and watchmakers have created highly complicated masterpieces and grand complications, it's still rare to find a watch featuring only a perpetual calendar and minute repeater. Patek Philippe, of course, led the way. Vacheron Constantin has accomplished it. And just this year, A. Lange & Söhne joined them with the Minute Repeater Perpetual, launched at Watches and Wonders Geneva 2025.
Our upcoming Geneva Watch Auction: XXI features examples of both Patek Philippe's legendary take on the complication combination, including a fresh-to-market ref. 3974 and a pristine ref. 5074.
The occasion offers a unique opportunity to compare and contrast the two legendary references.
The Patek Philippe Ref. 3974
In 1989, Patek Philippe celebrated its 150th anniversary by unveiling a suite of extraordinary timepieces. The crown jewel of this celebration (apart from the Caliber 89 pocket watch) was the ref. 3974 – a self-winding minute repeater with perpetual calendar and moon-phase.
At the time of its introduction, the ref. 3974 was the most complicated Patek Philippe wristwatch ever made. It housed the ultra-thin caliber R 27 Q with a micro-rotor, a movement comprising 467 parts that ingeniously combined the chiming mechanism and calendar into a compact 36 mm case.
Produced from 1989 to 2002, only about 120 pieces of the ref. 3974 were made across all metals – mostly in yellow gold, with small handfuls in pink gold (fewer than 20), white gold (~12), and platinum (~12). A majority of the cases for the ref. 3974 (approx. 80) were made by the master casemaker Jean-Pierre Hagmann, who signed each of the cases that left his workshop with his personal hallmark "JHP" under the lug near 10 o'clock.
The Patek Philippe Ref. 5074
Fast forward to the new millennium: Patek’s “50-” series of watches ushered in a bolder design language for complicated watchmaking. The ref. 5074, introduced in 2001 in yellow gold, was explicitly an evolution of the ref. 3974’s concept – maintaining the same combination of complications but reinterpreted for a 21st-century audience.
Initially launched in yellow gold (2001) and later offered in pink gold (from 2005) and platinum (from 2009), the ref. 5074 remained in production until around 2015. Production numbers were (unsurprisingly) low: it’s reported that fewer than 25 examples in yellow gold were made, and under 40 in rose gold, with platinum pieces being especially scarce.
Movement and Technical Differences
At the heart of both references lies the Caliber R 27 Q, a self-winding movement with minute-repeater and perpetual calendar functions. In fact, the ref. 5074 uses essentially the same base caliber as the ref. 3974, showcasing Patek’s confidence in this movement’s architecture and performance.
Both calibers feature a 22k gold micro-rotor for winding, a classical balance with the Gyromax system, and a perpetual calendar mechanism displaying day, date, month, leap year, 24-hour indicator, and moon-phase. Importantly, since 1989 Patek has used a centrifugal governor in its repeaters to regulate the chiming tempo, ensuring a smooth, buzz-free operation for both the ref. 3974 and ref. 5074.
Where they diverge is in the repeater’s acoustic design. The ref. 3974’s repeater strikes on a pair of traditional steel gongs that circle the movement once, producing the sweet ding-dong Patek is famous for. The ref. 5074, however, was upgraded with “cathedral” gongs, which are extra-long gongs that wrap around the movement twice for a richer, more resonant chime.
In other words, the mechanism is the same in both watches except for the gong length – the ref. 5074’s gongs give a louder, enduring tone compared to the ref. 3974’s more conventional gongs. This distinction in gong design is a serious highlight: Patek reserved cathedral gongs for only a few of its most special repeaters, and the ref. 5074 is one of them (along with pieces like the Sky Moon Tourbillon and later ref. 5374).
Design Evolution
Beyond mechanics, the aesthetic leap from ref. 3974 to ref. 5074 is striking. The ref. 3974’s design is the picture of classical Patek elegance: a relatively small 36 mm gold case with simple lines, a modest bezel, and traditional dial furniture. Most ref. 3974s have a clean silvered dial with applied baton hour markers and dauphine hands, very much in line with the design language of Patek’s 1980s perpetual calendars (like the ref. 3940).
The three sub-dials (at 3, 9, and 6 o’clock) neatly display the calendar information: day and 24-hour indicator at 9, month and leap year at 3, and date and moon phase at 6 o’clock. Everything about the ref. 3974’s look is restrained and timeless; even the case itself is a classic three-piece construction with gently downturned lugs and a snap-on display back. In rare instances Patek fitted special dials – for example, a few platinum ref. 3974s featured applied Breguet numerals instead of batons, a coveted variation among collectors. But in general, the ref. 3974 stays under the radar.
The ref. 5074’s design took a bolder turn while still nodding to Patek tradition. Its case measures a commanding 42 mm in diameter, immediately giving the watch more wrist presence. The bezel is broad and flat with a pronounced step, a style reminiscent of mid-century Patek complications like the ref. 2499 perpetual calendar chronograph.
The dial, available in opaline white or black depending on the case metal, features applied gold Arabic numerals in a vintage font, replacing the simple batons of the ref. 3974. These numerals, along with the railroad minute track and sub-dial scales, give the ref. 5074 a slightly more ornate, classical appearance – almost like a pocket watch dial – yet the overall impression is more modern due to the watch’s sheer size and heft.
The sub-dial layout and functions remain the same as the ref. 3974, but spaced out a bit more on the expansive dial. Around the dial’s periphery, the wide stepped bezel provides visual balance, preventing the watch from feeling empty despite the larger dimensions. The result is a watch that is simultaneously imposing and elegant.
Patek’s decision to enlarge the case wasn’t driven by mechanical necessity. The caliber R 27 Q could theoretically have fit in a smaller case even with cathedral gongs (which do require a bit more space). Instead, the jump to 42 mm was a conscious aesthetic choice – a response to modern tastes for larger watches. Despite this, the ref. 5074 isn’t a radical departure; it preserves many traditional cues (the layout, the use of precious metals only, the refined dial details) so that it feels like a natural extension of Patek’s lineage rather than a break from it.
Chiming Performance
No comparison of minute repeaters is complete without discussing the sound. Here, the 42mm case and cathedral gongs give the ref. 5074 a notable edge in acoustic richness.
Collectors who have heard both will often describe the ref. 3974’s chimes as delicate, pure, and refined – a beautiful sound to be sure, and one vetted personally by the Stern family (Philippe, and now, Thierry Stern famously listen to each repeater to approve its tone). The ref. 5074, however, delivers a longer, more resonant chime; its cathedral gongs sustain notes that linger in the air.
It’s worth noting that no two minute repeaters sound exactly alike – even among the same model – due to slight variations in assembly and case metallurgy. Interestingly, both the ref. 3974 and ref. 5074 have been made in platinum, a metal known to dampen sound more than gold.
Yet, Patek Philippe’s acoustic mastery is such that even a platinum ref. 5074 can sound remarkably warm and loud. The larger case of the ref. 5074 likely provides a better resonance chamber to compensate for platinum’s density.
Collecting Perspective
Both references occupy exalted status in the collector community, but their appeals have some differences. The ref. 3974, being a milestone piece from 1989 and relatively limited in production (~120 pieces), is now considered a "Holy Grail"-type piece for many Patek Philippe lovers.
Its historical significance as Patek’s first modern-minute repeater wristwatch and its ties to the anniversary make it highly sought after. Auction results for ref. 3974s reflect this. Over the past decade at Phillips in Association with Bacs & Russo, we've sold a total of 11 ref. 3974 examples across all case metals (with a thirteenth example appearing in May, at the Geneva Watch Auction: XXI) for an average sale price of USD $1,353,527 (with results adjusted for inflation and currency conversion). The most common examples that appeared at Phillps in that time were those in 18k yellow gold cases with silver dials, which averaged USD $572,335, followed by the next most common appearing examples in 18k white gold with silver dials, which averaged USD $1,313,190.
A possibly unique example in 18k yellow gold with a black dial with Breguet numerals appeared twice at Phillips in this time frame. First in May 2016, where it sold for CHF 1,181,000 (April 2025 adjusted price: USD $1,568,875), and then again in May 2022, where it sold for HKD $19,610,000 (April 2025 adjusted price: USD $2,674,382) – a 70.5 percent increase in value over six years. We believe the latter result to be a world record price for any ref. 3974 at auction.
Three platinum examples have appeared at Phillips to date. One example with a silver dial sold for CHF 1,032,500 in November 2018 (April 2025 adjusted price: USD $1,351,664); one example with a black dial sold for CHF 1,421,500 in November 2020 (April 2025 adjusted price: USD $1,867,740); and a possibly unique example with a silver dial and Breguet numerals that sold for HKD $14,365,000 in November 2023 (April 2025 adjusted price: USD $1,922,548).
Pink gold ref. 3974 examples that have sold at Phillips include a possibly unique example with an anthracite dial and Breguet numerals that went for CHF 961,700 in November 2022 (April 2025 adjusted price: USD $1,221,656) and a silver dial example (believed to be one of only five in the metal) that sold for HKD $9,325,000 in June 2021 (April 2025 adjusted price: USD $1,292,077).
The ref. 5074, on the other hand, appeals to collectors who appreciate a blend of modern design and top-tier complications. It is every bit as rare (perhaps even more so in certain metals), but because it’s newer, its auction prices have typically been in the mid-to-high six figures rather than regularly breaking the million mark.
Only three examples have sold at Phillips over the past decade: a pink gold example with a silver dial sold for USD $325,000 in December 2018 (April 2025 adjusted price: USD $413,906); a platinum example with a black dial sold for CHF 698,500 in May 2023 (April 2025 adjusted price: USD $867,094); and a yellow gold example with a silver dial sold for CHF 431,800 in November 2023 (April 2025 adjusted price: USD $536,021). A fourth ref. 5074 example is included in our upcoming Geneva Watch Auction: XXI. It's lot 32 in the catalogue, features a platinum case and black dial, and carries an estimate between CHF 300,000 and 600,000.
However, many collectors view the ref. 5074 as a “future classic” – a watch that, while not as old, has all the ingredients (quality, rarity, beauty) to appreciate in the long run. It doesn’t hurt that the ref. 5074 was relatively under-the-radar in its day (made for a small selection of Patek’s clientele), and only in recent years has broader awareness grown about its significance.
Comparing the Patek Philippe ref. 3974 and ref. 5074 is a fascinating study in how a company can evolve a complication (or two) over time. The ref. 3974 was a trailblazer, a product of revival that placed Patek back atop the minute-repeating world in 1989. The ref. 5074, stepping into the 21st century, was the worthy heir that pushed boundaries – bigger sound, bigger case, bolder design. Both references demonstrate Patek Philippe at its best, fusing technical virtuosity with timeless design.
In the end, choosing a “favorite” between the two might simply come down to personal taste. Do you favor the under-the-radar sophistication and historical significance of the ref. 3974? Or does the dramatic presence and potential sonic supremacy of the ref. 5074 set your heart on fire?
You can learn more, place a bid, and view the entire Geneva Watch Auction: XXI catalogue right here.
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.
About Logan Baker
Logan has spent the past decade reporting on every aspect of the watch business. He joined Phillips in Association with Bacs & Russo at the start of 2023 as the department's Senior Editorial Manager. He splits his time between New York and Geneva.
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