Our first live auction of 2026, the PHILLIPS Geneva Watch Auction: XXIII, takes place on 9 & 10 May, at the Hotel President, at Quai Wilson 47, in central Geneva. The auction includes more than 200 of the world's finest watches – and though we are loath to boast, we truly think it's one of the best catalogues we've ever put together. We'll be highlighting a number of the most interesting lots and stories from the sale over the next month, including the ultra-rare pair of "Saatchi Edition" Patek Philippe Chronograph Ref. 5070s featured below.
– By Logan Baker
Few modern Patek Philippe chronographs have achieved the wide appeal of the Ref. 5070.
Introduced in 1998, it marked the return of a non-perpetual calendar chronograph to the manufacture’s collection after nearly four decades. In the eyes of collectors, it quickly became something of a modern classic: a generously proportioned 42mm case, bold applied Arabic numerals, and the reassuring mechanical beauty of the manual-wind calibre CH 27-70, based on the celebrated Lemania 2310 ébauche.
The story most people know ends in 2009, when the Ref. 5070 was discontinued and replaced by the more contemporary Ref. 5170. But in the strange and fascinating world of Patek Philippe’s most discreet creations, some stories never quite end when the catalogue says they do.
Six years later, in 2015, Patek Philippe staged the Watch Art Grand Exhibition at the Saatchi Gallery in London, the largest overseas exhibition the manufacture had ever organized at the time.
Over the course of 12 days, more than 42,000 visitors passed through the doors, exploring a sweeping presentation of the brand’s history, craftsmanship, and technical accomplishments. For collectors, however, the exhibition would become known for something else entirely: a small, mysterious group of watches that quietly revived references once thought retired.
Among the most intriguing were four new versions of the Ref. 5070.
Drawing upon unused cases from the original production run and a reserve of new-old-stock Lemania chronograph movements, Patek Philippe created a handful of watches that would never appear in the official catalogue.
Each variant is believed to have been produced in just five examples, offered privately to the manufacture’s most trusted collectors. These watches were never formally announced and were scarcely recognized publicly by the brand, quickly earning the nickname “Saatchi Edition” pieces among collectors.
What makes these watches so compelling is not only their rarity but also the way they sit slightly outside the normal arc of Patek Philippe production. The Ref. 5070 was already regarded as a modern classic, a watch many collectors wished had stayed in production longer. To see it "unofficially" revived half a decade after its discontinuation created an immediate aura around these pieces, as if Patek Philippe had briefly reopened a door that was previously thought to be permanently closed.
Two of the most charismatic examples of this clandestine series now appear together at the Phillips Geneva Watch Auction: XXIII. (The other two "Saatchi Edition" 5070 examples are the 18k yellow-gold, brown-dial Ref. 5070J-012, and the 18k pink-gold, black-dial Ref. 5070R-014.)
The first is the Ref. 5070P-013, a platinum example distinguished by its vibrant metallic blue dial.
While the standard platinum Ref. 5070, introduced late in the model’s production run, was already known for its blue dial, the "Saatchi" variant features a noticeably brighter, more electric shade, giving the watch a striking visual presence.
Subtle dial details also set it apart. The “Patek Philippe Genève” signature appears in a revised non-serif font, while the numerals and scale printing feature small adjustments that seasoned collectors immediately recognize. Even the tachymeter scale shows subtle revisions, with a rounder zero and a slightly altered “1000” marking compared to the standard production dial.
Believed to be one of only five examples ever produced, the watch carries the full mystique of the "Saatchi" series. It was completed in 2016 and remains preserved in exceptional condition, accompanied by its certificate of origin and original presentation accessories.
Perhaps most notably, it represents the first time a platinum, blue-dial "Saatchi" Ref. 5070 has appeared at an international auction, making it a particularly significant moment for collectors who have followed these watches since their secret release.
Equally captivating is the Ref. 5070G-014, presented in 18k white gold with a salmon dial.
If the blue-dial platinum example captures attention through color and presence, the salmon-dial, 18k-white-gold Ref. 5070G-014 speaks directly to the sensibilities of veteran Patek Philippe collectors.
Salmon dials occupy a special place in the brand’s history, appearing only sporadically across both vintage and modern references. When paired with the bold architecture of the Ref. 5070's 42mm case, the result feels both familiar and slightly unexpected, combining classical warmth with the muscular design language that defines the reference.
Like its platinum counterpart, the 18k white-gold, salmon-dial version is believed to exist in just five examples. The present watch is only the third known to appear at auction, reinforcing the sense that these watches remain firmly within the realm of pieces discussed among collectors but rarely encountered in the open market.
At the heart of both watches beats the calibre CH 27-70, one of the most admired chronograph movements of the late 20th century. Derived from the Lemania 2310, the movement was extensively reworked by Patek Philippe and finished to Geneva Seal standards, featuring elegant chronograph bridge architecture, a beautifully shaped column wheel, and hand-finished details throughout.
For many enthusiasts, the movement represents the end of an era, the last generation of Patek Philippe chronographs powered by this legendary Lemania-based architecture before the manufacture transitioned to its fully in-house chronograph calibres.
The "Saatchi Edition" Ref. 5070s occupy a fascinating place in the landscape of modern Patek Philippe.
They are watches that emerged silently, circulated privately, and were never meant to be widely known. That mixture of secrecy, mechanical pedigree, and genuine scarcity has elevated them to near-mythical status among collectors.
The fact that two "Saatchi Edition" Ref. 5070s are surfacing at the same time offers a rare opportunity to glimpse a chapter of collecting history that was never meant to officially be written in a catalogue.
You can learn more, place a bid, and view the entire Geneva Watch Auction: XXIII 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 ten years covering the watch industry from every angle. He joined Phillips in Association with Bacs & Russo in early 2023 as Senior Editorial Manager, after previous roles at Hodinkee and WatchTime. Originally from Texas, he spent a decade in New York and now calls Geneva home.
Recommended Reading
An In-Depth Collectors’ Guide To The Patek Philippe Chronograph Ref. 5070
What Makes Patek Philippe's 'Saatchi' Edition Watches So Special?