The Phillips Hong Kong Watch Auction: XXII takes place on 30 & 31 May 2026, at our West Kowloon headquarters. The auction includes more than 250 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 18k white gold Patek Philippe Ref. 3448 featured below.
– By Logan Baker
When Patek Philippe introduced the Ref. 3448 in 1962, the brand did something revolutionary.
The Geneva manufacture had produced perpetual calendars for decades, but they had always relied on manual-wind movements. With the Ref. 3448, Patek Philippe combined the practicality of automatic winding with one of watchmaking’s most demanding complications, creating the first self-winding perpetual calendar wristwatch in the brand’s history.
That achievement alone would make the reference historically significant. But what has cemented the Ref. 3448’s reputation among collectors is how completely the watch succeeds on every other level. It is innovative without being showy, technically sophisticated yet visually restrained, and designed with a level of clarity that has aged remarkably well.
At just over 37mm in diameter, the watch was large for its time, though it never feels oversized. The Italian nickname “Padellone,” meaning "large frying pan," hints at the boldness of the case, yet the design itself is anything but blunt. The lugs are sharply faceted trapezoids that taper downward toward the wrist, giving the watch a crisp architectural presence while preserving comfort. A polished concave bezel frames the dial with subtle depth, creating a gentle transition between case and crystal.
The opaline dial features slender faceted baton markers, with small pyramidal hour markers at five and seven o’clock, adding just enough variation to keep the layout lively. Around the perimeter, tiny pearl-like minute markers are engraved into the dial plate. Dauphine hands complete the composition, their crisp facets catching the light without distracting from the calendar indications.
The perpetual calendar display itself is elegantly restrained. Day and month appear through twin apertures beneath 12 o’clock, while the date and moon-phase occupy the subdial at six. Everything is balanced, symmetrical, and easy to read. It is the sort of dial that feels effortless, though the harmony clearly reflects careful design.
Over the course of its production, the Ref. 3448 appeared with several dial variations that collectors use today to identify different series.
The earliest watches, produced from 1962 to around 1966, feature enameled baton-style minute divisions, a detail prized for its crisp appearance and labor-intensive execution. By the mid-1960s, Patek Philippe transitioned to the second series, which introduced distinctive “beady” or pearl-style minute markers and a smaller date ring.
The third series, appearing in the early 1970s, retained the pearl-style minute track but enlarged the date ring for improved legibility. Late-production examples form the fourth series, in which the baton-style minute divisions returned, now printed rather than enameled. While each variation reflects small aesthetic and technical evolutions, collectors tend to favor the earliest series for their particularly refined details and period charm.
Inside the case beats one of Patek Philippe’s great mid-century movements. The calibre 27-460 Q builds upon the manufacture’s second self-winding movement, upgraded with a perpetual calendar mechanism. Like the celebrated automatic calibre used in the Ref. 2526, it features an 18k gold rotor that winds the movement efficiently during everyday wear.
The finishing is exemplary even by Patek standards of the era, with elegant bridges and carefully executed decoration that reflect the brand’s uncompromising approach to movement construction. Of course, the movement remains hidden behind a solid caseback, as was customary in the 1960s.
While the Ref. 3448 was produced in 18k yellow gold, 18k pink gold, and platinum, the 18k white gold examples occupy a special place in the model's history.
Out of the approximately 586 watches made across the entire production run, fewer than a quarter are believed to have been cased in 18k white gold. The metal subtly transforms the watch’s personality. Where 18k yellow gold emphasizes its mid-century warmth, 18k white gold introduces a cooler, more discreet character that aligns perfectly with the design’s architectural clarity.
Collectors often discuss the Ref. 3448 in the same breath as other mid-century Patek milestones such as the Ref. 2499. Yet the two watches feel like products of entirely different eras. The Ref. 2497 and Ref. 2499 belong to an earlier generation of perpetual calendars rooted in classical case forms.
The Ref. 3448, by contrast, looks forward. Its clean geometry, integrated crown, and larger proportions feel almost futuristic for the early 1960s. That sense of modernity remains part of its enduring charm. Place a Ref. 3448 beside contemporary Patek Philippe watches today, and it would not feel out of place. The proportions remain balanced, the dial clear, and the design language unmistakably timeless.
For many collectors, that combination of attributes places the reference among the most compelling wristwatches ever produced. It is historically important as Patek Philippe’s first automatic perpetual calendar wristwatch. It is mechanically sophisticated, powered by one of the manufacture’s great mid-century movements. And above all, it is beautifully designed.
The 18k white gold examples add an additional layer of rarity and quiet elegance to the equation. In a field already defined by exceptional watches, they stand out as some of the most refined expressions of the legendary Ref. 3448.
You can learn more, place a bid, and view the entire Hong Kong Watch Auction: XXII 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.