1097Σ︎
Patek Philippe
Ref. 3448
Padellone “Tokyo White”
An exceedingly rare, important and fresh-to-the-international-market white gold double-signed perpetual calendar wristwatch with “Topsider” signature, moon phases, Certificate of Origin and presentation box, retailed by Beyer – the only known example
Estimate
HK$6,000,000–12,000,000
€654,000–1,310,000
$769,000–1,540,000
Live 31 May, 12 PM Hong Kong SAR China Time
Manufacturer
Patek Philippe
Year
1972
Reference No
3448
Movement No
1’119’227
Case No
328’528, Beyer number "223’164+Z3" etched inside caseback
Model Name
Padellone “Tokyo White”
Material
18K white gold
Calibre
Automatic, cal. 27-460 Q, 37 jewels
Bracelet/Strap
Leather
Clasp/Buckle
Stainless steel unsigned pin buckle
Dimensions
37.5mm diameter
Signed
Case, dial and movement signed; Dial further signed by retailer
Accessories
Accompanied by Patek Philippe Certificate of Origin stamped Chronometrie Beyer Zurich dated 24th July 1972, service invoice dated 2nd March 2021, additional crocodile strap, 18K white gold pin buckle, service travel box, fitted presentation box. Further delivered with Extract from the Archives confirming its date of manufacture of the present timepiece in 1972 and its subsequent date of sale on 1st June 1972.
Full-Cataloguing
Good To Know:
- The only known white gold “Topsider” example with Beyer signature
- Period correct Third Series dial with "reversed" date print
- Superb condition with sharp facets and crisp hallmarks
- Fresh-to-the-international-market found in Tokyo and scholarship-changing
- Complete with original certificate stamped Beyer, presentation box and service paper
- Nicknamed “Tokyo White”
Certain works of art transcend their singular importance, becoming cornerstones of their collecting category through a rare combination of scarcity, aesthetic beauty and mechanical intrigue. Among the most discerning scholars, such objects are spoken of with a distinct blend of reverence and desire.
For the dedicated connoisseur, the pursuit of horology is a lifelong journey, yet the emergence of a truly significant timepiece remains a profound event. There is a unique exhilaration in discovering a "fresh-to-the-market" example, these moments do more than just excite the community—they actively refresh and expand historical scholarship.
The appearance of the present lot represents one of these rare milestones. A veritable "mythological beast" in the realm of high watchmaking, this white metal reference 3448 presents itself with a visual profile that challenges traditional expectations and stands apart from all known examples.
Reference 3448
The Reference 3448 occupies a paramount position in the history of both Patek Philippe and horology at large. As the world’s first self-winding perpetual calendar wristwatch, it succeeded the manually wound references 2497 and 2438/1, marking a definitive evolution in watchmaking. Today, it remains one of the most coveted vintage models, prized for its robust, sculpted, and harmonious design paired with eminent practicality.
Beyond its rarity and intellectual significance, the 3448 possesses technical and aesthetic qualities that would define it as a masterpiece regardless of production numbers. Boasting a remarkably modern appeal, the reference is distinguished by its generous 37.5mm case, crafted by the renowned Antoine Gerlach (identified by the "key 4" hallmark indicating its Geneva provenance). Its contemporary, angular architecture is so enduring that it serves as the inspiration for the modern references 5235 and 5236. While the yellow gold versions are classic, the white gold livery provides a sleek, monochromatic sophistication that heightens the watch’s soul and emotional resonance.
Technically, the model is a triumph of engineering. Beating within is the calibre 27-460, the final evolution of the legendary 12-600. Originally introduced in the reference 2526, this movement is universally regarded as one of the most accurate, reliable, and lavishly decorated automatic calibers ever produced. It was the culmination of three decades of research and development, released following the expiration of Rolex’s rotor patent. In this specific application, the addition of the perpetual calendar module creates the cal. 27-460 Q (Quantième).
To understand the rarity of this reference, one must look at the production numbers across various metals. The vast majority of reference 3448s were cased in yellow gold; over the decades, research has identified more than 200 yellow gold examples, compared to approximately 80 in white gold. Even scarcer are the two later platinum examples and the singular, legendary pink gold specimen, which Phillips had the honor of bringing to market in 2025.
Launched in 1962, it was produced for a period of 20 years before being replaced by reference 3450 and the production can be split into four different series as follows:
- The First Series features baton minute divisions with engraved/enameled graphics and small date ring - 1962 to circa 1965.
- The Second Series, introduced pearl minute divisions. The date ring remains small and earlier ones have engraved enamelled graphics, whereas later ones are printed - 1965 to circa 1973.
- The Third Series maintains the pearl minute divisions but the date ring now features a large font. The graphics are printed - 1971 to circa 1978. (The present example)
- The Fourth Series reintroduces the baton minute divisions found on the First Series albeit now they are printed. The date ring remains large - from circa 1978.
Double-signed Beyer
The significance of this lot is further elevated by its dial. Prior to the release of this catalogue, only three white gold examples of the reference 3448 were known to the market featuring the signature of the historic retailer Beyer Chronometrie. We are proud to present the fourth—and it arrives with a remarkable twist.
As the world’s oldest watch retailer, the Zürich-based jeweler has maintained a storied partnership with Patek Philippe dating back to circa 1842. This relationship reached a celebrated peak when the Stern family selected Beyer to retail the first 25 examples of the reference 3940, featuring the retailer's name with individual numbering in elegant script. However, well before that milestone, the iconic reference 3448 also received this prestigious double stamping in exceedingly rare instances.
The Beyer signature is undoubtedly one of this watch’s most compelling traits, yet the dial itself offers further delights for the scholar. This wonderfully preserved Third Series dial is distinguished by its "pearly" minute divisions and a larger calendar ring. Most extraordinarily, the date numerals from 9 to 23 feature a "reversed" font—a rare typographical quirk seen only in a narrow window of production between 1971 and 1972. Over the decades, the dial surface has also acquired a subtle, warm ivory hue that perfectly complements the cool luster of the white gold case.
Perhaps the most striking "elephant in the room" is the highly unusual placement of the Patek Philippe signature above the calendar apertures. To the best of our knowledge, only three other examples of the reference 3448 are known to exist with this specific signature style, and this is the only known example that combines this layout with the Beyer signature.
The rarity is further solidified by the accompanying documentation and accessories. The watch retains its presentation box and the original 1972 Certificate of Origin, stamped by Chronometrie Beyer Zürich. Interestingly, the certificate does not list the case number next to the reference, but rather Beyer’s internal stock number, “223’164”, which is also meticulously etched inside the caseback.
The state of preservation is nothing short of breathtaking. The case remains in "jaw-dropping" condition, with razor sharp facets on the lugs and perfectly intact proportions. Two crisp hallmarks remain visible behind the lugs, suggesting the watch spent the majority of its life secured in a safe rather than on a wrist. The originality of the watch is further confirmed by the fact that the last three digits of the movement number are hand-engraved on the back of the dial, while the last three digits of the case number are engraved in Roman numerals inside the bezel. Recently serviced by Patek Philippe Japan in 2021, this example, is offered with impeccable mechanical health and complete documentation.
Within the watch community, it is common to bestow nicknames upon significant timepieces. In accordance with the consignor’s wishes, we have nicknamed this exceptional white gold ref. 3448 the “Tokyo White” — a title that honors its provenance and celebrates its discovery in Tokyo, Japan.
This timepiece is more than a watch; it is a singular trophy and a definitive "star" for any world-class collection. Its appearance is particularly poignant given the recent news that Patek Philippe is going to acquire Beyer Chronometrie. After 266 years of independent operation, the legendary store will conclude its historic run at the end of 2026, transitioning into a new Patek Philippe salon in 2027. While the chapter of the world’s oldest retailer draws to a close, its legacy will be forever preserved by the very manufacturer it championed for nearly two centuries.
- The only known white gold “Topsider” example with Beyer signature
- Period correct Third Series dial with "reversed" date print
- Superb condition with sharp facets and crisp hallmarks
- Fresh-to-the-international-market found in Tokyo and scholarship-changing
- Complete with original certificate stamped Beyer, presentation box and service paper
- Nicknamed “Tokyo White”
Certain works of art transcend their singular importance, becoming cornerstones of their collecting category through a rare combination of scarcity, aesthetic beauty and mechanical intrigue. Among the most discerning scholars, such objects are spoken of with a distinct blend of reverence and desire.
For the dedicated connoisseur, the pursuit of horology is a lifelong journey, yet the emergence of a truly significant timepiece remains a profound event. There is a unique exhilaration in discovering a "fresh-to-the-market" example, these moments do more than just excite the community—they actively refresh and expand historical scholarship.
The appearance of the present lot represents one of these rare milestones. A veritable "mythological beast" in the realm of high watchmaking, this white metal reference 3448 presents itself with a visual profile that challenges traditional expectations and stands apart from all known examples.
Reference 3448
The Reference 3448 occupies a paramount position in the history of both Patek Philippe and horology at large. As the world’s first self-winding perpetual calendar wristwatch, it succeeded the manually wound references 2497 and 2438/1, marking a definitive evolution in watchmaking. Today, it remains one of the most coveted vintage models, prized for its robust, sculpted, and harmonious design paired with eminent practicality.
Beyond its rarity and intellectual significance, the 3448 possesses technical and aesthetic qualities that would define it as a masterpiece regardless of production numbers. Boasting a remarkably modern appeal, the reference is distinguished by its generous 37.5mm case, crafted by the renowned Antoine Gerlach (identified by the "key 4" hallmark indicating its Geneva provenance). Its contemporary, angular architecture is so enduring that it serves as the inspiration for the modern references 5235 and 5236. While the yellow gold versions are classic, the white gold livery provides a sleek, monochromatic sophistication that heightens the watch’s soul and emotional resonance.
Technically, the model is a triumph of engineering. Beating within is the calibre 27-460, the final evolution of the legendary 12-600. Originally introduced in the reference 2526, this movement is universally regarded as one of the most accurate, reliable, and lavishly decorated automatic calibers ever produced. It was the culmination of three decades of research and development, released following the expiration of Rolex’s rotor patent. In this specific application, the addition of the perpetual calendar module creates the cal. 27-460 Q (Quantième).
To understand the rarity of this reference, one must look at the production numbers across various metals. The vast majority of reference 3448s were cased in yellow gold; over the decades, research has identified more than 200 yellow gold examples, compared to approximately 80 in white gold. Even scarcer are the two later platinum examples and the singular, legendary pink gold specimen, which Phillips had the honor of bringing to market in 2025.
Launched in 1962, it was produced for a period of 20 years before being replaced by reference 3450 and the production can be split into four different series as follows:
- The First Series features baton minute divisions with engraved/enameled graphics and small date ring - 1962 to circa 1965.
- The Second Series, introduced pearl minute divisions. The date ring remains small and earlier ones have engraved enamelled graphics, whereas later ones are printed - 1965 to circa 1973.
- The Third Series maintains the pearl minute divisions but the date ring now features a large font. The graphics are printed - 1971 to circa 1978. (The present example)
- The Fourth Series reintroduces the baton minute divisions found on the First Series albeit now they are printed. The date ring remains large - from circa 1978.
Double-signed Beyer
The significance of this lot is further elevated by its dial. Prior to the release of this catalogue, only three white gold examples of the reference 3448 were known to the market featuring the signature of the historic retailer Beyer Chronometrie. We are proud to present the fourth—and it arrives with a remarkable twist.
As the world’s oldest watch retailer, the Zürich-based jeweler has maintained a storied partnership with Patek Philippe dating back to circa 1842. This relationship reached a celebrated peak when the Stern family selected Beyer to retail the first 25 examples of the reference 3940, featuring the retailer's name with individual numbering in elegant script. However, well before that milestone, the iconic reference 3448 also received this prestigious double stamping in exceedingly rare instances.
The Beyer signature is undoubtedly one of this watch’s most compelling traits, yet the dial itself offers further delights for the scholar. This wonderfully preserved Third Series dial is distinguished by its "pearly" minute divisions and a larger calendar ring. Most extraordinarily, the date numerals from 9 to 23 feature a "reversed" font—a rare typographical quirk seen only in a narrow window of production between 1971 and 1972. Over the decades, the dial surface has also acquired a subtle, warm ivory hue that perfectly complements the cool luster of the white gold case.
Perhaps the most striking "elephant in the room" is the highly unusual placement of the Patek Philippe signature above the calendar apertures. To the best of our knowledge, only three other examples of the reference 3448 are known to exist with this specific signature style, and this is the only known example that combines this layout with the Beyer signature.
The rarity is further solidified by the accompanying documentation and accessories. The watch retains its presentation box and the original 1972 Certificate of Origin, stamped by Chronometrie Beyer Zürich. Interestingly, the certificate does not list the case number next to the reference, but rather Beyer’s internal stock number, “223’164”, which is also meticulously etched inside the caseback.
The state of preservation is nothing short of breathtaking. The case remains in "jaw-dropping" condition, with razor sharp facets on the lugs and perfectly intact proportions. Two crisp hallmarks remain visible behind the lugs, suggesting the watch spent the majority of its life secured in a safe rather than on a wrist. The originality of the watch is further confirmed by the fact that the last three digits of the movement number are hand-engraved on the back of the dial, while the last three digits of the case number are engraved in Roman numerals inside the bezel. Recently serviced by Patek Philippe Japan in 2021, this example, is offered with impeccable mechanical health and complete documentation.
Within the watch community, it is common to bestow nicknames upon significant timepieces. In accordance with the consignor’s wishes, we have nicknamed this exceptional white gold ref. 3448 the “Tokyo White” — a title that honors its provenance and celebrates its discovery in Tokyo, Japan.
This timepiece is more than a watch; it is a singular trophy and a definitive "star" for any world-class collection. Its appearance is particularly poignant given the recent news that Patek Philippe is going to acquire Beyer Chronometrie. After 266 years of independent operation, the legendary store will conclude its historic run at the end of 2026, transitioning into a new Patek Philippe salon in 2027. While the chapter of the world’s oldest retailer draws to a close, its legacy will be forever preserved by the very manufacturer it championed for nearly two centuries.
Patek Philippe
Swiss | 1839Since its founding in 1839, this famous Geneva-based firm has been surprising its clientele with superbly crafted timepieces fitted with watchmaking's most prestigious complications. Traditional and conservative designs are found across Patek Philippe's watches made throughout their history — the utmost in understated elegance.
Well-known for the Graves Supercomplication — a highly complicated pocket watch that was the world’s most complicated watch for 50 years — this family-owned brand has earned a reputation of excellence around the world. Patek's complicated vintage watches hold the highest number of world records for results achieved at auction compared with any other brand. For collectors, key models include the reference 1518, the world's first serially produced perpetual calendar chronograph, and its successor, the reference 2499. Other famous models include perpetual calendars such as the ref. 1526, ref. 3448 and 3450, chronographs such as the reference 130, 530 and 1463, as well as reference 1436 and 1563 split seconds chronographs. Patek is also well-known for their classically styled, time-only "Calatrava" dress watches, and the "Nautilus," an iconic luxury sports watch first introduced in 1976 as the reference 3700 that is still in production today.