One of Edith Piaf’s most enduring songs is titled: ‘Non, je ne regrette rein’. I often sing it to myself in the hope that it might ease my regret over not having brought a certain Patek Philippe watch years ago when it was a sleeper. It does not help — I still regret!
Here are five Patek Philippe references that have increased in value over the past few years — even months — leaving many collectors regretting they did not consider buying when they were not so hot.
Ref. 3940
The very first Patek Philippe watch I wanted, and still do, is a perpetual calendar ref. 3940. When I started working with Patek Philippe, way back in the late 1980s, a ref. 3940 was the watch that the company President Philippe Stern wore. To me it represented everything about Patek Philippe: quintessential, simple elegance behind which hid a technical masterpiece. Even then it was a small fortune (c. $40,000), certainly way beyond what a twenty-something starting her career could afford. Over the decades, I watched the price of ref. 3940 fluctuate, a bit, not much, remaining around the $40,000 – 60,000 price brackets. Even just a few years ago, a ref. 3940 could still be purchased for $30,000. Today, a ref. 3940J is upwards of $60,000 plus and rising fast; a platinum version is nearer $100,000 plus and a gilt dial ref. 3940 such as the one pictured above is well over $200,000. Once again, the ref. 3940 is the one that got away…
Ref. 3970
The most dramatic recent increase in prices over the past 6 months is the perpetual calendar chronograph ref. 3970. Virtually overnight we are watching the price increase exponentially as collectors realize what a technical gem this is. Introduced in 1986 as a successor to the legendary ref. 2499, the ref. 3970 is powered by the caliber 27-70 Q, a Patek Philippe finished Lemania ébauche. Only a year ago, a ref. 3970 could have been purchased for under $100,000. Now an asking price in excess of $300,000 is not unusual for a second series. With increasing demand and shrinking availability, who knows where the price will be in the next few years?
Ref. 3605
Anyone who follows Collectability knows that we are big fans of the Golden Ellipse line, the perfectly proportioned, elliptical-shaped watch inspired by the Golden Section. When Collectability started back in 2019, a ‘Jumbo’ ref. 3605J could have been purchased comfortably under $10,000. Now that same watch could retail for around $32,000. What happened? The simple answer as with any rise in price is appreciation. We are now seeing a once ignored shaped watch embraced as a classic. As enthusiasm for watches rise, so does sophistication and the desire to not necessarily follow a pack mentality. Gold bracelet Ellipse watches from the 1970s are now appreciated for their beautiful craftsmanship and real value. To replicate the quality of a Patek Philippe mesh bracelet made in the 1970s would be almost cost prohibitive. When Patek Philippe introduced the ref. 5738/1R-001 last year, its ‘chain-style’ bracelet had a retail value of $72,000. An arguably better-quality vintage Ellipse with an exquisite, hand-crafted chain bracelet from the 1970s retails now in the $40,000s. Only a few of years ago, $15,000 would have been considered a fair price.
Ref. 789
Only a handful of years ago, very few people had ever heard of Gilbert Albert, let alone appreciated his extraordinary designs for Patek Philippe. Inspired by nature, Gilbert Albert saw watches and jewelry differently to any other designer before or after him. At just 25 years of age, he was appointed head of design by Thierry Stern’s grandfather, Henri in 1955. When we started selling the ref. 789, a ‘Ricochet’ pocket watch, it was a tough sell at around $15,000. Now the price point for one of these rare beauties in yellow gold is around $38,000. A rare white version would hold an even higher price tag. Engraved by hand, each pocket watch is crafted in solid gold and feels weighty and tactile when held. The 38 mm case was made by Antoine Gerlach (Geneva key 4). Collectors are recognizing these unusual pocket watches as wearable pieces of art.
REF. 3424
Rarer still, and with an ever-increasing price tag is the ref. 3424, an asymmetrical masterpiece by Gilbert Albert. Presented at the 1959 Basel Fair, the rhomboid shape of this watch caused a sensation. Gilbert Albert completely re-invented the way that Patek Philippe and other companies looked at watch design. A watch case was no longer round or rectangle, but asymmetrical and triangle. The two-piece case of the ref. 3424 was made by Markowski (Geneva key 8), a case maker that collectors are increasingly looking for. Made in yellow, pink, white gold or platinum, relatively few have come onto the market for sale. Way back in 2020, one of these beauties in platinum languished on our website for around $200,000. Today, that same watch would probably fetch close to $1 million at auction. During the 1950s and 1960s, Albert taught people to look at watches differently, today, people are following his lead.
In conclusion, the best way to avoid the regret of a missed Patek Philippe purchase is to follow these three basic rules:
- Patek Philippe is the master of complications. A complicated watch is always worth considering.
- Don’t follow the collecting pack: look for something unusual – an unusual, shaped watch, or something you have not seen before.
- Last but not least, condition. No matter what price point, or level of complication a watch has, always buy the very best condition you can afford.
As one collector told us, “I’ve never regretted spending too much on a watch, but I’ve always regretted spending too little.” Perhaps it’s time I find the funds for a ref. 3940?
October 2025
