In the world of Patek Philippe it is hard to imagine that there are any ‘value buys’ left. Interest in all things Patek Philippe has exploded in the last few years, but that does not mean that there are no vintage watches currently under the collector-radar. Here are five watch categories that deserve attention. But beware, they will soon wake up and become the prince and princesses they deserve to be!
Annual Calendars
In 1996, Patek Philippe launched the Annual Calendar ref. 5035, a so-called ‘useful complication’. This was a critical new complication in the company’s catalog as it bridged a then price-gulf between wind-only, retailing for around $10,000 and complicated, starting around $45,000 for a perpetual calendar. The Annual Calendar offered a new movement which could adjust for months of 30 and 31 days and only needed a manual correction once a year for February. It retailed for around $17,500 and was a huge success.
The Annual Calendar movement developed further adding a moon phase and power reserve (ref. 5036 in 1998), a chronograph (ref. 5960 in 2006) and even graced a Nautilus (ref. 5726 in 2010). The Annual Calendar is a bench-mark complication that still offers a value buy, especially for the early references such as a ref. 5035 which is currently around $25,000 – $30,000. This is a complication that remains true to its origin: an important Patek Philippe at a relatively affordable price point. However, as perpetual calendars such as the ref. 3940 and the perpetual calendar chronograph ref. 3970 start exponentially increasing in value, an Annual Calendar will soon wake from its slumber and increase in price.
Ref. 5050 and 5059
The ref. 5050 perpetual calendar with retrograde or fly-back calendar is one of Collectability’s favorite sleeping beauties. Launched in 1993 and produced until 2002, the ref. 5050 was the first perpetual calendar with a sweep second since the legendary ref. 2497 and ref. 2438/1 in the 1950s. The ref. 5050 became Patek Philippe’s first serially produced wristwatch to pair a perpetual calendar with a retrograde date. Within Patek Philippe’s canon of complications, the ref. 5050 bridges two important eras: the ultra-thin, micro-rotor of the ref. 3940 series, with the return of the retrograde calendar making it a keystone addition to the manufacture’s calendar watches in the 1990s. It is estimated that less than 1100 ref. 5050s in total of each metal (yellow, white, rose and platinum) were produced during its nine-year run.
In 1998, the movement was placed in an elegant officer-case ref. 5059 with a hinged back which opens to reveal the magnificent caliber 315 S-QR. The beautiful case, itself a work of art, was made by master case maker Guillod & Cie in La Chaux-de-Fonds. During its eight-year run, less than 1400 examples of the ref. 5059 were made in yellow, rose, white and platinum. To learn more about why the officer-case is so important, see this Collectability article.
Today, a ref. 5050 is retailing for around $50,000. To put this into perspective, its modern-day cousin ref. 6159 retails for around $140,000. The ref. 5059 remains another value proposition with current values around $35,000 – 50,000. Prices for both these masterpieces have been falling since a peak in 2010/2012. If you are fortunate to find either of these treasures, try and buy one as these price points will not last for long.
Ref. 3448
Staying with current sleeping complications, the ref. 3448 is the one reference that serious collectors will soon realize is as near a perfect Patek Philippe complicated watch as is possible to still find. The ref. 3448 is one of the most iconic perpetual calendar wristwatches of the 20th century, and the very first automatic perpetual calendar wristwatch ever produced by any brand. Introduced in 1962 and manufactured until 1981 in approximately 586 examples, the ref. 3448 earned the nickname Padellone (“large frying pan” in Italian) for its bold 37.5 mm proportions and striking case design. The ref. 3448J is housed in a case made by Antoine Gerlach with angular, sculpted lugs and a snap-on back. At its heart beats the automatic caliber 27-460 Q, based on the renowned 27-460 movement and adapted with a perpetual calendar mechanism. With a Gyromax balance and self-winding capability, it represented a major leap forward in perpetual calendar design.
The current retail value for a ref. 3448 in yellow gold is still around $130,000 – $150,000, and will no doubt head upward — and soon (keep an eye on the upcoming auctions). Buy now if you can find a nice one!
Markowski-cased time only watches
Serious Patek Philippe collectors are always looking for niche areas to collect within, retailer signed dials being one popular example. A niche sector that is currently sleeping is time-only watches made by specific case makers. The case maker that Collectability feels is the one to note is François Markowski (Key no. 8). Markowski is a case maker that we regularly see on Patek Philippe watches and for good reason as the company produced many collectors’ favorite watches. François Markowski started as an engraver on silver and gold becoming a renowned case maker especially for unusual shaped cases. It is not clear when Markowski started making cases for Patek Philppe, but there is a case recorded as early as 1921. Most production for Patek Philippe was executed between 1934 until 1963. Markowski is well-known for making many of the rectangular case designs, which were increasingly popular in the post-war years. One of these models was the ref. 1450, or as the collecting community refer to it, the “Top Hat”, due to its unique profile and hooded lugs (see below).
Other well-known Markowski cases include: the ref. 425 the “Tegolino” which was launched in 1934 and became a collectors’ favorite; ref. 1491 produced from 1940 – 1965 with the distinctive and now sought-after, scrolled lugs; ref. 1593 launched in 1944 and known as the “Hour Glass” a classic, post Art Deco modern design, starting the trend for references such as the 2442 and 2441; ref. 2461 nicknamed the ”Tegola” which in 1950 replaced the smaller ref. 425 and ref. 2468 launched in 1948 and known as the “little sister” to the ref. 1593. Other wonderful models include the sensuous ref. 2442 nicknamed the “Marilyn Monroe” and the ref. 2441 nicknamed the “Eiffel Tower” which was the inspiration for the 1997 limited edition Pagoda collection to commemorate the opening of the workshops at Plan-Les-Ouates (see below).
Readers of our article on ‘5 watches that we regret not buying’ will know that Markowski also made the cases for the legendary ref. 3424 designed by Gilbert Albert. To learn more about important case makers for Patek Philippe please see this Collectability article.
Pocket watches
There is one collection of sleeping beauties that can be enjoyed by collectors of all levels: Patek Philippe pocket watches. Since Collectability was founded in 2019, we have repeatedly stated that the absolute value buy is a Patek Philippe pocket watch. Today, when a modern time-only Calatrava starts at $41,000 (ref. 6119J), it seems like quite the value to pick up a Patek Philippe pocket watch for $5,000 to $10,000. But this price point will not last long as people recognize the real value that one of these small works of art offers. From a horological point of view, it is an open and shut case that late 19th and early 20th century Patek Philippe pocket watches have a higher degree of hand finishing and exhibit a higher level of traditional watchmaking prowess than almost any other watch made today. Ask any Patek Philippe watchmaker to compare what they see in a caliber 324SC found within a ref. 5711/1A and an Extra quality pocket watch movement from 1919 and the consensus is that watchmaking today is not what it once was.
More and more collectors, retailers, investors, style influencers, and even sports stars are considering pocket watches as part of their stable of watches. We are constantly asked, ‘What do I do with a pocket watch?’. Have one in your pocket and take it out at a party and your piece will attract far more interest than your Cubitus! More and more women (including myself!) are realizing the beauty of wearing a pendant or pocket watch around their neck. See this article in Esquire and learn how Collectability’s David Lewis wears his pocket watch. Our advice is don’t overlook a Patek Philippe pocket watch because you don’t know what to do with it. If you have the funds to purchase a minute repeater pocket watch you can enjoy a sound that is simply not possible today — and at a fraction of the cost of a minute repeater wristwatch.
In conclusion, real value is still to be had with vintage Patek Philippe timepieces. Take the time to learn about complications that you may have overlooked as trends peak towards better known models such as the ref. 3970 or 3940. ‘Useful complications’ like the Annual Calendar may be sleeping now, but not for long. Research niche collecting areas that have been overlooked, such as the master case makers who made beautiful, usual cases for Patek Philippe — these will soon be realized by the collecting community. There is so much treasure hunting still to be done within the canon of Patek Philippe’s huge collection of timepieces. Enjoy the hunt!
November 2025
