If you walked into a Patek Philippe retailer in 1950 or 1970 and asked for a “Calatrava,” the sales associate would look at you more sideways than a Gilbert Albert Ricochet. The term “Calatrava” was a marketing creation of the mid-1980s, coming to loosely mean a round Patek Philippe dress watch. It emerged just as the brand—and the entire Swiss watch industry—recovered from the quartz crisis.
By the mid-‘80s, traditional watchmaking was making a comeback. Patek Philippe doubled down on complications with the ref. 3940 perpetual calendar and the ref. 3970 perpetual calendar chronograph, marking its commitment to haute horology. Alongside this revival came a renewed interest in the classic, time-only Calatrava.
Now, a generation later, a new wave of collectors (including me!) is also rediscovering these watches—for the era they represent, the watchmaking, and their relative accessibility. This is the story of the “neo-vintage” Calatrava, key references from the 1980s and 1990s, a closer look at the growing market, and a few of our favorites.
What Is A Patek Philippe Calatrava? The Game-Changing Ref. 3919
“In the 1980s, [President] Philippe Stern saw that Patek Philippe needed a watch that was recognizable as a Patek Philippe,” Collectability’s Tania Edwards said. Most people knew what a Rolex or Cartier looked like, but not a Patek Philippe. This led to the creation of the ref. 3919, designed by ad man René Bittel and introduced in 1985. Over the next two decades, this became Patek Philippe’s iconic watch, fronting ad campaigns, even nicknamed the “banker’s watch” as it was found on the wrists of successful professionals from Wall Street to Hong Kong.
When Forbes put together its “Cost of Living Extremely Well Index,” it was the price of the ref. 3919 that was tracked alongside other luxury staples like Gucci loafers, a Hermés Birkin, and the hourly rate of an estate planning attorney from a white-shoe law firm. The ref. 3919 “Calatrava” was a simple, elegant watch that embraced everything Patek Philippe was about. Its defining feature was the hobnail or Clous de Paris bezel (not new to the ref. 3919, but popularized by it), a motif that’s still incorporated in various ways across Patek Philippe’s catalog.
The Slow and Steady Ref. 3919
Perhaps because of this ubiquity in the 1980s and ‘90s, the ref. 3919 doesn’t receive as much attention from collectors nowadays. The hobnail design and Roman numerals feel a bit grandpa-like, and it’s a modest 33.5mm. Hundreds can be found for sale at any given moment. Still, prices have steadily crept up. In 2025, a ref. 3919 in good condition with its box and papers can cost $10,000 to $11,000. Five years ago, that price hovered around $8,000.
The Prelude: Ref. 96
Of course, before the ref. 3919 came the ref. 96. Introduced in 1932, the ref. 96 was Patek Philippe’s first serially-produced watch, a project led by technical director Jean Pfsiter just after the Stern family acquired Patek Philippe. While the name “Calatrava” came to be with the ref. 3919, the ref. 96 is typically considered the archetypal Calatrava: slim round case, flat bezel, and simple integrated lugs. Since the ‘80s, most Calatravas make references to the defining features of the ref. 3919 and/or ref. 96.
The Successor: Calatrava Ref. 3796
While the ref. 3919 became the ubiquitous Calatrava of the ‘80s, it was far from the only one. In 1982, Patek Philippe replaced the long-running ref. 96 with the ref. 3796. It maintained the same design and compact 31mm case, but added the updated caliber 215 PS (petite seconds), a manual-wind Geneva Seal movement. Atelier Réunis made the case, Stern Frères the dial, and it maintained the classic Bauhaus form of the ref. 96. The ref. 3796 remained in production from 1982 until 1999. The ref. 3796 is typically found with a yellow gold case and a silver opaline dial with faceted indices and dauphine hands (ref. 3796J). The “sigma” signature at 6 o’clock indicates that part of the dial is made of gold.
During this era, Patek also celebrated anniversaries, retailers, and geographic markets with special or limited editions. And they’re some of the best ones—it’s part of the fun of hunting neo-vintage Calatravas. There’s a ton of variety, and among these are a number of notable or special ref. 3796s:
Ref. 3796P with diamond markers (above). This is a platinum ref. 3976 with a dial beautifully described in French as Fond Glace Ivoire, Heures Diamants (“ivory ice background, diamond markers”).
Ref. 3796SG for the Japanese market (above). Any Calatrava with a salmon dial is special. One of the most beautiful—and collectible— ref. 3796s is the ref. 3796SG. A limited edition made for the Japanese market in 1998, it’s said that 100 were made, though it’s possible less were delivered, as only a handful of examples are known. The dial is described as a “velvet-finished rose,” and also has a sapphire case back, unusual for the ref. 3796.
Ref. 3796G-018 for the Japanese market (above). This was another special-edition ref. 3796 for the Japanese market, featuring brilliant diamond markers instead of the baguette indices featuring in the ref. 3796P. It was produced in just 100 examples–Phillips sold an example for $15,000 in November 2024.
But it wasn’t just special and limited editions. Patek Philippe also produced all kinds of variations to the ref. 3796 for its main catalog. For example, the ref. 3796D (for décoratif, referring to the hobnail bezel) hints at the ref. 3919 that would come just a few years later. At launch, it cost $100 more than the standard 3976.
As with vintage Patek Philippe, my favorite configuration is the “pink on pink,” rose gold ref. 3796R with a matching pink dial. Edwards agreed. “It has that vintage look, and it’s so perfect for almost any wrist,” Edwards said of the pink-on-pink 3796.
Special Is Special
Like the ref. 3919, the ref. 3796 has experienced a steady increase in prices over the past few years. But, prices for “special” ref. 3796 examples have climbed even faster. For example, take that pink-on-pink ref. 3796R (see above). In 2018, examples might sell for $8,000. As of March 2025, prices are closer to $20,000.
The Alternative: Patek Philippe Ref. 3923
After the refs. 3976 and 3919, Patek Philippe introduced another Calatrava, the ref. 3923. From a distance, the minimal dial looks similar to the ref. 3796, but you’ll notice the case is different. It has a softer, curved, and polished bezel that gives it a slightly more elegant look. It almost looks like a mini ref. 2526, except it uses the same manual caliber 215 PS as the ref. 3796. On pure aesthetics, I prefer the ref. 3923; but for its historical lineage, the ref. 3796 stands alone.
The ref. 3923 was produced from 1986 until 1999. Like the ref. 3976, Patek Philippe also used the ref. 3923 for special and limited-edition celebrations.
A personal favorite: In 1999, Patek Philippe made a ref. 3923 to celebrate 150 years of Harrod’s, the London retailer (see above). It’s one of my absolute favorite neo-vintage Calatravas, featuring Breguet numerals and matching Breguet hands. Produced in just 35 examples, it’s exciting whenever one appears—one was listed for more than $30,000 in 2024, more than double what a standard 3923R might sell for.
Pink-on-pink: As with the ref. 3796, a pink-on-pink ref. 3923R beautifully bridges the gap from vintage to modern. But for the ref. 3923, this configuration was reserved for a limited-edition series to celebrate Taiwanese retailer Wu Shang’s 25th anniversary (it was produced alongside a limited ref. 3923R with ruby indices; see above).
Japanese Steel: Finally, thanks to the Japanese market’s penchant for the classically-sized Calatrava, Patek Philippe produced a Japan-exclusive stainless steel ref. 3923A. The steel case can be found with an ivory, grey, or brushed silver dial. It’s a cool, modern aesthetic, and you don’t see many stainless steel Calatravas—from any era.
Patek Philippe Ref. 3960: 150th Anniversary
In 1989, Patek Philippe went all out to celebrate its 150th anniversary. Its crowning achievement was the Caliber 89, but Patek Philippe also wanted to celebrate with a time-only anniversary watch. So, it looked to the past for inspiration, eyeing the timepieces of front-line officers during World War I. The result was the ref. 3960, a classically-inspired “officer’s watch,” and very different from the other Calatravas of the era.
While it uses the same manual caliber 215 (hidden under the hinged hunter case), it has a 33mm Bassine-style case modeled after pocket watches, screwed-in bars, and a porcelain white dial with Breguet numerals. It’s 19th-century pocketwatch style adapted to 1989.
The 3960 was also a limited anniversary edition produced in limited numbers:
● 2000 in yellow gold
● 150 in white gold
● 50 in platinum
The Unique Ref. 3960 Lineage
“The 3960 wasn’t necessarily a one-off, but it sits in its own category,” Edwards said. “The refs. 3919 and 3976 certainly had more influence on where Calatrava design went.” Still, the ref. 3960 would serve as inspiration for a few references through the ‘90s and 2000s:
Ladies’ Officer Calatrava: In 1992, Patek Philippe introduced the ref. 4860, a shrunk-down version of the ref. 3960 (see above). It manages to pack everything I love about the ref. 3960 into a smaller case measuring just 26mm (the biggest difference is removing the sub-seconds at 6 o’clock).
Best of the Rest: The old-fashioned numerals, hands, and porcelain-color dial can also be found in the ref. 5022, but in a more conventional case measuring 33mm. Meanwhile, the ref. 5053 (produced from 2001–2005) upsized the 150th anniversary Calatrava to 36mm and made a few other aesthetic tweaks. You’ll also see the ref. 5022 with a busy guilloché dial (see above), but Tania and I were in agreement in our preference for the Breguet-dial version. Similarly, while the ref. 5053 has some of the charm of the ref. 3960, there’s no denying the ref. 3960’s superior desirability, both for its rarity and beauty.
Getting Funky
This, more or less, covers the main-line Calatravas from the 1980s and 1990s. But Patek Philippe didn’t stop there. “It was a time when Patek Philippe’s business was beginning to improve and it was becoming a more well-known brand,” Edwards said.
As the Calatrava became the core of what Patek Philippe was known for, it expanded the collection to appeal to new markets. This even applied to complications; for example, when Patek Philippe introduced the first annual calendar ref. 5035 in 1996, it came in a Calatrava-style case.
“Every year at Basel, I just remember how many new Calatravas there were–new designs, dial colors, everything,” Edwards said.
To highlight just a couple of favorite Calatravas that are a little more far-out:
Ref. 5000, or “the Ferrari”: The ref. 5000 is an official “top 10” time-only suggestion for Collectability. Its origin story is the stuff of lore, the product of a potential Ferrari collaboration that never was (the design is said to have been inspired by the Italian car’s dashboard). The ref. 5000G was introduced in 1992 as a limited run of 1,000 in white gold. It proved so popular that another 900 examples were produced in yellow gold soon after. Additional runs were produced through the 90s in all colors (yellow, white, and rose gold), but the rich black dial and off-kilter sub-seconds made it the most boldly modern Calatrava of the ‘90s. It laid the blueprint for a lineage of Calatrava design that remains in the Patek Philippe catalog today. “I remember the ref. 5000 so distinctly,” Edwards said. “Everyone just thought it was so cool–the off-center seconds, black dial, it was very modern for Patek Philippe.”
Ref. 5026: The ref. 5026 is equal parts fun and familiar. It’s got the same off-center seconds at 4 o’clock, but aims for a more classic appeal with its Breguet numerals and flat bezel. Besides the design, the ref. 5026 is also notable for using the micro-rotor caliber 240 (like the ref. 5000). Its Geneva Seal, automatic movement is visible through the sapphire case back—slight touches of modernity for the traditional Calatrava. Patek Philippe even made a special-edition collectible set of the ref. 5026 in all four metals (yellow, white, rose gold, and platinum), with special Roman dials. It’s believed that 130 sets were made, presented in a leather presentation suitcase–only a handful have appeared on the market since the turn of the Millenium.
Growing into Modern
By the early 2000s, the Patek Philippe Calatrava started to grow bigger and more modern. First came the refs. 5023 and 5096, slightly larger versions (33mm) of their predecessors. These lasted just a few years. Perhaps the official end of the “neo-vintage” era came in 2004 when Patek Philippe introduced the ref. 5196, the 37mm successor to the ref. 96 lineage.
As the Calatrava moved into the modern era, it left the classic sizes of the 1990s behind, only to be discovered again by a new wave of enthusiasts and collectors. “Right now, the neo-vintage era is seen as a value by the market,” Edwards said. “We’re seeing an increased interest in smaller watches, and while these aren’t true ‘vintage’ watches yet, they’re still a classic size.”
Meanwhile, classic, mid-century Calatravas have grown in appreciation (and value) so much that it’s left many collectors looking elsewhere for the classic Calatrava. For now, many of these neo-vintage Calatravas are more accessible than their vintage or modern counterparts, making them the perfect entry to Patek Philippe.
March 2025
