For most of its life, collectors looked upon Patek Philippe’s ref. 3970 as the watch that replaced the ref. 2499, a piece so uniquely coveted for its innate exclusivity (hand-built; no more than 10 released a year) and, for many, the perpetual calendar chronograph against which everything else was measured.
The 3970 was its modern cousin, released in larger numbers and with a timely facelift. But just as the ref. 2499 too had to replace the Patek Philippe ref. 1518 (the brand’s first wristwatch fitted with a perpetual calendar chrono movement, and still the record holder for the highest price ever achieved for a vintage Patek Philippe wristwatch at auction), this iconic reference’s 30-year reign had to end sometime.
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Billed as 'The First 3970', Sotheby's Geneva is offering Lot 88 in its Important Watches sale, a 1986 iteration of what's considered the earliest yellow gold perpetual calendar chronograph wristwatch with a moon phase and leap year indication.
With fewer than 100 examples believed to have been made before Patek Philippe moved to the screw-down caseback, this first-series 3970 is already a fairly remarkable piece of watchmaking history to have survived intact.
But for the enthusiasts who truly revel in the nuts and bolts, it’s the first instance of the brand’s movement number 875’000, the starting point for the entire reference. And Sotheby’s has placed a hefty 1,000,000 – 3,000,000 CHF (~AU$1.7 million – ~AU$5.2 million) valuation accordingly.
Hardly an entry-level proposition. But for anyone interested in Patek Philippe's perpetual calendar chronograph lineage, this should be considered one of the more historically significant 3970 models likely to come to market – the first numbered example of an iconic reference, carrying the movement from which nearly two decades of subsequent production followed. If you’ll excuse me, I’m off to have a dig around the back of the couch.
The Sotheby’s Geneva Important Watches session begins on 8 November 2026, 08:00 PM AEDT.