The year 2012 marked a new dawn with the introduction of the reference 5204, showcasing Patek Philippe's first in-house perpetual calendar split-seconds chronograph, the caliber CHR 29-535 PS Q. While retaining the revered aesthetics, several dial enhancements optimized legibility, including an inverted moonphase at 6 o'clock alongside day/night and leap year apertures. Keen observers appreciate the "chin" date registers positioned above the minute track, in contrast to the overlapping layout of the reference 5004. Housed in an enlarged 40mm case, the reference 5204 signaled a modern evolution of Patek's mastery of complications.

Historically, black dials have appeared less frequently in Patek Philippe’s vintage Grand Complications, with silvered dials dominating the selection. In the modern era, however, with more dial selections came into light, black dial adds an intriguing aura to the watch, signifying innovation and diversity from this watchmaking powerhouse. Complemented by a hefty pink gold bracelet, this configuration was discontinued in 2022, making it a very rare choice for distinguished collectors.

Fresh to the market, the present reference 5204/1R-001 is an outstanding example in excellent condition from circa 2019. It was purchased from Yoshida, a renowned retailer in Shibuya, Tokyo, founded in 1920. Offered by a distinguished Japanese collector, it comes complete with all its original accessories, including the solid caseback and setting pin.