Welcome to The Fine Print, our column dedicated to deep dives and detailed guides on watch collecting. The first batch of watches to receive this in-depth treatment is the Patek Philippe ref. 5970, which celebrates its 20th anniversary in 2024.
– Logan Baker
Patek Philippe’s reference 5970 was released in 2004 as the direct successor of the reference 3970 – all descendants of the firm’s beloved reference 1518. Some 18-years after the introduction of reference 3970, Patek Philippe made an unprecedented move with the introduction of the reference 5970 – harmonizing the need for a modern style while staying true to their classic roots.
The production run of each serially-produced perpetual calendar chronograph wristwatch is as follows: reference 5970 (2004 – 2011), reference 3970 (1987 - 2004). reference 2499 (1949 - 1987), and reference 1518 (1940 - 1951). Each has its own devoted followers, highly coveted and revered by collectors, and the 5970 is no different. According to scholarship, the reference 5970 was the first wristwatch designed and developed by Thierry Stern upon his assumption of the leadership of Patek Philippe.
The new reference introduced a much larger, 40mm case, which was in fact four millimeters larger than its predecessor. This change in and of itself was very well received amongst the collector community thanks to its superbly balanced proportions that make it very comfortable to wear. It is noteworthy that the larger case does not jeopardize the symmetry and comfort of the watch at all; on the contrary, the watch is extremely wearable and retains a very balanced symmetry.
Aesthetically, it is defined by a melange of modernism and heritage. The case features a nicely sized 40mm diameter, with some design details – such as the sculpted lugs – hinting at its ancestors (such as ref. 2499) but interpreted and executed with modern classicism. The same holds true for the dial, which features very 1940s-inspired chemin-de-fer minute divisions yet still feels like an appropriate execution of contemporary aesthetics.
The tachymeter scale also seamlessly encircles the day and month windows which themselves are perfectly clear and legible. The three sub-dials are also perfectly aligned and in symmetry with the outer dial as well as with the minutes, hours, and chronograph hands.
Like its predecessors, the reference 5970 also housed a heavily modified Lemania-based caliber similar to the reference 3970. However, the 5970 incorporated square pushers as opposed to round – a feature that was last seen on a perpetual calendar chronograph by Patek Philippe on the first series examples of the iconic reference 2499 made during the 1950s.
Reference 5970 was only in production for seven years until Patek Philippe released the reference 5270 housing its own, in-house perpetual calendar chronograph movement. The reference 5970 has since continued to grow in popularity amongst the collector community, and is highly sought-after today. The 5970 has been confirmed by Patek to have been produced from 2004 through 2010 with some end-of-series examples being sold in 2011. That being said, production numbers are not confirmed by Patek but John Reardon, now of Collectibility and formerly of Patek Philippe USA (or the Henri Stern Watch Agency, as its officially known), has estimated that around 2,800 examples of the 5970 were produced across all four metals.
Produced in yellow (5970J), pink (5970R), and white gold (5970G), and in platinum (5970P). The yellow gold 5970s had the shortest production run and are therefore the rarest of all metals produced. The reference 5970 offers everything someone would want in a Patek Philippe, including high-quality craftsmanship both in aesthetics and mechanics, as well as wearability and exclusivity.
The Pink Gold Patek Philippe Perpetual Calendar Chronograph Ref. 5970R
The first of the two introductory options for the 2004 reference, the 5970R, boasts an 18k pink gold case, complemented by matching hands and hour markers.
Due to its extended production run until 2009, the pink gold 5970 is estimated to be the most common variant, along with its white gold counterpart, with approximately 1,000 to 1,250 watches produced.
The White Gold Patek Philippe Perpetual Calendar Chronograph Ref. 5970G
Like the 5970R, the white gold 5970 was an initial variant, introduced in 2004. It is also estimated to have had a production run of approximately 1,000 to 1,250 units.
The 5970G is the most understated of all the variants aesthetically, featuring a tone-on-tone white/silver dial that complements the 18k white gold case.
The Yellow Gold Patek Philippe Perpetual Calendar Chronograph Ref. 5970J
At first glance, the 5970J might appear to be the most conventional of Patek Philippe's case metals.
However, it is actually considered the rarest of the four metals.
As we will detail later, it has the fewest appearances in the international auction market among all four metals. It is believed to have been produced for only a year or two in the late 2000s, with many experts estimating that fewer than 300 examples of the 5970J were made.
The Platinum Patek Philippe Perpetual Calendar Chronograph Ref. 5970P
Often hailed as an "end-of-run celebration" for the 5970, the platinum variant was exclusively available from 2009 to 2010, making it the second rarest after the yellow gold model. The 5970P is notably the only standard production version of the watch with a black dial, although a few 5970R examples are also known to feature a black dial.
The "final run" of the 5970P is estimated to have comprised between 300 to 500 examples.
A notable detail of the 5970P is the addition of "120" on the tachymeter scale. This change may be attributed to the platinum watches being among the last produced in the series, as evidenced by the relocation of the "SWISS" indication below six o'clock on the dial to accommodate the inclusion of "120" in the outer chronograph scaling.
Tracking Auction Results
The 5970 appears frequently in the auction market.
I tracked the results of the white gold, pink gold, yellow gold, and platinum examples at the six largest auction houses – and the results are illuminating. For the purpose of this story, I've adjusted the results of each lot for inflation (as of July 2024) and then converted each result to USD. I've also removed outliers such as unique examples or those with Tiffany & Co. stamps or special provenance from the graphs.
Forty-seven examples of the 5970R have appeared at auction, selling for an average of $165,918 once outliers such as unique examples or those with Tiffany stamps have been removed. The record for a "standard" (non-outlier) example came in November 2022 at Phillips Geneva, when a 5970R sold for CHF 207,900 (approx. USD $239,517 in July 2024). When you include outlier examples, the record is a 5970R outfitted with a black dial and matching pink gold bracelet that sold for HKD $6,048,000 (approx. USD $788,721 in July 2024) at an auction house in Hong Kong, in April 2022.
Nineteen examples of the 5970R have appeared at Hong Kong-based auctions, 15 at Geneva auctions, 12 at New York auctions, as well as one example each in auctions hosted in London, Dubai, and Monaco.
Interestingly, the 5970G has the exact same number of auction appearances as the 5970R: 49.
However, the average result for a white-gold 5970 is slightly higher than its pink gold cousin, landing at USD $179,074.
The current record for a "standard" 5970G is CHF 264,600 (approx. USD $304,840 in July 2024), coming at a Phillips Geneva auction in November 2022. The overall record, however, is HKD $7,435,000 (approx. USD $984,813 in July 2024), which was achieved by a possibly unique 5970G with Breguet numerals and a matching white gold bracelet that was previously owned by the legendary musician and prodigous collector Eric Clapton.
Twenty-one 5970G examples have appeared at Hong Kong-based auctions, 15 at Geneva auctions, 12 at New York auctions, as well as one at a London auction.
The 5970J, meanwhile, has the least appearances of any 5970 variant at auction, with only 33 examples appearing at auction between December 2009 and May 2024. Unexpectedly, the mean result is slightly lower than the white gold 5970, averaging USD $172, 685.
The current record for a "standard" 5970J is HKD $1,890,000 (approx. USD $246,475 in July 2024), achieved by an example sold in a Hong Kong auction in May 2022, while the record accounting for outliers HKD $5,040,000 (approx. USD $645,133), achieved by a "Saatchi" edition 5970J made for the 2015 Patek Philippe Grand Exhibition in London and sold at a Hong Kong auction in May 2023.
Sixteen 5970J examples have sold at Hong Kong-based auctions, eight at Geneva auctions, five at New York auctions, as well as two each at auctions hosted in London and Monaco.
Finally, the platinum 5970P has seen 43 examples appear at the six largest international auction houses to date.
The average selling price is the highest of the four metals, coming at USD $252,145 since first appearing in June 2010.
The record to date for a "standard" 5970P is HKD $2,394,000 (approx. USD $312,202 in July 2024), which occured at a Hong Kong auction in October 2022. The overall record price for a 5970P, meanwhile, appears to be a Tiffany-stamped example that sold for USD $441,000 (approx. USD $473,269 in July 2024) at a New York auction in December 2022.
Twenty-three 5970P examples have sold at Hong Kong-based auctions, 12 at Geneva auctions, five at London auctions, and three at New York auctions.
Out of the 174 total appearances for the 5970 in all four variants at the six largest international auction houses over the past 20 years, the greatest concentration has appeared at Hong Kong auctions (45 percent), followed by Geneva (29 percent), New York (18 percent), London (5 percent), Monaco (2 percent), and Dubai (0.5 percent).
About Phillips In Association With Bacs & Russo
The team of specialists at PHILLIPS Watches is dedicated to an uncompromised approach to quality, transparency, and client service. Phillips in Association with Bacs & Russo holds the world record for the most successful watch auction, with its Geneva Watch Auction: XIV having realized $74.5 million in 2021. Over the course of 2021 and 2022, the company sold 100% of the watches offered, a first in the industry, resulting in the highest annual total in history across all the auction houses at $227 million.
About Logan Baker
Logan has spent the past decade reporting on every aspect of the watch business. He joined Phillips in Association with Bacs & Russo at the start of 2023 as the department's Senior Editorial Manager. He splits his time between New York and Geneva.
Recommended Reading
An In-Depth Collectors’ Guide To The Patek Philippe Chronograph Ref. 5070
Patek Philippe’s TV-Shaped Ref. 5020 Is A Genuine ‘90s Deep-Cut