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Highlights: Complicated Patek Philippe at Christie’s Hong Kong

Something old and something new.

Christie’s Hong Kong returns this autumn with an extraordinary offering of rare and important Patek Philippe watches, headlined by a ref. 1518 in yellow gold.

The auction is defined by two major private collections, most notably Part 2 of The Chronicle Collection — the successor to this spring’s successful first chapter. From neo-vintage rarities to heavyweight modern complications, the sale presents one of the of the most interesting Patek Philippe selections of the season.

Lot 2225 – Patek Philippe Ref. 3979HJ Minute Repeater

The story of Patek Philippe’s mastery of the modern minute repeater begins in 1989 with the launch of the ref. 3979 and the calibre R 27 PS. Launched to commemorate the brand’s 150th anniversary, the ref. 3979 was the brand’s first automatic minute repeater, and its first wristwatch to feature a silent centripetal governor, which was still novel at the time.

According to the serial number, the present lot was the 47th ref. 3979 to be made, out of approximately 100 units produced over a nine year run. Further distinguishing the current lot is its classical enamel dial, which was a relatively uncommon configuration for this reference.

The compact 33 mm yellow gold case is a love letter to classical dress watches. The case itself was made by Ateliers Rèunis, the brand’s own case maker, and was manufactured in the building that now houses the Patek Philippe museum.

Today, more than 35 years after its launch, the cal. R 27 PS is still among the most refined minute repeating calibres in production, and has outlasted many more recent movements. That Patek Philippe developed the calibre in the 1980s, at a time when much of the industry was just starting to pick itself back up after the Quartz Crisis, is a testament to the brand’s technical depth and long-term approach to product development.

This ref. 3979HJ includes an archive extract and is estimated at HK$1.2-2.4 million (US$160,000-310,000).

Lot 2229 – Patek Philippe Twenty Dollar Coin Watch, Ref. 803

Coin watches were something of fad in the 1960s and 1970s, alongside ultra-thin wristwatches. The two types were actually one and the same as they employed the same extremely slim, manual wind movements. Coin watches were tangible, explicit representations of very, very thin matchmaking.

Several brands made coin watches during the period, but of course few brands rival Patek Philippe. The brand made several variants of coin watches, including this ref. 803 that has a tiny, 10”’ movement inside a US$20 gold coin.

As is traditional for coin watches, this ref. 803 began as an actual, solid gold 20-dollar coin. The coin was then milled, hollowing out the interior to accommodate the small, hand-wind movement.

The face of the coin was carefully cut out to form a lid, which is kept shut with a tiny spring-loaded release mechanism that is also concealed within the coin. Pressing a nearly invisible button on the fluted edge of the coin releases the catch, opening the lid to reveal the watch, which can be flipped upwards to form a small table clock.

Patek Philippe coin watches are rare; according to specialist dealer Collectability, about 200 were made over two decades with less than 40 having been sold publicly since.

This example of the ref. 803 is in fine condition and includes an archive extract. It has an estimate of HK$160,000-320,000 (US$21,000-41,000).

Lot 2237 – Patek Philippe ref. 1463 “Tasti Tondi”

No Patek Philippe-focused auction is complete without a ref. 1463, the brand’s first water-resistant chronograph. Known at the ‘tasti tondi’ on account of its round pushers and popularity among Italian collectors, the ref. 1463 is popular on account of its sporty 34.5 mm size and wearable durability — at least by the standards of vintage watches.

More than 700 examples of the ref. 1463 were produced over about 25 years, from 1940 to about 1965. Most featured gold cases, but the present lot happens to be one of just 17 that were made in steel.

Given that steel models account for just about 2% of the ref. 1463 production, the action tends to be frothy when they appear at auction. This example is fine, appealing condition – albeit with one caveat.

The present watch was originally made in 1949, fitted with a tachymetre dial. It remained in that configuration while in the possession of its original owner for 54 years, but at some point a botched cleaning ruined the original dial according to Christie’s.

Christie’s Geneva sold the watch in 2004 with the poor dial, and the then-owner was able to source an original 1950s pulsation dial, making it one of a just a few known ref. 1463 in steel in this configuration.

This ref. 1463 does not include an archive extract, and Christie’s states clearly it does not guarantee Patek Philippe will issue an extract given the later dial. The clearly defined provenance of the watch does help. Presumably, if a tachymeter dial can be obtained and fitted to the watch, then an archive extract can be issued.

The ref. 1463 carries an estimate of HK$1.6-3.2 million (US$210,000-410,000).

Lot 2239 – Patek Philippe ref. 542 HU world time wristwatch from 1929

The world timer is a complication that has become synonymous with Patek Philippe, in part because of pioneering watches like the ref. 542 HU, a compact, 27 mm world time wristwatch that came well before the better known refs. 1415 and 2523.

This watch was completed in 1938, but built on a base calibre made in 1929, well before the world time was invented. The inventor of the world time function, Louis Cottier, adapted this movement personally, a fact that gives this example special significance in the history of both Patek Philippe and the world time complication more broadly.

This ref. 542 HU is one of just five examples thought to exist of the brand’s earliest and smallest world timer. The whereabouts of just three are known, one of which is on display in the Patek Philippe Museum.

The monogrammed case back.

The diminutive 27 mm yellow gold case was made by Wenger, while the dial was supplied by Stern Freres, shortly after the Stern family acquired Patek Philippe. Stern was also responsible for enamelling the engraved bezel, which is distinguished by the presence of Cape Town on the dial.

When the ref. 542 HU was produced, Patek Philippe was in transition from making pocket watches to wristwatches, and had yet to professionalise its serial production. As a result, each ref. 542 HU has a different movement, making each a unique piece.

The ref. 542 HU is certainly an important watch in the history of Patek Philippe, but its size is small by modern standards, which makes it relatively affordable for such a historically significant watch.

This has an estimate of HK$800,000-1.6 million (US$110,000-210,000).

Lot 2240 – Patek Philippe Ref. 2524/1 Minute Repeater

As if one 33 mm minute repeater was not enough, the Christie’s auction features another. One of the rarest mid-century minute repeating wristwatches made by Patek Philippe, the ref. 2524/1 belongs to a series thought to number fewer than 50 pieces.

Produced from the mid-1950s in extremely small quantities, each example was effectively made-to-order, underscoring the artisanal nature of Patek Philippe’s early repeating wristwatch production.

The 33 mm yellow-gold case was manufactured by Emile Vichet, whose maker’s mark is stamped inside the back. Its condition highlights the model’s refined proportions and Patek Philippe’s evolving approach to serially produced minute repeaters in the post-war era.

The watch was made for the American market, and is exceptionally well preserved, retaining the crisp, small recesses between the lugs and case that are characteristic of Vichet-made cases but often lost to polishing.

Complementing the case is a dial by Stern Frères featuring an opaline finish, raised hard-enamel signature, and pearled minute track — details that define the reference.

Inside is a 12’’’ repeating calibre based on an ébauche by Fritz Piguet, notable for its melodic chimes. Introduced in 1955 as the successor to the ref. 2424, the ref. 2524/1 represents one of Patek Philippe’s smallest and most exclusive runs of repeating wristwatches prior to the modern era.

This small but might minute repeater is estimated between HK$2,400,000-4,800,000 (US$310,000-620,000)

Lot 2436 – Patek Philippe Ref. 1595 ‘Tahiti Forêt’ Cloisonné

Perhaps the most valuable “simple” Patek Philippe wristwatches are those with cloisonné enamel dials, like this ref. 1595. One of two examples of the 24 known pink gold ref. 1595 are known to have a cloisonné dial, this watch has a dial depicting a “Tahitian forest”; the other known example has a different dial motif, making this perhaps unique.

Like all such dials of the period (including those made for brands like Rolex), this dial was produced by Stern Freres, and specifically the enameller Marguerite Koch, one of the leading artisans of her day.

As was the case with cloisonné dial, this dial bears Stern Freres production numbers on its reverse. “93” for Patek Philippe and a dial order number of “11’121”.

This ref. 1595 has a finely preserved cloisonné dial, though the case shows some wear, including a partially worn hallmark on the back of one lug.

It includes an archive extract from 2012, and has an estimate of HK$4.0-8.0 million (US$520,000-1,000,000).

Lot 2439 – Patek Philippe Ref. 1518J Perpetual Calendar Chronograph

Few references have commanded as much discussion in 2025 as the ref. 1518. Fresh off a new record price for the steel 1518 at Phillips, the current lot is of the more common yellow-gold variety.

That said, there’s nothing common about a 1518, which helped establish the brand’s leading position in complicated wristwatches when it launched in 1941. The present example was made in 1943 and sold a year later. Though 35 mm is small by contemporary standards, when placed next to lots like the 27 mm ref. 542 it feels decidedly modern.

As the first perpetual calendar chronograph produced in series by any manufacture, the 1518 sits at the centre of Patek Philippe’s identity. Only 281 examples were made between 1941 and 1954—most in yellow gold—and demand long exceeded supply, with pieces often reserved for the firm’s most important clients.

Early cases, including this one, were produced by Emile Vichet, whose maker’s mark appears inside the back. Vichet’s work is prized for its slim, elegant band and balanced mid-century proportions, features that remain clearly intact here.

This example also retains the hallmarks that define high-quality 1518s: a well-preserved 35 mm case with strong lines, clean pusher geometry, and the correct French-language calendar. Inside is the calibre 13Q, a heavily reworked Valjoux ebauche refined first in Patek Philippe’s own workshops and then by Victorin Piguet under the dial to incorporate the perpetual calendar mechanism.

As a reference that shaped the trajectory of Patek Philippe’s complicated watchmaking for the next half-century, a fresh, mid-1940s 1518 in strong overall condition remains one of the most meaningful vintage Patek wristwatches available at auction.

Given its consequential nature, the ref. 1518J carries a substantial estimate of HK$5,000,000-10,000,000 (US$650,000-1,300,000).

Lot 2254 – Patek Philippe Ref. 5101P 10-Day Tourbillon

The ref. 5101 debuted about five years before I became interested in watches, and its presence still loomed large as I began to learn about the industry. Perhaps for that reason it’s a reference that I find especially appealing for reasons of both nostalgia and technical interest.

It’s very much a purist’s tourbillon, with the regulator discreetly concealed. This is all the more remarkable because it debuted at a time when the tourbillon was exploding in popularity, usually displayed prominently on the dial.

Setting aside a handful of experimental tourbillons produced in the 1940s and 1950s, the ref. 5101 remains the only tourbillon-only wristwatch produced by Patek Philippe.

The 10-day autonomy was a spectacular achievement at the time, all the more so because the movement was COSC-certified as an official chronometer.

This Art Deco-inspired icon carries an estimate of HK$650,000-1,300,000 (US$84,000-170,000)

Lot 2259 – Patek Philippe Ref. 5016R

The parade of complications continues, this time with a pink-gold ref. 5016 — rare enough in theory, but almost mythical in reality. This combination is arguably one of the most attractive configurations of the ref. 5016 and, according to current scholarship, one of only six known in pink gold.

Launched in 1994, the 5016 emerged during a period when Patek Philippe sought not to build the most complicated watches in the world but the most refined. It combines a tourbillon, minute repeater, and retrograde perpetual calendar in a movement whose construction quality set a benchmark for the brand, and severed as a jumping off point for the later ref. 5002 Sky-Moon Tourbillon.

The tourbillon is hidden, in classical Patek Philippe fashion – some say this is to prevent oil degradation for UV exposure, but I’m of the opinion that the purpose was simply to avoid vulgarity. Regardless, the only outward clue is the discreet “Tourbillon” text and movement at six o’clock.

The movement remains in production more than 30 years later — an astonishing lifespan that underscores its status as one of the most meticulously executed tourbillon minute repeaters ever made.

The 36.5 mm case is another reason the 5016 has aged so well. While it would have been on the larger side in the early 20th century, the proportions are effectively timeless; it is a size that could have existed in the 1940s or debuted today without feeling out of place.

The case itself was made by Jean-Pierre Hagmann, the celebrated Genevan casemaker whose “JPH” hallmark has become synonymous with artisanal quality. Hagmann’s hand-finished lugs and bevels give the 5016 a sculptural presence that complements its mechanical complexity, and his involvement further elevates an already rare configuration.

Produced until 2010 in small numbers across all metals, the ref. 5016 remains one of the most complete expressions of traditional Patek Philippe watchmaking — a bridge between mid-century aesthetics and late-20th-century technical ambition, executed at a level that continues to define the brand’s highest complications.

As with all Patek Philippe tourbillons of the time, this watch is a COSC-certified chronometer.

The ref. 5016R is expected to hammer for between HK$3,000,000-6,000,000 (US$390,000-780,000)

Lot 2583 – Patek Philippe Ref. 5004R Split-Seconds Perpetual Calendar

Christie’s is also offering what is almost certainly a unique ref. 5004R: a rose gold example fitted with a special-order black dial. Beyond the colour — which is unusual on its own — the dial incorporates details not seen on any other known 5004: a single Roman XII in rose gold, matching dot hour markers, and a tachymeter scale, a feature reserved for top clients.

The result is a configuration that stands apart even within a reference already known for its high variation.

Launched in 1994 and produced until 2012, the 5004 was Patek Philippe’s first serially made split-seconds perpetual calendar chronograph and remains one of the brand’s definitive modern complications.

Production was relatively constrained compared to the ref. 3970, owing to the complexity of the rattrapante mechanism. Combined with the perpetual calendar, the 5004 condensed Patek Philippe’s late-20th-century technical vocabulary into a compact, classically proportioned case.

Within that already rare framework, this rose gold, black-dialed 5004R-024 stands apart as a likely one-off configuration — precisely the sort of bespoke commission that sits at the top of many collectors’ lists.

One of the flagship lots of the auction, the ref. 5004R carries an estimate of HK$4,000,000-8,000,000 (US$520,000-1,000,000)