3970EP Patek Philippe Perpetual Calendar Chronograph Second Series

The Second Series 3970 occupies and entirely different mindshare than but five years ago. It is, quite obviously, ascending to become seriously collected, desired, and studied. But the platinum, well, it’s been described aptly by Ben Clymer as a, ‘kind of mini platinum 2499’. And he’s right, except there’s nothing small about the values anymore. These were made in miniscule quantities and somehow feel more vintage than neo-vintage, encompassing some of the very best qualities of Patek Philippe.   

3970 production quantities ramped significantly in the Third Series. First and Second Series are easily distinguished not just by their feuille hands, but also the fonts used, hallmarks, and caseback. First Series have contrasting subdials in yellow gold strictly. Second series had matching subdials, otherwise maintaining the same warm parchment tone of First where later dials are true white. 100 First Series were made. There are about 650 Second Series. But almost nothing in white metal. There are known 14 in white gold and 11 in platinum (fun fact: having sold two prior, proud to humble-brag that we’ve handled about 18% of production now). 

The 3970 was born in uncertainty, as Switzerland found its footing post quartz by leaning into complication and handcraft. The design is pure efficiency: a wealth of information displayed as clearly as possible—nodding to the 1518 and earlier with dual apertures. All frills were removed. Calibre CH 27-70Q predated the trend and demand for in-house watchmaking, instead a cohesive effort from all of Vallée de Joux. This is Geneva Seal at its best.

3970 values are growing with what feels like healthy confidence. Collectors have always quietly whispered of the 5004 becoming the ‘next’ 2499. Even Thierry. However, I’m not sure anyone saw that the 3970 would rise to power alongside or even first; or the strong distinction forming between series. However, when one considers First and Second Series together accounting for 750 examples, perhaps very roughly double 5004 production (that’s a whole debate in itself), it makes total sense. In addition to the drop-dead gorgeous proportions, there no other PCC quite like it.