5004R Patek Philippe Perpetual Calendar Split Seconds

This is peak Philippe-Stern-era Patek Philippe. The 5004 is the watch that built so much reputation and rapport under the brand that Patek could afford to erode it for a generation or two. It is the modern classic, Ed Sheeran gets it (read Time lately?). To bring the brand onto a plane of watchmaking separated from the masses, in 1996, Mr. Stern debuted the wildly ambitious 5004: a Perpetual Calendar Split Seconds. So demanding was this calibre that only about 12 could be made per year, stopping in 2012 for a total of 216-ish examples. This is one of ten known in pink gold with a black dial. 

The design was cherry picked from the very best of prior PCC history. The 5004 included Arabics styled like the 1518, pump pushers from the 2499, and a stepped case very similar to the 3970 (except with a convex rather than concave bezel to give more space to its calibre. Development was challenging; the Lemania 2310 was not designed to split. The most notable of these was rattrapante drag, which is worth understanding (Google it). Patek Philippe solved this with a unique isolating mechanism that sits atop the split brake. Its shape resembles a metal octopus, and is one of the most ingenious, tiny, singular solutions in Patek’s modern watchmaking. And that is one module inside of 407 parts all cased at just 36.7mm. It is in these ultra-flagship models that Patek Philippe’s finishing prowess comes to bear. It reminds you what they’re capable of. Ask Alexa to show you a modern classic and this is it.

5004 collecting is serious, obviously. But these more collectible and rare of the 216-ish are starting to ascend values precipitously in lock step with the 3970. This, the 3970, and the 3940 are increasingly lauded as markers of the height of Patek Philippe’s aesthetic abilities in complication. At Phillips in 2019, this exact 5004R-018 configuration hammered for 263K USD. In 2024 (the most recent 1:1 hammer) it was 588K USD. Damn near everyone who collects Patek Philippe will tell you this is one of the greatest offerings the brand has ever made. And the moon phase is even the right way up (ahem, 5204). Sheeran nailed it.

This example appears great. The condition report only really notes how excellent it is and I don't see much to disagree with on that. It comes with the full kit, coming up at auction shortly.