5039G Patek Philippe Perpetual Calendar

Introduced in 96 and discontinued in 06, this is not a 3940—which might be its defining feature. But it is a full-on 240 Q Perpetual Calendar, nothing annual about it. It’s the ref. 5039, which one could choose to think of as a 3940 that was allowed to lean full into mid-90s design conventions in the absence of exercised restraint. It’s a 35.5mm more architechural case with a double-row hobnail bezel, tangent pyramid indices, and elongated, straight, stout lugs. It’s the step-sibling but, actually, it has its own debonair charm. And it’s rarer.

Around 1200 are thought to have been made in total: 500 in yellow gold, 300 in pink gold, and 400 in white gold. There are blue dials, brown dials, silver dials, but generally production mirrors the 3940 variants except the absence of platinum. The dial design conventions align closely to third series 3940, with an in-line Swiss sigma signature and crosshair. That said, there are some wild exceptions like an Ovitz Breguet-numeral brown dial that has no Swiss signature. While the depth of variance and timeline of production don’t have the same depth as 3940, but it somehow feels a little less formal and more fun as well.

The 5039 market has historically tracked at about 2/3 value of the 3940 market, however in light of the recent acceleration of this whole production era this one is still something of a value. Obviously, hobnail bezel isn’t for everyone. But it is daring, fun, and many other adjectives that equate to 90s optimism. Plus, the hallmarking between the lugs rocks and the bezel is actually stepped as well. It’s the kind of bravery we rarely see from Switzerland today, and feels of a totally different creator. 3940, hair down, having fun. And little bit less harmonious, but that’s just fine. That's not the point.

This example sports a beautiful case, full proportions. The dial shows zero signs of damage or marks. It comes with the full works from a well-regarded Dutch retailer.