5040P Patek Philippe Perpetual Calendar

A 3940 doing its best Tortue impression, the 5040 is a ridiculously beautiful value today. But there are more variants than most realize. It’s not just a J with Breguet numerals, this is platinum—solid caseback only just like the 3940. Except this black Arabic dial with dot indices is unlike anything in the 3940 realm. It is somehow more serious, more playful in case shape, and just as beautiful (to many).

Quietly introduced in 1992, the 5040 did not sell like the round QP. Yet, it was in the catalogue until 2007, so saw a decent bit of evolution. The overall volume during that whole span is widely estimated to be under 4,000 examples across all metals. That’s roughly half the production of the 3940. Most estimates place the number made in platinum around 600. That’s split between the 5040P-014 with silver dial & Breguet numerals or this 5040P-013 with matte black & Arabic numerals that’s all around more austere and rare. Almost a bit German-feeling in some ways. The later 5940 was its successor, but the proportions are just a bit off by comparison. This one is an insider’s pick.

A supplemental on-wrist photo of a similar dial 5040G sold prior by A Collected Man.

At about 35.5mm, the proportions are just right and perfectly vintage feeling with more thinness than a modern Patek buyer would be used to. That’s thanks to the then-thinnest of its kind calibre 240Q. It was by some measure the most reliable, thinnest, and longest reserve movement on the market. It doesn’t look it, but the whole case is under 9mm thin. Patek even engineered a new gear tooth shape to avoid frictional losses and used a 22k winding mass instead of 18. It’s the real deal. But it’s half of real deal values today. It’s almost like this was designed to sell terribly and be special only for posterity. The 5040 was succeeded in 2012 by the 5940G, but that more squared case lost some of the elongated pebble-like essence that makes the 5040 magical. Its fonts became more seriffed and fussy. The 5040 stands alone in time. If you love the Tortue case, this really does ask for consideration at current market values today. Not better nor worse than a 3940, just lesser known, more alternative, and a little more daring. 

This example looks lovely. The case is full, hallmarks are great, and the dial flawless. It comes from a great gentleman in the UK. This one was sold in 2008 on Bond Street. It was made in the final year, 2007. It comes with the full works.