First Series 3940J Patek Philippe Perpetual Calendar

The 3940 and indeed 3970 started at their very best. This smaller subdial with its 90 degreee signifies a far smaller, more hand-made production at the very start of serial production complication. To those paying close attention, this era (Philippe Stern’s) is really having a moment. 3940, 3970, and 5004: they may as well be their own ‘holy trinity’ within the brand and there really is a magic about each that is beginning to be fully appreciated only today. It is a time of pure and simple design, almost Bauhaus but complicated. This is a first series 3940, with a stepped off-tone subdial that marks it out as an early dial. And it’s all that we love about Patek Philippe of old. 

This is the actual example appearing next week via Christies auction. Other images for this Find are supplemental and come courtesy of an example prior sold by A Collected Man. 

First Series dial with their stepped edges were considerably more difficult to produce, made largely by hand at Stern Frères. It’s a solid back, and the pushers flank the corrector opposite the crown. There’s no crosshair in the leap indication. Even more vintage, there’s a grave accent on the E of Geneve. Yellow, white, and platinum first series are known. Early cases bear the casemaker number 115, for Favre & Perret SA, who made cases for the 3700, many Ellipse, Rolex, and various Vacheron three-handers. This is the watch that bridged the divide between the Patek Philippe of old and serially produced complication. Estimates for First Series production range from 700-1500 examples.

The delta between first series (first and second really) and latter series in both 3940 and 3970 continues to grow over time. This is an interesting trend we’ve seen year on year as the collector zeitgeist grows both more learned and information becomes easier to access year on year. The difference between the earlier, warmer, and more hand-manufactured dials and later series is pronounced across both references. And there is a certain collector who simply wants the greatest of any references they choose to collect. Now, whether that’s a First Series J, Doré Second Series, or Saatchi is anyone’s guess. But First Series is certainly at least in the running.  

The example appearing at Christies is difficult to assess without handling. Case perhaps appears to have seen a polish, dial is lovely. I'd love to see the hallmarks, but not pictured. You'll have to go check it out yourself. This example includes the full set, with certificate dated 1986.