Fourth Series 3970EP Patek Philippe Perpetual Calendar Chronograph

It appears the 3970 is going the way of the 2499. But is that the whole range or simply the first two series? That’s the question that remains unclear. First and Second Series have recently exploded to become 400K or even 500K USD propositions, depending on the watch in question. But the Third and Fourth series, as we have here, haven’t been pulled up quite as hard yet. It’s impossible to call a 165K watch a relative value. But it is.

So a very quick history lesson. The First Series was made in 100 examples with a snap back. The Second Series introduced a screw-down caseback. Both had feuille hands. Beginning in 1989, the Third Series marked a shift from feuille hands to batons, pointed and faceted hour markers overs rectangular batons, a warm white-silver to trueur white dial (for this dial), thicker fonts, and newly sans-serif discs. It’s also worth noting that only up until about 1990, i.e. third series, cases were hand-finished. The tweaks sum to a surprisingly different watch that feels highly contemporary where the First and Second Series are referencing history more directly. The changes between Third and Fourth Series are mostly academic, aside from the fact that the clasp went from pin buckle to deployant. The distinction otherwise is separated only by movement and case serial numbers. Production of the 3970 ended in 2004. A run that began in 1987 created some of the most austerely beautiful complication in existence. Now, a First Series can easily be over 500K. A Fourth Series can be had for 165K here in this example. That’s a huge spread, one which I think will continue to grow in difference, but which means that there is a 3970 that can still be aspired toward by mere mortals.

This Fourth Series is, in sum, a quite overlooked step between the high-production, even more faceted 5970 and tiny production origins of the First Series in 3970. This whole range feels almost designed to be collectible, but the good thing today is that not all 3970s are laughably valuable. The late production of 3970 is possibly the most attractive, approachable entry point to PCC that exists today (even if PCC is by definition an out of touch category). There are 100 First Series, about 650 Second Series, 1,350 Third, and 2,000 Fourth. You can see clearly how this is reflected in values today. As the first of the Lemanias and last of the Philippe Sterns, we just think they’re all pretty great.

This example comes from a great retailer in Dubai who were lucky enough to assemble all metals for the photo above, but it's the platinum we're covering here today. It case is strong, with great hallmarks. The dial shows no signs of damage or use anywhere. It comes with an Extract, noting production in 1996.