A Collector's Guide to the Patek Philippe 5004

This article is penned by a new contributor here and that deserves a small introduction. Tony Traina is my best friend, someone way smarter than my podcast co-host Max, and the editor of Unpolished, a newsletter about watches that makes blood rush to my loins like the finishing of a Greubel Forsey. (Guess who wrote this, he introduced himself) 

The Patek Philippe reference 5004 was always going to be the grand finale. This was Patek Philippe’s first Split Seconds Perpetual Calendar Chronograph, but it also became the last of perhaps the most important watch lineage ever, and the send-off for a certain kind of watchmaking. It’s Patek Philippe at a crossroads, when Philippe Stern built the bridge from vintage to modern. Its history informed the 5004’s design and proportions, but modern know-how made possible the combination of two high complications.

Together, the 3970, 5970, and 5004 represent the era of Lemania-based Patek Philippe Perpetual Calendar Chronographs, a roughly 25-year period when it used the revered chronograph to power its most important collection. The result: some of the best watches ever made. Over the past few years, enthusiasts have begun to further discover, document, and collect this era of Patek Philippe. Each reference is increasingly a modern classic. In 2025, interest—and prices—in the ref. 3970 exploded. But perhaps because the ref. 5004 is more complicated, rare, and expensive, it hasn’t been studied as closely as the 3970. It’s time to bring the Patek Philippe ref. 5004 fully under the microscope: Its history, a closer look at the changes across its production, the state of the market, with plenty of collectors’ tips along the way. This is our Collector’s Guide to the Patek Philippe ref. 5004.

Last updated 14 February 2026 

What Is The Patek Philippe Ref. 5004? 

The Patek Philippe perpetual calendar chronograph, in all its forms, sits at the apex of watch collecting. Patek Philippe introduced the first serially-produced perpetual calendar chronograph in 1941 with reference 1518, which laid the groundwork for each reference after, continuing to today’s larger reference 5270. 

Patek Philippe also introduced the world’s first split-seconds chronograph, or rattrapante, in 1923. It was only a matter of time before Patek Philippe combined the two complications. But perhaps as proof of the technical challenge, that didn’t happen until 1994 with the introduction of the reference 5004. (There was at least one progenitor: the unique ref. 2571—essentially a split-seconds 2499—made in three examples, one of which sits in the Patek Philippe Museum.)

But the ref. 5004 is more than just the combination of these two complications. Until the mid-2000s, complicated Patek Philippe watches had something in common: ebauche movements, sourced from suppliers and partners. At the beginning of the 20th century, it had a partnership with complications maker Victorin Piguet, which supplied the movement for the 1518, as well as other minute repeaters, calendars, and chronographs—including that first rattrapante. 

A ref. 5004G silver dial, on a modern tailor-made white gold bracelet.

In 1986, Patek Philippe introduced the 3970. Instead of using Victorin Piguet (1518) or Valjoux (2499), it turned to another supplier: Lemania. The Vallee de Joux manufacturer was well-known for its chronographs, most famously the base for Omega’s chronograph caliber 321.

The 5004 represented the grand finale of this ebauche era. Patek Philippe, along with much of the industry, would soon begin to invest in its own in-house calibers. Its first—the first—Perpetual Calendar Split-Seconds Chronograph is like Kobe scoring 60 in his last game (without going a paltry 22-50 from the field).

The Patek Philippe ref. 5004 was introduced in 1994 as the complicated cousin of the ref. 3970, which launched in 1986. Production ended in 2012, when Patek Philippe announced that the final 50 5004 examples would be made in stainless steel. Over its production run, Patek Philippe produced the 5004 in a variety of case metals and dial variants, which we’ll further explore. There were also subtle updates to the movement to solve reported issues with “rattranpante drag.”

5004: Spec Sheet

The Patek Philippe 5004 measures 36.7mm and 15mm thick (about 0.7mm larger and 2mm thicker than the 3970). It’s slightly larger and thicker than the 3970 with a similar profile, but because of that massive crown on the side that looks like a valve, it wears larger. Most cases were made by Guillod (hammer number 121). The first ref. 5004 (movement number 879,500) is in the Patek Philippe Museum. The first 500 watches, from movement numbers 879,500 to 879,999, are sometimes referred to as the “First Series.”

Collector’s tip: It’s tempting to divide watches into distinct “series,” but it’s never quite that simple. 

What’s most useful is understanding a watch’s characteristics and how these evolve over its production. We’ll see a few traits that distinguish an early from a late 5004, but there are also plenty of “transitional” examples that have traits of each series.

Production and Metals: A commonly cited statistic is that Patek Philippe made just 12 examples a year, which would place total 5004 production at around 200 pieces. Most people believe that’s drastically underestimated, and actual production is more like 900-1,100. 

The platinum 5004P is most common. Of about 250 auction results, here’s the breakdown (courtesy of Everywatch):

• • Platinum (P): 44%
  • Rose gold (R): 21%
  • Yellow gold (J): 19%
  • White gold (G): 13%
  • Stainless steel (A): 4% 

The original retail price difference between platinum and gold was relatively small, so clients generally just went all the way and ordered the 5004P. A Patek Philippe U.K. price list from 2000 shows a 5004P at £86,000 ~$133k), while in gold it was £81,000 (~$125k):

Price lists from 1998 and 2000, courtesy of Malcolm Gillan

5004: Movement

Inisde the ref. 5004 is the Patek Philippe manual-wind caliber CHR 27-70 Q, which uses the Lemania 2310 as its base. The heavily modified ebauche adds a perpetual calendar, split seconds, and all 407 parts are finished by Patek Philippe. Impressively, the first-of-its-kind complication also carries the Geneva Seal. 

Calibre CHR 27-70 Q in a 5004G. 

Rattrapante Reminder: A split seconds, or rattrapante (French for “catch up”), allows you to time multiple events. Two seconds hands run together, and when you press the split button—integrated into the crown of the 5004—the split-seconds hand stops so you can record an interval, while the other hand continues running. Press the button again, and the split-seconds hand catches up.

The Isolator Issue

At the beginning, though, it wasn’t quite so simple. 

“They basically just didn’t work,” says Malcolm Gillan, who was the co-owner of Hamilton & Inches, a retailer in Edinburgh, Scotland and part of the Asprey Group. Malcolm was a director at Asprey during the 5004’s production.

“The problem was that the Lemania 2310 or CH 27 was never intended to be a split-seconds chronograph,” Philippe Stern later told Revolution. “We had two major challenges. The first was the pinion that all the hands—hours, minutes, chronograph seconds, and split seconds—had to be made even longer, and we were stretching the limits of what was possible. Even the slightest mistake, and it was easy to bend this pinion. The second was that the CH 27 would experience rattrapante drag each time the split seconds function was activated.”

Rattrapante drag occurs when you engage the split-second mechanism. Because the stopped hand is held in place by a brake while its underlying gear still wants to rotate, it creates extra friction (drag) that can slow down the watch’s movement and reduce its accuracy.

Patek Philippe solved the "drag" problem with an isolator, nicknamed the "Octopus" due to its multi-armed shape. In a traditional split-seconds watch, when you stop the rattrapante hand, a spring-loaded lever continues to press firmly against a cam on the still-moving main chronograph wheel. This creates constant friction that drains the watch's power and affects its accuracy. Patek's isolator acts like a "lifter": as soon as you stop the split-second hand, the "Octopus" wheel rotates and physically lifts the lever off the cam. This breaks the contact between the two parts, allowing the main chronograph to run without any drag.

The first version of this isolator didn’t work as intended. Patek Philippe quickly realized the issue, and for a few years early in the 5004’s production run, it became nearly impossible to order while Patek Philippe worked out the mechanism. 

Eventually, it developed a more robust isolator bridge. As a result, the 5004 can be found with three isolator types (images courtesy of Monaco Legends, Phillips lots):

Until as recently as 10 years ago, Patek Philippe would update the old, malfunctioning isolator with a new isolator at no cost to the owner. This also makes it extremely difficult to find the old “Type 1” isolator. Of the 50+ ref. 5004s that have appeared at auction over the past five years, I observed only three with the old isolator (it’s more commonly seen in older sales).

Aesthetic Evolution

The Early Series (Left, Courtesy Malcolm Gillan) and Late Series (Right) 5004 are distinguished by the chronograph hands (notice the counterweights) and the crown size. 

Beyond the isolator, you’ll see two other notable changes across the 5004’s production:

• Chronograph seconds hands: Change from small counterbalance to larger
• Crown: From shorter to longer (some have started referring to early pieces as 'short crowns' for this reason, but it's not that simple)

The larger counterbalance on the chronograph hands is likely to help with the efficiency of the chronograph or rattrapante reset. The crown change may have been to make it easier for the user to wind, or because of an update to the split-button mechanism in the crown. Either way, it creates a distinct look between “early” and “late” 5004s.

First Series: I’ve been told the first four 5004 serial numbers (beginning with 879,501) were sold as a box set, one in each metal, to Prince Jefri of Brunei—if you’ve never heard of the profilgate-spending playboy, it’s certainly worth your time. He was Patek Philippe’s biggest client at the time (and Franck Muller’s, and Gerald Genta’s, and probably Richard Mille’s, too). That very first 5004 ever sold, in platinum, resurfaced in 2025 for $269,000—which honestly doesn’t feel crazy.

Later Series: Around 2005, Patek Philippe definitively solved the rattrapante issue. Movement numbers also change to 3,275,xxx. For example, movement 3,275,000 originally sold in 2005; when it appeared at auction in 2023, it had the larger chronograph hands and Type 2 isolator. In auction results, I noticed the larger counterbalance hands pop up for the first time in 2007 and become a regular feature by 2008.

In general, these traits—isolator, hands, and crown—divide the 5004 into earlier and later series, but it’s important to think back to their production when drawing definitive lines.

“With Patek Philippe—with watchmaking in general—you have to remember how watches were made,” Gillan says. It wasn’t a strictly controlled production line where a watchmaker was paying attention to the details that collectors would obsess over a generation later.

Moonphase: One final change you’ll observe is the moonphase. On early examples in white gold or platinum, the moonphase disk features a yellow gold moon (e.g., here or here). This transitions to a polished white gold moon, and eventually, a frosted moon. This timeline seems to align with the 3940 doing the same.

Transition Time: That also means there are plenty of “transitional” 5004s, examples that have the older isolator but thicker hands, or that have thinner chronograph hands but the updated isolator. It’s possible these watches were born this way, or that some parts were changed during service. Again, context is important.

A large crown 5004J with counterweights and a Type 3 isolator. 

Collector’s tip: A few independent watchmakers might service a 5004. The problem is, parts can’t be sourced from Patek Philippe. So if you’ve got a broken 5004 (or one with that finicky old isolator), it’s gonna have to make a trip back to Switzerland. When that happens, the old isolator will be swapped for a new one. There’s also a good chance Patek Philippe will swap in the updated crown and chronograph hands.

As for whether the early or later 5004s are more collectible?

“Nowadays, I’ve got clients who want me to find an early one with all the early traits,” Gillan said. They’re looking for the thin chronograph hands and small crown—what they’re least concerned with is the isolator type.

“It’s funny, because 10 years ago, if someone was looking for a 5004 and knew about them, they’d ask for the upgraded isolator.” So while collectors today are starting to place a premium on the aesthetic traits that define the early 5004, this can come at the cost of a watch that actually works. 

Digging Into Dials

The standard 5004 dial uses large, sans-serif Arabic numerals, a reference to the 1518 and early 2499s. Most common is a silver opaline dial with applied Arabic numerals, but there’s a lot of variety, even before considering custom or special requests (more on those below). The 5004 was a by-request-only piece, meaning you wouldn’t just stroll into your local jeweler and find it under the cabinet. When placing their order, clients could request their dial.

Of the 259 auction results on Everywatch, here’s the breakdown by dial color:

• Silver: 64% 
• Black: 30%
• Special: 4%

It didn’t stop at color, as marker styles also varied: Diamond markers, baguette markers, and simple baton markers (or “3970 dials”). It’s important to remember that the 5004 was sold in a different era, when it was difficult to sell any luxury watch and the 5004 was probably the most expensive watch being produced in series. Patek Philippe was generally happy to accommodate requests if it meant selling another one.

Every so often, you’ll find a 5004 offered with two dials. Here, place a premium on what the papers say. If there’s a black dial, it’s worth a premium if that’s confirmed by the Certificate or Extract, or even if an Extract confirms that it was swapped or added by Patek Philippe during a later service.

A 5004G with the lesser-seen black dial featuring faceted baton indices in place of Arabic numerals. These markers are nearly unique to a small part of 5004G production in black dials, only otherwise seen in the 5004A. Image: Phillips

Collector’s tip: English is by far the most common language on the calendar disks that display the month and day, though I’ve also seen French and Italian. Even though they’re rarer, I don’t think they command a premium because the customer base is also smaller.

The Steel 5004A, a Bit of Mystery

In 2011, Patek Philippe announced it was retiring the 5004, and celebrated by producing a final run of 50 examples in stainless steel (at CHF 270,000). It was extremely in demand and sold out immediately, without Patek Philippe officially releasing any information about it.

This has always made people curious: Did Patek Philippe really produce only 50? I asked about 10 people this question, the type of people who would know the answer to this question, and none of them had any idea. Some are sure that it was 50 (or maybe 51, with Patek Philippe keeping the first); others think it’s 100; many think it’s somewhere in between. 

The 5004A. Image: Phillips

The theories that more than 50 were made usually offer circumstantial evidence: These watches seem to pop up on the secondary market much more frequently than they should if there are really only 50, or stories about clients taking deliveries long past 2012.

One way to triangulate production is by looking at known movement numbers, as auction specialist Charles Tearle has pointed out. Of the known movement numbers, most fit within a clear batch of 50. However, there are a few outliers. Here are known movement numbers:

1. 3'275'459
2. 3'275'463
3. 3’275’468
4. 3'275'474
5. 3'275'493
6. 3'275'495
7. 3'275'527
8. 3'275'569
9. 3’275’570

That said, while the steel 5004A was the “final run,” it seems Patek Philippe was fulfilling special orders concurrently. I’ve found multiple special-order dials with movements that sit within this range of 5004A movements. In other words, it’s not necessarily true that the 5004A movements would’ve all been consecutive.

All that to say: No one really knows how many steel 5004As were made—this is what makes collecting fun! 

Piece Unique & Special Run 5004s

5004J made for Michael Ovitz with a tiny 'MSO' signature at 6, as his watches exhibit. Image: SJX

Especially towards the end of the 5004’s production (~2008-2010), we see more special order or custom dials. Again, think about what was happening at the time—Financial Crisis—and what that meant for selling fancy watches. These special orders follow a pretty standard formula: add an applied Roman or Breguet numeral at 12 o’clock, a tachymeter scale, and a color like blue, salmon, or champagne (doré). Of course, there are outliers like this pulsation scale. In many cases, these were made for famous clients, such as Eric Clapton or Michael Ovitz. The Ovitz watches are immediately recognizable by his loud insignia below 6 o’clock. One must also mention here the Titanium piece unique for Only Watch. It's highly likely that we haven't seen yet many of these special pieces, and more will be seen in future. 

Unique 5004R with Pulsations dial, made for a non-celebrity client with excellent taste which sold at Sotheby's HK. Image: SJX

Often, these special orders seem to have been sold as a set of each metal (platinum, along with yellow, rose, and white gold). Most, if not all, of these custom dials also seem to have been filled through the Patek Philippe Salon in Geneva.

Here’s a set of four special-order dials, one in each metal, delivered to a client in 2009:

And here’s another set with gemset hour markers, originally sold as a box set in 2007, which collector @horology_ancienne has posted was originally his commission:

Image: Christie's

A Word on Condition

The 5004 was always, since inception, a collector’s watch, and many of them have been taken care of as such, aside from Ed Sheeran’s contention that he’d use his boxes for weed and rolling paper. 

Dial: The 5004 has a modern pad-printed dial. Unlike vintage engraved enamel dials, they’re not cleaned and dial condition is less of a concern. Some collectors I spoke with say the 5004 dial is relatively flat, even boring. The dials have less depth and contrast compared to the 3970, perhaps Patek Philippe was concerned with saving every milimeter of thickness. While the black might command a premium, dealer Gillan says he’s typically asked for the most common combo: platinum with silver dial. 

“And you can tell the time beautifully on that watch,” Gillan added. 

Case: “It really comes down to case condition,” says dealer Erik Gustafson of Hairspring. Look at the crispness of the hallmarks, stepped lugs, and in between the lugs. Hallmarks can be found on the back of the lugs and inside the solid caseback. When evaluating the case, Gustafson also pointed to the junction where the stepped lugs meet the midcase. This area is often telling

We’ve also noticed that the blue steel hands sometimes become oxidized and tarnished. Some people like this look, others don’t—it’s a matter of taste. Pump pushers and calendar correctors might be replaced during service, but it’s honestly hard to tell, and these are functional components anyway. 

A 5004G with strong oxidation patina on the lower blued steel hands. 

Especially given the issues with the first series of movements, it’s also important to confirm all functions of the chronograph and calendar are in working order. The last thing you’d want is to spend six figures on a watch only to send it to Geneva for a months-long service.  The other thing always worth noting is that the dial was indeed born with a given watch, which is up to the documents to confirm. 

The Full Set

A later-production set with a massive leather folio and darker wood presentation box (left) with an early-production set (right) featuring the reddish-wooden box which falls apart often inside. Both should include a corrector pusher and solid caseback. Image left: Amsterdam Vintage Watches, Image right: Christie's

The 5004 also came with a ton of other stuff: Two casebacks (one solid with serial and one sapphire), along with a leather folio, user manual, Certificate of Origin, original box, outer sleeve, and setting pin.

“A lot of sets have been separated,” Gustafson said. It’s important to look at everything that makes up the full set to see if it matches—especially that second, solid caseback. Dealers will sometimes try to put sets back together where the serial number on the second caseback doesn’t actually match the watch or papers. If you’re looking at a black or other special dial, confirm what the papers say. Early sets use the red wooden box familiar to 5970 and others. Later sets use the more robust dark wooden presentation box with a large leather folio. 

Missing the full set can quickly knock 10-15 percent off an example’s value. If someone’s spending this much money on a watch, they’re probably gonna wait for a full set. Early examples had the early construction reddish-wooden presentation box which always disintegrated on the inside. Somewhere near halfway through production, this switched to the dark wood presentation box most expect. Many have been switched as these aged better. 

The 5004 seems to have typically been delivered on a deployant clasp, but I’ve seen more than a few on pin buckles; while I’m typically a pin buckle guy, I’ll admit that the deployant helps counterbalance the heavy 5004 case.

Bracelet: A five-link bracelet was also available upon special request. I’ve only found a handful, and they’re often paired with special-order dials (at least a few Clapton and Ovitz 5004s have bracelets). There are also examples (e.g., here or here) of a watch going back to Patek Philippe for service and having the bracelet added then. Sometimes, this is also when a second dial is requested.

The Market

“The 5004 is the watch everyone has marked as the next 2499,” Gustafson says. It’s always been collectible, from conception to the first clients who bought them. But they didn’t command huge premiums when they were still available new. Gillan told me that, around the mid-2000s, he recalls having multiple 5004s that took him 2 years to sell, and that was after trying everything—making calls, finding offers, begging friends in London to put it in their shop window.

“Now, I wish I could find a box with half a dozen because I’ve got clients waiting for them,” Malcolm says.

Over the last few years, prices have crept up gradually, but they haven’t exploded the same way prices have for early 3970s or 3940s. This may be due to the simple fact that there’s only so much money floating around, and the 5004 is already expensive. 

One way to look at the market is by looking at record results for the reference. The most expensive 5004 ever sold at auction is the unique titanium 5004T made for Only Watch 2013, which sold for $3.9 million. Beyond that charity number, which doesn’t really count, two of the three highest results came during the fall 2025 auctions season.

Top Five 5004 Auction Results

• November 2025, HKD 11.9 million (~$1.5 million), Ovitz 5004P, Christie’s
• November 2023, CHF 1.07 million ($1.1 million), Ovitz 5004J, Christie’s
• October 2025:  EUR 884,000 (~$1 million), steel 5004A, Monaco Legend
• November 2021: HKD 7.7 million (~$985,500), Clapton blue 5004P, Sotheby’s
• May 2023: CHF 939,800 (~$978,000), steel 5004A, Phillips

“It’s a seller’s market, but not by much,” Gustafson said. This is especially the case for rare and special dials. Black dial 5004G and 5004R examples are starting to separate in price from more commonly-seen variants. A steel 5004A hit $1 million for the first time in 2025, which feels like a sort of mental rubicon for the market. 

Still, it feels a bit weird that a special 3970 is more than a 5004. As I write this in January 2026, a dealer listed a First Series 3970 and a black dial 5004P for the same price: $750,000. I love both watches, but if the price is the same, I know which one I’m picking.

'As Good As It May Ever Get'

Eric Clapton's Unique 5004P with Breguet 12. Image: SJX

I started to really discover watches during a time when the Patek Philippe 5004 was the ultimate watch, among rockstars and the bespectacled blogging class. 

“As good as it gets, as good as it may ever get,” as John Mayer famously said of the Lemania-based 3970 and 5970. But the 5004 sits at the very top of that pyramid. This was also around the time of that unique titanium 5004T. 

Somewhere along the way, the Nautilus and Aquaunat absorbed all the hype. It’s not that we forgot about the 5004, it’s just that we were briefly distracted by the shiny and the sporty. 

But over the past couple of years, we’ve gotten back to appreciating what watches are all about. What Patek Philippe, at its very best, is all about. And the 5004 Perpetual Calendar Chronograph is as good as it gets. 

Thank you to Malcolm Gillan for sharing his knowledge and experience; thanks also to the other collectors and dealers we speak to for this collector’s guide. A special thank you to our unnamed friend for allowing his 3 ref. 5004s to be photographed together for this guide. 

A small addendum also, as it turns out that Edouard Henn was also working entirely separately on a Guide to the 5004 as we were, our efforts each unbeknownst to both. His work focuses more on the unique dials and numbers, where this guide focuses more toward collector insights for standard models. His article is very much worth checking out here as well. It is interesting that both works arrived at similar conclusions independently.