3940P, Perpetual Calendar, Third Series, Platinum

Amongst the most attractive complications to ever leave Patek Philippe, the 3940 was an audacious project from the start. Debuting in 1985 still amidst much uncertainty in Switzerland. Alongside the 3970, this was the return of high mechanical watchmaking complication to its home. But where the 3970 continued to evolve prior PCC designs, the 3940 revolutionized the QP. This was accomplished via the ultra-thin micro-rotor calibre 240Q, just 3.75mm tall while retaining chronometric specification and a 48 hour power reserve; a micro-engineering masterpiece. Approximately 2,200 examples are thought to be made in this Third Series configuration, of which the rarest metal is this: platinum. Few platinum examples are preserved this well, from hallmarks to the set. 

In the immense variation through 3940 production, this example sports a few notable highlights. This example sold in 2003, with 3940 production ceasing by 2007, early in the Third Series. Where the majority of 3940 production uses a gold moon phase disc, where just a few examples in white gold and platinum from the third series exhibit this silver moon and stars, similar to the 3970. This is one such example. The Third Series dial is characterized by a slightly higher Sigma signature and sans serif font, which gives a modern contemporary impression to the dial. Platinum 3940 were the only variant to be sold in solid caseback-only configuration, a nod to the respect that Patek Philippe treats this noble metal with. At retail in the early 2000s, this 3940P cost 72,000 CHF. 

Today’s rarer 3940 examples have begun to sell for multiples of that initial outlay, with early series, rare dials, and platinum leading that stratification. This is not speculation but part of a larger trend of buyers who have begun to appreciate the Philippe Stern era of Patek Philippe and its associated austere designs as some of the manufacture’s very best work. On the verge of being considered vintage, they offer the reliability of modern watchmaking with the tighter proportions and restrained design of vintage production. While there are many Perpetual Calendars, the 3940 is one which helped the complication rise to fame and desirability. Its role in creating desire for complication cannot be overstated. 

The 3940 has become the defining perpetual calendar of the last half-century. While that’s up for debate, there is no debating that it introduced the world to complicated Swiss mechanical watchmaking at scale and re-established Patek Philippe's prowess in micro-engineering, proportions, and design. Alongside the 3970, this is the very best of complicated Patek Philippe from Philippe Stern’s reign.

This 3940P-011 presents in exceptional overall condition. Its case is miraculously preserved, with perfect hallmarks and only very light signs of wear. The dial, comparably, is excellent with no signs of damage and only very light patina starting to develop in the 24-hour counter. It comes with its original set and all included materials, down to the hang tag. It will be sold with its original strap and platinum deployant clasp.

This example is modelled on an average-sized 7-inch wrist