565 Patek Philippe Calatrava, 14k Yellow Gold

The 565 one of the earliest examples of a Patek Philippe that flirted with sporting ambition, a two-body Taubert & Fils (formerly F. Borgel) 35mm case with a screw back that was way, and I mean way, ahead of its time. It is the vintage Patek Philippe that got a little Rolex in attitude. More than usual were in steel, because the 1930s where it was introduced were a bit . . .drab. Yellow gold was not de rigueur during the Great Depression or WWII. Of the roughly 150 examples sold at auction since 2005, the majority are in steel and pink gold. The 565 is almost reverse to most vintage Patek Philippe. And yet, this example is in 14k yellow gold. Apparently, not all of the world was on fire or starving through those hard decades.

Any 565 is made by its dial, and the variations are many: white, black, signed, Breguets, luminous, and many other variations. This is a slightly later example with an updated calibre 27SC, for centre seconds, and five-minute dial. These were made toward the end of production, the vast majority are not centre seconds. It’s about as sporting as a Calatrava has ever looked and it’s a very uncommon configuration. There are fewer than 15 examples known with this dial. It’s even sporting an early Geneva Seal, which no other variant does. The dial has aged into a light ivory which setts off the center seconds perfectly. And we shouldn’t overlook the choice of bracelet, this vintage (also 14k, unsigned, probably Gay Frères) might be a later addition but fits the sporting aesthetic to a tee. The 565 and its contemporary look preceded both the 3417 A-Mag and 2508, two Calatravas which also took their sporting side quite seriously. It is the watch which started the category of three-handers that push the boundaries of what a Calatrava can be at a then-large 35mm.

Interestingly, this example sold earlier this year on Loupe This at 16K US and has now reappeared from a private collector on Chrono24 at 27.5K US. It’s fairly distinct for a caseback engraving that has partially worn and recognizable. It’s not a museum-level 565, which can easily trade hands above 100K depending on the dial and metal. It’s a lived-in 565, which can be quite charming in its own way. The dial has been cleaned, yes, and the case isn’t as sharp as some. But that’s why it’s 30K, not 98K. And to be blunt, I’d opt for this over anything bearing the name Calatrava on patek.com today, except perhaps a 5088.