2526R, Calatrava, 'Freccero' Signature, Pink Gold

The 2526, here in pink gold, is a classic 1950s enamel dial Calatrava that houses major leaps in movement technology by Patek Philippe. Its calibre 12-600 AT was not only Patek’s first automatic movement, but an early use of the brand’s still trademark Gyromax balance wheel. The reference was produced from 1953-1960 in the standard 4 case metals. It features an enamel dial, this example with double ‘Freccero’ signature from the Uruguayan retailer, and classic Calatrava aesthetics and proportions. The original list price says everything you need to know about the quality and relative affordability of the 2526; In 1953 a yellow gold example on bracelet sold for 3400 CHF, just 400 less than a 2499 in the same metal. 

The 2526 features a baked enamel dial, a time intensive and costly process Patek now only reserves for special editions. The production process of the dial changed around 1955 resulting in two dial series. Mark 1 dials such as this example are twice baked, the first to create a base enamel layer with holes for feet on the indices. Indices were then inserted and another enamel layer deposited and baked. As a result, small dimples can be seen around the indices where the pre-baked second layer sunk into the indice dowel holes. Mark 2 dials come from later in production and feature indices applied to the enamel layer after baking. The process was challenging and had a low success rate, approximately 1 in 10. The case shape is classic Calatrava, here in 36mm, with double P crest and guilloche motif crown that has since served as inspiration for the Patek Standard Seal. 

The Freccero signature just below the handset on this example offers additional insight into its history. Before boutiques had sprouted up in cities worldwide, watch retail was entrusted to only a select few retailers for regions beyond the immediate reach of the manufacturer. Freccero, a Uruguayan retail partner founded in 1868 became a premier location in the region for high end watch sales before its closure in 2019. Pink gold, such as this example, was a popular case metal in the region. Today, double signatures command a premium across all references not only due to their relative rarity, the glimpse into the example’s history provides an additional level of intrigue for some and for others, connection. 

The release of the first automatic calibre by Rolex in 1931 was a massive success and made a statement to the watch world. Rolex promptly patented the full-rotor technology, barring other manufacturers from releasing their own. However, Patek did not sit idly on their hands, but got to work on a technically impressive automatic movement of their own. The result is the movement at the heart of the 2526, Patek’s first automatic calibre 12-600 AT. The movement was massively impressive both technically and aesthetically. It features Patek’s Gyromax balance wheel that swaps the typical adjustment screws for flat timing weights recessed into the wheel, technology still a trademark for the brand, along with a swan neck regulator. The 18k gold rotor is decorated with lovely Guilloché finishing, perhaps the first example of an engraved rotor. Its hairspring is self compensating, with materials selected to allow constant force despite temperature variation. The 12-600 AT feels massively ahead of its time, if it was meant to be a statement in response to the Rolex patent they were immensely successful. 

For a watch with such classic aesthetics, the 2526 holds a shocking amount of technical innovation. On the surface it is a beautiful enamel dial Calatrava reference, simple and understated time-only perfection from a South American retailer. However, the engineering and watchmaking prowess demonstrated beneath the caseback was not only ahead of its time, many still consider it to be the greatest time-only movement ever made.

This 2526R presents in good overall condition consistent with its age. The mark 1 enamel dial shows no signs of cracks with some light patina, particularly around the indices. The case has signs of restoration and has likely seen a polish though hallmarks are still present. Some light scratches exist on the acrylic crystal and the case. The watch is running within spec. on our timing equipment.

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