Patek Philippe Perpetual Calendar Chronograph 3970EP Forth Series, 2004

Dealer description — S.Song Watches

In the pantheon of legendary Patek Philippe perpetual chronographs, the Ref. 3970 plays a key role for what it represents to the modern watchmaking history of the Maison, as it was the successor to the darling Ref. 2499 which ceased production in 1985. The Ref. 3970 was introduced in 1986, alongside its counterpart, the self-winding perpetual calendar Ref. 3940. Both models were significant for the Maison and, to some extent, for the Swiss watchmaking industry as a whole. At that time, Switzerland was facing severe turmoil due to the Quartz crisis, which had deeply impacted the industry. Mechanical watches, once a cornerstone of the Swiss economy, appeared to be rendered obsolete. The severity of the crisis was evident in the dramatic reduction of the workforce in Swiss watchmaking, which fell from 90,000 to about 28,000 over a span of 18 years. Amidst a period marked by uncertainty, Patek Philippe, under the leadership of Philippe Stern, made a surprising move by introducing the Ref. 3940 and Ref. 3970 as a duo (the Ref. 3970 came one year after the Ref. 3940). At that time, major Swiss companies were generally reluctant to produce highly complicated and intricate timepieces for obvious reasons, leaving little to no room for bold investments in innovation and focusing primarily on preserving existing market shares. Patek's decision to unveil both a perpetual calendar and perpetual calendar chronograph simultaneously represented a daring step, especially considering the prevailing economic climate. This move proved timely, coinciding with a gradual shift in consumer sentiment towards a renewed appreciation for mechanical watches. Unlike their quartz counterparts, which operate on inscrutable electronic circuitry, mechanical watches offer a tangible connection through their visible movements, fostering a deeper appreciation for artistry and craftsmanship. This appreciation, perhaps rooted in our universal admiration for skilled artistry, underscores the significance of these timepieces in Patek Philippe's enduring legacy despite the challenges it encountered. For those who are unaware, the Ref. 3970 was produced in four distinct series, and our particular example here, the Ref. 3970EP (where E stands for étanche , meaning waterproof in French, and P denotes platinum), belongs to the 4th series, which is also the final run of this reference spanning from 1994 up until 2004. It features a nicely sized 36mm case crafted from platinum 950 with stepped lugs. It should be noted that the 4th series Ref. 3970s typically includes both open and solid casebacks as part of the set, as well as a Patek-signed deployant clasp in case-matching metal. Additionally, beginning from the 3rd series, the applied hour indexes have all been replaced by faceted baton-shaped markers, this also applies to the hands, which were initially feuille hands as seen on the 1st and 2nd series Ref. 3970s. Turning to its mesmerizing silver dial, the Ref. 3970 showcases a design language akin to the Ref. 3940, exemplifying the classic elegance of a Patek Philippe Perpetual Calendar. The dial features a beautifully balanced layout with three distinct concentric sub-dials: a 30-minute totalizer combined with a leap year indicator at 3:00, a charming moonphase and date indication at 6:00, a 24-hour display and running seconds at 9:00, and twin apertures for the day of the week and month at 12:00. As for its movement, the Ref. 3970 features an exceptional manual-winding Cal. CH27-70Q, which was originally based on the Lemania Cal. 2310—a notable fact since this is Patek Philippe’s first chronograph movement not derived from Valjoux. For those unaware of its history, the Lemania Cal. 2310 is a renowned caliber that was developed by Albert Gustave Piguet in 1942 and it also serves as the basis for the much-admired Cal. 321 used in early Omega Speedmasters. It is also worth noting that Patek Philippe completely disassembled the Lemania ébauche and meticulously hand-finished it in-house to the same exceptional standards as their other haute horlogerie offerings. This makes it especially exciting to have an example like this that comes fitted with an open caseback, allowing a glimpse into the meticulous craftsmanship the legendary Maison is so well-known for. Some veteran collectors might argue that the Ref. 3970 is far less desirable compared to the legendary Ref. 1518 and Ref. 2499 due to its higher production numbers—approximately 2,000 pieces were made in the 4th series across all four precious metals. While rarity is often a key factor of consideration for collectors, I firmly believe that this does not detract from the fact that the Ref. 3970 is still one of Patek Philippe's most significant and important perpetual calendar chronographs in recent history. From our point of view, the Ref. 3970 (and Ref. 3940) marks a pivotal moment in the evolution of one of the most historical watchmakers of all time, as they adapted to the new demands and challenges of the modern watchmaking landscape, and simultaneously paved the way for the Swiss watchmaking industry in a time of considerable uncertainty.