Patek Philippe Perpetual Calendar Chronograph 4th Series 3970EG, 1995

Dealer description — S.Song Watches

In the pantheon of legendary Patek Philippe perpetual chronographs, the 3970 plays a key role in what it represents to the modern watchmaking history of the Maison, as it was the successor to the darling 2499, which ceased production in 1985. The 3970 was introduced in 1986, alongside its counterpart, the self-winding perpetual calendar 3940. Both models were significant for Patek Philippe 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 3940 and 3970 as a duo (the 3970 came one year after the 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 a perpetual calendar chronograph simultaneously represented a daring step, especially considering the prevailing economic climate. This move, however, proved timely as it coincided 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 offered a tangible emotional 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 3970 was produced in four distinct series, and our particular example here—an absolutely stunning and elusive one, by the way—the 3970EG (where E stands for étanche , meaning waterproof in French, and G denotes white gold), belongs to the fourth series, which is also the final run of this reference spanning from 1995 up until 2004. It features a well-proportioned 36mm x 13mm case crafted from 18-carat white gold, distinguished by elegant stepped lugs. Notably, white gold is the rarest case material found within the fourth series. Turning to its mesmerising black dial, the 3970 showcases a design language akin to the 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. Additionally, beginning from the third series, the applied hour indexes have all been replaced by pointed and faceted baton-shaped markers; this also applies to the hands, which were initially feuille hands as seen on the first and second series 3970s. That said, it’s also important to underscore just how rare black dials are on the 3970. You see, unlike other dial variations, black dials were never part of the standard catalogue offering as they were only produced in very limited quantities as special orders, typically in platinum or white gold cases. In line with this exclusivity, many black-dial 3970s are typically set apart by the customary inclusion of diamond indices, which is a detail Patek Philippe traditionally reserved for their most prestigious, complicated models, particularly those in platinum cases. As a result, most surviving black-dial 3970s tend to follow this design approach and are already considered highly scarce by themselves. Rarer still are the few examples, like the one featured here, that opt for clean pointed markers instead of diamonds. These minimalistic configurations, typically commissioned through special orders, embody a quieter sense of refinement and were produced in extremely limited numbers for collectors and clients who favoured subtlety and restraint over ostentation. As for its movement, the 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 calibre that was developed by Albert Gustave Piguet in 1942, and it also served as the basis for the much-admired Cal. 321 used in early Omega Speedmasters. While this formed the foundation of the 3970’s movement, it would be a huge disservice to say that they are anywhere near comparable. Not only is there a perpetual calendar module added on top of it, but Patek Philippe reworked and refinished the movement impeccably to match their standards. The hand bevelling and polishing of each component is expertly executed, including the brand’s iconic capped column wheel. In contrast, some veteran collectors might argue that the 3970 is far less desirable compared to the legendary 1518 and 2499 due to its higher production numbers—approximately 2,000 pieces were made in the fourth 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 3970 is still one of Patek Philippe's most significant watches in recent history. On top of this, compared to production numbers for modern watches today, a 2,000-piece production run is actually relatively low. From our perspective, the 3970 (and its sibling, the 394