In this video, I take a close look at the case of my original steel reference 565, examining its construction, contours, and defining details. Through close-up views, I explore the characteristics that make the case interesting to collectors, and contribute my observations about the watch’s originality and preservation.

Featuring a Breguet-numeral dial, this example also represents an appealing configuration of the reference for collectors interested in the less frequently encountered variations of vintage Patek Philippe.

At Aircooltime, I document vintage watches through firsthand examination, detailed photography, and historical research, with a focus on the features that distinguish individual examples that have maintained their original attributes.

Having explored the history and design of the Patek Philippe Ref. 1593 in an earlier article HERE. I wanted to take a closer look at some of the details that distinguish individual examples of this unusual reference known by the “hourglass” nickname. I think it's instructive, to be deliberate in understanding some of the details that were different regarding the dial and crystal designs observed on this reference when it was originally introduced.

The period catalogue illustrations offer a useful point of reference for understanding the different crystal profiles and dial finishes associated with the 1593. These details are particularly interesting when viewed alongside the watch itself.

In the accompanying video, I discuss my own example and the distinctions that drew me to it. Macro photography reveals the subtleties of its dial finishing, offering a closer look at details that are difficult to appreciate in conventional photographs.

The dial finish with the bifurcated sections and diagonal, satin finish was not unique to the ref. 1593, as it was also used on dials for other Patek references, such as the 425. The original catalogue illustrations and close-up images provide a visual record of these variations. They offer a reminder of the importance of examining the ref. 1593 beyond its distinctive case shape, which is the usual primary area of focus.

The Rolex Ref. 1018 is one of the quieter members of Rolex’s vintage offerings. Sharing a similar, but slightly different 36mm case design of the better-known Explorer 1016, the 1018 has never attracted the same level of collector attention. That relative obscurity is part of what makes particularly well-preserved, honest examples so interesting.

The dial has a subtle sunburst finish. Its original silver-sunburst finish has gracefully transitioned into a soft and warm ivory tone. An attractive mellowing of the original tone typically results from long-term exposure to ambient light and temperature changes acting on the dial finish over decades. Most documented examples feature luminous dots against the hour marker ends, along with luminous material channeled into a portion of the hands. Entirely non-luminous dials, however, are scarce, and their originality can raise an interesting question: was the dial manufactured without lume, or was luminous material removed at some point in its life?

For a review of the 1018 reference, Charlie Dunne’s Collector’s Guide: Rolex Oyster Perpetual Reference 1018 is an essential resource you can read HERE.

A Curator’s Find

I recently helped a collector source this Rolex 1018 after he asked me to locate an under-the-radar vintage piece with a particularly strong combination of originality, condition, and character as an entry point to collecting vintage Rolex.

Dating to late 1967 by its case-back and serial number, this example immediately stood out for its completely non-luminous dial configuration. It’s also powered by the 1570 caliber that is found in the majority of examples.

Before delivering the watch, I wanted to examine the dial as closely as possible. Under high magnification and UV light, the markers show no visible luminous material, residue, ghosting, or shadowing that would suggest lume components had subsequently been removed.

The dial nonetheless retains the familiar “T SWISS T” designation at 6 o’clock.

That combination makes the watch particularly intriguing. Rather than simply assuming that an unusual configuration represents a service replacement or later modification, I examined the physical condition of the dial itself. The images shared here provide strong evidence of original, non-luminous authenticity.

So, Where’s the Lume?

The likely explanation for the lack of lume on a dial with T Swiss T at the bottom is that it was destined for the Japanese market. Japan’s stringent customs and nuclear hazard laws around foreign isotopes meant that watches with active tritium required specialized handling or were banned. This restriction stemmed from post-war Japanese nuclear and isotope control laws, rather than a specific ban targeting watches alone. Tritium, while it is a weak beta emitter, fell under these strict regulatory controls. Watches that usually featured luminous material in other markets but were devoid of the material on watches during this time in Japan are called “Japan No Lume” variants. You can read more on this subject by Erik Gustafson, @hairspring HERE. Because Japan was a market with these strict controls at that time, no-lume dial variants of the 1018, while already a somewhat obscure model, are even less often encountered.

Condition and Wrist Presence

The appeal of this 1018 extends well beyond its unusual dial.

The case retains strong original geometry, crisp lines, and the proportions associated with an example that has avoided mechanical polishing. The overall preservation is unusually honest, with signs of factory finish and no obvious evidence of case work apparent.

The watch is fitted with a period-correct Jubilee bracelet and 55 end links, giving it the understated presence that makes the 1018 appealing on the wrist without shouting for attention.

Without luminous plots or inserts, the dial has a clean and minimalist appearance with its faceted markers, simple baton hands (some early examples have alpha or dauphine hands) and warm tone. It is a subtle variation, but one that becomes increasingly compelling the longer you look at it. Devoid of luminous material it leans more toward a sport-elegant look, as opposed to the utilitarian, tool watch appearance of some close relatives.

Final Thoughts

This is exactly the type of vintage Rolex that I find particularly rewarding to discover and research: a relatively overlooked reference in an unusual configuration, where the interest lies not in celebrity provenance or headline-making rarity, but in the finer details.

It is also a good reminder that compelling vintage watches do not necessarily have to be expensive to be intriguing. Knowing what to look for—and being willing to investigate the details—is often what separates an ordinary example from an exceptional one that’s managed to survive decades in honest condition.

The additional images below supplement the video review to document this 1018 in greater detail, including dimension specs, close-up photographic examination of the dial, case, and other components. Enjoy!

Contact me if you would like assistance in your collecting journey:

Aircooltime@gmail.com

@aircooltime

In this seven plus minute video, I examine the dial closely and discuss several features of both the dial and reference that deserve more attention.

Vintage dial descriptions have increasingly become dependent on quick judgments: original or restored, mint or damaged, untouched or altered.

But the reality is often much more nuanced.

What can careful and informed study actually tell us? How was the dial constructed? Which details appear to be part of its original manufacture, which were altered and which characteristics reflect the passage of time?

This Patek ref. 565 from the late ‘40’s with the very desirable Breguet dial configuration offers an excellent opportunity to slow down and ask a simple question:

What are we really looking at?

The video reveals some of my observations from a closer examination.

I wrote about this extraordinary 1938 Patek Philippe Ref. 514 in steel and its remarkable engraved enamel dial here in the past. I also wrote about what makes the reference an iconic template, leading to the later formed rectangular watches manufactured by Patek Philippe in the coming decades.

In this video, I take another look at the watch, with a focus on discussing a few of the qualities that make its engraved, enameled dial so exceptional. Accompanying it are a series of images photographed at more than 100× magnification—revealing details of the dial that are simply impossible to appreciate with the naked eye.

At normal viewing distance, the dial appears deceptively simple. Under magnification, however, its construction and surface take on an entirely different dimension. The engraved enamel details become visible in a way that offers a much closer understanding of how extraordinary these early hand graved Patek Philippe dials can be, when properly observed and described.

The original article remains one of my favorite pieces of research, but these images and the video provide an opportunity to look at it again from a different perspective.

Sometimes, the closer you look, the more there is to see.

Note: Expand the screen for optimal viewing.

One of the most persistent myths surrounding the Patek Philippe Reference 2526 is that its enamel dial is inherently fragile — and prone to cracking simply through normal wear.

This 12-second video offers a rather practical counterargument.

Here, a first-series enamel-dial ref. 2526 —fitted with a rare Ponti Gennari Type G “lobster” bracelet — is being worn while its owner works with a handsaw. While I wouldn’t necessarily recommend woodworking as a standard test procedure, this enamel-dial ref. 2526 is being worn during considerably more vibration and activity than it would encounter in normal daily life.

As I discussed in my recent article for Collectability HERE, cracks found in vintage ref. 2526 enamel dials are often attributed to age or wear. In reality, many are more likely the result of stresses introduced during servicing, particularly when the dial is removed and subsequently reinstalled.

Enamel is certainly a hard, vitreous material — but that does not mean an enamel dial is destined to crack from simply being worn.

Perhaps the best evidence that these watches were made to be worn. These watches were not painstakingly made to live permanently in a safe.

*Special thanks to my collector friend from down-under for the video demonstration.

A closer look at this 1950s Patek Philippe Ref. 2508J, featuring a beautiful gradient-tropical dial. This example retains its honest, unrestored dial and original case.

The Type 1A dial is particularly striking, with its deep, rich engraved enamel signature and outer track, complemented by a blued center sweep hand—a detail less commonly encountered on the yellow and rose gold examples.

This short narrated video offers a closer look at some of the details that make this 2508 special. For a deeper study of the reference, including its dial types, case features and movement, see my in-depth article on the Ref. 2508 here on my site, or on Collectability

Enjoy!

This brief video highlights several of the distinctive case and dial details found on my particularly unusual example, featuring the unique 1:1 known 45-minute register.

For readers interested in a more comprehensive history and analysis, you can also explore my original article on this watch.

Enjoy.

INTRODUCTION

The Ref. 1526 occupies a unique place in Patek Philippe history as the first serially produced perpetual calendar wristwatch. It established a design and user experience that would continue through subsequent perpetual calendar references. The historical development and known examples of the Ref. 1526 were explored in my earlier Hodinkee article. Here, the focus shifts to the practical operation of the perpetual calendar functions and the continuity of that experience through the Refs. 2497 and 2438.

Although the movements evolved from the manual wind cal. 12-120 Q of the Ref. 1526 to the center-seconds cal. 27 SC Q of the Refs. 2497/2438, the display and operational philosophy remained very consistent. Over nearly two decades, Patek refined the underlying movement mechanics while changing remarkably little about how the owner interacted with the perpetual calendar.

BENEATH THE DIAL: A STUDY IN CONTINUITY

While the Ref. 2497 introduced a new center-seconds movement, one naturally wonders how much of the original perpetual module design changed beneath the dial. A comparison of the under-dial mechanisms reveals a surprising degree of continuity. Although built upon different base calibers, the perpetual calendar works appear remarkably similar, suggesting that much of the proven perpetual calendar mechanics were retained while adapting it to the center-seconds cal. 27 SC Q movement.

EVOLUTION OF PATEK PHILIPPE’S EARLY PERPETUAL CALENDAR WRISTWATCHES

The evolution of Patek Philippe’s early perpetual calendar wristwatches reflects a progression of movement design while preserving a remarkably consistent owner experience and visual identity.

OPERATING THE EARLY PERPETUAL CALENDARS

Unlike later perpetual calendar references with automatic winding systems, the Ref. 1526 requires regular manual winding. If the watch is allowed to stop, the perpetual calendar indications must be carefully reset to restore proper synchronization. The same consideration applied to the later manual-wind Refs. 2497 and 2438.

The Evolution of the Calendar Display

The Ref. 1526 introduced the now-iconic Patek Philippe perpetual calendar wristwatch layout: day and month apertures positioned beneath 12 o’clock, with the date displayed by a blued steel hand and moon phase at 6 o’clock. This configuration continued with the Refs. 2497/2438. The enduring layout would ultimately become one of the defining visual signatures of Patek Philippe perpetual calendar wristwatches.

When performing calendar corrections, collectors should follow the advice of experienced watchmakers who are familiar with these mechanisms. A commonly recommended practice is to position the hands away from the calendar changeover period, often around 6 o’clock am before using the correctors. Hand placement in this time position avoids engagement of the date mechanisms, which could damage delicate calendar components and lead to a costly repair. For vintage examples, I prefer using a wooden toothpick rather than a metal stylus to minimize the possibility of marking and wearing of the recessed correctors.

Original Patek Philippe Instructions

The following period documents provide a rare glimpse into how Patek Philippe communicated the operation of its perpetual calendar references to owners and watchmakers.

Continuity Through the Reference 2497 and 2438

The operating instructions shown above were not exclusive to the Ref. 1526. The same fundamental principles applied to the Refs. 2497 and 2438, which continued Patek Philippe’s perpetual calendar lineage with the cal. 27 SC Q. While the movement configuration evolved, the owner experience remained familiar: recessed correctors for calendar adjustment, careful avoidance of the changeover period, and the same elegant display configuration of the day, month, date and moon phase.

Setting the Moon Phase

The moon phase complication is based on the lunar cycle of approximately 29.5 days as illustrated below. There are four distinct phases, with four sub-phases of waxing and waning according to Astronomers.

While the period instructions illustrated earlier do not provide specific guidance on setting the moon phase feature, this information can be easily found. The moon phase display should be synchronized with the current lunar phase. Modern lunar calendars and astronomical references make determining the correct phase straightforward.

Looking Forward: The Reference 3448

The Ref. 3448 marked the next major milestone in the evolution of Patek Philippe’s perpetual calendar wristwatches. Introduced in 1962, it paired the perpetual calendar with the automatic cal. 27-460 Q, becoming the world’s first serially produced automatic perpetual calendar wristwatch. Although the underlying movement architecture evolved substantially from the manual-wind cal. 12-120 Q and later cal. 27 SC Q, Patek Philippe deliberately preserved the familiar owner experience established more than two decades earlier. The recessed correctors, calendar, moon phase displays and fundamental operating philosophy remained immediately recognizable to collectors already familiar with the earlier references.

Visually, however, the Ref. 3448 also signaled the beginning of a new era. The center seconds hand, a defining feature of the Refs. 2497 and 2438, disappeared in favor of a cleaner, time-only display that emphasized the calendar indications. Early examples, produced from approximately 1962 through 1965, retained engraved enamel signature dials before Patek Philippe transitioned to printed signatures later in the decade. These first-series watches also featured the distinctive double-P (“PP”) crown identifying the automatic movement, a short-lived characteristic before the adoption of the now-familiar Calatrava cross crown.

CLOSING THOUGHTS

The enduring appeal of the Ref. 1526 extends beyond its historical significance. Its perpetual calendar established an operating philosophy that Patek Philippe preserved through successive generations of perpetual calendar wristwatches. More than eighty years later, that continuity remains one of the most remarkable and often overlooked achievements of the manufacture.

Further Reading on Hodinkee:

In-Depth The Patek Philippe Reference 1526

In-Depth The Patek Philippe Ref. 2497, Part 1: Patek's First Serially Produced Center Seconds Perpetual Calendar

In-Depth The Patek Philippe Ref. 2497, Part 2: The Rarest Examples And A Buyers Guide

Questions, collector consultation, or assistance? I can be reached at:

Instagram: @aircooltime

Email: aircooltime@gmail.com

Please enjoy a quick video review of the Gay Freres Type K bracelet. This bracelet was one of several bracelet options originally offered with the Patek Philippe ref. 2526.

The image below shows the different options offered for the Patek Philippe ref. 2526, from original Patek Philippe reference images. Of note, the majority of the bracelets were manufactured by Gay Freres. Three of the nine options were manufactured by Ponti Gennari, the type G, the type E and the type A. All of the bracelets were double stamped by the maker and for Patek Philippe.

COLLECTOR RECOMMENDATIONS

Bracelets manufactured by either company for Patek Philippe are quite prized today. Whether the ref. 2526 came with the bracelet originally (as stated on the extract) or has been added later, they provide a sophisticated wearing option to a strap for the collector. Bracelets born with, or having been added to the ref. 2526 at point of sale convey significant additional value to the package.

Finding these OEM bracelets for a ref. 2526 in top condition is becoming more challenging. Many were shortened or altered over the years and may not fit usual wrist sizes as a consequence. Whether the bracelet fits for wear or not, many collectors prize owning them for display purposes, as one would do with any fine work of art.

When valuing one of these bracelets for purchase, the rules of adding a small fraction over the melt weight don’t apply to these double-stamped bracelets. This feature adds significant value to a bracelet made by the same manufacturer without the Patek Philippe stamping, as they may have been offered for other brands originally.

Always be sure to inspect the construction and ask for measurements and different images if you are unable to purchase or see the bracelet in person. It’s important to know these measurements and details: maximum and minimum length from end link to end link laid flat, width at the end link on both sides, width and taper (if any) and thickness of the bracelet. I also like to know the gold weight of the bracelet separate from the watch. To assess if the bracelet will fit your wrist, you also need to add the lug-to-lug measurements of the 2526 (40 mm) to the lengths for determining the fit on your wrist. Finally, check the images carefully to evaluate the bracelet for any past repairs or damages. If you need a video to illustrate, don’t be bashful to ask for this from a seller.

Whichever you choose to do, please enjoy wearing or displaying your Patek Philippe ref. 2526 on any one of these fantastic options. For questions, assistance or private consultations, I can be reached:

Instagram: @aircooltime
Email: aircooltime@gmail.com

Special thanks to Alex Ciani, for use of the Gay Freres type K bracelet featured in the video.

The ref. 2526 is much more than just the rare enamel dial seen on most examples. Including the case, movement and bracelet options, it is an exceptional package that I believe is still undervalued in the market for top examples, especially given it’s iconic status as the first automatic reference made in series by Patek Philippe.

Please visit my original article published HERE in May 2024 to learn why. An update from my original article titled “Catching Up: The Patek Philippe Reference 2526” was just published on www.collectability.com HERE and will be added on this site as well at a future date.

Private consultations are available for collectors seeking independent expertise on vintage Patek Philippe and other important vintage watches, including research, originality and condition assessment, market guidance, and discreet assistance locating exceptional collector-grade examples.

Instagram: @aircooltime

Email: aircooltime@gmail.com

Ponti Gennari made two of the bracelet options for the ref. 2526. The so-called “lobster”, type G shown in the video and the type A that adorned the very first ref. 2526 owned by JB Champion, which sold in April 2024 for $729,387. When paired with the ref. 2526, the combination of watch plus bracelet has a quite coherent and custom appearance.

This particular type G bracelet retains it’s original design and full 24 links. When attached to a ref. 2526, the total length is between 7.6” on the tightest clasp position to 8.0” on the longest clasp position. Many of these bracelets seen in the market have been altered, shortened or repaired and that sometimes creates a noticeable gap where the end link meets the watch head and/or affects how supple the links lay and the bracelet drapes around the wrist. On uncut, original bracelets the fit is very seamless with a flush fit to the watch head.

INTRODUCTION

The reference 2509 had a production run from 1950 to 1968. It’s the sibling to the ref. 2508 with some very similar and also very different features. Both were manufactured and housed in the famous Francois Borgel, (Taubert) screw-back case designs and while they look similar in some respects, they are also different in case and dial design, along with the movement(s) used - all of which we’ll touch on in this reference article.

The ref. 2509 is another so-called “Calatrava” model by current terminology. Among collector conversations, the ref. 2508 often takes the limelight in direct comparisons, however the ref. 2509 deserves proper respect on its own merits as a worthy reference worth hunting for one’s vintage, time-only Patek collection.

The ref. 2509 was manufactured in precious metals of yellow and rose gold. Steel was the other material and is the rarest by the numbers produced, followed by rose gold. Approximately 10% or less of the original production across all metals is currently known back in the market. Yellow is the most common with < 80, followed by rose gold at < 30 and finally steel at approximately 25 examples — according to published information and discussion among experts in the field. Given the passage of time, finding examples in what is considered top collector-grade condition is not an easy task and is becoming more difficult in recent years.

THE DIAL

Similar to the ref. 2508 sibling, these dials are best categorized by type as opposed to series, given the non-linear appearance of different styles that were introduced during the reference’s production. The dials fall into two distinct types, with the second consisting of two sub-types for a total of three unique dial configurations. Dial finishes known on the reference are typically silvered and less common, rose. Unlike the ref. 2508, I’m unaware of any black dial examples known. Let’s break down the different dial types.

Type 1 - This is the quintessential appearance of the ref. 2509. It sports a dial with geometrically shaped indices. The twelve marker is a dual faceted dagger, the three and nine markers are singular daggers, while the other hour markers are faceted and uniquely creased to resemble something like the paper airplane I folded and flew during a teacher’s classroom break at school in my youth. Unfortunately…I was caught in the act of launching it when the teacher opened the door back to class, which resulted in a trip to the principal’s office for me!

The result of the creased facets is a dial with markers that reflect light with a touch of understated brilliance. This marker configuration is unique to the ref. 2509. The sub-seconds indicator stands in contrast to the hour markers, as a simple engraved, enameled crosshair design which divides the seconds into four sections of fifteen second intervals by sector lines of equal proportions. The minutes track is pearled with dauphine hour and minute hands, and a leaf sub-second hand.

Type 2 - This type features lapped indices to mark the hours and is divided into two subtypes.

Type 2A - Lapped indices that are either solid or radium lume filled. The outer markers are pearled and the hour and minute hands are either solid or lumed dauphine with leaf sub-seconds. The sub-seconds track is the enameled crosshair sector style. On at least one known example in rose gold from 1954 with solid lapped indices, the five and seven markets are tapered at an angle.

Type 2B- Lapped indices that are either solid or radium lume filled. The outer markers are pearled, and the hour and minute hands are either solid or lumed dauphine or - less commonly - baton, with matching baton or leaf sub-seconds. The sub-seconds track features circular enameled hash marks. On very few solid lapped marker examples from ‘54 - ‘55, the open sub-seconds is larger with the five and seven markers tapered at an angle. Two I’ve discovered known in rose, one in yellow gold and one in steel. There is one known in steel with a sub-seconds track showing longer hash marks at 15 second intervals.

THE MOVEMENT(S)

Unlike the ref. 2508, which relied upon a singular movement (cal. 27SC), the ref. 2509 incorporated three different movement calibers during its run. The first caliber at launch in 1950 was the cal. 12-120. It is not a commonly seen movement by the numbers in the ref. 2509, given the short duration of use.

By 1951, the cal. 12-400 drove the timekeeping and is known in examples until around 1962. This caliber appears to have been used in the greatest number of examples produced. Unlike early examples, the later movements show two Geneva seal stamps.

Overlapping the tail end of the 12-400 run was the final caliber used in the ref. 2509, the 27-400AM. The AM designating the movement as “anti-magnetic”. The 27-400AM provided additional protection with its Gyromax balance and beryllium components. Together these components provided greater anti-magnetic protection than the inner dust cover shielding the movement alone in all ref. 2509 cases. The cal. 27-400AM was seen in some ref. 2509 examples by at least ‘61 and continued through final production of the reference in 1968.

THE ELEGANT CASE

While presenting a very similar design to the 2508, the case does feature some differences in appearance. The mid-case is satin brushed on the sides and is slightly slimmer than the mid-case of the 2508. The overall height is also a bit slimmer, given the ref. 2508 uses a thicker movement. The result of these differences gives the ref. 2509 a flatter profile on the wrist that leans more toward an elegant-dress, as opposed to the ref. 2508 and its sport-elegant appearance.

On gold cased examples, look for two hallmarks: typically one on the lower crown side case band and a second hallmark under a lug. For the French market the second hallmark is on the case back.

Look closely at the case on the strap attachment sides for a similar appearance to a crisp ref. 2508. All transitions should be at hard angles when the case is preserved in original condition with little wear. The next two images show a steel and rose gold case from different angles. These examples illustrate the way an original case should appear with no case freshening intervention to their form since they left the manufacture decades ago.

The lug tips when viewed straight-on, should be aligned horizontally without an angled taper. If the lug tips show an angled taper similar to a ref. 570 lug, that’s a sign of incorrect case polishing.

The lugs are also a bit different in shapes seen over time. Steel examples below show slight lug tip differences, even when allowing for the expected non-conformity of case work that was finished by hand.

The winding crown differs from the ref. 2508 in steel. A thinner, knurled crown was fitted on the ref. 2509. A thicker crown type, comparable to those seen on some precious metal ref. 2508 examples completes the options known on the gold models of the ref. 2509.

Look for a hard angle detent that is consistent on both sides of the crown to determine strength of the case. Case polishing will round and soften the angle of the detents. The detents on both steel and gold examples in above image are strong and sharp.

AUCTION RESULTS

Over the years, some very special and interesting ref. 2509 examples have appeared at auction. I’ve curated a compilation representing some of the rarest and some of the most curious examples that are known to have appeared in the auction market.

The dial above is quite unusual with several curious features. It appears to be a later alteration to an original dial. Reasons for my opinion include: the printed “SWISS” placement and its typography are not correct for the era, a truncated leaf sub-seconds hand, disproportionate sector lines, (with the vertical line partially hidden under the cropped marker). Note the folded hour markers are not of the usual facet style seen on a type 1A dial. Finally, it is the only example seen with a dagger marker at six o’clock.

COLLECTING CONSIDERATIONS

Up to this point, I’ve shared some thoughts on what to look for, or reasons to pause when hunting a ref. 2509. The market in general has historically been less strong for the ref. 2509 than for comparable condition ref. 2508 examples. However, relative rarity is pretty much on par between the two references. This dynamic has resulted in some excellent examples selling for much lower prices in the past when compared to the ref. 2508.

Truly untouched dials are becoming increasingly difficult to source, as are those that have seen only the most restrained cleaning—just enough to remove surface dust without compromising the original finish. When these examples surface, they often require an appreciation for honest aging, with all the nuances that come from decades of wear, storage, and environmental exposure.

While becoming more challenging, finding top-quality examples with a clear and credible chain of provenance, paired with honest overall condition is my guiding principle. As I consistently advise and strive to follow myself, the primary objective should be to pursue the finest, most original condition attainable within one’s budget.

Proper and sympathetic restorations of the least invasive means possible are acceptable and take careful scrutiny to evaluate. If unsure of the condition, seek the advice of others with known expertise. I would also recommend using a Geiger counter and UV light to assess lume on any of the type 2 dials with luminous markers. I’ve had good success with these tools as a means to assist in condition assessments. It still takes studied knowledge, hands-on experience and a trained eye to fully appreciate overall condition and understand what is being offered.

The addition of ephemera such as original boxes, straps, buckles, period bracelets and papers add value and desirability to proper condition examples. These items support the provenance narrative when available and deservedly justify a premium.

A final treat of an incredible original package that compliments this rare 2509J from 1965. This example is unusual with its two hallmarks located - one each- between both lugs. One of the hallmarks is also stamped “750”, which is highly rare to find on a Patek from this era. Inside the case back is an assay mark from the British import office and possibly an inventory number engraved by a retailer from the era in Birkenhead. The movement inside is the 27-400AM.

CLOSING THOUGHTS

So now we’ve given tribute to the ref. 2509, as it rightfully deserves. This is an interesting reference to consider for any serious vintage Patek collector and has great presence on most typical sized wrists.

Does a collector need to have a ref. 2509 and a ref. 2508 in their collection? Not necessarily, but a case can be made for either reference alone, or together. While in some respects the references are quite similar, they are also different. Consider the similarities and differences between them in regard to dial types, dial finishes, movements and case design. If you haven’t read the In Depth: Patek Philippe Reference 2508 article yet, give it a read HERE and you will see the complementary and divergent nuances between these two references.

Please feel free to share comments.

Contact Me: @aircooltime, aircooltime@gmail.com, www.aircooltime.com

Acknowledgments

• Special thanks to the many contributions of images for article content from passionate ref. 2509 collector friends; Dave Marcinek @dmm718, Luke Woods, @lkwds and @ok.wristwatch, @i.s.thomson.

• Appreciation for image use as noted and credited to John Reardon and www.collectability.com, John Nagayama, www.onbehalf.jp, Ali Nael, www.2tonevintage.com, Tobias Teleng, Edo and Henry Ishikawa.

• Recognition and thanks to Phillips, Christie’s, Monaco Legend Group, Loupe This, Bukowski’s auctions, for images used with credit.

Introduction

Currently at the FutureGrail auction and closing on May 12, is a rare and unique Patek Philippe reference 565 in steel. It is yet another example displaying the last four digit case serial stamping between the lower lugs. Previously I wrote about the four digit lug stampings seen on some early examples of the Patek Philippe 565 reference in steel only. These stampings are observed from a period of 1939 - 1943. For further detail on this subject, including examples of serial stampings between the lugs, see my accompanying article HERE.

Below I explore the different components of this unique example from 1940. This particular example has also been published in Patek Philippe, My Dream Collection by Ali Nael. All images of subject example provided by Ali Nael, CEO of FutureGrail auctions.

The Dial

In a previous article referenced above, a very rare black-dial example from 1939 was illustrated with archival confirmation and a printed “Freccero” retailer signature. It is included here for its relevance to the features observed on the present example.

The subject example is especially noteworthy for featuring the storied South American retailer’s signature “Walser Wald” printed on the dial. In addition to being the only example known with this signature, the retailer name appears to be the original print known from the period, including its correct, relative placement on the dial. Often these can be reprinted after dial cleaning or restoration and difficult to reproduce properly to a trained eye. The engraved, enameled signature appears in its elongated form on examples up to the early ’40s. This long-form signature is distinguished by the inclusion of “& Co” at the end, whereas later examples adopt a more compressed configuration, still ending in “& Co” before the transition to a shorter “Patek Philippe” signature in the late ‘40s.

It is among very few known examples to pair a retailer signature with a serial number stamped between the lower lugs. The original, silvered dial is further distinguished by the aging of its original surface, which has developed a so-called “tropical” appearance. Particularly distinctive expressions of dial patina are often observed among examples originating from this part of the world, likely influenced by prolonged exposure to sun, heat, and humidity, which over time can produce varied and compelling surface characteristics. The stick markers have an outline surrounding them that resembles something of a neon light halo glow. In this case, the unique tropical patina also serves as an important indication of the dial’s original condition.

The hands appear to be white gold, as do the applied stick hour markers. The use of gold for markers on dials in steel cases is not uncommon for Patek, as a way to elevate the watch with the case being strictly a means of protection and durability for a very fine, hand crafted object. Typically the markers were rhodium plated, which can explain the signs of slight tarnish observed. This is one of the few dials seen on the reference 565 without an outer pearled or hash engraved minute track. The absence of a minute track removes the strict visual measurement of time, lending the dial a more open, unstructured character suited to moments of relaxed enjoyment.

The Case

The FB/Taubert designed monobloc case is very well proportioned, with a crisp bezel line that is often softened from past polishing on many examples. The case integrity is well preserved and notably absent of corrosion and pitting. This example appears to be the Type 1 case, displaying stubbier lugs and a convex recess point by the winding crown. Further observations on the evolution of case types seen across this reference over time can be found in my accompanying article HERE.

The dust cap is also present, which helps to protect the movement from magnetism, moisture and dust. When these references are found complete with an inner dust cap, often times the dials have survived in well-preserved condition for the age.

As mentioned, on certain early waterproof wristwatches, notably the Patek Philippe Reference 565 (late-1930s – early-1940s), a stamped marking appears between the lugs, generally consisting of four digits. This number corresponds to the last four digits of the case number engraved inside the case-back. It functions as an assembly mark, ensuring the correct matching of the case components.

This practice, chiefly observed on steel examples produced between 1939 and 1943, remains occasional and disappears rapidly during the 1940s. It does not constitute a manufacture standard nor a commercial marking, but rather an internal technical procedure. It is not, however, attested on contemporary waterproof chronographs, notably the Patek Philippe Reference 1463, introduced in 1940.

These Ref. 565 cases were supplied by Taubert & Fils, successor to the patents developed by François Borgel.

The Movement

Here we see an image of the cal. 12-120 movement in well-preserved condition. Note the lack of corrosion or rhodium wear on the bridges and slots of the screw heads. These are signs of responsible service intervention over the years.

Closing Thoughts

A beautiful and distinctive Patek Philippe Ref. 565 in a desirable stainless steel case offers a welcome opportunity to revisit this iconic reference. Examples such as this remind us that great watches continue to reward close study, especially when unique characteristics are preserved in honest, original condition.

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INTRODUCTION

This article originally appeared in similar format on January 21, 2026 at www.collectability.com HERE.

The Patek ref. 2508 was produced from 1950 to around the mid-‘60’s. It was originally manufactured with a total production of over 1,000 examples in yellow and rose gold, with rose gold being more limited. Reportedly there are around 100 and 30 pieces now known back to market in yellow and rose gold respectively. The rarest material was steel and presently it’s believed there are fewer than 20 steel examples known in the market.

So, why does this reference really matter or even deserve to get much attention from the collector community? It’s not the iconic ref. 96 or even the first waterproof design for Patek (that honor belongs to the ref. 565). Nevertheless, the vintage Patek community has a deep respect for this time-only reference and its relative rarity for starters. It was also a large watch for the time, measuring 35mm, which gives it a timeless appeal and proportional fit on most wrists. We’ll discuss more of the reasons around what has driven reverence for the reference among the collector community in some later sections, as we break down the components. Notably, its sibling reference 2509 which has a very similar case design was also produced in limited quantities and will be a future subject of discussion.

THE DIAL

The ref. 2508 has commonly been categorized based on different dial features into two series. I propose an updated method of categorizing the dials known into types, as opposed to series, given that some of the dial designs weren’t sequential in production and using “type” as a method of classification removes the presumed time of market appearance during the production run. I’ll discuss a few reasons around why it matters in the Closing Thoughts section.

The dial types below can be categorized the same across the different metals. With that said, let’s look at some different features observed over the ref. 2508 production run.

Type 1 - There are two different configurations, 1A and 1B. Examples of each are shown below.

Type 1A - This is the quintessential appearance that most collectors visualize in their mind when the reference is discussed. It has a subtle two-tone appearance in most light conditions between the center and outer track. The signature and outer minute track are both engraved, enameled. The markers are geometric and alternate between faceted square and dagger markers at 12, 3, 6 and 9. There were three dial colors known of the 1A: silver (most common), pink and black (least common). Of the black dials, I’m aware of two in yellow gold and one in rose gold cases (one of each depicted later). The marker facets give the dial a touch of brilliance when light is reflected. The use of these marker type lends reference to the dial as one of the most aesthetically balanced watch dials known. The hands are gold dauphine with either a blued steel or gold center sweep seconds hand.

Interestingly, the minute track on both Type 1 examples shows some mis-aligned hash marks around the periphery. This mis-alignment of certain hash marks should be consistent in appearance on original dials (above image). The misalignment is from the cliche that was used to stamp the dials prior to having aqueous enamel paste applied and kiln fired to harden. The earlier image gives a good illustration of the two-tone gradient change of the dial just beyond the minute hash marks.

Type 1B - The differing feature of this type is the use of lapped hour markers around the dial. These are seen as either plain or luminous (with radium insets in the markers and gold dauphine hands). Both of these types of dials are known to overlap during the same time frame of production.

Type 2 - Two different configurations are known, a 2A and 2B. The features that make this dial type unique are changes from a silvered two-tone opaline finish to a full monotone matt silvered finish of the dial. In addition, the outer minute track is pearled instead of engraved, enameled.

Type 2A - Although less commonly known, some examples are noted with this appearance in the market overlapping the Type 1 dials. This type features geometric markers, similar to 1A, gold dauphine hands and either a blued steel or gold center sweep seconds hand. I’ve only seen this type in yellow and rose gold and around 1956.

Type 2B - The markers are lapped with gold dauphine or baton hands and either a blued or gold center sweep seconds hand. The later steel cased examples have a printed signature. A period image is depicted of this dial type on a gold model from 1959 in Huber & Banbery, Patek Philippe Geneve on pg. 249.

The backside of the dial is stamped 93 which is the code for Patek Philippe. The star symbol is for the Stern Freres dial manufacture. Next in line is a three-digit batch code number, with the last number referencing the dial color.

THE ADMIRED CASE

In addition to the dial design, another reason for collector fascination with the ref. 2508 lies in the Taubert-designed screw back case. The proportions of the case and its downturned lugs bear strong semblance to the iconic ref. 1463. The profiles shown below are views of a gold and steel case respectively for starters.

The case has an inner dust cap to provide protection from dust, magnetism and moisture.

The case is polished and satin brushed on the sides with a circular brush finish on the case back. Gold cases often have hallmarks under one lug and on the crown side case band or on the back of the case. French examples have a hallmark on the case back as noted in this rose example from 1961.

Interestingly, it appears there are two types of case designs seen during the production run on gold and steel examples. The differences are subtle, but noted nonetheless. On gold cases, most often seen are rounded bottoms with a more pronounced downward slope to the lug tip angle. The other type seen in the lower image has a flatter lug tip angle and flatter, longer lug tip platform. This is also noted on some ref. 1463 examples as well.

On steel cases we see subtle differences as well pointed out in the second comparative image. The lugs also appear slightly thicker than gold case examples and the lug tip base is approximately 1-2mm longer.

Another area to inspect for case condition is the step down from the bezel, outer case edge and notch by inner lug. It’s a good area to inspect because it would not have the wear from routine use compared to the case sides.

Some past auction reports refer to the two-part case as the first Patek waterproof design, however the ref. 565 introduced in 1938 holds that distinction. The taller center seconds movement gives the case a bit more height, when compared to the flatter ref. 2509 sibling.

The case back was circular brushed and depending on the amount of wear or metal, the brushing pattern may not be completely visible. The screw-back case should have sharp points on the notches.

The inner case-back features the usual makers marks with stampings for FB/Taubert and Patek Philippe. In addition you should see the required gold markings, reference and serial numbers. The gold cases have the additional stamped Key 11 for Taubert, whereas the steel examples do not. Earlier cases have a cross symbol under the FB Taubert stamp, while later cases had the word “VACUUM” stamped. Presumably the stamps signified confirmation of case integrity testing.

Two different crown types are seen on the ref. 2508, both made by Bonichi. The first type is the umbrella style with a dimple and ribbed circumference, similar to the type seen on the ref. 565. These crowns were used on the steel examples exclusively and the other type is a flatter style with a larger knurled circumference. Later crowns of the flatter style featured the Calatrava cross logo in relief, which started to appear around the mid- ‘50’s. Both types of crowns are seen on the gold cased examples.

THE BEAUTIFUL MOVEMENT

The 27 SC caliber was developed by Patek around 1949 and powers the ref. 2508. The 27 SC movement featuring a direct drive succeeded the 12-120 SCi caliber and solved the “shudder” of the minute hand seen on the previous Victorin-Piguet design. The early 27 SC movement used a weighted monometallic balance, which was later transitioned to the Gyromax balance. This movement features the usual beautifully finished plates with Geneva waves, lower plate perlage and polished anglage on the edges per Patek standards. Two Geneva seal stampings are seen on the movement and a circled, stamped “27 SC” to denote the caliber.

COLLECTING CONSIDERATIONS

For collectors, we’ve covered cues to observe in the sections above on the different components related to condition. Often these references are found with dials well maintained, given the case structure helped protect the dials and movements compared to a snap back design.

Most cases have had some past polish or re-brushing of the case sides, so look for examples that maintain proportional and thick symmetry with strong hallmarks on gold cases examples. Dials have often been either cleaned or touched up to some degree, but there are examples with untouched dials that are rare and prized. Look for consistent aging and patina as cues of aged lacquer on the dial. The engraved enamel dials should have a consistent appearance to the enamel signature and outer track without signs of weakening to the black color depth and shape for top examples. When spending this kind of money, it’s important to be disciplined. I like to evaluate the coherence of the dial, hands and case to determine if they all appear correct, honest and very strong. It’s also important to have perspective and sometimes perfection can be the enemy of great, and we need to remind ourselves “what is the likelihood of finding one better?”

Let’s take a look at some different and interesting types of examples seen in the market and from past auctions to share the diversity of collecting options. First up, we have two double-signed examples.

Retail prices in general have been escalating for vintage Patek in strong condition, depending on the overall condition, reference and metal - the prices can have very wide variation. At present, I would expect strong, top-grade examples in yellow gold to start around $40k and rose examples in similar condition with silver dials to start around $60k and go up. A pink-on-pink example should comfortably be $100k +, as should quality steel examples with engraved, enameled signatures. These are estimates only, as condition drives the upper range and there may be examples seen recently at auction or for sale that do not fit the top-grade criteria being offered or sold for less. I’m not aware of any recent auction or private sales of black dialed examples and would expect them to have very strong asking prices if offered in the market.

FOR THE LOVE OF BRACELETS

I’m a huge fan of period correct bracelets on many Patek references, including the ref. 2508. The top manufacturers of the era include; Gay Freres, Jean-Pierre Ecoffey and Ponti Gennari (at the very top). However, there are also other manufacturers and period unmarked bracelets that can be obtained for less money that still have very high quality. In my opinion, a bracelet on this reference takes the ref. 2508 up a level in sport elegance.

CLOSING THOUGHTS

As usual, condition should be a guiding principle when hunting for a ref. 2508 in any metal. One of the reasons I proposed an update to dial classification is to clearly delineate the different types seen. From my observations, the Type 1A two-tone dials with geometric markers and engraved outer tracks currently tend to command the highest values based on public and private sales information I’ve come across. The Type 2A with geometric markers and pearled minute track would be next, although these dials aren’t as commonly seen in the market and likely had the lowest production among gold cased examples. Next in line would be the Type 1B two-tone with plain lapped indices, followed by the radium examples (many of which have been re-lumed over time). On another related note, some collectors also favor the blued sweep seconds hand on examples where it’s an available option, for the pop of color it provides to the dial.

While the Type 2B late steel examples with printed signatures are the least known in market among steel cased examples, they often command lower prices compared to the engraved enamel signature dials seen on steel examples up until the early ‘60’s. This type was the final dial design before the end of production. However, any ref. 2508 example in top collector-grade condition is a relatively rare bird and great addition to a Patek collection.

We’ve attempted to complete a thorough overview accounting for the many variations of ref. 2508 examples known and tips for collecting. We’ll close out with a few wrist shot images of different types seen on period bracelets.

Please feel free to share comments.

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Acknowledgments

• Special thanks to the many contributions of images and details for article content from two very passionate ref. 2508 collector friends; Tony and Edo. I’m grateful for their encouragement to collaborate on this article and their active participation to pull complete content together for a comprehensive representation of the reference.

• Special thanks to collector friends Per, @perj123 for sharing relevant details and image use permission of his example as noted and @ok.wristwatch for additional detail discussion.

• Appreciation for image, picture use and editorial review from Tony Traina, www.unpolishedwatches.com,

• Thanks for image use as noted and credited to John Goldberger from his publication, Steel Patek, John Reardon and www.collectability.com, John Nagayama, www.onbehalf.jp, Ali Nael, www.2tonevintage.com, Eric Wind and Charlie Dunne of www.windvintage.com.

• Recognition to Phillips, Christie’s, Sotheby’s, Monaco Legend Group and Antiquorum auctions, for images used with credit.

Background

The vast majority of strap buckles made for Patek Philippe, at least for several decades, were crafted and supplied by A & E Wenger. These buckles feature Patek stampings and at times, “AW” on the inner portion (“AW” only for other brands). They have a curved fit to the wrist with either a flat, gently arced, or slightly peaked outer edge depending on the decade.

Beginning in the early ‘50’s, watches from Patek Philippe destined for the U.S. market were fitted with a newly designed buckle to allow for —among other reasons— easier customs clearance and identification of watches that were sold in the U.S. The new buckle was dubbed the “Henri Stern” (HS) buckle as a nod to the US distribution point, The Henri Stern Watch Agency. This buckle style with its angular borders and pointed apex tip remains the current tang buckle type with a few modifications since its introduction, including a larger size as contemporary straps are less tapered than vintage straps. It is the correct vintage buckle type for a U.S. market watch since its appearance in the ‘50’s, as opposed to the usually seen AW buckle style known in other markets. If you have an important vintage U.S. market Patek Philippe from this era, you want this buckle.

Vintage U.S. Market Examples and Features

Beyond its primary supplier, Wenger, Patek Philippe also outsourced buckle production to additional manufacturers. It’s known that a Brooklyn-based contract manufacturer in the ‘50’s for the U.S. market, for the then newly launched HS buckle, had at least one batch produced with a misspelling of the latter portion of the brand name as “Phillipe”. John Reardon of Collectability wrote a brief teaser on this very topic HERE.

Beyond the spelling cues, a trained eye will note a number of subtle detail differences between the two buckle types. I’ll share some pictures of the correctly spelled version and the error type that appeared in the US market as documented reference points. The correctly spelled buckle is shown in the first two images.

The following images show back and top side views of the “error” buckle.

Next up are side by side comparisons of both buckle types.

Shown below are different angled views of the “error” buckle type.

To conclude this section, several angled views are shown below of the correctly spelled buckle type.

A Few Words on Straps and Fit

Because the HS buckle was made for the U.S. market, the taper dimension on both strap pieces should be 1/2 inches, (12.7mm). Patek Philippe U.S. market straps of the era were manufactured with this taper in mind as illustrated. Because most straps are typically made in millimeter measurements, this is an important point for one to consider when ordering straps from other suppliers.

The vintage HS buckle shape requires a slight twist of the band while passing it through a usual 14mm tapered strap to minimize edge finish abrasion. While the usual 14mm strap taper will work with these buckles attached to pliable materials such as pigskin, it does require a bit more delicate handling when fastening the watch on your wrist.

The “error” buckle illustrated and a crocodile box-stitch strap were accompanied by a Patek Philippe retailer stamped envelope. A handwritten note is displayed describing the contents on the outer envelope of the California-based retailer of the era.

The images below show an original, unused Patek Philippe period strap fashioned with the correct 20/12.7 mm taper for U.S. market iconic offerings. This strap would be ideal for the complicated 1518, 1526, 2497, 2499 and 1579 references, in addition to the time-only reference 570.

If you are ordering custom straps, it’s best to order the taper in 20mm x 12.7mm for an optimal fit to the HS buckle. This size will achieve the correct fit as illustrated below on a period U.S. market Patek Philippe strap.

When comparing the design of the Wenger to the HS buckles, the Wenger design has the more generous 14mm width to accommodate typical strap measurements. While technically not correct for a U.S. market watch from the period, it does make for a practical and user-friendly option.

Closing Thoughts

From an original era, preservationist point of view, either of the HS buckles could be considered correct for vintage US market Patek Philippe watches from the 1950’s, as it’s unclear when the error batch was exhausted. Moving forward, I would expect to see only the correctly spelled HS buckle after that decade.

On vintage U.S.-market Patek examples from the 1950s, I find the tang of this particular “error” buckle to be more proportionally aligned with the recess compared to the correctly spelled buckle shown, although that may be a period quality control issue and not representative of all examples*. A small detail, but one that matters for optimal fit and to ensure the watch stays most securely fastened.

The birth of the Henri Stern buckle—and its initial misstep—is just one intriguing chapter in the history of Patek Philippe buckles. It underscores something larger: with Patek Philippe scholarship, even the smallest components carry a history worth studying.

*If you have a correctly spelled HS buckle with a different tang fit, please reach out.

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This article in similar form originally appeared on www.matthewbaininc.com in October, 2025.

Introduction

The Patek ref. 565 with its Taubert-designed screw-back case continues to capture serious vintage Patek collector attention. Made in steel, yellow and rose gold, it features a modernist design that has a timeless appeal and wears well on most wrists at 35mm in diameter. The steel examples in particular seem to be quite popular, despite the fact they had the highest production numbers, with rose being the rarest and yellow gold next rarest in numbers produced. The Patek ref. 565 was produced from 1938 - 1952, when it was succeeded by the ref. 2533 (also Taubert-designed case).

Some of these early steel examples are known with a four digit serial number stamped between the six o’clock lugs. I’ve heard conjecture that these serial stamps should be viewed with concern and a sign the case is a swapped Doxa case, as those cases also featured serial number stampings and had a very similar design to the ref. 565 cases Taubert made for Patek during the era.

In this quick take, I present for your consideration, several known examples that question this theory as being an absolute truth. Now, that’s not to say that a less than honest seller may pair a rare Patek dial and movement into a similarly designed Taubert case for Doxa and attempt to represent it as original, or that there are even some in the market that have been put together.

But are these stampings really fact or fiction? Are they a ruse and definitive indication of case shenanigans? A contrarian could point to a lack of publicly posted proof that the stamping didn’t get later placed between the lugs on a Doxa case to make a match with the Patek extract — and that would be a potential theory, yet one that would require some unnecessary case work to pull off correctly in addition to raising the question of why even do it in the first place? I can’t imagine a logical reason, as it’s not a value-add feature to have a serial stamped between the lugs of a ref. 565. Let’s assume another scenario; the case was swapped as-is. In this scenario, what stroke of extraordinary luck would it take for the correct numbers to exactly match the last four serial numbers confirmed by a Patek extract? Finally, if the serials had to be removed from a Doxa case and then re-stamped to match the extract, it seems they would just be removed entirely, as the vast majority of Patek ref. 565 cases have no stampings anyway.

Case Study

There are signs that some Patek ref. 565A cases deemed original, appear to have featured four-digit serial stampings on some early examples. For consideration, we can look at several known examples. Let’s start with an example from 1939 that was auctioned by Phillips in the Nov. 2022 Geneva sale and achieved a result of CHF176,400.

The example shown above is noteworthy not only for its very rare black dial, but also for an added bonus of the famed retailer “Freccero” printed on the lower portion and the unique “Acuatic” print at the very bottom. It is one of two black dial Freccero + Acuatic ref. 565 known, with the other later short signature example being discovered at a small auction earlier in 2025. I previously wrote about both of these examples separately here at www.aircooltime.com.

As noted in the Phillips lot, the extract pictured shows the serial number of the case that matches the last four digits seen between the lugs. Knowing a bit about the provenance of this particular piece, I’m confident it’s original to the case made for Patek.

Another early and rare ref. 565A example I personally had in my hands last year in Miami, also had a four digit stamping between the lower lugs. It was fitted with the rare 12-120 SCi indirect seconds movement. According to data presented by Tortella & Sons, the numbers of known steel 565 references with the 12-120 SCi movement are in the range of approximately twenty with this featured example included.

The dial on this example also features an applied, printed Swiss at the bottom. Examining the movement, a PXP stamping on the balance cock (shown in later image) is noted. This was the predecessor import marking on Patek examples to the HOX stamp. Together these features are signs denoting this example was made for the US market.

This example also has a four digit stamping between the lower lugs. The digits match the last four of the serial number on the extract, similar to the Phillips example.

Some additional evidence of this correctness is seen on the inside case back stamping, which confirms the stamping between the lugs to match the last four serial numbers of the case back.

In John Goldberger’s “Steel Patek” publication, there are an additional three ref. 565A examples shown with four digit numbers stamped between the lower lugs; one each from 1939, 1940 and 1943. Two of the three feature the 12-120SCi movement. All are shown with matching serial numbers on the inner case back in the publication. I’m not aware of any examples seen past the date of 1943 with similar serial stampings.

So there we have it - records of several early and rare ref. 565A examples with matched stampings between the lower lugs and the inner case back. Perhaps this was a practice Taubert did for Patek in the early run of the ref. 565 in the late ‘30’s and was not continued beyond the early ‘40’s. What I’ve not observed, are any examples of precious metal cases showing a similar stamping.

A Beautiful Movement

Let’s take a quick diversion to recognize the cool caliber 12-120 SCi movement seen in some ref. 565 examples, including two shown in this article. The movement is fascinating to watch in action and features a Victorin Piguet module positioned on top of the base Jean Pfister-designed 12-120 caliber movement for Patek. The attached module adds height and necessitates the slightly thicker 565 case type seen on these examples, which I’ve covered at www.aircooltime.com in a previous article that reviews ref. 565 case types.

The sweep seconds hand shudder results from the Piguet module with its extra bridge and gearing that relocates the seconds function from the original design at a subsidiary position and creates the operation of a central sweep hand. The indirect drive causes the slight shudder in movement, which was later resolved with the direct seconds 27 SC caliber design and used on a very few 565 and 2508 among other Patek references.

Believe It Or Not

I hope you’ve enjoyed this quick take on a controversial topic, related to an iconic Patek reference which is much respected in the collector community. What do you believe? Are these early examples with serial stampings fact or fiction?

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Acknowledgements

• Special thanks to Matt Bain, www.matthewbaininc.com for the hands-on experience and picture permissions. Two of the ref. 565 examples referenced in this article have once passed through his hands.

• Appreciation to John Goldberger for specific image use on pages noted from his publication, Steel Patek.

• Additional thanks to Phillips auctions and Coronet for image use as noted.

• Images not noted are my own.

In Soldier of Fortune (1955), there is a brief but striking moment when Clark Gable, steady at the helm of a ship’s deck gun, pulls the lanyard and sends a round thundering across the water. It’s a scene built for grit and noise — and yet, on Gable’s wrist, a quiet surprise: a well-mannered dress watch. A Patek Philippe Ref. 1526.

It’s the sort of detail that slips by unless you’re looking for it, but once noticed, it reframes the scene. The perpetual calendar — a watch more readily associated today with collectors, scholarship, and careful handling — appears here entirely unselfconscious, worn in the service of character rather than spectacle.

The camera catches it plainly, the sort of timepiece meant for a hotel bar or a dinner table in the movie set, not for the recoil of naval ordnance at sea. The watch belonged to Gable himself and was worn by him in the movie on a strap with a Cartier deployant clasp. That’s not too unusual, given Gable was also known to own at least one example from that brand. The result of the scene is a charming incongruity, the kind that rewards a careful eye.

Late last year, I published a deep dive into the historically important Patek Philippe Reference 1526 on HODINKEE. That article explored the reference through known examples, scholarship, and the collectors who have carried it forward. This single still image adds another layer — a reminder that the 1526 has long existed not just as an object of study, but as a lived companion, present in moments far removed from display cases and dinner jackets.

The still below appears solely for commentary and analysis of this detail.

For the full exploration of the Patek Philippe Reference 1526 — its history, known examples, and enduring significance — please see my article on HODINKEE:

In Depth: The Patek Philippe Reference 1526.

Matt Bain and his team have re-tooled their website and have been bringing the heat by adding some quick read content on current pieces and sharing stories from past deals, ala the recently published post on “The Bulletin”. If you haven’t read that one in particular, it’s a fun and informative must read!

Background

Here’s a cool and interesting Patek ref. 2431 I recently had the pleasure to spend some time with to write a quick take from observations. The ref. 2431 was produced for a short window of time after its introduction in 1948 until approx. 1955. There were two series, with the first featuring the 12-120 caliber and the second with the 12-400 caliber. I’ve only seen examples in yellow and rose gold, and it’s believed the original production was quite modest with low double-digit numbers now know.

This particular example in rose gold is fresh to the market from South America. The first feature my eyes are drawn to are the very ornate, twisted and sculptural lugs that have a flame appearance of sorts. The design of the lugs evokes Baroque cues and gives this reference a unique appearance on the wrist. Not much beats a great set of lugs!

The Case

With these killer lugs, we’ll start with checking out the case first this time. The case was made by famed Patek casemaker, Emile Vichet (Key 9). Some unique features of Vichet cases are the notched roman numerals seen on the case components. These were presumably used during the manufacturing process to correctly match the components during assembly. This case also features the expected double hallmarks. One is on the lower portion of the crown side and the other is on the backside of the lug. The side hallmark is deep and even, while the back hallmark appears to have been stamped slightly crooked and why I suspect it’s missing a portion of the hallmark and not missing it from polishing, which would be quite unusual on a back side of the case when the rest of the case is strong. That type of hallmark stamping on the lug underside isn’t too surprising to see at times, given the hallmarks were affixed by an outside agency as required for registration and customs. Inside the case back I see the correct original stampings and one service mark. The ornate lugs are the highlight for sure on this reference and overall, the case is in strong condition for the age of this example. As for size, this one clocks in at a little over 34mm diameter with a lug width of 16mm.

The Dial

The silvered dial features a crisp and complete engraved enamel signature, seconds and outer minute tracks. A silvered dial is the usual type seen on this reference and I’m aware of at least one example with a rose dial in a rose gold case. Markers alternate between an Arabic 12 numeral, dots at 3 and 9, then faceted daggers for the other hours, with the exception of no marker at 6 o’clock. Under a loupe, the dial appears to have its original satin finish with appropriate signs of natural, honest aging and oxidation. The markers also have sharp transitions, which are features that can be lost during restoration when the markers are pulled off and polished before re-attaching to the dial. The hands are rose gold baton style for the hour, minute and seconds. They appear original and all of the correct length. Near the crown stem, a verdigris tinge is noted, which is a natural reaction to the copper alloy in the rose gold. It’s not unusual on pieces that haven’t been freshened up for sale and this example doesn’t show any concerning signs of past moisture intrusion into the case.

Of interest to share about this reference during the second series (featuring the 12-400 caliber), a couple different dial types are known in the market. The first type has a dial with alternating stick and dot (for the 3 and 9) hour markers. The second type features teardrop hour markers with a double teardrop marker at 12.

The Movement

The 12-120 caliber movement is in very good condition with no signs of corrosion, and has intact rhodium plating with screw head slots that don’t look beaten or chewed up from past work. It’s not uncommon to see these movements with stray marks on most of the plating and wear to the screw heads from past servicing over the years, so it’s always welcome when they are well-preserved as a sign of a piece not being worn hard and improperly stored over the years.

Closing Thoughts

On the wrist the ref. 2431 has a solid presence and wears well without appearing too large or small, with the attention-getting twisted lugs signaling a definitive cue to its vintage era of production. I hope you’ve enjoyed this quick read. It was a pleasure to spend some time with such a cool, well-preserved example of this reference.

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Sharing a quick read as an update to my previous two articles about Patek ref. 565 Freccero + Acuatic examples early last year. The featured subject is an extremely rare, black dialed example that sold in June at a small auction house in South America. It has a similar dial configuration to my own pink/pink example with faceted hour indices, outer pearl minute track, dauphine hour/minute hands, leaf seconds hand and railway sub-seconds dial.

From a review of the images, this example appears to have an original, unrestored dial with gilt printing and no cosmetic enhancements. The Acuatic transfer gilt print at the bottom of the dial is hard to see in these images, but is present nonetheless. Black dials on certain Patek references are very rare to observe from this era and even more difficult to find with the original lacquer still present. This example does show signs of zapon degradation, yet is eye friendly and seems to be honestly preserved even if it doesn’t show a glossy pop in the images. The case is thick with proper dimensions, showing very strong condition as well for the age. The movement appears to have been serviced several times in the past and remains in good overall condition without excessive signs of wear or corrosion on the bridges. The inner dustcap is present and coupled with the Taubert screwback case design, likely provided decently robust protection from the elements and magnetism over the years.

Overall, I see a piece that maintains its original design integrity with signs of normal aging. The strap is obviously not original and also mis-matched. Without benefit of seeing an extract and just based on the serial numbers, I would date it to have been manufactured in 1950-1951.

The 565 line was produced in steel, yellow and pink gold metals in order of descending numbers and is an iconic Patek reference in its own right. When well preserved and rare examples are offered in the market, they typically realize strong prices. We can look recently at a well-restored, double signed example that sold at auction a few months ago for over CHF 355,000 as a reference point.

Reportedly, this fresh to market subject example was in the possession of the Freccero family, past owners of the famed Patek retailer in Montevideo. It had a listed reserve of $25,000 and estimate range of $30,000 - $40,000. If memory serves correctly, it ultimately sold for approx. $150,000. The price fetched is a testament to its rarity, condition and desirability among seasoned vintage Patek collectors.

While a strong price was realized to the estimate range, I would say it could be viewed as somewhat a bargain of sorts when compared to the previously mentioned example that was well-restored, also double-signed and sold for over twice this price. That example has at least one additional known version in the same dial configuration that’s not double signed and also likely cleaned/restored.

I realize this this may be a debatable view, as I am in the camp that values rarity and easy-on-the-eyes unrestored, original condition over rarity and well-restored like-new condition. Even if well-restored looks fresher to the eyes… it’s still been altered and the original state can’t be reclaimed. As the rare, collectable vintage watch market matures over time, I’m betting the former state with graceful, natural aging will command and maintain the stronger values.

With its recent discovery and sale, this example brings the total of black dial 565 Freccero + Acuatic examples known up to just two total in steel. The other known example from auction was shared here previously. Enjoy a few additional images below, from the public domain.

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