A CLIENT OF MINE RECENTLY APPROACHED ME AS HE WAS THINKING ABOUT THE POSSIBILITY OF COLLECTING VINTAGE WATCHES . HE ALREADY OWNS A BEAUTIFUL COLLECTION OF CONTEMPORARY WATCHES , MOSTLY COMPLICATED TIMEPIECES FROM PATEK PHILIPPE AND A . LANGE & SÖHNE . HOWEVER , HE FELT IT WAS TIME FOR HIM TO ENJOY ANOTHER SIDE OF COLLECTING WATCHES BY DELVING INTO VINTAGE TIMEPIECES — A TOTALLY DIFFERENT WORLD THAN WHAT HE WAS USED TO .
As you can imagine , there ’ s a vast difference between going to a boutique to buy a new watch and buying a vintage watch from the secondary market .
First , we discussed what brand , period , style , and material he was looking for . It ’ s important to understand what a client wants and why he wants it . And this is only the beginning of a long journey when collecting vintage timepieces .
He expressed his desire for a white gold Patek Philippe chronograph with a calendar . As you may know , Patek Philippe has an incredible selection of calendar chronograph watches including references 1518 , 2499 , 3970 , 5020 , 5004 , 5970 , and 5270 . We narrowed down the choices and settled upon two references to explore — the ref . 2499 and the ref . 3970
The Patek Philippe ref . 2499 is perhaps one of the most recognized timepieces ever made , but its low production quantity means that it is extremely valuable and collectible . In fact , only 349 pieces of the ref . 2499 were ever manufactured , and my client did not think it was the right time to invest more than $ 500,000 into a watch .
The next step was to consider the Patek Philippe ref . 3970 , which has a very similar dial to the ref . 2499 but it was produced in higher quantities . It ’ s estimated that Patek produced 2,400 to 3,600 pieces of the ref . 3970 . Plus , most experts agree that this particular model is currently undervalued , thus making it an interesting watch to invest in .
Although my client mentioned white gold , I did recommend to him to consider rose gold since it ’ s an appealing color for a chronograph . He agreed to the material and expressed some stringent requirements . Not only did his future Patek ref . 3970 have to be in unpolished condition with the original bracelet and buckle , but it also had to come with a complete set including the original box , certificate of origin , archive papers , booklet , and agenda .
DO THE RESEARCH
Once the expectations were set , it was time for me to begin the research . The Patek Philippe ref . 3970 was produced from 1986 to 2004 , succeeding the ref . 2499 . Watches are typically considered to be vintage if they are more than thirty-five years old , so the ref . 3970 will fall under the vintage label in a few years . The Patek ref . 3970 runs on Caliber CH27-70 based on the Lemania 2310 movement ( the same one that serves as the base for the Omega Speedmaster ’ s Caliber 321 ), while the Patek ref . 2499 is equipped with a Valjoux-based movement .
The Patek ref . 3970 sports a 36mm case and was made available in yellow , white , and rose gold , in addition to platinum . There were three different series of the 3970 . The first two series , which are the most valuable , had Feuille ( leaf-shaped ) hands and baton hour markers . The third series has baton center hands . It ’ s also worth mentioning that there are some with full 18-karat gold screw-down casebacks and others with sapphire crystal exhibition casebacks . The solid gold casebacks are considered more valuable since they were only manufactured for three years .
With this information , I established that I had to search for a full set of a first or second series Patek Philippe ref . 3970 in rose gold with Feuille hands , baton hour markers , and a full gold screw-down caseback .
As an appraiser of the American Society of Appraisers , I use the same methodology and similar sources when I do all of my research . I looked at the market , read reviews of the watch , determined its current value , noted how often it sold and for how much , and scrutinized what the experts had to say about it . I used books , blogs , and even called Patek Philippe ’ s headquarters and crosschecked all the information I gathered . I scanned the auction market , read websites specialized in watches , and checked out inventory of famous watch dealers . I called personal contacts , industry professionals , and relevant third parties . I used all the data I collected to create charts and to map an analysis of the market .
ANALYSIS
In my analysis , I noted how many pieces of the Patek ref . 3970 were sold over the last five years , comparing the sale prices of the yellow gold , rose gold , white gold , and platinum models . I also recorded how many complete sets were sold and determined which geographic locations had the best values . With this extensive information , I knew exactly what price range would be considered a good investment . This made it easier to monitor the market to find the perfect watch that matched all my parameters . I compiled everything into a presentation for my client .
In the end , we selected the perfect Patek Philippe ref . 3970 watch from a private collector . It was in mint condition and met all the requirements that my client had previously set . Upon receiving the watch , I personally checked the movement and case numbers with the certificate of origin and archive papers . I took a trip to Patek Philippe in New York to have them check it . Not only did they confirm that it was an original ref . 3970 in mint condition , but also speculated that it was probably never serviced — a true gem as we say in the business .
Buying a vintage watch , especially at this price range , takes plenty of time and effort , and my client was very pleased . It ’ s a beautiful watch that will soon become a vintage piece , and if the experts are right , it will probably pick up in value .
To conclude , whether you decide to buy a watch by yourself or with the help of a professional , it is very important to do your homework . At the very least , I would recommend that you insist on a watch with archive papers so you can crosscheck to see if the numbers on the watch correspond with the paperwork . If you ’ re buying a vintage Patek Philippe , I would also recommend you pay a visit to the nearest Patek Philippe location if you can , as their customer service team are always professional and ready to assist .
It was such an honor and a privilege to work on this project because it emphasized the appreciation I have for the beauty and mechanical mastery of Patek Philippe watches . Even though I ’ ve had hundreds of them pass through my hands , every time I look at a Patek Philippe watch , it ’ s magic . While my client was certainly happy , I was even happier to help him turn his dream , owning a vintage Patek Philippe , into reality .
Laurent Martinez is the proprietor of Laurent Fine Watches Greenwich , Connecticut . Read more by him at blog . laurentfinewatches . com or visit his store ’ s site at www . laurentfinewatches . com
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