Christies, this May 2016, is selling one of the greatest watches Patek Philippe ever made: The 3448 in white gold.
If I had to make a list of the 10 most attractive and important watches ever made, I think the 3448 (in any metal variation) would be on that list.
It has all the attributes of a lasting legend: it is beautiful (case, dial layout), innovative (case design, futuristic look) complicated (perpetual calendar) important (first automatic perpetual calendar) and rare (made only in 500 and 100 examples in gold and white gold respectively).
Case design of the 3448
I think the greatest strength of the 3448 is the clean design and case.
The 3448 was introduced in the beginning of the 1960s (1962) but the case maker, Antoine Gerlach worked on many Pateks already in the 1950s and undoubtedly took over some design elements. The watch is so futuristic (hence the nickname disco volante by the Italians) but yet clean and timeless. To think it replaced the 2497 which looks like an antique watch in comparison*. The watches looks generations apart even though they are separated by only a year of introduction (the 2497 stopped production in 1961 and the 3448 was introduced in 1962).
How to describe the 3448? I would say, clean, pure, harmonious – and perfect symmetry.
*(Credit: Matthew Bain).
Nicknamed ‘disco volante’ and ‘padellone’ by the Italians, the case is pure design genius. Shaped a little like a flying saucer – the case is big but not too big. At 37.5mm it sits perfectly on the wrist. Just look at the picture below taken in 2015 at Villa d’Este in Italy.
This 3448 is a beady large reversed calendar type dial (don’t worry we explain all the different 3448 type dials later on in this report).
One of the nicest design attributes of the 3448 is how they integrated the crown in the case.
When pushed in, the crown sits halfway inside the case and outside. A marvelous little detail that presumably was very costly for Patek to carry out.
(Credit: Christies).
The next picture is perhaps even better to illustrate the wonderful case design, showing the genius of Gerlach.
This is state of the art design. At the very highest level. Look at the wonderful plexi which suits this watch just perfectly. The special PP crown is only found on the earliest of 3448 series.
(Credit: Sotheby’s).
The 3448 came in different metal variations.
Gold (the most common – approx. 450 – 500 pieces), white gold (approx. 100 pieces) and then lastly Rose Gold (2 known to the market). No steel and no platinum (the two that were approved by Mr. Stern in the 1990s to be converted to platinum using cases from the 1960s – clearly does not count in my opinion – it would be like counting the 2 Aston Martin DB4 Zagato that were made in the 1990s as original cars).
We are going to take a closer look at the white gold version.
More specifically the white gold version with small calendar reversed ring that Christies is selling in their May auction.
(Credit: Christies).
The Christies 3448 is special for a few reasons
1) First it is an early version which means it has beady or pearl (both terms are used by collectors) minute markers rather than lines minute markers as seen here. I personally find ‘beady’ or ‘pearl’ minute markers more attractive as they lend the watch a more ‘vintage’ type look. I think experts use the term beady as the minute markers look like they have little holes on the dial rather than traditional lines.
2) This watch has a small calendar ring and reversed date ring. Why is this special? Because it is extremely rare, very few 3448 have this. What is meant by reversed date ring? Look at the calendar above. Notice how the bottom half the calendar is reversed (the numerals are upside down). Only very few 3448 have this trait. For a normal non-reversed calendar ring see this example here. Also if you notice the calendar ring numbers are smaller than on later versions (I actually think the normal or large calendar ring is more attractive and gives the watch a better proportioned look). That is why collectors call it a small calendar ring.
3) The watch has an Aprior dial meaning it carries the Sigma Swiss Sigma designation identifying gold numerals on the dial. Many 3448 are simply signed ‘Swiss’.
4) The watch comes from the original owner, the original certificate which is in Japanese, guarantee card dated 74. This watch has obviously never been on the market as it comes from the original owner.
Dial Variations of the 3448
According to Christies here are the following dial variations for the 3448 – divided into four series:
- First series: Enameled small baton minute divisions 1962-1966
- Second series:Beady or pearl minute divisions and small date ring 1965 -1973 (watch in report)
- Third series: Beady/pearl or small line minute divisions and large date ring 1971 -1978
- Fourth series: Printed (not enameled) small baton minute divisions after 1978
(credit: Pic 1 and 2 Christies Ltd 2011 and 2016).
By the far the most sought after version are the first two series.
The first series is especially sought after given the Enameled minute divisions but also because of the special PP crown that is also found in 2526 or 2552* Pateks. See the picture below of a early first series 3448 with special white gold PP bracelet (by J-P Ecofey) that was sold at Christies in 2011.
Notice the calendar which is also a small size calendar – very rare and sought after by collectors – (for more info see here).
In fact the most valuable 3448 ever sold at auction is a very early – second series 1968 watch – with the special PP crown in rose gold** (of which only two are known in the world) that sold for almost CHF 2.1m in 2011 (for complete info see here).
The fact that it was double signed by Patek and Freccero probably didn’t hurt either. Oh and the CHF 2.1m price tag for a watch that was estimated at only CHF 500-1m? That is the result of two Italian dealers/collectors bidding aggressively for the watch.
*(Credit: Only Vintage – Corrado M).** (Credit: Watchanista)
(Credit: Christies).
Movement
The 3448 is powered by 27-460 Q (Q for Quantieme Perpetuel or Perpetual calendar) an automatic movement that was a Patek first for a perpetual calendar. Like with the well known 2526 reference, the 3448 has a gold rotor powering the watch. It was upgraded by Patek before the 3448 gave way to its successor – the 3450 – which was pretty much the same watch but with leap year indication – see the 3450 here.
Concluding thoughts
With only 580 examples made of the reference 3448 – any of them in any metal, in any dial configuration is worth owning.
As I mentioned in my opening paragraph I think the 3448 is one of the all time great watches ever made. Not only by Patek but by any brand.
Not only is the watch important as discussed above (first automatic perpetual calendar) but the case design and dial layout is just perfect. It is timeless. If someone put this the 3448 in the current collection of Patek for sale -it would NOT look out of place.
In fact I would argue that this watch looks more contemporary than some current models of Patek Phillipe (I am thinking of Breguet numerals time only watches).
So when an early beady or pearl minute marker version comes up for sale in white gold, with a reversed small calendar – collectors should pay attention. It is like a 300SL Gullwing coming up for sale but with original rudge wheels and an original alloy engine with original pleaded seats.
They just don’t come up for sale that often. The estimate of CHF 300-500’ooo might seem high but very correct.
In my view collectors can bid up to the high estimate including commission with their eyes closed.
More info on the watch can be found here.
(credit main picture: Christies).
For your viewing pleasure an unworn 3448 with perfect lugs completely unpolished and as new.
This is how the lugs and case look like when new on a 3448. Presumably from a Patek catalogue. (Credit: J Reardon Christies).
Another fine 3448 in white gold belonging to an Asian collector. The dial is normal or large, non – reversed calendar, most often found on later 3448.
Notice the ‘line dial’ which points to this being a later series, so after 1973 most likely. Also notice the Aprior dial signature (Sigma swiss Sigma).
For your pleasure an partial view of the movement in the 3448 and 3450 that presumably came from a Patek Phillipe catalogue. (Credit: J Reardon Christies).
To end with a few pictures of the 3448 in Gold which gives a different type of warmth.
Notice the watch is a large calendar (non reverse – so normal calendar).
It also a line dial (non beady) and aprior dial – see the sigma swiss sigma signature.
