Past Auction Killer Patek 2438-1: A trio of examples
Fine WatchesCollector's InsightCollecting is an odd phenomenon.
For years, I was aware of a certain reference but I always dismissed it because of the central seconds on the dial. Then suddenly – boom – it all makes sense. The dial. The layout. The proportions of the watch. And the central seconds. For me this is one of the great references of Patek, made in their golden period of watch production in the 1950s.
This post is a trio of 2438-1 that all qualify as PAK watches: A pink gold with original cert, a pink gold luminous and a gold one in mint condition.
(NB: Unless stated otherwise – all pictures below are credit to Christies watches).
The 2438-1 often gets confused with the 2497 from Patek.
Indeed, they are very similar in design and if you didn’t go into the details you would hardly notice a difference. While this post is not about comparing the 2497 vs 2438-1; in a nutshell the main difference is the case construction.
The 2438-1 is waterproof with a screw back case back and 2 piece construction versus snap back for the 2497. You can view the 2438-1 as the slightly more sportier version of the two watches- even if the case size is slightly smaller. The 2438-1 is also substantially rarer (56 examples vs 165 for the 2497).
Introduced in 1951 the Patek 2438-1 is the first perpetual calendar made with central seconds. The calibre inside was 27 SC Q (SC stood for Seconds Central in French) and Q is for quantieme or perpetual in French. Made in two series (the first had Arabic numerals and leaf or dauphine hands)*, the second series applied baton numerals and dauphine hands (which I find more attractive and sporty).
For a long time, I dismissed this reference entirely – much preferring the 3448 perpetual from Patek whose design I found more pure. Plus, the large sweeping (or central seconds) always bothered me on this watch.
However what I failed to understand was that the purpose of this watch was very different than a 3448. The 2438/1 was essentially a tool watch, an elegant sports watch and therefore the sweeping seconds made perfect sense.
Most 2438-1 have white dials but it is known that a few of them have black dials, like this double signed 2438-1 (private collection).
*(Credit: Phillips watches).
Because of their rarity (circa 65 known) and complication, it is fair to say that most 2438-1 in half way decent shape qualify as PAK watches.
Designed in the 1950s for collectors that did outdoor activities, you can think of this reference as an elegant tool watch. Water resistant with a screw back case, sometimes made with luminous hour markers, the 2438-1 – this Patek was an elegant complication, but also robust useful watch that owners could wear while playing golf or sailing.
Let me show you 3 outstanding examples of the 2438/1 that have sold in the past years at auction.
(NB: One word of caution: Since the reference 2438-1 has a screw back case, one thing collectors should look out for, in this reference, is damage to the case back as often watchmakers who were not careful damaged the case back with their tools).
First example – 2438/1 in gold: This example might be the most ordinary of the three I am showing but the condition is outstanding.
Unpolished and preserved in exceptional condition – this watch has something else unusual: Notice the window for the date and month (picture below) – making it easier for the owner to read. This superb example fetched a staggering CHF 714k, double the low estimate of CHF 350’000.
Incredibly, to this day, it still retains a world record for the reference 2438-1 in normal gold (one pink gold model has fetched ever so slightly more).
(Above – the screw back case back ensuring water resistance).
Second example – 2438/1 in pink gold luminous: This must be the ultimate combination for a 2438-1 that I can think of. Only 8 pieces of pink 2438 are have come to auction in the entire history. This Patek is a perpetual calendar but has so many cool features – you could forgive the owner if he wore it for his outdoor sports activities. Golfing, sailing, shooting, bicycling – this Patek is also a tool watch. Water resistant, luminous hour markers, but housed in a pink gold case – this would be the combination I would choose if my budget allowed it.
Made in 1955 and sold in 1960 – this watch came from the original owners family and was locked in a safe vault for most of its life. Unpolished condition (notice stamp lower left lug).
Sold in 2011 for CHF 747’000 this still holds the record for the most valuable 2438-1 ever sold at auction. Rightly so!
Third example -2438/1 pink gold original cert: While I could have chosen another pink gold 2438-1 with luminous, like this one here, I instead choose another pink one with original certificate. Maybe the condition is not as good as the watch that sold here, but it is worth writing about because of an entirely different aspect. In the depth of the financial crises in December 2008, one brave buyer decided to step up and buy this watch for a relatively good price, USD 242’000.
I only know one other 2438-1 with an original certificate, so this watch is special too. And well bought at the time given that only one year earlier most pink were trading at more than 2x that price.
Concluding thoughts
The 2438-1 is has all the attributes of what make a PAK watch. Rarity, beauty, importance in watch history.
While most PAK watches are trophy assets and command according prices, the 2438-1 is somewhat of an anomaly. Historically 2438-1 have commanded strong prices, but today this reference is largely overlooked. Just recently an honest and good example sold at Christies in May 2018 for CHF 371’000.
The reality is that collectors have gravitated towards other brands that are more contemporary in look, leaving the astute collector a tremendous opportunity to grab one of these examples at current bargain prices.
This post is a good example of a PAK type watch that has fallen out of favour temporarily. But it will come roaring back once collectors realise the rarity, beauty and significance of this reference.
This watch should be worth closer to a million dollars in the future, plain and simple. I bet you a bottle of champagne (Ruinart Blanc de Blancs) that before I turn 55, we will be at that level.
