The ref 3448 Patek perpetual calendar is one of my favourite watches.

It’s clean timeless design, together with the complication of perpetual calendar make it a trophy watch sought after by collectors. Two beautiful yellow gold 3448 are coming up for sale at Phillips auction house, one in HK this Sunday (29th Nov) and the other in NY (December 12th). Both are interesting to compare as one is the first series, and the other the last series. Let’s take a closer look at both.

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A white gold 3448 remains a dream watch for me, but great examples today cost CHF1m give or take. This leaves the yellow gold version offering much more value for money. Let us not forget that Patek only made less than 600 pieces in total (roughly 100 white gold; 450 yellow gold). There are 1-2 known rose gold and 1-2 platinum pieces that were later cased that way by Patek.

Therefore any 3448 by definition remains a rare watch. The 3448 was made in 4 series, with the first appearing in the early 1960s (1962) and the last series appearing until the beginning of 1980s (1982). More or less 20 years span. 

(Left a first series from 1966, and right a 1974 fourth series watch). Credit: Phillipswatches /TP.

The first and obvious thing you notice comparing the first and last series is the winding crown. But there are more subtle differences that a collector should pay attention to. Let us go through them briefly.

• The first series left watch has the signature and calendar ring as well as minute dots all in Enamel. The last series is printed and not Enamel.
• Second difference is the minute divisions with first series dots and last series tiny lines.
• Third difference is no Swiss signature first series versus Swiss signature seen on last series (and other series).
• The calendar ring numbers on the first series is smaller than on the fourth series which is larger (presumably for better legibility).
• Further differences can be seen in the gold indexes that are moved towards the outer edge of the dial on the last series vs more in the centre of the dial in the first series.
• Last difference is in the script of the signature of Patek Philippe. Notice how the A is different in Patek for the first series and overall print font is different.

Looking at the side profile of the first series and last series shows the difference in the crown. First series with the wonderful ‘qp’ crown and all other series with the normal crown.

Let us see the profile of the case from the other side.

The diffference in crown is also visible from this angle below.

We get another view of the crowns from looking at the back of the watch.

What is also interesting to note is that from the front the lugs of the first series look ever so slightly fatter (Phillips says it is unpolished); but from the back both watches seem equally strong.

Now comes something super interesting: both watches carry the same estimate of $150-300’000. So which watch do I prefer? Let me share my thoughts with you.

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At first you might think that this exercise is easy.

A first series versus the last series for the same estimate – it is a no brainer- I obviously go for the first series. The Patek Philippe signature is in Enamel and calendar ring too as well as minute division dots versus printed for the last series dial. Also the special crown adds a wonderful touch. Lastly this watch is fresh to the market and from the original owners family – something that is a dream for any collector. 

(A first series 1966 Patek Philippe 3448 coming up for sale in NY in December 12th at Phillips watches).

Furthermore my rational side also says I should concentrate on the first series which is not only rarer but its arguably more unique. I also think the case might be ever slightly better (for full disclaimer I have only seen one of the watches in real).

So is the choice a no brainer? It is not. This excercise is more complicated than just being about rationality.

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Watch collecting is about emotionality too – thankfully. Those who know me, know that emotionality accounts for 75% (if not higher) of how I collect watches. And this is where the fourth series comes in. From a purely aesthetic point of view, I prefer the fourth series watch.

I find the gold case warmer and also you can tell that Patek Philippe made slight improvements to the overall look. The fourth series in my view feels like a slightly more modern watch. Larger date ring. Stronger darker print on the dial for better reading. Also the fact that the indexes are placed towards the outer of the dial gives the watch a more contemporary feel.

And the best part of the fourth series watch? It is my birth year watch! I have always dreamt of a birth year watch. There is something incredibly pleasing about buying a watch that was made in the same year you were born. Indeed owning a birth year watch is also one of my 50 goals as a watch collector.

(A fourth series 1974 Patek Philippe 3448 coming up for sale in HK at Phillips watches).

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Concluding thoughts

Honestly speaking, I really like both watches. Both have strong cases which is important for any 3448. Both come with the certificate of origin papers too. I can understand why some collectors are drawn to that incredible first series watch. It is for a connoisseur that loves details, like Enamel signature and special qp crown. It is the more special of the two watches and best of all fresh to the market! It comes from the original owners family which is becoming harder to find today. This is a true Le Monde Edmond type of watch.

Having said that on pure aesthetics I slightly prefer the look and warmth of the fourth series watch. And aesthetics is super important to me as a collector. It also feels more modern and timeless. And the fact it was born in the same year as I was is something extremely alluring. I have no doubt that both watches will find a great home.

(I want to thank Thomas Perazzi  & his team at Phillips watches for taking these wonderful pictures for me). For the full NY auction Racing pulse catalogue please see here. For the upcoming HK auction this Sunday browse the catalogue here.