Collecting the Patek Philippe ref. 5004
Collecting from Patek Philippe’s post 1980 perpetual calendar chronograph series is more subjective than objective, and few collectors have binged the box set. But from all the individual references that make up the full story, one stands out in particular.
Introduced in 1996, reference 5004 debuted as Patek’s first serially produced perpetual calendar chronograph, making a big leap for our favourite series. But at first glance, proportions seem almost off. Why would Patek put such an obnoxiously large crown on a 36.7mm case, and then have the audacity to use it as a foundation for yet another pusher. Well, it’s in this manner that the 5004 brings so much character and personality to the perpetual calendar chronograph. It’s not a Wolf of Wall Steet, but rather a Big Short. Its purpose it not to appeal to the masses, but to be greatly appreciated by the few, and it’s through this that collecting becomes so rewarding.
The 5004 houses calibre CHR 27-70 Q, a perpetual calendar (Q) split-seconds chronograph (R) movement based off a Lemania 2310 ebauche, appropriately modified and finished in house at Patek Philippe. Whilst the Lemania ebauche was used widely by Patek for its production chronograph movements post 1986, this variant was the most complicated of them all – So complicated in fact that it was altered three times over its decade and a half production period. It features an octopus shaped isolator wheel, which was a complex introduction designed to control the split-seconds lever and manage torque. The three variations of the movement were as a result of the octopus isolator undergoing modifications over time to improve its reliability. Older variants of the movement taken into service are nowadays usually upgraded to match more recent developments.
Three movement variants from oldest to newest.
As I mentioned, the complex movement for the 5004 is housed in a neat 36.7 mm wide case, which means it’s a dense piece of kit, even at 15mm in thickness. Cases were made by Guillod & Cie (Hammer Number 121) with study stepped lugs giving the 5004 a robust appearance. Whilst cases remained consistent, more recent examples feature slightly larger/longer crowns compared to the earlier ones. It seems that for some reason Patek decided the crown needed to be even more imposing – But once again, we are not complaining.
In series, cases were produced in platinum (approx 300 pieces), pink gold (approx 250 pieces), yellow gold (approx 200 pieces), white gold (50-100 pieces) and stainless steel for a final and well deserved send off (50-100 pieces). One piece was produced in titanium. Besides the titanium, these numbers are not exactly bullet proof, and as a result they are certainly not universally agreed upon. But what is almost always universally agreed upon is that modern Patek Philippe literature is incorrect, stating an average production of 12 pieces per year over 16 years, plus one final series of 50 pieces. This would total approximately 250 pieces across all metals, which auction appearances strongly prove otherwise.
Regular production for the 5004 saw cases in all four original production metals fitted with silvered dials, although black dials did make an appearance in smaller numbers too. These are more frequently seen on platinum, white gold and pink gold cases, but seldom seen on yellow gold cases (5 known). Other colours such as salmon (4 known on white gold cases) and champagne (2 known on yellow gold cases) are extremely rare commissions from important clients.
Large Arabic numerals were also standard, excluding the stainless-steel variant in which Patek opted for black Clous de Paris batons. Baton indexes made their way onto few watches cased in any other metal. There were also special orders which include a variety of other indexes such as dot markers with Breguet or Roman 12, or brilliant-cut gemstones. Diamonds are the most common gemstone for indexes in this case, followed afar by rubies (2 known).
Regarding hands, the vast majority of examples feature feuille (or leaf) hour and minute hands as baton hands are seen rarely and almost always when paired with baton indexes. As far as split seconds hands are concerned, the earliest models feature stubbier versions as opposed to the longer ones seen on later examples, which can be identified by the way they extend beyond their axis.
Despite its greater than perceived production, the 5004 is still a rare and important reference from Patek’s history, and as a result the price point entry is steep. That being said, it is a personal favourite of mine and thankfully for collectors it offers some great variety in its combination of cases, dials and hands. For those who have the means, I would recommend going for an example that sits between regular production and special commissions, such as ref. 5004G-015. The white gold case is the rarest of the original production metals, which when combined with the black dial, baton indexes and baton hands, gives you something very exiting but still achievable in price relativity.
