A True Blue Rarity. The Patek Philippe 3940P-027 Vintage Collection

Among the most contentious discussions in the watch collecting world is the merits of vintage versus modern watches. Dyed in the wool vintage collectors will sing the praises of charismatic designs, smaller cases, and an era when manufacturing and finishing were more dependent on highly skilled hand work. Fans of modern watches, on the other hand, often cite improved durability, more exact manufacturing tolerances, and better finishing, even if it is all aided by computerized manufacturing techniques.

Given all this, it is not uncommon for brands to try to offer collectors the best of both both worlds. In recent years, many have offered “revival” models that are essentially recreations of vintage watches executed using modern manufacturing techniques and materials. This combination gives collectors the opportunity to own a vintage-looking watch with all the modern reliability they’ve come to expect. When Patek Philippe jumped on the revival train with a favorite from the 20th century, they remained faithful to the size, design, and even to the movement inside. With some slight tweaks and a unique color way, Patek Philippe offered a select group of collectors the opportunity to add a true time capsule of a watch to their collection with the 3940P-027 “Vintage Collection.”

History

Patek Philippe created the first serial produced perpetual calendar watch in 1941 with the reference 1526 and the brand’s modern history has been intimately linked to the complication ever since. In 1951, Patek unveiled the reference 2497, which was the first serial produced perpetual calendar with a centrally mounted sweeping seconds hand. The reference 3448, unveiled in 1962, was the first automatic winding perpetual calendar wristwatch. The reference 3450 replaced the 3448 in 1981 and added a leap year cycle indicator. Clearly Patek Philippe has always been a leader when it comes to perpetual calendars.

The Caliber 240, which is the base movement for the 240 Q in the 3940 being reviewed here, was first unveiled in 1977. It is an ultra-thin, micro-rotor movement, and was actually the thinnest self-winding movement in the world when it was released. Interestingly, Patek Philippe brought the Caliber 240 to market in the immediate aftermath of the Quartz Crisis, seemingly doubling down on their commitment to fine mechanical watchmaking. Indeed, the Caliber 240 would go on to become a platform for countless other complications later on in its life.

The reference 3940 was launched in 1985 and was in serial production all the way to its official discontinuation in 2007. This remarkable 22 year run gave the 3940 the longest production run of any Patek Philippe watch in history. Company president Philippe Stern paid the reference the ultimate compliment by choosing it as his daily wear. Again, in the aftermath of the Quartz Crisis, to place such intense pressure on complicated mechanical timepieces was a bold move on Patek Philippe’s part. The length of production and Philippe Stern’s personal stamp of approval seemingly signified that Patek was confident that high-end complicated watchmaking was never going away.

Although the model was discontinued in 2007, Patek Philippe wanted to offer their best clients something special for the brand’s 175th anniversary in 2018. They offered these V-VIP’s the opportunity to order watches in special configurations, including platinum cases with blue dials. The 3940 was clearly an important reference for the brand and the model was still incredibly desirable with collectors. Making this reference available again in a unique format to preferred clients more than a decade after its official discontinuation was a massive “thank you” to their most loyal of clients. Only two examples of the 3940P-027 have been sold on the public market, making them highly valuable and collectable over standard 3940s. 

Design Details

There are a couple unique aspects to this particular 3940 that should be pointed out. First is the deep blue dial, a color that was never offered during the 3940’s original production run. Second, is the updated dial font and leaf style hands, seemingly taken from the later reference 5140. 

Additionally, the watch features a 9 o’clock subdial for the day-night and weekday complications, a 6 o’clock subdial displays the date and moonphase, and a 3 o’clock subdial displays the month and leap-year indication. The 36mm platinum case is a new-old stock piece leftover from the original 3940 production run (which makes this watch a bit more than “vintage inspired”). Unlike most current models from Patek Philippe, this reference remains faithful to the original platinum 3940 and only comes with a solid platinum case back. So no, you don’t get to see the movement on display. While modern platinum Patek Philippe references include small diamonds inset into the case between the lugs at 6 o’clock, the 3940P-027 forgoes this, maintaining the more conventional, “old-school” aesthetic.

Inner Workings

Behind the solid platinum case back is the aforementioned Caliber 240 Q. The automatic micro-rotor movement has 27 jewels, beats at 21,600 bph, and has a 48-hour power reserve. Additionally, it features a perpetual calendar with date, month, day/night indicator via a 24-hour dial, small seconds, moonphase, and leap year indication. 

Unique to this watch is the use of new-old stock movements. Patek Philippe switched from the traditional Geneval Seal to their proprietary Patek Philippe Seal in 2009, indicating a higher level of movement finishing. Even though this watch was assembled in 2018, Patek Philippe decided to continue using the older movements with the Geneva Seal. Even though the origins of this caliber date back to 1985 with the release of the 3940, Patek Philippe continues to manufacture the Caliber 240 Q today (albeit now with the Patek Philippe Seal). 

Personality

The Patek Philippe 3940P-027 is a timepiece that really speaks to the brand’s heritage. These special pieces were only offered to established clients of the brand and Thierry Stern (son of Philippe and current president of Patek Philippe) has made it clear that Patek Philippe is a brand focused on precious metals and complicated timepieces. While the combination of the blue dial and platinum case is special for the 3940, the 36mm wide case and white metal is still conservative and under the radar in appearance. The only people who will notice the watch are other well informed watch enthusiasts. Any 3940 could easily be the highlight of any collection, but the 3940P-027 is for the collector looking for something truly unique, even when compared to other rare and highly coveted Patek Philippe watches. 

Versus the Competition

When thinking of alternatives to the 3940P-027, there are fortunately a number of haute horology perpetual calendars available. To highlight some of the alternatives available, below are two more attainable options, and two that rival the exclusivity of the 3940P-027.

Potentially obvious, but, if you can forgo the blue dial and ultra-rare status of the 3940P-027, you could always seek out a great regular production Patek Philippe 3940P. Same case, same solid case back, same platinum deployant buckle, and same movement within. Regular production examples of the 3940P can frequently be found for less than half of what the 3940P-027 currently goes for. 

Deviating from the famed Swiss brand, the A. Lange & Söhne Langematik Perpetual in Platinum is a great option. With a display back that offers a view of A. Lange & Söhne’s beautiful movement finishing, the dial side features all of the perpetual calendar functions of the 3940 in addition to A. Lange & Söhne’s iconic oversized double digit date window. The case is slightly larger at 38.5mm in diameter and the display back and tang buckle mean that you get less platinum with your watch. With prices well below the six-figure mark though, the reduced amount of precious metal may be a worthy sacrifice to own something that is equally as amazing as the 3940. 

Mirroring some of the exclusivity of the 3940P-027, the F.P. Journe Black Label series is only offered to existing F.P. Journe clients through brand-owned boutiques. The F.P. Journe Black Label Octa Quantieme Perpetual Calendar is larger than both the 3940 and the Langematik, but still conservative at 40mm in diameter and 11mm thick. Again, the watch comes with a display case back, but the F.P. Journe still packs a lot of platinum along with a gorgeous 18k rose gold movement.

If the ultimate in exclusivity and unique design are paramount for your next perpetual calendar, the Vianney Halter Antiqua Perpetual Calendar in platinum with yellow gold dials is second to none. The solid platinum case requires 900 hours to construct and only five examples in this specific configuration were produced. The design is not for everyone, but for those who must distinguish their pieces from those of other collectors, it hard to do better than this fantastical Vianney Halter. 

Final Thoughts

Patek Philippe rightfully has the reputation as the creator of some of the best watches available in the world. With a mix of quality, exclusivity, and notable history, it makes sense that even serially produced models retain their value and are coveted by collectors. When unique combinations such as the 3940P-027 are offered to long-time clients, it makes sense that they would jump at the opportunity.

For the Patek Philippe collector who has to have the best example of any watch that they add to their collection, the Patek Philippe 3940P-027 is certainly one of the top perpetual calendars ever created. With the 3940 representing such a large part of Patek Philippe’s modern history, the 3940P-027 is truly a love letter to a model that helped transition Patek Philippe from the 20th to the 21st century, and to the clients that helped make it happen!

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