We are still seeing exceptional interest in neo-vintage complicated watches with leather straps, so could it get any better than this grand complication from the esteemed watchmaker Patek Philippe? This is a beautiful example of one of the most underrated references, the 5040 in yellow gold, featuring a cool and quirky tonneau case and a stunning Breguet numeral dial.

Given that the vast majority of these perpetual calendars are housed in classic round cases, Patek broke with tradition when it introduced the 5040 in 1992. Inspired by watches from the interwar period, the 5040 was the first Patek Philippe perpetual calendar to feature a tonneau-shaped case, measuring 35 mm side to side (and 42 mm lug to lug). We absolutely love them! While most would opt for the more traditional round case, this shape sits amazingly well on the wrist. The profile and lugs work proportionately well, adding a more youthful and sporty touch to this classic watch.

This specific piece is an early example from 1992 and features what Patek themselves call an “Argenté” dial with Breguet numerals and a calendar in Italian (which makes a lot of sense, as the watch was originally sold in Milan).

We appreciate the tone and quality of this dial, and the case is in pristine condition, with the gold hallmarks on the side of the case fully visible. The watch currently has a display caseback fitted, providing a full view of the cal. 240q movement with its 21k gold rotor, but the original 18k yellow gold caseback is also included.

Each sub-dial provides two sets of information: the right-hand sub-dial shows the leap year indicator and the day of the week; the 6 o’clock sub-dial shows the moon phase and the day of the month; finally, the left-hand sub-dial shows the 24-hour clock and the month. The sub-dials are arranged within concentric circles in a hierarchy, with the day, month, and date on the outer track, and the less important leap year indicator, moon phase, and 24-hour clock inside it.

The watch comes with a slightly used Patek Philippe leather strap, which is included in the sale, but we decided to fit one of our own straps as we believe it makes a great match. It is fitted with an 18k yellow gold PP pin buckle. As mentioned, the watch was originally sold in Milan in 1992, as stated on the original certificate of origin. Furthermore, the watch comes with its original inner and outer box—the leather inner box even doubles as a battery-driven watch winder!

This beauty also comes with its leather paper holder, the second 18k yellow gold caseback, two booklets, and the yellow gold corrector pin, so it’s a full kit!

While the 3940 is certainly underrated, the 5040 is arguably even more so, making it a great value proposition for those looking to enter the Patek Philippe Grand Complication club. It is a fantastically elegant piece that hugs your wrist and is one of Patek’s all-time classics. Get in touch!

Specifications:

- Patek Philippe 5040 J
- 35mm x 42mm 18k yellow gold tonneau case
- Movement no. 113xxx / Case no. 292xxxx
- Dates to 1992
- Original second 18k yellow gold caseback
- Argenté dial with Breguet numerals
- Italian calendar
- Automatic movement Cal. 240
- Patek leather strap with original Patek Philippe 18k gold buckle plus a Bulang and Sons strap
- Certificate of origin, stating sale in 1992, wallet, booklets, and original boxes plus PP corrector pin
- Fully serviced by our watchmaker
- One-year mechanical warranty
- Free worldwide FedEx Priority shipping