Patek Philippe Ref 5070P-001 Rare Chronograph, Discontinued Full Set

Patek Ref. 5070 was introduced in 1998 as the brand’s first non-calendar chronograph in 40 years. The case design and size of the 5070 was inspired by an obscure and unique split-second chronograph that Patek manufactured in 1952 with movement number 867’857. That watch doesn’t have a reference number that I know of, but it is featured on Page 208 of Huber & Banbery’s seminal book on the history of Patek Philippe. Like the watch that inspired it, Ref 5070 was initially made in yellow gold with a black dial, Arabic applied numbers, and a tachymeter scale. Both the historic and modern models feature a stepped case and fluted lugs.

While we believe Patek intended to create this distinguished and special model to celebrate its long and successful partnership with Nouvelle Lemania movements, the 5070 was not an instant success by any means. Incredibly, the watch languished on retailers’ shelves and traded at half its retail price in the secondary market. The large yellow gold case with its flat flying saucer-like proportions was simply not in vogue in the 1990s, when collectors were buying small chronographs in white metal. However, when Patek introduced the model in white gold, with beautiful, blackened numerals and leaf-shaped hands, the reference started to develop a following.

On the 10th anniversary of the 5070, and just as its partnership with Lemania around references 3970 and 5004 was coming to an end, Patek Philippe released the platinum-cased 5070P. The model was made for only one year. This short run and Patek’s limited production numbers makes the 5070P one of the rarest variants of this desirable and important reference. To put things in perspective, Patek made its venerable 1463 for 30 years between 1940-1969. If you find a Ref 1463 in platinum for less than $5 million, please call me anytime day or night.

The platinum 5070 has a blue-metallic sunburst dial, with two subsidiary dials at 3 o’clock and 9 o’clock. The dial is classically understated, balancing the inclusion of a tachymeter scale (like that of a pilot or race car drivers’ watch) and outer railway minute track.

The reference 5070P integrates Patek Philippe’s 24-jewel, manual-winding, CH 27-70 caliber, based on a thoroughly re-worked Nouvelle Lemania 2310 ebauche. The movement is finished with exquisite chamfering on all angles, polishing and decoration, in the form of Geneva striping. The movement uses a monometallic Gyromax balance wheel with a high moment of inertia to guarantee timing stability and beats at 18,000 A/h with a power-reserve of approximately 60 hours. It is constructed with 24 jewels, a shock absorber and a straight-line lever escapement. The movement is decorated with the Geneva seal, which Patek abandoned in 2011, giving the watch even greater context.

This Patek Philippe 5070P comes on a new alligator strap and corresponding platinum deployant clasp. The watch is full-set, with its original box and papers from the manufacture dated 2010 —  the year that Patek stopped the production of the Ref. 5070 altogether.

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