Philippe Stern launched the reference 3940 in 1985. In the midst of the quartz crisis, Patek Philippe decided to produce, for the first time, a serially-produced perpetual calendar watch. This bet on the future of very high-quality mechanical watches, which may have seemed foolish at the time, proved to be a harbinger of a new lease of life for Swiss fine watchmaking.
The model we are offering, originally sold in 1988 in Glasgow, Scotland, belongs to what collectors have identified as the second series of production and features an extremely rare “Doré” dial variant – a configuration that makes this watch one the most desirable of the entire production of the reference 3940.
At Patek Philippe, the term “doré” – golden in French – refers to a champagne-pink hue, halfway between ‘salmon’ and the yellow of the gold case. This infinitely delicate shade changes subtly depending on the viewing angle and the light, creating great visual depth.
The history of the Doré dials on the reference 3940 begins with the first 25 examples of the model, produced for Chronométrie Beyer in 1985, celebrating the 225th anniversary of the renowned Zurich retailer. These inaugural pieces, numbered on the dial and doubly signed Patek Philippe and Beyer, were all equipped with this golden dial. Theodore Beyer himself wore No. 1, now on display at the Beyer Museum, whilst No. 2 belonged to the great collector Eugen Gschwind before entering the Patek Philippe Museum's collections.
What makes our example particularly fascinating is that it is one of the extremely rare 3940s equipped with a Doré dial – but without the Beyer signature. The Patek Philippe Certificate of Origin absolutely confirms that the dial was “born” on this watch – it reads: “Cadran : Doré, heures relief or”. According to the most reliable estimates – notably those of Federico Muggia in his 2024 study – there are fewer than 25 non-Beyer examples with Doré dials, in all series. This would make non-Beyer Doré dials even rarer than Beyers themselves.
Our 3940, with its movement number 771'363, therefore belongs to the second series of production (1988-1995). This series is distinguished by several subtle but essential features for the discerning collector. First, the subdials have characteristic beveled edges, creating a gentle slope between the main dial surface and the perpetual calendar indicators. This feature will disappear on the third series in favor of flat subdials. The leap year indicator at 3 o'clock does not yet feature the dividing cross that would appear later – our example is therefore even an “early second series” according to the classification of Benjamin Dunne of Watch Brothers London, a respected dealer who has studied in detail the production of the reference 3940. The typography retains the classic serifs of the first series, with the “5”in particular having this characteristic almost closed curve at their top. The perfectly proportioned applied yellow gold hour markers, along with the dauphine hands, create a visual harmony typical of Patek Philippe. The pearled minute track frames and emphasizes the overall effect. In addition, the 36 mm diameter case bears the hammerhead hallmark No. 115, corresponding to the manufacturer Favre & Perret.
At the heart of this 3940 beats the legendary caliber 240 Q, developed from the base caliber 240 launched in 1977. With its 275 components integrated into a thickness of only 3.88 mm, this movement is one of the pinnacles of 20th-century micromechanics in watchmaking. The 22-carat gold micro-rotor, fully integrated into the plane of the movement rather than placed on top, enables this thinness. Its substantial peripheral mass compensates for the reduced rotation radius, ensuring efficient winding despite its minimal size. The unidirectional winding system, patented under number CH 595 653, eliminates the reverser and thus reduces friction losses. The perpetual calendar module itself is a masterpiece of ingenuity. The superimposed cams and levers mechanically “read” the variable length of the months, integrating the complexity of the four-year leap cycle. The mechanical programming is so precise that once the watch is set, no adjustment is theoretically necessary before March 1, 2100 – the date on which the secular exception of the Gregorian calendar will require manual correction. The Geneva hallmark, visible on our example's movement (later iterations will bear the Patek Philippe Hallmark), attests to finishing that meets the highest standards of Geneva watchmaking: polished chamfering, Côtes de Genève, blued screws, circular graining... Each component is decorated, even those invisible once the movement is assembled.
The 3940 occupies a unique place in the modern history of Patek Philippe. Produced from 1985 to 2007, with a brief resurrection in 2015 for the so-called “Saatchi” special editions, it totaled approximately 7,000 to 8,000 pieces, all variants combined. This figure may seem high, but being spread over 22 years of production and segmented between four metals (yellow gold, rose gold, white gold, platinum) and multiple dial configurations, makes each specific variant relatively rare, notably within the first two series. Philippe Stern himself, president of Patek Philippe from 1993 to 2009, wore a yellow gold 3940 daily... with a Doré dial! The current market is finally recognizing the 3940 at its true importance. Long considered “too common” compared to vintage references, it is now understood as the missing link between the artisanal fine watchmaking of the past and modern production. Examples with golden dials, which are particularly rare, reach increasing prices every year, both at auctions and in private transactions.
The example we are offering exudes an unmistakable neo-vintage charm. Furthermore, the presence, almost 40 years after the initial sale of this watch, of its complete set of original accessories – Patek Philippe yellow gold pin buckle, wooden marquetry case, burgundy counter-box, complete Certificate of Origin, burgundy leather document holder, original booklet, corrector stylus, original tag mentioning the movement number, service tag mentioning the movement and case numbers, and red suede pouch – testifies to the care given to this Perpetual Calendar with Moon Phases since its acquisition in 1988.
For the discerning collector, this Patek Philippe reference 3940 with Doré dial, inspected by Patek Philippe in Geneva in 2023 and in perfect working order, represents an exceptional opportunity to acquire one of the rarest and most aesthetically accomplished variants of what many consider the king of modern-era perpetual calendars. A complex, historically significant watch that encapsulates everything that defines Patek Philippe.
