Rare and Superb Patek Philippe Calatrava Ref. 2525-1 in Yellow Gold, Sold by Guillermin in Paris – Remarkably Preserved

The reference 2525-1 embodies one of the most accomplished Patek Philippe Calatravas of the mid-20th century. Produced in very small quantities (around 300 examples in all versions and metals combined, of which only around thirty have since been identified), it adopts the stepped bezel and sculpted horns of the 2525, while strengthening its construction thanks to the introduction of a screw-down caseback, guaranteeing better water resistance.
Our example, produced in 1956 and belonging to what collectors have identified as the first production series, is powered by the Patek Philippe caliber 10-200, an ultra-thin movement bearing the Poinçon de Genève. The silver-opaline dial, manufactured by Stern Frères, is distinguished by its dagger-shaped indexes and applied Arabic numerals at 12 o'clock. Its condition is remarkable, with an immaculate background, all engraved-enamel inscriptions intact, and perfect proportions between the markers and the dauphine hands. The case is equally striking, with deep, clean hallmarks and sharp edges on the stepped lugs.
The set is completed by a rare case, double-signed Patek Philippe and Guillermin (Paris), as well as a yellow gold pin buckle with French "eagle's head" hallmark. Accompanied by its Extract from the Archives confirming both production and delivery in 1956, and fully serviced by an experienced watchmaker, this 2525-1 is among the most attractive examples of Patek Philippe's oversized elegance in the 1950s. A magnificent opportunity.

The rare references 2525 and then 2525-1 occupy a singular place in the history of Patek Philippe. Launched in 1952, the 2525 was part of a period of experimentation, notably in the design of gold cases, which gave rise to a wide variety of references – today highly valued by collectors. With its 36 mm diameter, oversized dimensions for the time, it manages to be both unmistakably vintage and surprisingly modern on the wrist.

The case, manufactured by Wenger, features a sophisticated construction that echoes what is perhaps the most revered of Patek Philippe references: the 2499 Perpetual Calendar, produced during the same period, also by the Wenger workshops. The stepped bezel, the faceted lugs, the recessed crown: each element contributes to this complex architecture that plays with reflections and shadows. Our example features one of the best-preserved cases to have appeared for this reference. The Helvetia hallmarks on two lugs—bottom right and top left—are deep and defined. The angles of the stepped lugs are sharp. The circular satin finish of the case back is subtle and most likely untouched since the watch's birth, 70 years ago.

Production of the reference 2525-1, which improved and strengthened the 2525 by replacing a snap-back/pressure caseback with a screw-down version, making it more water-resistant, spanned a decade, in two series. Our example, with its movement numbered 745xxx, belongs to the first series (~1953-1956) equipped with the caliber 10-200, which is rarer and more desirable than the second series, equipped with the thicker caliber 12-400 (1956-1962). Approximately 300 examples of the 2525-1 – all series combined, in yellow gold, rose gold and white gold – were produced, and only about thirty have since been identified by the collecting community.

Therefore, at the heart of this piece beats the caliber 10-200, one of the thinnest movements ever produced by Patek Philippe. Launched in 1946, this caliber, just 2.55 mm thick, features 18 jewels, a Gyromax balance wheel and a Breguet balance spring, beats at a frequency of 18,000 vibrations per hour, and features a superb finish featuring Côtes de Genève, hand-chamfered beveling, and blued screws. Produced in the purest Genevan tradition and meeting strict chronometric criteria, it bears the prestigious Poinçon de Genève.

The dial, the work of Stern Frères (which became the owner of Patek Philippe in 1932), features the silver-opaline and subtly satin-finished hue characteristic of mid-20th-century Patek Philippe watches. The perfectly proportioned applied “dagger” lapidated hour markers create a perfect visual harmony with the dauphine hands, centered by the applied Arabic numeral index at 12 o’clock. Above all, its state of preservation is striking: the dial is sublime, all the original inscriptions, hand-engraved into the silver dial and then enameled in black before being fired, are present, extremely prominent, and clear – a rare occurrence, as the overwhelming majority of “engraved-enameled” dials have been polished during successive maintenance and have therefore lost their original luster.

The case that still accompanies this watch is doubly signed Patek Philippe and Guillermin, a famous Parisian retailer from Place Vendôme – and adds to the appeal of this example. This provenance also explains the presence of a beautiful yellow gold pin buckle bearing a French gold hallmark – the eagle's head.

The Patek Philippe Extract from the Archives, dated late 2024, confirms the absolute authenticity of this piece. We had it fully serviced by an experienced watchmaker, and its movement now operates to the strictest tolerances.

Today, the 2525-1 is recognized as one of the most accomplished Calatravas of its era. Collectors particularly appreciate this reference for its rarity and its sophisticated oversized case construction. The slender lugs, the stepped case, the pure dial and its small second subdial at 6 o'clock, the sunken crown, the domed plexiglas crystal... all the design elements of this Calatrava contribute to its remarkable elegance. Preserved in exceptional condition, still accompanied by its original box signed by the illustrious Parisian retailer Guillermin, in a configuration confirmed by Patek Philippe Extract from the Archives, and fully serviced by an experienced watchmaker, our example represents a rare opportunity for the utmost discerning collectors.

This Patek Philippe 2525-1 is preserved in superb overall condition.
The spectacular case, characteristic of the reference, features sharply edged lugs, 2 of them bearing the deep and detailed Swiss Helvetia gold hallmark.
The dial is fantastic. The subtly satin-finished opaline silver background is magnificent, with no stains, losses, or discolorations. The engraved-enamel inscriptions, including the accent on the È in GENÈVE, are perfectly dense and crisp. The applied indexes – dagger and Roman numerals at 12 o'clock – as well as the Dauphine hands are very well preserved.
The hand-wound mechanical movement, Patek Philippe caliber 10-200, has undergone a complete service by an experienced watchmaker and operates to the strictest tolerances.
The double-signed Patek Philippe and Guillermin Paris box is well preserved, with normal wear to the leather, a slight crack on the exterior, and nothing missing inside.
The matte black alligator leather strap is new, while the original 18k yellow gold pin buckle is perfectly preserved, with a crisp eagle's head hallmark (France).

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