While watch trends may come and go, the perpetual calendar remains a timeless favourite among seasoned collectors. We are therefore delighted to offer one of the rarest variations of this modern classic—and a grail for many—the Patek Philippe reference 3940. The aesthetically balanced 3940 was originally introduced in 1985 in a limited run of just 25 pieces to celebrate the 225th anniversary of Beyer Chronometrie. Following this special edition, the reference was released to the wider public and went on to enjoy an impressive production run. Collectors often favour the earlier series, and this example is no exception. The early 3940 dials have a distinctive, more vintage-inspired layout that sets them apart from the later versions. This particular example, crafted in 18k yellow gold, features the highly collectible “early” second-series dial, which, in our opinion, is one of the most beautiful variations of the 3940. The “earlier” second-series dial is significantly rarer than the later versions and can be identified by several subtle yet important details. The day and month sub-dials feature distinctive double-step bevelled edges, giving them greater depth and visual presence, while the subsidiary seconds dial at 3 o’clock is notably free of the crosshair found on the later iterations. This transitional dial variant was produced for only a short period between 1987 and 1989 and in much more limited numbers, with approximately 800 examples believed to have been made. Its rarity, combined with these unique dial characteristics, makes it a particularly interesting configuration for collectors. The dial itself is a masterclass in balance and subtle sophistication, with plenty of character hidden in its smallest details. But the real star is beneath it: Patek Philippe’s calibre 240Q perpetual calendar movement. Introduced during the height of the quartz crisis—a period that threatened the future of traditional Swiss watchmaking—the 3940 was a bold statement from Patek Philippe. Its ultra-thin calibre 240Q allowed the brand to house a full perpetual calendar in a beautifully proportioned 36mm case, creating what would become one of the maison’s defining modern complications. The case remains beautifully balanced and is fitted with the correct solid case-back. The watch is accompanied by an official Extract from the Archives and Patek Philippe service papers from 2020. The calendar displays are in French—a charming and romantic detail and, for collectors, one of the absolute rarest configurations. Fitted with a supple Bulang and son's leather strap and its original Patek Philippe gold pin buckle, this 3940 ticks every box for the discerning collector. The watch has also been fully checked by our watchmaker. We have a real soft spot for the 3940. It remains one of the most underappreciated references in Patek Philippe’s storied catalogue, despite offering almost everything a serious collector could want: an iconic ultra-thin movement, perpetual calendar, timeless proportions and a fascinating place in modern watchmaking history. We wouldn’t be surprised to see the 3940 receive considerably more attention in the years ahead, with the €100k level becoming an increasingly realistic milestone for the right examples. The early series in particular remain exceptionally interesting and, to our eyes, represent the most pleasing and characterful iterations of the reference. Interested? Let’s talk. This is one you’ll want to see in person! Specifications: Patek Philippe Perpetual calendar reference 3940J Rarer “Early 2nd Series” variant 36mm yellow 18k yellow gold case with solid case-back Case serial 283xxxx/Movement serial 770xxx, dating to 1987 Perpetual calendar three dial layout with moon phase, French language (very rare) Automatic movement Cal 240Q Leather strap with original Patek Philippe gold buckle Patek Philippe archive extract stating manufacturing and sale in 1987 2020 Patek Philippe service invoice Fully checked by our watchmaker One-year mechanical warranty Free worldwide Fedex Priority shipping