The $650,000 achieved at Philipps New York in Dec 2025 for a second series 3940J with Dorè dial, did not come as a complete shock to many watch experts around the world.

Retailed in 1992 this rare second series yellow gold 3940 has an incredibly distinctive 24hr subdial, researched and explained by Patek expert John Reardon in his excellent article: https://collectability.com/learn/collectability-in-depth-patek-philippe-perpetual-calendar-ref-3940/

The the two-tone colouring of the 24-hour sub-dial was applied by Patek Philippe during the dial making process. On the night half, the sub dial was "deliberately painted a darker shade than the day half". On a select few examples the darker half developed this incredible patina, making the colour appear much darker than originally intended. Depending on the depth of colour, these examples are now highly prized, and we have never seen one with quite such incredible contrast.

Measuring 36mm in diameter, and just 8.4mm thick, the ultra-thin self-winding calibre 240 Q with a 22ct gold micro-rotor, is visible through the sapphire crystal caseback. Fitted to a new taupe alligator Patek Philippe strap, with 18ct yellow gold pin buckle. 

Complete with its burgundy Patek Philippe winding box, Archive Certificate dated 1992 and its 2022 Patek Philippe service papers. Under our 2-year warranty.