Over on Patek.com, it is described as “the very essence of the round wristwatch” going on to claim “it charms each new generation of watch lovers by its timeless understated perfection.” Many overtrodden statements are used to praise it, not only those made by Patek Philippe themselves. It is among the most archetypal watches ever made. It is the Calatrava.
Nearly every watch brand in the 20th century produced a round, time-only wristwatch with simple hands and markers. Only one brand can claim to have made a Calatrava. Officially, Patek did not claim the Calatrava name until 1985, yet the reference that we now consider the first, the reference 96, was introduced in 1932. The name, of course, refers to Patek’s Calatrava cross logo. When the brand started to use this logo to adorn its crowns and movements in the 1950s and 1960s, the cross was one of the only pieces of flair to look at on these understated and elegant references.
By now, you know the reference 96. You know the reference 565. You know the reference 2526. These are digits that ring bells. They’re thrown around during Talking Watches, in the dimly lit bar over Negronis at your local watch meet-up, or on the phone with a dealer, only to be met with “ahhs” and head nods.
There are countless (hey, I get it, they could be counted fairly easily) other references from what we now consider Patek’s Calatrava collection that I have always felt don’t get enough love, or any love at all. Outside of the icons and the “Amagnetic” scripts, the world of vintage Patek Calatravas is hard to parse. There are gems to be collected here yet many are looked at by the watch community as simply “a nice vintage Patek” – all valued roughly in the same ballpark.
Here are seven vintage Patek Calatrava references that I am confident calling “lesser-known” and why I believe they’re worth memorizing.
Search most of these references here on Hodinkee.com and you will see, “Sorry, nothing matched your search.” Well, until now.
Reference 2533 – Produced from 1952 to 1956
Working in chronological order here, our first under-the-radar Calatrava is the reference 2533. Most notable for not being a 565 or a 2508 and not having a case made by François Borgel (Taubert & Fils), the 2533 is the forgotten child among the early waterproof Calatrava lineup.
Let me get ahead of this, I know this is a rare watch. It’s estimated that approximately 400 examples were produced – 300 in yellow gold and 100 in rose gold. Among the watches on this list, this is going to be one of the hardest to find. The reference 2532, a sibling of the 2533 with subsidiary seconds, expands that production estimate by 200. We have 600 of these to hunt.
Spec-wise, the 2533’s case checks in at 34.5mm in diameter and was manufactured by Charles Dubois in Le Locle. Similar to the 565, the case design has a distinct stoutness that you can feel in your hand and on your wrist. The fuller, sweeping lug shape adds dimension, especially on an unpolished example.
As it was offered as a sportier time-only option, many examples feature luminous hands and hour markers – worth calling out as most Calatravas do not. Solid examples of the 2533 (or 2532) trade hands in the mid-$20k range. A particularly interesting 2533 with Breguet numerals sold at Phillips in 2018 for over $40k.
Reference 2525 – Produced from 1952 to 1962
Introduced alongside the 2533 during a revamp of Patek time-only offerings in 1952, the reference 2525 is perfectly representative of the brand’s ability to deliver a design that is both on trend and eternally in style. In contrast to the simplicity of the 96, the look here is very 1950s with a stepped case, fluted lugs, and tapered hour markers.
At 36mm in diameter, the Wenger-made case is regularly described as “oversized for the period” by dealers, collectors, and auction houses alike but, hey, it’s true. We are still in the era of manually-wound Calatravas so the 2525 is powered by both the Patek caliber 10-200 and, towards the end of the run, the caliber 12-400. While this Calatrava was not marketed as a “sport” option quite like the 2533, it does feature a screw-down caseback.
In my opinion, the 2525 is the epitome of a “Calatrava Plus.” Inherently, a Calatrava is a simple watch but Patek regularly finds a way to add just enough design to make for an aesthetically interesting watch while maintaining the straightforwardness we expect. Expect to find a quality “normal” 2525 in the low to mid $20k ballpark while “special” examples like one in white gold with a Gueblin-signed dial can get up there, selling for over $100k in 2019.
Reference 2455 – Produced From 1952 To 1962
Sticking with the “Calatrava Plus” theme, the reference 2455 is a 1950s design for the buyer who prefers clean, straight lines rather than unnecessary fluting. The case diameter is more standard at 34mm, but the big and proud stepped bezel does visually help the watch wear larger. The dials typically feature applied case-matching hour markers with a double indice at 12 o’clock.
Given the sharp and angular nature of the lugs, it is especially important to find a 2455 with a case that has not fallen victim to improper polishing or refinishing over the years. So much of the look of this watch on the wrist is tied up in those clean long lug lines, when they are rounded off during a polish, the 2455 can really fall flat. An example with a nice strong case can be had right around $20k but I expect the Cartier-signed 2455 at Phillips next month will fly by that number.
Reference 2551 – Produced From 1954 To 1960
Think of the reference 2551 as a thinner, automatic 2525. These two watches were offered side by side in the Patek catalog of the 1950s but in the two years separating the earlier 2525 from the later 2551, a lot had changed. Namely, the 2526 was introduced as the first automatic Calatrava and the famed caliber 12-600 was ready. Using that revolutionary caliber, considered to be one of the finest self-winding movements ever produced, Patek began slowly updating its time-only lineup.
The 36mm “oversized” and stepped case was, again, made by Wenger and features fluted or ridged lugs similar to not only the 2525 but the Wenger reference 2499 cases of this era. Thinness is of note here in contrast to the 2526. While both are 36mm in diameter, the 2526 is much more of a sport offering with a much stouter feel and thick case. This was a necessity in part because of the thicker enamel dial. In contrast, the 2551 is an elegantly slim option powered by the same great movement. The “PP” logo crown lets the real heads know that this is an early automatic Calatrava.
Considering everything that the 2551 has going for it with ties to the 2526 and 2499, one would think all of this equates to a market value that is higher than the standard “nice vintage Patek” pricing seen on the rest of this list. One would be wrong. Solid 2551s change hands right at $20k.
Reference 2584 – Produced From 1957 To 1960
Sticking with the automatic caliber 12-600, the reference 2584 is a cleaner and simpler take on the idea of a self-winding Calatrava but make it thinner. Everything, the case, the bezel, and the lugs, is slim about this watch visually. On the wrist and when looking at the watch straight on, there really isn’t much going on outside of a classic Patek asthetic. But when viewed from the side, the lugs show their subtle design and, again, there is a “PP” crown telling those who know that the movement inside is extremely important.
When I said the 2533 was rare and could be one of the hardest to find on our list, the 2584 is the reason I said “one of.” In a three year run, approximately 500 examples of this Calatrava were produced in yellow, pink, and white gold. Of that 500, a small percentage have come to market as well. The 2584 is considered to be one of the least commonly-found time-only Pateks of this era. But don’t let that make you skip to the next watch on the list. 2584s can be had around $15k!
Reference 5022 – Produced From 1997 To 2003
Skipping from the 1950s to the turn of the 21st century, the reference 5022 represents an entirely different era of Patek Philippe design. I like to call this “weird Patek.” In the 1990s and early 2000s, the brand introduced some beautifully strange watches – they either speak to you or they don’t. I happen to really like models like the reference 5085 Neptune and the reference 5110 Gondolo but they’re not for everyone!
While it doesn’t go quite as far as the Neptune, the 5022 is odd – check out the black dial option, it’s out there. The more standard white dial with Breguet-style numerals is the variant I have picked for this list but if you want to get nuts, be my guest.
Beyond the gorgeous dial, the case proportions of the 5022 are really remarkable. While the 33mm diameter might make some flinch, look closer. The long and slim lugs create a 38mm lug to lug distance and the strap width is perfectly 18mm. If you ever find yourself around a 5022, just make sure to try it on. It is smaller but not too small for a Calatrava by any means. Given the odd dial options, prices can vary but my pick of white dial with a yellow gold case typically sells between $10k and $15k.
Reference 5134 – Produced From 2001 To 2008
Technically a member of the Calatrava Collection, the reference 5134 is my curveball. Probably more aptly considered a part of Patek’s Travel Time history, this watch strikes me as incredibly undervalued. When I think of the collectability of the reference 2597 (yes, this is a very different watch but stay with me), I see very little appreciation for the 5134 which is, in fact, the successor. The two designs are from vastly different periods in Patek’s history but the 5134 receives no tailwinds from that connection.
At 37mm in diameter with a couple of different dial layouts to choose from, I think there is a lot to like here with the 5134. I am partial to those made for Gubelin with applied “stick” hour markers but they do trade at a bit of a premium over the slightly under $20k of a standard 5134.