It was bound to happen at some point: In 2024/2025, the broader watch-collecting community finally embraced the Reference 96 — Patek Philippe’s original “Calatrava” reference (though it would only receive this moniker retroactively). Despite being positively diminutive by modern standards at roughly 31mm in diameter, this 1930s-era design escaped its sub-$10,000 “entry-level” Patek pricing bracket and positively exploded over the past 24 months. Indeed, in Tokyo, where numerous 36-40mm vintage watches in top condition can sometimes be had at excellent (relative to American/European) prices given the Japanese preference for smaller case diameters, these tiny dress watches in yellow or pink gold often trade well past the $20,000 mark. And this is to say nothing, of course, of rare steel examples or special dial configurations that trade for much higher valuations still.
Patek Philippe Calatrava Ref.96 - IN THE SHOP
All of which begs the question: If even the once-entry-level vintage Calatrava is now attracting Tik-Tok-type attention from casual collectors and hypebeasts alike — where else is one to turn in the realm of vintage Patek Philippe? (A first-world conundrum, to be sure — but one that puzzles the watch collector nonetheless.) Ironically, with valuations on tiny Ref. 96s reaching new heights, it may be time to turn back to the types of larger vintage Patek dress watches that interest a broader range of collectors in the first place — more specifically, to one that has seemingly flown under the radar for many years.
Patek Philippe Calatrava Ref. 2526 - IN THE SHOP
Everyone and their mother is familiar with the enamel-dial Ref. 2526, Patek’s first automatic watch and one that routinely hammers for mid-five figures in more standard configurations, and hundreds of thousands of dollars in rare configurations. Likewise, the Ref. 565 — which was among the first larger, waterproof Calatrava references with a screw-down caseback — is incredibly well known, and routinely fetches princely sums at auction. Then, of course, there are innumerable other “Calatrava”-type Patek Philippe watches made in relatively small quantities that don’t attract much attention, whether by virtue of their case design, rarity, or for other reasons. But if what we’re looking for is a classic silhouette with a prominent bezel and relatively long lugs paired to a minimalist dial with applied indices and central or sub-seconds, then the playing field narrows somewhat. Are there any references fitting this definition that haven’t gotten their due attention?
Patek Philippe Ref.565 - (Image by Sotheby's)
We would argue that there is at least one: namely, the Reference 2509. Produced between 1950 and the late 1960s, this oversized timepiece with sub-seconds wasn’t the first larger Calatrava — the 35mm Ref. 565, for example, debuted in 1938 — but it is certainly among the loveliest. Housed in a beautifully proportioned 35mm stepped case from casemaker François Borgel with teardrop-shaped lugs and a smooth bezel, it features a partially inset winding crown, an acrylic crystal, an 18mm lug width, and a screw back, which lends it increased water resistance. Paired to this excellent and versatile design is a decidedly attractive dial: Though more than one configuration exists, perhaps that most readily associated with the 2509 is that with applied triangular indices at 3, 9, and 12 o’clock; diamond-shaped indices at the remainder of the hour locations; a cross-hair sub-seconds display at 6 o’clock; an ‘dauphine' handset; and an outer ‘dot’ minute track. Signed simply “Patek Philippe, Genève” and “Swiss” (unless a retailer signature is also present), it has an undeniably harmonious look.
Powering the Ref. 2509 is the Patek Philippe Calibre 12-400, a hand-wound movement introduced in the late 1940s that replaced the earlier Calibre 12-120. Upgraded with Incabloc shock protection, it features pocket watch-derived architecture with a fourth wheel positioned at 6 o’clock to directly drive the subsidiary seconds hand; a separate bridge spanning the movement for the second and third wheels; and a separate bridge for the escape wheel and fourth wheel. Amply decorated upon its myriad surfaces with anglage, black polish, and Côtes de Genève, it features a swan neck fine regulation system and is typically adjusted to heat, cold, isochronism, and several positions. This movement is also notable for powering the brand’s first anti-magnetic reference, the Ref. 3417, which debuted in 1958: When upgraded with beryllium and gold componentry and given a Gyromax balance spring, it takes on the designation Calibre 27-AM-400 — the “AM” designating “antimagnetic.” (More on this in a moment…)
A double-signed Patek Philippe Ref. 2509 retailed by Gübelin - (Image by Christie's)
While total production figures for the Ref. 2509 are difficult to pin down, estimates place yellow gold as being most common, followed by pink/rose gold and white gold or platinum behind it. Rarest by far are stainless steel versions, with perhaps only 20 examples known to the collector community. Double-signed versions are exceedingly rare but occasionally find their way to the auction block: A stainless steel example retailed by Gübelin and sold by Christie’s in December of 2025 hammered for $152,400 — little wonder, given that it’s also the only known example in any metal with a luminous dial and the Calibre 27-AM-400 “antimagnetic” movement. (The other example is a curious watch: Sold by Christie’s in 2019, it was born in a 2509 case with the Cal. 27-AM-400 and later received a service dial from a Ref. 3417.) For non-double-signed examples and those in more common yellow gold, prices as of early 2026 begin in the $20,000-$30,000 range and climb from there, with pink gold examples beginning at roughly $30,000.
Which brings us back to the idea of the Reference 96: We positively love this 31mm 1930s-era design, and to that end, we carry excellent examples in our inventory. But for someone who desires a slightly more contemporary case diameter, it’s worthwhile to note that the price delta between excellent Ref. 96 watches and equivalent-quality Ref. 2509s has closed considerably over the past few years. And while much attention has historically been paid to the Ref. 570 — and while 2509s are admittedly approaching 570 pricing territory in numerous instances — the 2509 still manages to fly relatively under the radar, showing its face less frequently in auction catalogs and online discussions hosted by important blogs. (The 2509’s cousin, the Ref. 2508, is another story: Perhaps due to the more contemporary feel of a center-seconds design, pricing routinely begins around $40,000, even for yellow gold examples. Yet, similarly to the 2509, it’s less well documented than other references from the same era.)
Patek Philippe Calatrava Ref.2509 - IN THE SHOP
With a finite number of vintage midsize Patek Philippe references available, it’s high time that the Reference 2509 — with its restrained and balanced design, its excellent proportions, and its classic looks — received its due. Don’t be surprised to find it having “entered the chat” in 2026!
