A stainless steel Patek Philippe Ellipse model on alligator band with stainless steel deployant. This elegant timepiece is an example of Patek quality and elegance at its finest. This very clean and elegant soft oval design is said to originate from the “golden ratio” derived by ancient Greek mathematicians. Introduced into the Patek line in 1968, it still remains a very popular reference today, offered in a number of sizes, dial colors and configurations. This stainless steel version is a rare iteration of the reference.

In the face of the looming quartz crisis, Patek saw its Ellipse collection as a work of art more than a timepiece. Advertisements of the era marketed the Ellipse as a “non-watch,” explaining that “people who merely need to know the time of day will choose a watch, not a Patek Philippe.” This was an interesting and very bold statement by the powerhouse of the Swiss watch industry. Rather than cave to the fleeting demands of the time, these iconic Swiss brands would continue to do what they did best, potentially even raising the bar.

On each side of the "SWISS" at the foot of the dial are a flanking pair of “sigma” letters just below the 6 o’clock marker. This was a sign chosen by members of the l’Association pour la Promotion Industrielle de l’Or (APRIOR). In 1973, a charge led by the Federation of the Swiss Watch Industry had a clear mission: to highlight the usage of gold parts in order to enhance the perceived intrinsic value of the traditional watch. One must remember the exact context of what was going on in the Swiss watch industry at the time. Mechanical watches were about to become technically obsolete as quartz movements were on the rise – in a world facing a strong economic recession, no less. And what better way to underline the deeper value of the good old mechanical watches than by mentioning their intrinsically valuable components? The ‘sum-of-the-parts’ logic here might sound twisted at first, but it becomes much less so when correlated to the skyrocketing price of gold, which almost quintupled between 1970 and 1974. 

The sigma symbols were to indicate that the hands and indexes on a watch were made of solid gold. “A watch signed with the sigma is a durable investment,” emphasized the APRIOR in marketing campaigns. There are exceptions to the 1973 rule, as Rolex watches of this caliber can be found from around 1970; but with regards to this watch, and to other very high end Swiss watches from the period, the addition of the sigma letter means gold. 

The dial is a glorious metallic navy blue characteristic of the Ellipses found in larger case sizes. The printing of the “Patek” name and “Swiss” at the foot of the dial are all in white serif font, which pops off the dial. The dial is in perfect, original condition. The hands are very simple with a clean gold pencil design. There was never any luminous material applied to the dial, as is consistent with watches of this elegant design. The watch is powered by Patek’s answer to the quartz revolution.  The caliber E23C.  This powered a number of the brand’s watches from this period.

This piece would have been designed toward the mid/end of the 1980s. The case and leather band are in excellent condition throughout and are presented unpolished with the different finishes to the case still from the factory. 

Overall, this Patek 3930 is a very beautiful and quite rare watch. If you are looking for something refined, elegant and striking, it is difficult to think of a better piece. The images do not do justice to the beauty of the blue.  In dark light it appears almost navy blue. In direct sunlight it is a metallic aqua.  Given the case is in stainless steel, it also makes the watch more versatile than its yellow gold sibling.  With steel being a rarity for Patek across the board, the Ellipse in stainless seems all the more rewarding on the wrist.