Patek Philippe Perpetual Calendar 3940, First Series, Yellow Gold

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This rare, yellow-gold Patek Philippe 3940, with German dial (from 1987) perfectly illustrates why the reference is so coveted. Understated both in styling and case-size, it carries a highly-desirable 'first-series' dial, with recessed sub-dial registers. With its modest (by today's standards) 36 mm size, and svelte profile matched by a slim, micro-rotor movement, it's arguably one of most elegant offerings of the modern Patek Philippe era.