Hairspring

It is finally time to dissect and opine on the 3940. Erik & Max break down series with some nuances you may not expect. This includes hallmarks, Singer vs Stern dials, Series breakdown, and thoughts on what truly matters here. And that’s just the first half of the episode, with the second dedicated to covering the vast majority of all major references since and what to pay attention to. It’s the second half Patek Philippe of the ‘pure’ QP bloodline this week. 

Links Mentioned: 

Zeitwerk Press Photo:

https://www.alange-soehne.com/us-en/timepieces/zeitwerk/zeitwerk-honeygold-lumen

Technical Review of 240 Q:

https://www.41watch.com/en/journal/buyers-guides/technical-review-of-the-mythical-240-caliber-from-patek-philippe

First Series 3940:

https://www.phillips.com/detail/patek-philippe/191571

Evolution of Just First Series Dials Alone:

https://www.watchbrotherslondon.com/articles/the-three-dials-of-1st-series-patek-philippe-ref-3940

Early Second Series 3941:

https://hairspring.com/products/3941j-perpetual-calendar-dore-dial-early-second-series-yellow-gold

Late Second Series:

https://www.phillips.com/detail/patek-philippe/143107

Third Series:

https://hairspring.com/collections/exclusives/products/3940p-perpetual-calendar-third-series-platinum

Beyer First Series:

https://www.phillips.com/detail/patek-philippe/183202

Interesting ‘Syrup’ 24-Hour indicator patina:

https://www.watchbrotherslondon.com/sales-corner/p/1992-patek-philippe-perpetual-calendar-3940-platinum-collector-set

Roman 3940:

https://www.watchprosite.com/patek-philippe/3940g-025-roman-dial-change-to-3940g-013-classic--value-impact/11.1590521.15856176/

3945 (Soldered Bracelet):

https://www.phillips.com/detail/patek-philippe/215848?fromSearch=3945

https://www.christies.com/en/lot/lot-6102706

Saatchi History:

https://www.phillips.com/article/144079689/patek-philippe-saatchi-edition-london-2015-grand-exhibition-about

5039:

https://hairspring.com/blogs/finds/5039g-patek-philippe-perpetual-calendar

5040:

https://hairspring.com/blogs/finds/5040p-patek-philippe-perpetual-calendar

5049P:

https://www.watchprosite.com/patek-philippe/latest-addition--ref-5049p/11.1467591.13835786/

5136:

https://www.phillips.com/detail/patek-philippe/195786

5139:

https://www.phillips.com/detail/patek-philippe/210732?fromSearch=5139

5050:

https://www.phillips.com/detail/patek-philippe/224366?fromSearch=5050

5059:

https://collectability.com/product/patek-philippe-officers-case-perpetual-calendar-ref-5059g/

5140:

https://mrwatchley.com/products/patek-philippe-perpetual-calendar-5140g

5940:

https://www.hodinkee.com/articles/patek-philippe-5940g

5327:

https://www.patek.com/en/collection/grand-complications/5327g-001

5320:

https://www.hodinkee.com/articles/patek-philippe-5320g-perpetual-calendar-introducing

5236:

https://www.hodinkee.com/articles/patek-philippe-ref-5236p-001-in-line-perpetual-calendar-a-first-for-patek-introducing

Pocket Watch 725:

https://thekeystone.com/products/patek-philippe-yellow-gold-perpetual-calendar-pocket-watch-725-2

5740:

https://hairspring.com/blogs/finds/5740g-patek-philippe-nautilus-perpetual-calendar

Only Wrist:

https://hairspring.com/products/16018-datejust-birch-wood-dial-yellow-gold

https://hairspring.com/products/1655-explorer-ii-steel

Are regulator dials ugly? Are Lange a credible threat to Patek’s repeaters? What’s the ideal Bond Villain watch? Why do so many watch professionals seem like they don’t even like watches? Erik & Max put out a call to you for your hot takes and controversial opinions. Some were lukewarm, but many were truly controversial and made for excellent discussion. If hot takes aren’t to your taste, this episode concludes with resolutions in watches for the new year. 

Links Mentioned:

Roman Numerals Discussed:

https://hairspring.com/blogs/finds/19019-rolex-oysterquartz-day-date-1

https://www.phillips.com/detail/patek-philippe/HK080423/880

https://hairspring.com/blogs/finds/brown-guilloche-dial-voutilainen-observatoire-1

5374:

https://hairspring.com/blogs/finds/5374p-patek-philippe-minute-repeater-perpetual-calendar

RD2:

https://www.hodinkee.com/articles/audemars-piguet-rd2-royal-oak-perpetual-calendar-ultra-thin-hands-on

5327G:

https://www.patek.com/en/collection/grand-complications/5327g-001

90s IWC:

https://www.unpolishedwatches.com/p/heres-why-im-so-into-90s-iwc-right 

History of the Calatrava:

https://monochrome-watches.com/history-of-the-patek-philippe-calatrava-part-1-reference-96/

Regulator Dial:

https://hairspring.com/blogs/finds/laurent-ferrier-micro-rotor-regulateur-ecole

70s Longines:

https://www.fratellowatches.com/buying-guide-the-best-longines-watches-from-the-1970s/

13ZN:

https://www.acollectedman.com/blogs/journal/longines-13zn-still-collectible

116500:

https://www.hodinkee.com/articles/rolex-daytona-ref-116500ln-review

Only Wrist:

https://hairspring.com/collections/exclusives/products/ur-210s-full-metal-jacket-steel-titanium

https://langepedia.com/a-lange-sohne-tourbillon-pour-le-merite/

https://www.hytwatches.com

The year of 2026 is upon us, but it’s worth pausing to look at some of the great and atrocious things which sold. This episode covers a state of the market through a review of the entire year at auctions, noting specific examples. Erik & Max discuss watches that they wish they’d had the funds to buy, opportunities missed, problem watches/things they’d stay away from, value buys, unreasonable results, and our wildcards. Plus, an Only Wrist for the most significant chronographs of all time. 

Links Mentioned:

Watches We Wish We’d Had the Funds to Buy:

https://www.phillips.com/detail/heuer/191665

https://www.phillips.com/detail/philippe-dufour/226566

https://www.phillips.com/detail/rolex/224005

https://www.monacolegendauctions.com/auction/exclusive-timepieces-38/lot-67

https://www.sothebys.com/en/buy/auction/2025/important-watches-2/reference-6538-submariner-big-crown-james-bond-a

https://www.phillips.com/detail/voutilainen/223968

https://www.alange-soehne.com/us-en/timepieces/lange-1/little-lange-1/little-lange-1-in-750-white-gold-181-038

https://www.sothebys.com/en/buy/auction/2025/important-watches-3/reference-2438-1-a-yellow-gold-perpetual-calendar

Opportunities We Missed:

https://www.christies.com/en/lot/lot-6534101

https://www.phillips.com/detail/piaget/224987

https://www.monacolegendauctions.com/auction/exclusive-timepieces-38/lot-70

https://www.christies.com/en/lot/lot-6534094

https://www.phillips.com/detail/patek-philippe/216658

https://www.phillips.com/detail/audemars-piguet/213832

https://www.sothebys.com/en/buy/auction/2025/important-watches-2/reference-ba-145-022-69-speedmaster-gus-grissom-a

Problem Watches:

https://www.phillips.com/detail/rolex/216213

https://www.monacolegendauctions.com/auction/exclusive-timepieces-36/lot-25

https://www.phillips.com/detail/audemars-piguet/216432

https://www.monacolegendauctions.com/auction/exclusive-timepieces-38/lot-48

https://www.christies.com/en/lot/lot-6558481

https://www.christies.com/en/lot/lot-6567932

https://www.sothebys.com/en/buy/auction/2025/important-watches-part-i-ge2501/reference-6034-a-pink-gold-chronograph-wristwatch

https://www.christies.com/en/lot/lot-6567913

https://www.phillips.com/detail/jaeger-le-coultre/225242

Values:

https://www.phillips.com/detail/vacheron-constantin/223633

https://www.monacolegendauctions.com/auction/exclusive-timepieces-38/lot-7

https://www.sothebys.com/en/buy/auction/2025/fine-watches-6/reference-3147-carrera-dato-45-a-stainless-steel

https://www.sothebys.com/en/buy/auction/2025/important-watches-2/reference-404-032-saxonia-double-split-a-pink-gold

https://www.phillips.com/detail/breguet/210819

Unreasonable Numbers:

https://www.phillips.com/detail/patek-philippe/224435

https://hairspring.com/products/3941j-perpetual-calendar-dore-dial-early-second-series-yellow-gold

https://www.phillips.com/detail/patek-philippe/224804

https://www.sothebys.com/en/buy/auction/2025/important-watches-2/octa-chronograph-ruthenium-a-limited-edition

Wildcard:

https://www.sothebys.com/en/buy/auction/2025/important-watches-3/reference-3945-dore-a-yellow-gold-perpetual

https://www.monacolegendauctions.com/auction/exclusive-timepieces-36/lot-237

https://flightbirds.net/publio-magini-the-sistema-magini/ (History of the Magini Trip)

https://www.sothebys.com/en/buy/auction/2025/important-watches-2/reference-6100-dragon-an-exquisite-and-rare-yellow

Only Wrist:

https://hairspring.com/collections/exclusives/products/5970r-patek-philippe-perpetual-calendar-chronograph-pink-gold

https://hairspring.com/collections/exclusives/products/2915-2-omega-speedmaster-steel

https://hairspring.com/blogs/finds/saatchi-5070p-patek-philippe-chronograph

Yes, it’s year end. And the only awards show that anyone cares about is back in action. It’s the Balance Cocks second annual outing this week; this show will cover the most beautiful and ugliest watches of the year, the greatest new calibre, the strongest value, the watch which will lose you the most money after buying it, and far more. Then we have the big ones, our favorites and the ‘Absolute Cock-Up of the Year’ Grand Prizes. Plus, an Only Wrist of an oil rig worker who likes dressing to the nines. 

Links Mentioned:

Most Beautiful Watch Nominations:

https://www.hodinkee.com/articles/the-a-lange-and-sohne-odysseus-in-so-much-honeygold

https://www.hodinkee.com/articles/mbandfs-special-project-one

https://www.hodinkee.com/articles/hands-on-greubel-forsey-hand-made-2

https://www.hodinkee.com/articles/intro-in-depth-roger-smith-ref-6

https://www.hodinkee.com/articles/hands-on-lange-datograph-handwerkskunst

The Ugliest Watch Nominations:

https://www.hodinkee.com/articles/intro-speedmaster-moonphase-meteorite

https://www.hodinkee.com/articles/the-tag-heuer-x-fragment-design-glassbox-carrera-is-a-masterclass-in-collaboration

https://www.hodinkee.com/articles/dennison-leans-into-peak-70s-glam-and-design-with-new-ald-dual-time

https://www.hodinkee.com/articles/hands-on-fp-journe-chronometre-furtif

https://www.hodinkee.com/articles/hands-on-audemars-piguet-rd5

https://www.hodinkee.com/articles/hands-on-breguet-type-xx-chronographe-2075bh

The Greatest Calibre Nominations:

https://www.hodinkee.com/articles/berneron-unveils-details-of-second-collection-the-quantieme-annuel

https://www.hodinkee.com/articles/the-1815-tourbillon-in-platinum-now-with-a-black-grand-feu-enamel-dial

https://www.hodinkee.com/articles/introducing-petermann-bedat-1825

https://www.breguet.com/250/en/experimentale-1/

The Greatest Value Nominations:

https://www.hodinkee.com/articles/rolexs-new-pastel-oyster-perpetual-dials-a-soothing-evolution-of-color

https://www.hodinkee.com/articles/hands-on-a-lange-sohne-1815-34mm

https://baltic-watches.com/en/collections/watches

https://www.hodinkee.com/articles/hands-on-omega-speedmaster-first-omega-in-space

The Greatest Depreciator Nominations:

https://www.patek.com/en/collection/twenty4/7340-1r-010

https://www.hodinkee.com/articles/chopard-reveals-its-most-complicated-chiming-watch-to-date-with-the-luc-grand-strike

https://www.hodinkee.com/articles/intro-universal-tribute-chronographs

https://watchesbysjx.com/2025/07/seiko-credor-goldfeather-tourbillon-gbcf999.html

Worst Ad of 2025 Nominations:

https://imgur.com/a/yteGrrI (Phillips Horse Thing)

https://imgur.com/a/pD9Prfa (Urban Jurgensen)

New Independent Entrant Nominations:

https://watchesbysjx.com/2025/12/latelier-bernard-owl-duplex.html

Brand That Evolved Most Nominations:

https://www.berneron.ch

The Absolute Cock-Up Nominations:

https://www.hodinkee.com/articles/hands-on-audemars-piguet-rd5

https://www.hodinkee.com/articles/hands-on-rolex-land-dweller

https://www.hodinkee.com/articles/intro-universal-tribute-chronographs

Grand Prize Nominations:

https://www.hodinkee.com/articles/the-a-lange-and-sohne-odysseus-in-so-much-honeygold

https://www.hodinkee.com/articles/a-lange-and-sohne-brings-back-the-lange-1-daymatic-with-a-honeygold-touch

Only Wrist:

https://www.phillips.com/detail/vacheron-constantin/87538

https://www.europeanwatch.com/watch/audemars-piguet-vzss-vintage-dress-watch-vzss-rare-18k-yg-manual-62560

https://mimandcroket.com/project/rare-audemars-piguet-cal-13vzss/

https://hairspring.com/blogs/finds/honeycomb-dial-6350-rolex-explorer

https://hairspring.com/blogs/finds/1-of-26-london-racing-green-jaeger-lecoultre-reverso-1931

Erik & Max are back to answer your wide-ranging questions in the seventh installment of what is becoming a cornerstone of the podcast. Questions range from a new ‘holy trinity’ we’d select, what neo-vintage references collectors should be paying attention to yet aren’t, Langes on a budget, best Blümlein IWCs, our favored Cartier shapes, and far more. 

Links Mentioned:

Hajime Asaoka:

https://www.phillips.com/detail/hajime-asaoka/194815

Atelier Du Chronometrie:

https://www.hodinkee.com/articles/just-because-atelier-de-chronometrie-adc17

Yosuke Sekiguchi:

https://hairspring.com/blogs/finds/yosuke-sekiguchi-primvere

Frodsham:

https://hairspring.com/blogs/finds/charles-frodsham-double-impulse-chronometer-2

Smith:

https://hairspring.com/blogs/finds/open-dial-roger-w-smith-series-2

Stephen McDonnell’s Talk:

https://www.youtube.com/watch?v=J1xQWripjPI

130:

https://hairspring.com/blogs/finds/tiffany-dial-patek-philippe-130-chronograph

Dato QP:

https://langepedia.com/a-lange-sohne-datograph-guide/datograph-perpetual/

Dato QP Tourbillon:

https://hairspring.com/blogs/finds/740-036-a-lange-sohne-datograph-perpetual-tourbillon

5960:

https://watchesbysjx.com/2014/12/up-close-with-the-patek-philippe-ref-59601a-chronograph-annual-calendar-in-steel.html

25668PT:

https://hairspring.com/products/25668pt-perpetual-calendar-skeleton-platinum

43032:

https://hairspring.com/products/43032-perpetual-calendar-skeleton-platinum

25636 RO:

https://hairspring.com/blogs/finds/25636ba-audemars-piguet-royal-oak-perpetual-calendar-skeleton

25657 MoP:

https://hairspring.com/products/25657or-quantieme-perpetuel-mother-of-pearl-dial-pink-gold

Mercator:

https://www.phillips.com/article/135703213/vacheron-constantin-mercator-history-guide

25881:

https://www.sothebys.com/en/buy/auction/2024/fine-watches-7/repetition-minutes-john-schaeffer-reference-25881

47100:

https://hairspring.com/products/47100-chronograph-skeleton-platinum

14802ST:

https://apchronicles.audemarspiguet.com/en/model/14802-royal-oak-jubilee

Engraved Enamel Primer (We’ll Try To Do One Soon):

https://www.unpolishedwatches.com/p/engraved-enamel-why-some-dials-never

2526 Dial Manufacture:

https://www.hodinkee.com/articles/patek-philippe-2526-enamel-dial-donze-cadrans

Budget Lange:

https://mrwatchley.com/products/a-lange-sohne-saxonia-yellow-gold-102-001

1815 Up/Down (Gangreserve, not Gangenreserve, Erik Misspoke):

https://hairspring.com/products/221-027-1815-up-down-first-generation-white-gold

Just The Greatest Annual Calendar:

https://hairspring.com/products/330-039-saxonia-annual-calendar-u-s-boutique-white-gold

4-Digit to Swim:

https://hairspring.com/products/5512-submariner-gilt-dial-steel

Blumlein IWC:

https://hairspring.com/blogs/finds/bundeswehr-3501-iwc-porsche-design-ocean-2000

https://hairspring.com/blogs/finds/3508-iwc-ingenieur-500k-a-m

https://hairspring.com/blogs/finds/5240-iwc-portuguese-minute-repeater

GPHG:

https://hairspring.com/blogs/journal/how-fair-is-the-gphg-a-closer-look-at-the-oscars-of-watchmaking

Font:

https://hairspring.com/blogs/finds/highly-tropical-longines-legend-diver-7150

https://hairspring.com/products/3970ep-second-series-perpetual-calendar-chronograph-platinum_42658

Parmigiani 2840:

https://hairspring.com/products/2840-toric-tourbillon-platinum

3670A:

https://www.phillips.com/detail/patek-philippe/209429

3651J:

https://www.christies.com/en/lot/lot-6235789

Voutilainen Zenith:

https://hairspring.com/blogs/finds/zenith-x-voutilainen-x-phillips-calibre-135-o

Cartier:

https://www.phillips.com/detail/cartier/207628

https://hairspring.com/collections/exclusives/products/tortue-monopoussoir-prive-platinum

https://hairspring.com/blogs/finds/2610e-cartier-cpcp-tortue-minute-repeater

Only Wrist:

https://collectability.com/learn/collectability-in-depth-patek-philippe-perpetual-calendar-ref-3940/

https://apchronicles.audemarspiguet.com/en/model/royal-oak-25686