Released in 1932 and named after the cross that the Calatrava Knights paraded around Spain and Portugal during the 12th and 13th centuries, the Patek Philippe Calatrava was released as a simple timepiece with broad appeal that would help secure Patek Philippe's finances following Jean and Charles Henri Stern's investment in the brand in the same year. Designed with a strict Bauhaus-inspired aesthetic in mind, the Calatrava used, and continues to use, simplicity as its means of establishing intrigue around the craftsmanship required to construct such a stunning timepiece. Without a complicated movement or a busy design, collectors gravitate towards the Calatrava's clean aesthetic and practicality, and the ref. 438 that we have here embodies that same design language perfectly. Launched in 1935 as a “boy-size Calatrava,” the ref. 438 was a smaller version of the original Calatrava with a 28mm case instead of the 31mm used by the ref. 96. Designed as a slightly sportier watch, it was the very first Patek to feature a screw-down caseback and offer its wearer some water resistance, making it far more capable than most other dress watches at the time. Featuring radium luminous blued hands and hour marker plots, this example’s silver dial provides a window back in time to how watches used to be made, with its applied Breguet numerals completing the design of this impeccable timepiece.

Watch is in very good overall condition. Case shows oxidation and surface wear commensurate with its age. There are no significant dings or marks visible on the surface, and the gold hallmark near the crown is well defined and legible. Exterior of caseback has a superficial mark across the middle of the surface. The original luminous Breguet dial featuring a long "PPCo." signature is in excellent condition. There are small signs of wear along the edge of the dial, with some minor marks visible on the dial surface and subdial. Radium dots on the dial have aged to a dark color. Blued radium hands have a lighter tone than the dial luminous. Crystal has some surface scuffs and scratches. The watch is fitted to a period associated bracelet in 14k with a monogram on the exterior clasp and an engraving on the inner suface near the 14k gold stamp. Band fits an approx 7 1/2" wrist.

A seldom-seen watch at the best of times, the ref. 438 is a legendary offering thanks to its status as the first time a screw-down caseback was offered in the Calatrava collection.