Introduction
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 18kt gold hands and hour markers, this example’s silver dial provides a window back in time to how watches used to be made, with its applied stick indices completing the design of this impeccable timepiece.
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Grade
V 8
Status
Vetted & Approved
Included
Watch Only
Est. value range
$6,000 – $12,000
The Details
Brand
Patek Philippe
Dimensions
28mm
Model
Calatrava
Movement
Manual-wind cal. 10-110
Reference
438
Bracelet
Leather strap
Year
Circa 1945
Condition
Very Good
Material
18kt yellow gold
Included
Watch only
Dial Color
Silver

THE DIAL
Featuring applied stick indices and matching 18kt gold hands, this example's aged silver dial reveals the timelessness of Patek Philippe's design language, with its design being mostly unchanged in today's dress watches.

THE CONSTRUCTION
While a small watch at 28mm, the ref. 438 speaks to the Calatrava's original remit as an elegant dress watch that was designed to compliment an outfit rather than act as a focal point of its wearer's outfit.

TIMING MACHINE READOUT
This reading was taken (crown down) with a ONEOF Accuracy Boutique Edition timing machine at time of cataloging. It is provided as a courtesy only, and shall not be construed as a warranty or guarantee of any kind. Please refer to our terms and conditions of sale for more information.
Condition
Watch is in very good overall condition. Case exhibits moderate surface wear, with soft edges and some oxidation along the bezel edges. The original Helvetia gold hallmark by the crown is still intact and visible. The original champagne dial has strong original enameling, but the surface has some visible spotting and areas of damage on the surface as seen in the image. The screwback retains a Patek Philippe service sticker, indicating that it was serviced at some point in the past. Watch comes on a generic strap and an original 18k Patek tang buckle.
Please Note: Due to CITES considerations, if the watch is to be shipped outside of the USA, the exotic skin strap will have to be removed.
Our Perspective
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.












