Only Online Auction

Hong Kong, Mar 03, 2021

LOT 194

Patek Philippe
Ref. 3748 / 1, blue “Sigma” dial, integrated bracelet; “Ellipse d’Or”; 18K white gold

HKD 56,000 - 74,000

CHF 6,500 - 8,500 / EUR 6,100 - 7,900 / USD 7,300 - 9,500

18K white gold, manual-winding, vertical elliptical-shaped, gentleman’s wristwatch.

Polished three-piece case, with snap-on case-back.

Blue colour sunburst “Sigma” dial with radial applied 18K white gold indexes.

215 calibre, Gyromax balance, self-compensating flat hairspring, adjusted to heat, cold, isochronism and 5 positions, “Poinçon de Genève” (Geneva Quality Hallmark or Geneva seal).

Grading System
Grade: AAA


Case: 3-8


Slightly scratched

Movement: 2 *
Dial: 2-01

Very good

HANDS Original

Brand Patek Philippe, Geneva

Model “Ellipse d’Or”

Reference 3748 / 1

Year circa 1985

Movement No. 1 335 665

Case No. 2 817 680 (by Manufacture Favre & Perret S.A., La Chaux-de-Fonds)

Material 18K white gold

Bracelet integrated 18K white gold PP bracelet with clasp

Caliber 215

Dimensions Length 180 mm. (approx.)

Height 32.3 mm.

Width 27 mm.

Signature dial, case and movement

Accessories pouch; Extract from the Archives


The Extract from the Archives, dated February 15, 2021, mentioned that this watch was sold on September 23, 1985.
Patek Philippe, “Ellipse d’or”, References 3546, 3548 and References 3648, 3746, 3748

The references 3546 and 3548 were launched in 1967 and remained in production until the mid-1970s.

The majority in yellow gold, more rarely in white gold.

A few thousand examples have been produced, available with different type of dials (especially the blue colour sunburst dial; an 18K gold physically transformed by exclusive Patek Philippe process) and bracelets (Ref. 3546-1, 3546-2, etc.).

The “Ellipse d’or” model was inspired by the “Golden section” (“Divina proportione” or “Proportio continua”), which is the perfect equilibrium of shapes and corresponds to the ratio 1/1.6181.

The Ref. 3546 is with lugs, while the Ref. 3548 is without visible lugs (but with a central lug on the reverse of the watch). The cases were produced by Fr. Baumgartner in Geneva but the last cases were made by Favre & Perret in La Chaux-de-Fonds.

Both references were replaced in 1976 by Ref. 3648, 3746 and 3748 (Cal. 215).

The family of the Golden Ellipse watches is still in production today, making it one of the most long-lasting models ever manufactured by the firm.


“Sigma” dials

In the 1970s, the presence of the two Greek letters “Sigma” on either side of “SWISS” was intended to give a distinctive sign to Swiss-made dials with solid gold hour-indexes. Only members of APRIOR (Association pour la Promotion Industrielle de l’Or) were entitled to use this mark; among them, Patek Philippe, Rolex, Vacheron Constantin, IWC and Omega.


· Patrizzi, 2010, vol. 2, p. 235 (No. 979, similar watch in 18K yellow gold).