Only Online Auction

Hong Kong, Mar 03, 2021

LOT 205

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

HKD 52,000 - 69,000

CHF 6,000 - 8,000 / EUR 5,600 - 7,400 / USD 6,700 - 8,900

18K yellow 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 yellow 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: AA

Very good

Case: 2-8

Very good

Slightly scratched

Movement: 2 *
Dial: 2-01

Very good

HANDS Original

Brand Patek Philippe, Geneva

Model “Ellipse d’Or”

Reference 3748 / 1

Year circa 1975

Movement No. 1 323 487

Case No. 2 799 675 (by Manufacture Favre & Perret S.A., La Chaux-de-Fonds)

Material 18K yellow gold

Bracelet integrated 18K yellow gold PP bracelet with clasp

Caliber 215

Dimensions Length 170 mm. (approx.)

Height 32.3 mm.

Width 27 mm.

Signature dial, case and movement


Please note that in the Patek Philippe Archives in Geneva, the movement and case numbers of this watch do not match each other; the current watch no longer corresponds to the manufacture output status, it’s therefore impossible to receive today an Extract from the Archives.


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.