In 2020, at the peak of Big Steel, a 96 with a unique black dial sold for more than $400,000, a record for a time-only example. Other special configurations have also regularly crossed the six-figure mark. Hell, flashback to 2001 and you can see a beautiful enamel 96 that sold for over $200k—in 2001, when the watch market was significantly less flush with cash.
Still, most of the 96’s appeal isn’t these six-figure results, but that it’s one of the most accessible ways to buy into the dream that is Patek Philippe.
To call a Patek watch that’s rounding the corner on its 100th anniversary a “trend” would be to sell the 96 short. Special and rare variations of the 96 have always been treated as such by collectors. The diehards have never taken their eyes off the 96. One market where this is especially true is Japan, where the Calatrava’s small size isn’t a bug, but a feature.
“Japanese collectors tend to have a strong interest in historically significant pieces, especially models that represent the origins of a brand or collection,” says Masaharu Wada, editor at Hodinkee Japan. “The diversity of variations is another key factor that makes a watch popular in Japan. This applies to [the 96], just as it did to the Rolex Bubbleback.”
Remember those stainless steel sports watches? They all kind of look the same: integrated steel bracelet, blue dial, modern.
The Calatrava 96 is the opposite. Small, usually on a strap (though if you can snag a period-appropriate bracelet, do it), and old. There are so many varieties it’s almost impossible to catalog, though Japanese dealer John Nagayama has done admirably in his 2024 book dedicated to the 96.
The quintessential 96 features a yellow gold with a silver dial and sharp “dauphine” hands. But even the most experienced of collectors drool over rare examples featuring elegant Breguet numerals or sector dials, the latter of which is one of the most coveted 96 variations among collectors like Wada and Nouveau. “There’s a ton of variety, kind of like the [Rolex] Datejust or Day-Date. It means you’re always learning or discovering something new,” Nouveau said.
That variety within the model is what makes the 96 such a hit. “Japan is a relatively homogeneous society, so there’s a cultural inclination toward valuing uniqueness and choosing something that sets one apart from others,” Wada said. The 96 strikes the perfect balance: A small dress watch that lets you fit in while still standing out.
While a previous generation of collectors has always understood the appeal of the 96, it does feel like a younger wave is also coming around to it. “A lot of people come to me having never even seen them before,” Nouveau said. “I think they’re naturally attracted to this really pure form.”
This Old Thing
Unlike other small watches that have experienced a resurgence in attention, the 96 has always been a more expensive proposition. After all, it still has those magic words “Patek Philippe” on the dial.
In person, the watch’s stature is disarmingly small. Even as an enthusiast who likes smaller watches—and small Cartier pieces in particular—the 96 still feels a bit small on my wrist. And yet, the 96 is and always has been, a staple for watch collectors, like a Rolex Submariner or Cartier Tank. Like with a vintage Tank or Sub, $10,000 or so can buy you one of the most historically important watches from the most recognized brand in high horology.
Whether or not smaller watches are on trend—or whether you even care—the appeal of the Patek Philippe 96 remains.
