Patek 3940 and AP 5548

[pearson1995]

Just looking at perpetual calendars, the Patek 3940 is a dream watch of mine and one I hope to own one day. 36mm PC, what’s not to love. It got me thinking if AP have an ‘equivalent’ and I can see the 5548 in many ways is similar. Same size, complication but a lot lower in price. Any opinions on this as to why? Is the PP overvalued and the AP undervalued or is the difference justified in your opinion. Thanks.

[crispyness87]

I wouldn't confess to know the market well enough to understand why certain models are valued more than others.

For me, I own a 3904R (FWIW it's a lovely watch and I encourage you to seriously consider) but not a 5548 (which I'm sure is special as well).

I went with a 3940 because in my eyes, quintessential patek to me is: dress, precious metal, with complication (if you can afford). I'm also charmed by the fact that a 3940 was Philippe Stern's daily. I went with a third series because I NEED to have an open caseback and I prefer the dial, but esteemed collectors will always go with the first series. At 36mm, my wife can wear it comfortably. This timepiece has scratched the Patek itch for me, and pretty fully eradicated any interest in me to purchase anything from the current catalogue. I find the current dressy complication options for ladies woeful...

As for AP, in my eyes, it's all about sports watches since that's how the brand is pivoting itself. As such, I would want my first quintessential vintage AP to be a Royal oak. However I'm sure the 5548 (or the 25657) is great and wouldn't eliminate the probability of ever getting one. The 25568 openwork however, is from another planet and takes things to a new level; stunning reference. Expanding on this, AP has historically done creative things to the dial variations of their dressy perpetual calendars, got to give credit.

[Palex]

Originally Posted by crispyness87

I wouldn't confess to know the market well enough to understand why certain models are valued more than others.

For me, I own a 3904R (FWIW it's a lovely watch and I encourage you to seriously consider) but not a 5548 (which I'm sure is special as well).

I went with a 3940 because in my eyes, quintessential patek to me is: dress, precious metal, with complication (if you can afford). I'm also charmed by the fact that a 3940 was Philippe Stern's daily. I went with a third series because I NEED to have an open caseback and I prefer the dial, but esteemed collectors will always go with the first series. At 36mm, my wife can wear it comfortably. This timepiece has scratched the Patek itch for me, and pretty fully eradicated any interest in me to purchase anything from the current catalogue. I find the current dressy complication options for ladies woeful...

As for AP, in my eyes, it's all about sports watches since that's how the brand is pivoting itself. As such, I would want my first quintessential vintage AP to be a Royal oak. However I'm sure the 5548 (or the 25657) is great and wouldn't eliminate the probability of ever getting one. The 25568 openwork however, is from another planet and takes things to a new level; stunning reference. Expanding on this, AP has historically done creative things to the dial variations of their dressy perpetual calendars, got to give credit.

To be frankly, AP is is not all about sports watches! They were not saved by the RO during the quartz crisis, it was the 5548 and later the 25657 that pulled them trough.

In the time before that, they were known for making complicated watches such as QP’s!

The 5548 and the later models are becoming more and more expensive, and the public is getting more and more interested in them. For a reason: a lot of bang for the buck!

[Bpan]

Patek in general has higher value retention than AP. Personally, I chose the 5548 because of the history. As Palex said, it saved AP during the quartz crisis, and just like the 5402 came out before the 3700 or the 222, the 5548 came out years before the 3940 or 43031.

[Jmaster]

Out of the three PP 3940, VC 43031 and AP 5548, AP was the first one with a great historical story behind it. However, it is also the cheapest. It seems like it is more available (than an VC) and “not Patek” are the main reasons. Also, I think the inability to tell which year in the 4 year cycle and therefore require a watchmaker to set the leap year is a clear shortcoming. I am at the same boat that at some point I would probably get one of these neo-vintage QPs as they are great value.