Collector’s Guide to the Patek Philippe Golden Ellipse

The word “elegant” gets used a lot in reference to Patek Philippe’s numerous watches, but arguably the most elegant of all is the Golden Ellipse. Inspired by the “golden ratio,” this thin and classy dress watch has been made for both men in women in various sizes and configurations since its inception in 1968. Almost all of them are two-hand time-only models. Here’s our quick guide to the Patek Philippe Golden Ellipse.

Origins

Jean-Daniel Rubeli was the head of design (often referenced as Chef de Création or head of R&D) at Patek Philippe during the 1960s and 1970s, and he is widely recognized as the designer of the original Patek Philippe Golden Ellipse, which debuted in 1968. Notably, he had previously done similar work for Audemars Piguet, plus Patek’s Golden Circle ref. 3544 debuted one year before the Golden Ellipse–so rounded shapes had clearly been on his mind.

“It is true that watches similar to the Ellipse had first been designed by Rubeli himself for Audemars Piguet,” the legendary watch designer Gerald Genta said in an interview with Very Important Watches. But Patek Philippe’s Golden Ellipse, while structurally similar to Rubeli’s earlier ideas, has uniquely pleasant supposedly-golden-ratio-derived proportions. Thinness is central to the design of the Patek Philippe Golden Ellipse, with current models measuring 5.9mm thick and no models ever exceeding 6.5mm.

What is the Golden Ratio?

The “golden ratio” is a ratio of (1+√5)/2 to 1, or about 1.61803 to 1. Mathematicians have been using it for thousands of years for its “harmonious” visual appearance and unique mathematical properties. 1.161803 (approximately) is the only positive number that makes the statement x²=x+1 true, and the golden ratio is the only ratio (aside from 1:1) where both parts can be infinitely subdivided into the same ratios. The “golden spiral” illustrates this:

Anyway, regardless of your interest in mathematics, you likely interact with products on a daily basis where the golden ratio was involved in the design. The first Ellipse had another key design element, too.

The “Blue Gold” Dials That Defined the Patek Philippe Golden Ellipse

Creating the rich “blue gold” dials of the first Patek Philippe Golden Ellipse involved a collaboration between Patek Philippe and the dial manufacturer Singer. The defining technical breakthrough was a method of vacuum plating: cobalt and 24k gold are vaporized and allowed to condense simultaneously onto an 18k gold dial plate.

Although the Golden Ellipse has been offered in several other colors (mostly dark and conservative), the blue gold color has remained a cornerstone of the lineup to this day. Patek Philippe calls it “18k blue gold” so it must end up as 75% pure gold even including the cobalt.

Evolution of the Patek Philippe Golden Ellipse Lineup

The first Patek Philippe Golden Ellipse models (3648 with hidden lugs and 3646 with normal lugs) had a rather unisex 27mm case width. Although that may sound tiny, 1968 was a different time and furthermore, a 27mm Ellipse wears larger than a 27mm round watch. It was manual-wind.

Size Evolution

In 1970 a thick-bezel automatic “Grand Ellipse” appeared, and a smaller 23mm size was also added to complement the standard midsize 27mm model. A couple of 33mm “Jumbo” models (with thin bezels) had entered the lineup by 1974, bringing date windows to the lineup for the first time. Note that some 31mm models came after that and are also often called “Jumbo” by collectors.

Since 2008, a more modern 34.5mm size has been the only option for the Golden Ellipse.

Movements

All Ellipse models 31mm and up have automatic movements–except for the oddball quartz “Nautillipse” which is 35.4mm wide including its Patek Philippe Nautilus-like “wings.”

On all automatic Ellipses, a micro-rotor helps keep the case height minimal.

The Nautillipse is far from the only quartz Patek Philippe Golden Ellipse model; in fact quartz models were prevalent throughout the 1980s and 1990s–always between 23.2mm and 28.6mm wide aside from the Nautillipse.

Unusual Versions

The Nautillipse also isn’t the only weird Ellipse: a few old “TV case” variants (i.e. “horizontal Ellipse”), a hexagonal model (3858), a rounded-rectangle case (3582), and some tiny cocktail watches all had relatively short runs.

There’s also the 3634, with its attractive double-stepped case reminiscent of a Piaget Andy Warhol:

Now let’s take a look at key Patek Philippe Golden Ellipse models, grouped by case type/size.

Patek Philippe Golden Ellipse Models

Year	Reference	Case Type	Case Width	Caliber	Movement Type	Notes
1968	3548	Midsize/Unisex	27mm	23-300	Manual	First Golden Ellipse, blue gold dial
1968	3546	Midsize/Unisex	27mm	23-300	Manual	As above but with visible lugs instead of hidden lugs
1972	3648	Midsize/Unisex	27mm	23-300	Manual	Subtle case update, more dial options
1974	3748	Midsize/Unisex	27mm	215	Manual	Introduces Cal. 215
1976	3746	Midsize/Unisex	27mm	215	Manual	As above but with visible lugs instead of hidden lugs
1977	3747	Midsize/Unisex	27mm	E 23	Quartz	Quartz version of the 3748
1977	3848	Midsize/Unisex	27mm	215	Manual	Slight revision of the 3748
1979	3881	Midsize/Unisex	27mm	177SQ	Manual	Hinged lugs, skeletonized (“squalette”) movement, mesh bracelet
1979	3880	Midsize/Unisex	27mm	177SQ	Manual	As above but on leather strap
1981	3948	Midsize/Unisex	27mm	215 S	Manual	Small-seconds subdial, one of only two Ellipses with any seconds hand
1982	3788	Midsize/Unisex	26.85mm	E 23 C	Quartz	Slim quartz variant
1984	3930	Midsize/Unisex	28.6mm	E 23 C	Quartz	Slightly larger quartz Ellipse
1970	3589	Grand Ellipse	35.5mm	28-255	Automatic	First automatic Ellipse, extra wide bezel
1971	3634	Double-Stepped	33.5mm	28-255	Automatic	Similar to the above but with double-stepped (ribbed) case
1971	3605	Jumbo	33mm	28-255C	Automatic	First “jumbo” Ellipse, and the first date Ellipse
1977	3738	Jumbo	31mm	240	Automatic	Not as big as the 3605 but still regarded as a classic “Jumbo” model
1984	3738/100	Jumbo	31mm	240	Automatic	Updated 3738 with sapphire crystal, offered in yellow gold only at first, with rose gold (100R) and white gold (100G) added in 1997
1997	5028	Jumbo	31mm	240	Automatic	Off-center small-seconds subdial, one of only two Ellipses with any seconds hand
1972	4226	Small	23mm	16-250	Manual	Sometimes called the “Mini Ellipse” or “Lady Ellipse”
1986	3931	Small	24.2mm	E 23 C	Quartz	Smaller version of the quartz 3788
1993	4830	Small	23.2mm	E 15	Quartz	Ladies’ model offered with interesting leather/single-link chain bracelet hybrid
1993	4834	Small	23.2mm	E 15	Quartz	As above but with three-row diamond bezel and two gem hearts (4834/12J has rubies, 4834/13J has emeralds etc.)
1994	4832	Small	23.2mm	E 15	Quartz	As above but with a different dial and diamonds on the bracelet
2001	4931	Small	23.2mm	16-250	Manual	Similar to the above but an updated manual-wind version
1970	3582	Rectangular	29mm	23’’’300	Manual	Unusual model where the case is actually just a rounded-off rectangle and the bezel is an ellipse
1970	3377	Cocktail watch	17.5mm	13.5	Manual	Tiniest Ellipse ever, diamond-encrusted bezel, mesh bracelet
1970	4134	Cocktail watch	19.8mm	16-250	Manual	Cocktail watch size, diamond-encrusted bezel, mesh bracelet
1973	4137	Cocktail watch	19.8mm	16-250	Manual	As above but with single-link chain bracelet
1969	3545	TV Case	32mm	23-300	Manual	First horizontal orientation of the Golden Ellipse, manual-wind
1977	3739	TV Case	36.4mm	240	Automatic	Larger automatic version of the above
1979	3839	TV Case	36.4mm	28-255C	Automatic	As above but with date
1979	3858	Hexagonal	30.8mm	215	Manual	Rare model with somewhat hexagonal case, last manual-wind Ellipse
1981	3770	Nautillipse	35.4mm	E27	Quartz	Ellipse with “wings” on the case that resemble those on a Patek Philippe Nautilus
2008	5738	Grande Taille	34.5mm	240	Automatic	New larger “Grande Taille” (jumbo) Ellipse for its 40th anniversary, platinum, blue sunburst dial
2018	5738/50P	Grande Taille	34.5mm	240	Automatic	50th Anniversary, platinum, as above but with special hand-engraved black enamel dial
2018	5738R-001	Grande Taille	34.5mm	240	Automatic	Rose gold, black leather strap, black sunburst dial
2019	5738/1R-001	Grande Taille	34.5mm	240	Automatic	As above but with “cheveux d’ange” (angel hair) gold chain bracelet
2023	5738/1G-001	Grande Taille	34.5mm	240	Automatic	Like the 5738/50P but in white gold, and with a different hand-engraved pattern
2023	5738P-001	Grande Taille	34.5mm	240	Automatic	Platinum, blue gold sunburst dial

That doesn’t cover every Patek Philippe Golden Ellipse model ever made but it should give you a pretty good picture of the important models and the progression of the catalog. I won’t document every piece of Golden Ellipse jewelry made over the years–like cufflinks, rings and necklaces–but I have to mention the solid gold Ellipse cigarette lighter.

Patek Philippe Golden Ellipse Price

$10,000 is enough to get you a wide variety of classic vintage Patek Philippe Golden Ellipse models. Meanwhile, retail prices of 2025 Ellipse offerings range from $40,915 for a rose gold 5738 on a leather strap to $87,150 for a white gold one with a beautifully hand-engraved enamel dial.

While the Golden Ellipse has its shared of devoted fans, it has never reached “mainstream hit” status, and that’s OK. Dress watches rarely get the hype that hot sports models get, beyond exceptions like the Cartier Crash. That leaves the Golden Ellipse’s secondhand pricing approachable enough to be an excellent entry-level Patek Philippe. But it’s special enough to be an “exit watch,” too.