Patek Philippe Golden Ellipse Guide: 5738 and 3738 References, Prices and Buying Checks

The Patek Philippe Golden Ellipse is the oldest shape in Patek's current catalogue after the round Calatrava: an elliptical gold dress watch introduced in 1968 whose case proportions follow the golden ratio, powered since 1977 by the ultra-thin micro-rotor calibre 240. The current 5738 series, introduced in 2008 for the model's 40th anniversary, measures 34.5 by 39.5 mm and comes in rose gold with an ebony black dial (5738R-001), platinum with a blue dial (5738P-001), rose gold on a bracelet (5738/1R-001) and white gold with an enamel dial and diamonds (5738/51G-001); the smaller 3738/100 remains the reference most buyers meet on the pre-owned market. This guide covers the specifications, the design, which references are current, how the 5738 compares with the 3738, dealer prices in 2026 and what to check before buying. Bizak & Co. sources the Golden Ellipse to order; the Golden Ellipse collection lists the configurations we can seek.

Last reviewed on September 21, 2026 by Filip Biczak. Prices are dated observations, not quotes.

Patek Philippe Golden Ellipse specifications

Source: the Patek Philippe Golden Ellipse collection page, which lists the current references and their specifications, and the Patek Philippe collection overview for the wider catalogue.

What is the golden ratio and why does the Ellipse use it?

The golden ratio is the proportion of about 1 to 1.618 that recurs in classical architecture and painting, and Patek drew the Ellipse case so that its width and height sit in that proportion. The first reference, the 3548 of 1968, was an answer to the angular cases of the late 1960s: an ellipse with no lugs to speak of, a plain gold bezel and a dial reduced to hour markers and two hands, originally in a deep blue that became the model's signature. The shape was a commercial success through the 1970s and 1980s, when Patek made Ellipse wristwatches, pocket watches, cufflinks and desk pieces, and it has stayed in the catalogue without interruption since, which makes it one of the longest-lived designs in the industry. Unlike the Nautilus or the Calatrava, the Ellipse has never been offered in steel; it is a gold or platinum dress watch by definition.

Which Golden Ellipse references are current in 2026?

• 5738R-001. Rose gold with an ebony black sunburst dial, the reference that relaunched the model in 2008 and the one Patek's collection page leads with. This is the Ellipse most buyers picture today.
• 5738P-001. Platinum with a blue sunburst dial, introduced in 2018 for the 50th anniversary; the blue nods to the original 1968 dial and the platinum case carries the small diamond at 6 that Patek fits to all its platinum cases.
• 5738/1R-001. The rose gold watch on an integrated rose gold bracelet of polished and satin-finished links, which turns the Ellipse into a heavier, more formal piece and roughly doubles the secondary asking price.
• 5738/51G-001. White gold with a black grand feu enamel dial and a diamond-set bezel, the dressiest series-production Ellipse.
• 5738/50 Rare Handcrafts. Limited cloisonné enamel dials on the 5738 case in yellow, rose or white gold, each with a named motif (tartans, peacocks, landscapes); these are annual Rare Handcrafts pieces rather than catalogue regulars and are priced as such.

Our sourced catalogue on 21 September 2026 also carried white gold examples described with olive green dials under 5738G-001 and 3738/100G-014; treat those as catalogue entries to confirm with us against Patek's page rather than as launch specifications.

5738 vs 3738: the modern Ellipse against the older case

The 3738/100 is the value route into the Ellipse: the same movement family in a case that wears like a vintage dress watch, at a little more than half the ask of the 5738R. The 5738 is the one to buy if you want a display back, the larger dial and a current reference with Patek's warranty. Both are thin enough to disappear under a cuff.

How does the Golden Ellipse wear?

The 5738 is 39.5 mm tall and 34.5 mm wide, but because the strap attaches beneath the case rather than at lugs the watch sits entirely on the top of the wrist and wears smaller than the numbers suggest; on a 17 cm (6.7 inch) wrist it reads as a mid-sized dress watch. At about 5.9 mm thick it is among the thinnest automatics Patek makes, and the micro-rotor calibre 240 keeps the weight low even in platinum. The 3738/100 wears like a 1970s dress watch and suits smaller wrists or anyone who finds the modern case too tall. The elliptical case has no straight edges, so it catches light continuously; that is the point of the design and the reason it photographs poorly and looks better in person.

What movement is in the Golden Ellipse?

The calibre 240 is Patek's ultra-thin self-winding movement, introduced in 1977 for the Ellipse and still in production. It winds through a 22 ct gold micro-rotor recessed into the plate rather than a full rotor above it, which is how the movement stays 2.53 mm thick. It beats at 21,600 vibrations an hour, carries the Gyromax balance and Spiromax hairspring in current form, runs about 48 hours on a full wind and, since 2009, bears the Patek Philippe Seal rather than the Geneva Seal. The same base movement, with modules, powers the Nautilus 5712 moon phase, the World Time 5230 and several perpetual calendars, so it is well understood by watchmakers and parts are available through Patek's service network.

How much is a Patek Philippe Golden Ellipse? Retail and dealer prices in 2026

• Retail. Patek's US list prices for the 5738R-001 and 5738P-001 have sat in roughly the mid US$30,000s and mid US$40,000s respectively in recent years, with the bracelet 5738/1R-001 and the enamel 5738/51G-001 well above; the collection page linked above carries the current figures. The Ellipse is one of the easier Patek references to obtain at an authorised dealer, because it does not attract the sports-model waiting list.
• Secondary market. In 2025 and 2026 the 5738R and 5738P have generally been asked at or a little above retail when unworn with certificate, and below retail when pre-owned. The 3738/100 trades well below the 5738 and is the most liquid Ellipse.
• Bizak catalogue asks. On 21 September 2026 our sourced catalogue listed the 5738R-001 at US$47,265, the 5738P-001 at US$55,517, the 5738/1R-001 at US$96,806 and the 5738/51G-001 at US$86,330 brand new; unworn 3738/100 examples at US$26,443 in yellow gold, US$28,104 in rose gold and US$30,203 in white gold; and Rare Handcrafts 5738/50 enamel pieces from US$282,899 to US$411,399, all sourced to order.

Those figures describe what we saw and will move. Ask for a dated quote for the exact reference, metal and set; our Patek Philippe price guide explains how the brand's dress watches are priced against its sports models.

Is the Golden Ellipse a good investment?

It is a watch to own rather than to trade. Dress Pateks do not carry the secondary premium of the Nautilus or Aquanaut, so there is no arbitrage in buying one, and a pre-owned 5738 typically sells below its retail price for the first several years. What the Ellipse offers is a design that has not changed in substance since 1968, low running costs thanks to a well-understood movement, and steady rather than volatile value once the initial depreciation has passed. The Rare Handcrafts enamel pieces are the exception: their value rests on the dial and the limited numbers, and they are best bought through the auction houses or a specialist with documented provenance. If resale matters, ask for a written cash-buy assessment before you commit.

Buying a Golden Ellipse: what to check

• Certificate of Origin. The 5738 should come with its certificate showing the dealer stamp and sale date; the case and movement numbers must match. A 3738/100 may have lost its papers over the years, and Patek does not reissue certificates, although an Extract from the Archives can confirm the movement and case numbers and the date of sale.
• Case shape. The elliptical case is thin and mostly polished, so it shows polishing readily; look for a bezel that still has a defined edge and a case back that has not been thinned.
• Dial. Sunburst dials on the 3738 should be even; spotting or a milky finish indicates moisture. The 5738R dial is ebony black, not brown, and the markers are applied, not printed.
• Micro-rotor. Through the display back the 22 ct gold rotor should spin freely and quietly; a rattling or scraping sound indicates a worn rotor bearing, which is a known service item on the calibre 240.
• Strap and buckle. The pin buckle should be Patek's and in the case metal; replacement buckles are expensive, and a mismatched buckle on a "full set" is a warning sign.
• Service history. Ask for the last service receipt; a calibre 240 that has not been serviced in ten years should be priced with a service in mind.
• Price against the band. A brand new 5738P-001 offered well under retail is the single most reliable warning sign.

Our authentication process describes what we inspect before dispatch, and our Patek Philippe authentication guide goes deeper on older references.

Quick answers

How much is a Patek Philippe Golden Ellipse?

Patek's US list prices for the rose gold 5738R-001 and platinum 5738P-001 have sat in roughly the mid US$30,000s and mid US$40,000s in recent years. Bizak's sourced catalogue listed the 5738R-001 at US$47,265 and the 5738P-001 at US$55,517 brand new, and unworn 3738/100 examples from US$26,443, on 21 September 2026.

What size is the Golden Ellipse?

The current 5738 is 34.5 by 39.5 mm and about 5.9 mm thick. The older 3738/100 is about 31 by 36 mm.

When was the Golden Ellipse introduced?

In 1968 as reference 3548. The current 5738 arrived in 2008 for the 40th anniversary and the platinum 5738P-001 in 2018 for the 50th.

What movement is in the Golden Ellipse?

The calibre 240, Patek's ultra-thin automatic with a 22 ct gold micro-rotor, 2.53 mm thick with about 48 hours of power reserve. It has powered the Ellipse since 1977.

Is the Golden Ellipse available in steel?

No. The Golden Ellipse has only ever been made in gold or platinum; the current references are rose gold, platinum and white gold.

Request a Golden Ellipse sourcing quote

Tell us the reference, metal, whether the certificate and full set are required, plus your budget and timing, through our sourcing enquiry form. We confirm the specific watch, photographs, certificate and final price before you commit. Catalogue entries: Golden Ellipse 5738R-001, Golden Ellipse 5738P-001, Golden Ellipse 5738/1R-001 on bracelet, Golden Ellipse 3738/100J-012; browse the Golden Ellipse collection, the Calatrava collection, or sell or trade your Patek Philippe.

Related reading: Patek Philippe price guide · Patek Philippe authentication guide · Nautilus 5726 guide · Aquanaut 5167 guide.