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Patek Philippe 5146: Annual Calendar Moon Phase
Updated 2/17/2026
The Quiet Collector's Favorite
The Patek Philippe 5146 is an annual calendar with moon phase and power reserve indicator — three complications in a 39mm case that whispers rather than shouts. While trendier Pateks like the Nautilus and Aquanaut dominate Instagram, the 5146 is the watch that serious collectors keep coming back to. It has been in production since 2005, which is a testament to how well the design works. The combination of annual calendar convenience (set it once a year), a beautiful moon phase display, and a power reserve indicator that actually tells you when to wind — all in an elegant, wearable package — makes it one of Patek's most thoughtful designs.
Variants and Pricing
The 5146 is available in rose gold (5146R), yellow gold (5146J), and white gold (5146G), each with multiple dial options. The 5146R with a cream dial is the most commonly traded. Retail price is approximately CHF 52,000. On the secondary market, the 5146 trades for $35,000-$50,000 — making it one of the most affordable ways to own a Patek complication watch. For context, that is less than a steel Nautilus 5711 on the secondary market, yet the 5146 offers three complications versus the 5711's time-only simplicity. If you judge watches by mechanical sophistication per dollar rather than hype, the 5146 is exceptional value.
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Why the 5146 Is an Underrated Investment
The 5146 has appreciated modestly but consistently. Five years ago, pre-owned examples traded for $25,000-$35,000; today they are $35,000-$50,000. That is roughly 40-70% appreciation, or 8-14% annually. The 5146 benefits from a phenomenon collectors call 'discontinuation risk': at 20+ years in production, it could be replaced or discontinued at any time. When Patek discontinues a reference, prices typically spike 20-40% within six months. The low current pricing (relative to other Patek complications) means there is less downside risk compared to buying a hyped reference at an inflated premium.
Buying Tips
The 5146 is widely available on the secondary market due to its long production run, which benefits buyers. Compare multiple examples to find one in excellent condition with complete documentation. The cream and silver dials tend to show age more visibly than darker variants — check for even color without yellow spots. The power reserve indicator hand should move smoothly across its arc. The moon phase should display the correct phase when the calendar is set correctly. A Patek Philippe Extract from the Archives adds provenance and resale value.
Frequently Asked Questions
Is the Patek 5146 a good first Patek Philippe?
It is an excellent first Patek. It offers three genuine complications (annual calendar, moon phase, power reserve) at the most accessible price point in Patek's complication range. At $35,000-$50,000 pre-owned, it costs less than a Nautilus while offering far more mechanical sophistication.
How accurate is the 5146 moon phase?
The 5146's moon phase is accurate to within one day every 122 years. For practical purposes, you will never need to adjust it if the watch is kept running. The moon phase display shows the current lunar cycle with a painted gold moon on a blue background.
What is the power reserve of the 5146?
The caliber 324 S QA LU 24H provides approximately 35-45 hours of power reserve. The power reserve indicator on the dial shows remaining energy, so you know when to wind the watch before it stops.