Patek Philippe Calatrava Ref. 565 - Steel - Breguet numerals

The Watch 

The 565 is an incredibly collectable Patek for numerous reasons, yet perhaps the most outstanding version is the level of variety in styles. For this example in particular, produced in 1949 but sold in 1950, there’s another crucial reason why: condition.

Executed in stainless steel, a deliberate choice within Patek Philippe’s output for this model, this reference preserves its original proportions with striking fidelity. The case retains its intended geometry: pronounced lugs, crisp transitions, and a tangible sense of mass that never tips into heaviness. In this context, steel was selected not for economy but for purpose, reinforcing the watch’s waterproof ambitions. The presence of the original crown further anchors the piece in authenticity, a detail that speaks quietly but decisively to careful stewardship over time.

As compelling as the case may be, it is the silver dial that defines this 565. Applied Breguet numerals introduce dimensionality, lifting the watch beyond its functional brief. Graceful leaf hands move with restraint across the surface, while the small seconds at six brings visual balance, punctuated by a blued seconds hand that adds just enough contrast. Tritium plots mark each hour, intact and evenly aged, preserving period accuracy without compromise. Remarkably, the dial itself shows almost no evidence of time passing, its surface remaining crisp, bright, and fresh. For a watch of this era, such preservation is not merely rare; it is defining. 

The Movement

Powering the reference 565 is one of Patek Philippe’s manually wound calibres of the era, most commonly the calibre 12-120. This movement represents mid-century Patek at its most confident: mechanically robust, beautifully proportioned, and finished to a standard that requires no overt embellishment to impress. Broad Geneva stripes, crisp anglage, polished screw heads, and a harmonious layout speak to a manufacturer operating with absolute clarity of purpose. The movement was designed to be reliable and serviceable, qualities entirely aligned with the 565’s role. 

How It Wears

On the wrist, the 565 feels remarkably modern. Its steel case gives it authority, while the proportions, once considered large, now sit squarely within contemporary tastes. The watch wears comfortably, with the lugs dropping cleanly and the dial remaining legible in all conditions. It transitions effortlessly between formal and casual settings, a versatility that was intentional long before it became fashionable.

Condition & set

Condition defines this particular example. The dial is outstanding, retaining its original finish with minimal ageing and perfectly preserved tritium. The case is also in excellent condition. The watch is accompanied by a Patek Philippe Extract, box, and its original steel pin buckle. It is currently fitted with a Mr WATCHLEY strap. An aftermarket beads-of-rise bracelet is available if wanted. 

Origin 

Few maisons have shaped the language of 20th-century watchmaking as decisively as Patek Philippe. By the late 1930s and into the post-war years, the manufacture had already mastered classical dress watches with the inception of the first Patek to come with a reference number, the 96. Later known as the Calatrava and blueprint for all ‘dress watches’, this watch was the saving grace for the brand; yet, the world was changing.

Conceived against the backdrop of the early 1930s, the watch was born into a world reshaped by the financial crisis of 1929, when even the most prestigious maisons were forced to reconsider how luxury could exist in a climate of restraint. Clients were spending more cautiously, yet expectations of quality remained. At the same time, lifestyles were changing. Practicality gained value, and the demand for waterproof wristwatches that were capable of accompanying owners beyond formal settings was growing steadily.

For Patek Philippe, the answer required a revolution. The idea of a steel wristwatch with a waterproof case ran counter to the brand’s traditions, yet it offered a way to retain existing clients while attracting new ones. Execution, however, was anything but easy. Waterproof case construction was still in its infancy, and with steel being harder and more demanding than gold or silver, it required specialised tooling and expertise. The manufacture ultimately turned to Taubert & Fils, heirs to François Borgel’s pioneering waterproof case patents. Through this collaboration, Patek Philippe introduced reference 565 in 1938: its first serially produced waterproof wristwatch, and one that would reshape the Calatrava lineage. 

If you desire to take a closer look at this precious timepiece, don't hesitate to contact us and make an appointment. We are based in Ghent, Belgium.