Introducing The Patek Philippe Ref. 5978P – A Brand New Perpetual Calendar Chronograph! (Live Pics)

What you're looking at is something so familiar, and yet so different. It is the first hand-wound perpetual chronograph to feature an instantaneous calendar mechanism, all shown in windows along a curved arch at the top of the dial, making the watch immensely legible, much more so than any previous PPC to date. The instantaneous jumping – which happens within 30 milliseconds – is one heck of a party trick. 

If you're thinking this looks like something you may have seen in the 5208 or 5308 Grand Complications, you'd be exactly right. The long and short is that Patek has taken that ingenious instantaneous perpetual calendar mechanism from its big, big dog watches and applied it to the base chronograph calibre CH 29-535 that powers Patek's finest watches. It makes a shocking amount of sense if you think about it, but it still comes as a surprise. What this means is that Patek Philippe now has two perpetual calendar chronographs in the catalogue at the same time for the first time since the early 1990s – and those, the 3970 and 5020, used the very same calibres, just had different cases. This uses two different movements, which is neat.

To be clear, the 5978P is a limited edition of 120 pieces made exclusively for the Milan Grand Exhibition, but you can imagine that it won't be long before this reference joins the wider catalogue. If you'd like a quick reminder of the 5978's forefathers before you go any further, read our reference points story from 2014 or watch the video below.

OK – now you've got the background, but what about present day? Well, we have that covered, too. Here's Paul Boutros (yes, Paul Boutros!) reviewing the 5270 when it first came out.

The 5270 followed the family lineage of PP PPCs perfectly; it simply used an in-house chronograph calibre instead of a Lemania or Valjoux, with a case size up to 41mm. And though it never held the same affection of collectors that previous references had, it has slowly been gaining a cult following for its importance and clear expression of classical Swiss watchmaking, and Patek Philippe-ness, if that's a word (which it's not). I, myself, own a 5270P, and if you read the Patek Philippe magazine, I share a very personal story about mine in the most recent edition.

That said, the 5270 differs from those that came before it because it has gone through several face changes in the last fifteen years. My favourite is the salmon dial in the reference 5270-oo1, but I will admit the new dials shown at Watches and Wonders this year are attractive. 

Whichever dial you choose as your favourite on the 5270, they all look like their forefathers. On the other hand, the 5978P, which has the exact same core functionality, really doesn't, which I find extremely cool. Partly because of the three large apertures showing the instantaneous calendar mechanism at the top of the dial, which is simply part of the calibre chosen here, but also because of some very conscious and, if I may say, welcomed choices by Mr. Stern and the Patek team.

First, this case isn't the ornate style we most often see with PPC – it's the "Calatrava-style" case you see on things like the 5208 and 5205. This includes a concave bezel and thinly hollowed, incurved lugs. It's simply far less dressy than we've seen on any other PPC, and I think it's very cool to see here. On the dial side, in addition to the more technical three apertures up top, we get a navy blue sunburst surface with a black gradient rim. The centre is concave and textured, while the 3 and 9 o'clock positions on a third tier are nailed. The markers are baton-style in white gold, and the hands are dauphine and luminous. The thing looks really good, and the blue and red are reminiscent of this year's 5204P.

The calibre, called CH 29-535 PS QI, features a whopping 500 components, which is more than what's found in the 5270P's CH 29-535 PS Q at 456, and, strangely, even more than what's found in the 5204's CHR 29-535 PS Q at 496. I'm not saying it's harder to make an instantaneous perpetual calendar chronograph than a split-seconds traditional perpetual calendar, but by component count alone, it reads that way.

Now back to some good calls by Patek – the moonphase is right-side up, unlike on the 5308. I actually don't know anyone who likes an upside-down moon phase, so I'm happy to see it back where it belongs. They've also added in a composite strap that is almost fabric-like – which continues along with its casual overtones – or 'sportif' as the Swiss would say. Did I mention the calendar is in Italian to commemorate the place of launch? Cool. The 5978P, despite its traditional Swiss pedigree, isn't overtly formal, and I am really excited about that. As for the 42mm by 14.45 mm case size? Not ideal.

The 5270 is 41mm, and people complain it's too large relative to the 5970. This new watch is a millimetre larger. I get why, because it's using the calendar mechanism originally conceived for true grand complications that, because of their, errr, complication, require a larger format. However, in today's market, sporty and casual shouldn't have to mean large, and I think 42mm will turn some off. I will reserve judgment until I see it on my own wrist, but imagine they'd take the time to drop this new watch at 39 or 40mm? It would be an insta-buy for so many (myself included!). 

That is, of course, if it were made in more than 120 units (which it isn't), made available outside Italy (which it isn't), and cost less than a few hundred thousand dollars (which it won't). But assuming the first two issues – number of units and availability – are sorted in due time, which they should be, I think many will like this totally new addition to the complicated Patek catalogue. As of launch, Patek has not released pricing for this model. We will update the article when more information becomes available.

Is there a technical first in the 5978P? Eh, kinda. Patek says it's the first time a single watch has two instantaneous complications. How can that be true? It's complex and nerdy, but if not here, then where?

The chronograph in some of its best watches has an instantaneous minute counter but not an instantaneous calendar mechanism (think 5270/5204), and then in some other watches, it has this updated calendar mechanism, but a somewhat modular chronograph function built atop a self-winding minute repeater base that is not instantaneous (think 5208 and 5308). The 5978 has both instantaneous minute jump in the chrono and date change in the calendar, and that is very cool! But they're not the first to do it. Patek's closest rival in high-end watchmaking, A. Lange & Söhne, has had the same in its Datograph Perpetual Tourbillon for a few years now. But don't worry, Switzerland – they're not perfect either. Anything beneath the Datograph Perpetual Tourbillon – a watch that is no longer in production and began in the high 3s – does not have both an instantaneous chronograph minute counter and a calendar. Strange, but true. All Datographs have the former; it's part of the plan there – but the older mechanism in the Datograph Perpetual (not Tourbillon) drags – it doesn't jump. And for the four people on that planet that are still reading, now you know. You're welcome.

So is it true that this is the first watch to have two instantaneous complications in a single watch? It is, for them.

Back to the 5978P – while my chief complaint about this new watch is basically just that extra millimetre or two (I don't care at all that Lange did the instantaneous thing first at all) – I am so excited to see the family tree of Patek PPC's branch in a whole new direction. It's arguably my favourite tree in watches, so to speak, and I can't wait to see how Thierry and Co. develop this new calibre and reference in the years to come.

After publishing, we received the official price of this 120-piece platinum limited edition: A$527,250. For those paying attention, that's well over A$100,000 more than the 5270P, which retails today at A$388,600. Does that compute, um, at all? Well, it's new, and a Patek, and platinum, and complicated, so it will always have certain buyers. But if/when this hits the market as a non-limited piece, it will be hard to see how this sits into the broader catalogue. It is roughly the same price as the 5204, which features a perpetual calendar – the older, traditional, non-instantaneous one, mind you – but a split-seconds chronograph.

There are people out there that will buy both, and all the 5270s, but the price does feel high. Then again, what doesn't feel high in the year 2026? And I'm quite sure all 120 examples of this 5978P are already spoken for by the time I'm making this update. Again, welcome to watchmaking in 2026.

Brand: Patek Philippe
Reference Number: 5978P-010
Diameter: 42mm
Thickness: 14.45mm (14.24mm crystal to crystal)
Case Material: 950 platinum, with a brilliant-cut diamond at 6 o'clock
Dial Colour: Navy-blue sunburst with a black gradient rim
Indexes: Applied, faceted 18K white gold (7 batons, 4 squares)
Lume: White luminescent coating on the hands and minute scale (the release doesn't name a lume brand)
Water Resistance: 30 meters
Strap/Bracelet: Navy composite strap with a textile motif and red stitching (tricolour Italian-flag detail in the topstitching), on a platinum triple-blade fold-over clasp

Calibre: CH 29-535 PS QI, in-house
Functions: Hours, minutes, small seconds at 8-9 o'clock, column-wheel chronograph with instantaneous 30-minute counter, instantaneous perpetual calendar (day, date, month, leap year), day/night indication, moonphase
Diameter: 32mm
Thickness: 8.1mm
Power Reserve: 55 to 65 hours (chronograph disconnected)
Winding: Manual
Frequency: 28,800 VpH (4 Hz)
Jewels: 33

Price: A$527,250
Limited Edition: Yes, 120 pieces

For more, click here.