What the Patek Philippe 5374/400P-001 is
The short answer first, then the specs.
The Patek Philippe 5374/400P-001 is a platinum minute repeater with a perpetual calendar, set with 171 baguette diamonds and 84 baguette Paraíba tourmalines, and it retails for $4,628,115. Patek is making eight.
It debuted at Watches and Wonders Geneva in April 2026 as the gem-set top of the 5374 family. Underneath the stones, it is the same 42mm case and the same self-winding Caliber R 27 Q that Patek uses in the $897,855 white gold 5374G-001.
That second fact explains the whole price. You are paying roughly $3.7 million for the gem-setting, the dial, and the right to be one of eight owners. Whether that is a good trade depends on what you want the watch for, and we say where we land at the end.
Quick specs
The short version
Patek's most expensive 5374 yet, priced at more than five times the plain white gold version.
- US retail is $4,628,115 before tax and CHF 3,600,000 in Switzerland, verified October 2026.
- Eight pieces in platinum, 42mm by 12.28mm, running the Caliber R 27 Q minute repeater and perpetual calendar.
- The 84 Paraíba tourmalines sit on the dial flange as minute markers (48) and on the clasp (36). The bezel and case are set with diamonds.
- The movement is identical to the $897,855 5374G-001. The extra $3,730,260 buys stones, setting labor and scarcity.
- The catch is liquidity. No 5374/400P has traded publicly as of October 2026, and gem-set pieces draw fewer resale buyers than plain ones.
Patek Philippe 5374/400P price, and what it costs in Los Angeles
Retail, tax, and the price ladder inside the 5374 family.
Patek lists the 5374/400P-001 at $4,628,115 in the United States. Bought in downtown Los Angeles, the out-the-door number is about $5.1 million.
That list price excludes sales tax. The Los Angeles County base rate rose from 9.75 percent to 10.25 percent on October 1, 2026 under Measure ER, which is still being challenged in court. At 10.25 percent, the tax alone is $474,382.
5374/400P-001 market price
US retail per patek.com and Watches of Switzerland, verified October 2026. Swiss retail per Watchonista. Your sales tax depends on the delivery address.
The price ladder inside the 5374 family
The cleanest way to see what Patek charges for Paraíba is to line up the three current 5374 references. Same 42mm diameter, same movement, three very different invoices.
| Reference | Case | Dial | Stones | US retail |
|---|---|---|---|---|
| 5374G-001 | White gold | Grand Feu blue enamel | None | $897,855 |
| 5374/300P-001 | Platinum | Blue lacquer | 228 diamonds, 13 sapphires | $1,357,067 |
| 5374/400P-001 | Platinum | Balinese mother-of-pearl | 171 diamonds, 84 Paraíba | $4,628,115 |
Patek US list prices from patek.com, verified October 2026. Patek adjusts US pricing during the year, and earlier listings showed the 5374G at $844,454.
The jump from the 300P to the 400P is $3,271,048. The 300P actually carries more diamond weight, 11.62 carats against 9.85. Carat weight does not explain the premium.
The gem math makes the point harder. Fine Brazilian Paraíba above two carats can sell for more than $20,000 a carat. Price all 2.7 carats on this watch at that rate and you get $54,000. What you are really paying for is 84 small stones matched for color and cut, the hours to set them, and an edition of eight.
What a dealer would pay for one
We will not quote a buy number on a reference that has never traded publicly. Anyone giving you a confident resale figure for a 5374/400P today is guessing.
What we can give you is direction. Heavily gem-set grand complications attract a smaller pool of buyers than their plain siblings, so on resale they tend to sit further from retail. If you buy this watch, buy it to keep.
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Paraíba tourmaline on the Patek 5374/400P, stone by stone
The gem map, and why this blue-green costs what it does.
The teal ring you see in photos is the dial flange, set with 48 baguette Paraíba tourmalines as minute markers. The other 36 Paraíba are on the clasp. Everything on the bezel and case is diamond.
A lot of coverage describes a Paraíba bezel. The bezel is 72 baguette diamonds. The Paraíba ring sits just inside it, one step down, which is why the two read as a single band in a photo.
| Location | Stones | Weight |
|---|---|---|
| Bezel | 72 baguette diamonds | 5.64 ct |
| Dial flange | 48 baguette Paraíba, 13 baguette diamonds | 2.53 ct Paraíba, 0.71 ct diamonds |
| Caseband and slide piece | 86 baguette diamonds | 3.5 ct |
| Clasp | 36 baguette Paraíba | 0.17 ct |
| Total | 171 diamonds, 84 Paraíba | 9.85 ct diamonds, 2.7 ct Paraíba |
Counts and weights from Patek's technical sheet. The flange Paraíba weight appears on Patek's French-language page only.
Clarification
One photo caption on Patek's own product page places the Paraíba on the bezel, caseband, lugs and slide piece. That wording mirrors the 5374/300P caption almost word for word. The technical sheet on the same page, which is the one we trust, puts the Paraíba on the flange and clasp only.
Why Paraíba tourmaline
Paraíba tourmaline is copper-bearing elbaite. The copper produces that electric blue-green, a color that sapphire and ordinary tourmaline cannot match. Miner Heitor Dimas Barbosa first found it in 1989 in the Brazilian state of Paraíba.
Similar copper-bearing material later turned up in Nigeria and Mozambique. The major gem labs now call all of it Paraíba and list origin separately. Patek has not published where these stones were mined.
The white Balinese mother-of-pearl dial is the right partner. It reads cool and pale, so the tourmalines stay the loudest thing on the watch. A blue lacquer dial like the 300P's would have competed with them.
Caliber R 27 Q, the engine in every 5374
What the movement does, where it came from, and what it asks of an owner.
Strip the stones away and the 5374/400P runs Patek's self-winding Caliber R 27 Q, a minute repeater and perpetual calendar in a movement 28mm wide and 6.9mm thick.
It has 478 parts and 39 jewels, a 22k gold off-center mini-rotor, a Gyromax balance and a Spiromax balance spring. It beats at 21,600 vibrations per hour, or 3 Hz, and carries the Patek Philippe Seal.
The repeater strikes hours, quarters and minutes on two cathedral gongs that wrap almost twice around the movement. Longer gongs give a deeper note that hangs in the air longer. You trigger it with the slide on the left side of the case, which on this watch is set with diamonds.
This is a mature caliber. Patek introduced it in 1989 in the Reference 3974 for the brand's 150th anniversary, the first Patek wristwatch to pair a self-winding minute repeater with a perpetual calendar. The 5074 replaced the 3974 in 2001, and the 5374 followed. Three and a half decades of refinement count in its favor.
The honest drawbacks
It is not water-resistant. Patek rates the case for humidity and dust only, since a repeater slide means an opening in the case. Keep it away from sinks, pools and rain.
A 38 to 48 hour reserve on a perpetual calendar means it stops if it sits in a drawer over a long weekend. Then you reset day, date, month, leap year and moon phase through recessed correctors with a stylus. A good winder solves it, and Patek's manual lists the hours of the day when the correctors should not be used.
Platinum is dense and damps sound more than gold. If the chime is the reason you want a 5374, listen to the white gold 5374G beside this one before you decide.
One oddity at this price. The 5374/400P comes on calfskin with an embossed alligator pattern, while the $1,357,067 5374/300P gets genuine alligator. Patek has not said why.
Hunting a Patek repeater or perpetual calendar?
Tell us the reference and we will tell you what is actually available and what it trades for.
Patek 5374/400P vs 5374/300P vs 5374G
Three versions of one watch. Pick by what you value.
Buy the 5374G for the watchmaking, the 300P for a formal gem-set piece, and the 400P only if Paraíba is the point.
| Feature | 5374/400P-001 | 5374/300P-001 | 5374G-001 |
|---|---|---|---|
| Case | Platinum, 42mm by 12.28mm | Platinum, 42mm by 12.28mm | White gold, 42mm by 12.2mm |
| Dial | White Balinese mother-of-pearl | Blue lacquer, black-gradient rim | Grand Feu blue enamel |
| Markers | Diamond hours, Paraíba minutes | Sapphire hours, diamond minutes | White gold Breguet numerals |
| Gem-setting | 171 diamonds, 84 Paraíba | 228 diamonds, 13 sapphires | None |
| Strap | Calfskin, platinum clasp set with Paraíba | Alligator, platinum clasp set with diamonds | Alligator, white gold clasp |
| Movement | Caliber R 27 Q | Caliber R 27 Q | Caliber R 27 Q |
| Edition | 8 pieces | Catalog reference | Catalog reference |
| US retail | $4,628,115 | $1,357,067 | $897,855 |
Specs and prices from patek.com, verified October 2026.
On paper, the 300P is the better-balanced gem-set watch. It carries more diamond weight for about 29 percent of the 400P's price. The 400P is the more interesting watch, and the eight-piece cap makes it far harder to get.
For how it wears on the wrist and more on the chime, read our Patek Philippe 5374/400P review.
Should you buy the Patek Philippe 5374/400P?
Where we land, and who should ignore us.
If you are offered one of the eight and Paraíba is the reason you want it, buy it and plan to keep it. If you want a 5374 for the chime and the calendar, buy the 5374G and keep $3.7 million.
The 400P is the best-looking gem-set 5374 Patek has made. The mother-of-pearl and the ring of Paraíba give it a lightness the blue 300P never had. It also has a reason to exist beyond more diamonds, which is rarer than it should be at this level.
Who should look elsewhere
- Anyone treating it as an investment. With no public trades and a narrow buyer pool, you cannot price your exit.
- Anyone who wants to wear a repeater daily. It is not water-resistant and stops after two days off the wrist.
- Purists. The 5374G in Grand Feu enamel is the more classical watch and far better value for the same movement.
What we check before a deal on a piece like this
The full set comes first. Both case backs, solid and sapphire, the Patek certificate of origin matching the case and movement numbers, and the original gem-set clasp. A missing sapphire back is a real deduction on a repeater.
Under a loupe, every baguette should sit level with clean corners, and the Paraíba color should match all the way around the flange. Replacing one Paraíba means sourcing and cutting a stone to match its neighbors, which is slow and expensive.
Then we let it chime in a quiet room through hours, quarters and minutes, listening for any hesitation in the strike. Last, we step the calendar correctors to confirm every display advances cleanly.
Patek Philippe 5374/400P FAQ
How much is the Patek Philippe 5374/400P?
The Patek Philippe 5374/400P-001 retails for $4,628,115 in the United States, as listed on patek.com in October 2026. The Swiss price is CHF 3,600,000. Sales tax is extra, and in Los Angeles at 10.25 percent it adds $474,382.
How many Patek 5374/400P watches were made?
Patek Philippe limited the 5374/400P-001 to eight pieces. It was introduced at Watches and Wonders Geneva in April 2026.
Why is the Patek 5374/400P so expensive?
The 5374/400P uses the same Caliber R 27 Q movement as the $897,855 white gold 5374G-001. The extra $3,730,260 pays for 171 baguette diamonds, 84 baguette Paraíba tourmalines, the labor of matching and setting them, a platinum case, and an edition of only eight pieces.
Where are the Paraíba tourmalines on the Patek 5374/400P?
The Patek 5374/400P has 84 baguette Paraíba tourmalines. 48 are set on the dial flange as minute markers and 36 on the platinum fold-over clasp. The bezel, caseband and repeater slide are set with diamonds.
What movement is in the Patek Philippe 5374/400P?
The 5374/400P uses Patek Philippe's self-winding Caliber R 27 Q, a minute repeater with two cathedral gongs and a perpetual calendar with moon phase. It has 478 parts, 39 jewels, a 22k gold mini-rotor and a power reserve of 38 to 48 hours.
Is the Patek 5374/400P water resistant?
No. Patek Philippe rates the 5374/400P case as protected against humidity and dust only. Like most minute repeaters, it should be kept away from water entirely.
What is the difference between the Patek 5374/400P and 5374/300P?
Both are platinum, 42mm, gem-set versions of the Patek 5374 minute repeater perpetual calendar with Caliber R 27 Q. The 5374/300P has a blue lacquer dial, 228 diamonds and 13 sapphires, and retails for $1,357,067. The 5374/400P has a white Balinese mother-of-pearl dial, 171 diamonds and 84 Paraíba tourmalines, is limited to eight pieces, and retails for $4,628,115.
Will the Patek 5374/400P go up in value?
Nobody can say yet. As of October 2026, no Patek 5374/400P has traded publicly, so there is no market price to measure against. Heavily gem-set watches usually have fewer resale buyers than plain versions of the same reference, so treat it as a watch to keep.
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