Produced from 1986 to 1999, the 3923 epitomizes why the neo-vintage era is so great, with a design and aesthetic that perfectly complements and continues the original Patek Calatravas, while ever so slightly modernizing it with a 32mm case, sapphire crystal and workhorse movement.

Case: The 31.7 (or often stated as 32mm) 18K rose gold case measures approximately 37mm lug to lug and just 6.8mm thin. The case is very thick, full, and believed to be unpolished with light surface scratches on the polished surfaces typical with wear. The brushing and hallmarks on the caseback and prominent and defined. There is a light scratch on the caseback near the opening tab, but the watch is very clean and accurately portrayed in the photos.

Dial: The extremely subtly brushed silver sigma dial provides the perfect backdrop for the applied rose gold indices and hands. It's such a joy to see the serif signature with accented Geneve now absent from current offerings. The dial appears free from any defects or flaws under magnification. There are a few very minor and extremely fine hairline scratches on the crystal that may be present at certain viewing angles, and the handset exhibits some mild oxidation.

Movement: The manually wound, Geneva Seal calibre 215 PS movement beats at 28,800 BPH, is winding and setting very smoothly, and running at approximately +2 s/d, averaged across 6 positions. Service history is unknown.

Includes: Outer box, inner box, serial matching hang tag, and Certificate or Origin indicating sale in 1992. The watch is offered on a meticulist Umber Brown Habana leather strap from Handdn in 105-65 (short) length and a generic rose gold buckle (in addition to the original buckle).

I absolutely love this era of Patek Calatravas because they represent so much value in the current market. Priced below most vintage references of which they're a direct descendent with less pitfalls and cause for concern in restoration and with more livable and modern construction, it's tough to think of a more compelling offering.