Patek Philippe opens Milan exhibition with seven Italian-market limited editions
Patek Philippe unveiled seven limited-edition watches reserved for the Italian market on 1 October 2026, as its seventh 'Watch Art' Grand Exhibition opened in Milan to the press; the exhibition opens to the public on 2 October and runs until 18 October 2026. It is held at CityOval, the former Palazzo delle Scintille, in the CityLife district, with free admission and reservations recommended. Between them, the seven references total 685 watches, and each is marked with the inscription 'Patek Philippe Milano 2026' on its case back.
The headline release: ref. 5978P-010
The centrepiece is the Instantaneous Perpetual Calendar Chronograph ref. 5978P-010, a 42 mm platinum watch of which 120 examples will be made. It is the first Patek Philippe to combine the brand's manually wound chronograph — the CH 29-535 family introduced in 2009 — with its instantaneous perpetual calendar mechanism, in a new calibre called the CH 29-535 PS QI. The movement has 500 components and 33 jewels; the four calendar indications change together in about 30 milliseconds, and the power reserve is quoted at 55 to 65 hours with the chronograph disengaged.
The dial is navy blue with a textured centre and a black gradient rim, and the day and month displays are in Italian; red-varnished hands serve the chronograph. The reference continues a line of Patek Philippe perpetual calendar chronographs that began with the ref. 1518 in 1941 and runs through the 2499, 3970, 5970 and 5270. Monochrome Watches reported the price of the 5978P as €318,100 including taxes; prices for the other six are available on request.
The other six: five-piece runs and a steel Aquanaut
The remaining six references range from rare handcraft to the only steel watch of the group:
- Minute Repeater ref. 7047G-010 — five pieces in white gold, with a red-lacquered dial and a red alligator strap; the smallest run of the seven.
- World Time Minute Repeater ref. 5531G-012 and ref. 5531G-013 — five pieces each; both carry hand-executed cloisonné enamel dial centres showing Milan by day and by night, with the city names in Italian.
- Perpetual Calendar ref. 7147G-010 — 100 pieces in white gold, with a green-lacquered dial and the ultra-thin calibre 240 Q.
- Calatrava ref. 7007G-010 — 200 pieces; a white-gold date and centre-seconds watch, and the simplest of the group.
- Aquanaut ref. 5167A-014 — 250 pieces, and the only steel case of the seven, with a blue gradient dial, a red minute track and a red seconds hand.
All seven are reserved for the Italian market, continuing the pattern of past Grand Exhibitions — six limited editions in Tokyo in 2023, six in Singapore in 2019 and nine in New York in 2017. Fratello Watches reported that more than 45,000 people had registered for the Milan edition before the public opening; the six previous exhibitions drew around 225,000 visitors between them.
What it means if you are buying or selling
For buyers, the Milan releases underline where the supply of modern collectible Pateks is concentrated. The seven watches will be allocated in Italy, and editions of this kind tend to stay close to their home market once sold, so the direct effect elsewhere is limited. What travels is attention, and it usually settles on the references nearest the news: here, the Aquanaut line on one side and Patek Philippe's perpetual calendar chronographs on the other. The new calibre is the part of the story most likely to matter over time, because it merges two mechanisms the brand has developed separately for years.
For sellers, a milestone reference is a useful moment to take stock of what you hold. Patek Philippe's complicated watches have a following that rewards knowledge, and value turns on the specific piece — reference, condition, completeness and history — checked against current market conditions rather than a launch headline.
The exhibition itself runs at CityOval in Milan until 18 October 2026, free to enter with a reservation; more than 500 watches and objects are on show, and watchmakers and artisans give demonstrations throughout. For anyone weighing a purchase or a sale closer to home, the sensible first step is the same: know what the specific watch is worth before you decide anything.
Sources
- Patek Philippe — 'Watch Art' Grand Exhibition Milan 2026 (official site) — www.patek.com/en/manufacture/inside-patek-philippe/watch-art-grand-exhibitions/milan
- Monochrome Watches — First Look: The Patek Philippe 5978P-010 Instantaneous Perpetual Calendar Chronograph Limited Edition Milano 2026 (1 October 2026) — monochrome-watches.com/patek-philippe-5978p-010-instantaneous-perpetual-calendar-chronograph-limited-edition-milano-2026/
- Fratello Watches — Patek Philippe Unveils Seven Italian Exclusives (1 October 2026) — www.fratellowatches.com/patek-philippe-unveils-seven-italian-exclusives
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