Patek Philippe Golden Ellipse Rare Handcrafts ref. 5738/51G-001 Review

The Patek Philippe Golden Ellipse is one of those watches that almost looks too simple until you spend some real time with it. First introduced in 1968, with its softly rounded case, the Ellipse has always been about proportion more than ornamentation. It isn’t a round watch, but it isn’t quite a rectangular watch either. It sits in its own little niche corner of the Patek Philippe catalog, ready for those who discover it to fall in love with its charming silhouette. 

The ref. 5738/51G-001 takes that familiar shape and gives it a far more decorative, artisanal character. This Rare Handcrafts version of the Golden Ellipse is housed in 18K white gold and measures just 34.5mm across, and 39.5mm from lug to lug. It manages more presence than the on-paper measurements might suggest, though, thanks to the combination of the shape and attention-grabbing dial. At just 6.58mm thick, it still wears like a proper dress watch, too. 

A Rare Handcrafts take on a Patek icon 

The dial is really the front-page story here. Instead of the clean sunburst dial most people associate with the Golden Ellipse, this reference uses a black champlevé enamel dial made from an 18K gold plate. The dial is hollowed out to hold the black Grand Feu enamel, while the remaining raised gold surfaces are hand-engraved with arabesques and volutes. It’s ornate, for sure, but not so much that it overwhelms the watch. 

There are some lovely smaller details to capture your attention as well, if you can tear your gaze away from the dial, such as white gold cheveu-style hands, a glossy black alligator strap, and a crown set with a black onyx cabochon. Inside is Patek’s ultra-thin self-winding caliber 240, a movement known for its slim architecture and 22K gold off-center mini-rotor. 

This example is offered unworn with its Patek Philippe box and papers dated 2025, along with the Patek Philippe Rare Handcrafts Certificate of Authenticity. The standard Golden Ellipse is already a niche Patek Philippe choice. In Rare Handcrafts form, it becomes something much more special, much harder to come across, and much harder to say no to!