Patek Philippe Annual Calendar 5396 review: worth it or skip?

What the Patek Philippe Annual Calendar 5396 does well

The headline: annual calendar with moonphase. The details: Case: 38.5 mm gold; Movement: 324 S QA LU 24H; Water resistance: 30 m; Power reserve: 45 hours. In our list it is the pick for: useful complication. It usually sells for $52,000–$60,000 in the US.

Classic.

The trade-offs

Good: useful, superb. Not so good: pricey. Read the skip-if line before you spend: skip it if you want simple.

What to buy instead

Instead, consider the A. Lange & Söhne Lange 1 ($42,000–$48,000): off-center dial with outsize date. Better if you want the German icon.

Instead, consider the Breguet Classique 7137 ($40,000–$46,000): 7137. Better if you want Breguet.

Instead, consider the Vacheron Constantin Patrimony Moon Phase ($40,000–$46,000): patrimony moonphase. Better if you want elegant complication.

Before you buy

Thickness: a true dress watch is under about 10 mm and slips under a shirt cuff. Size: 36 to 40 mm suits most wrists and looks classic; larger dress watches look oversized. Strap: a quality leather strap and deployant buckle complete the look; budget for spares.

Buyer tip

Grand Seiko, Longines and Nomos give the best dress-watch quality for the money; the great Swiss houses are about finishing and heritage.

Buying in Europe: authorized-dealer prices for Swiss watches are set per country and include VAT; a watch bought in Switzerland or the EU carries the same international warranty as one bought in the US. Grey-market and pre-owned prices are often quoted in euros or Swiss francs.

Luxury prices move in a different rhythm from everyday shopping. The great houses (Chanel, Hermès, Louis Vuitton, Dior, Rolex) raise prices once or twice a year, often in January and in spring, and almost never discount their icons. Seasonal pieces, colors and many shoes, coats and knitwear drop 30–50% in the end-of-season sales in January and from late June. Watches from brands such as Omega, TAG Heuer, Longines and Breitling, and most fragrance, see the best prices around Prime Day and Black Friday. Judge any deal against the usual price we show.

Buy from the fashion house, an authorized retailer or a reseller that authenticates and guarantees every piece, and keep the receipt, the dust bag, the box and any warranty card: they matter for repairs and for resale. Swiss watches carry a 2- to 5-year international warranty when bought from an authorized dealer, and buyers in the EU and UK also have a legal guarantee of at least two years on new goods.