Is The Latest Patek Philippe Golden Ellipse Ref. 5738G-001 The Greatest?

When the dress code says, “casual chic,” what do you wear? “Not an eggplant-colored suit” is my first thought. I saw it once during an opening cocktail of a grandiose watch event, and the combination with white sneakers didn’t make it any better. Would an elegant, slim dress watch have saved the overall look? It could have, but not if the watch had been the then-unreleased Patek Philippe Golden Ellipse ref. 5738G-001 with its sunburst olive-green strap and matching strap. It would only have emphasized the “vegetable chic” look. Still, green dials are on the rise and slowly but surely making their way into dress watches. And now the chicest dress watch of them all shows up in casual green. Is it the coolest ever? Or is that the smaller ref. 3738/100G-014 perhaps?

The launch of the Patek Philippe Golden Ellipse ref. 5738G-001 “Jumbo” and the smaller ref. 3738/100G-014 was certainly not the buzz of Watches and Wonders 2026. But the watch did catch my attention immediately. Why? Because of the sunburst olive-green dial, but mostly because of the matching shiny green calfskin strap and, particularly, the contrasting cream stitching. While 2026 is the 50th anniversary of the Nautilus, it’s also the year of contrasting stitching at Patek Philippe. Almost every strap-equipped novelty features contrasting stitching, whether the watch is sporty, dressy, or complicated. Everything should be done in moderation, I believe, and the same goes for contrasting stitching. Yes, it works on the denim-style Annual Calendar Moon Phases ref. 4946G-001 and on the sporty Split-Seconds Chronograph Perpetual Calendar ref. 5204G-010 with its blue dial and red hands, but on a Golden Ellipse?

The divinely proportioned Patek Philippe Golden Ellipse ref. 5738G-001

Let me put it this way: having a green Golden Ellipse with a green strap featuring cream contrasting stitching is like wearing white tennis shoes with a suit. And a lot of people don’t have a problem with that. I saw plenty of proof of that during Watches and Wonders 2026, the salon in Geneva where Patek Philippe presented the latest iterations of the Golden Ellipse. So while the harsh contrast is not my taste, I will set my objections aside and take a closer look at the ultimate dress watch in a new color. But first, let me provide a bit of perspective.

The design of the Golden Ellipse, which debuted in 1968, is based on the “golden section.” The divine proportion based on the ratio 1:1.6181… is the foundation of the elliptical case, a shape that merges a circle and a rectangle. The Golden Ellipse was popular throughout the 1970s and ’80s, and it became an emblem of elegance. The collection’s popularity was such that, by the late 1970s, the watch was offered in no fewer than 65 variations. Dials ranged in color, adorned with either applied hour markers or Roman numerals. Buyers could pair their watches with different types of bracelets — braided, chain-link, or Milanese — as well as leather straps.

For women, the collection included jewelry and Haute Joaillerie interpretations. The design even extended beyond timepieces, inspiring a series of luxurious accessories, including cufflinks, rings, and lighters. In case you were wondering, there were also Golden Ellipse pocket watches. The ref. 874 was launched in 1976 and remained in production through the early 1990s, with extremely limited numbers in different precious metals.

The dress watch of the future

A little while back, I wrote an article titled “Imagining The Dress Watch Of The Future,” and the new olive-green Golden Ellipse would have been it if it were released earlier. It would fit right in, although I still think it would look better with ton-sur-ton stitching. The Golden Ellipse is a role model and an inspiration, as becomes clear from recent creations like the Serica 1174 Parade and the Raymond Weil Toccata Heritage. These creations give you a Golden Ellipse kind of vibe at a fraction of the price. Still, they’re not the real deal. That honor goes to the Golden Ellipse. The new ref. 5738G-001 comes in a polished white gold 34.5 × 39.5 × 5.9mm case, making it the thinnest watch in the Patek collection. This is the “Jumbo” case size introduced in 2008 to celebrate the Golden Ellipse’s 40th anniversary.

The 18K gold dial sunburst shimmers like the 1970s all over again, but the olive-green hue gives it a contemporary twist. The minimalist white gold applied baton-style hour markers and white gold cheveu-style hour and minute hands tell the time. And speaking of minimalist, the strap closes with a white gold prong buckle, keeping it simple and elegant.

Golden Ellipse ref. 3738/100G-01

The all-metal case back is also simple. This watch is more of an ornament, piece of jewelry, or a style statement than a display of technical watchmaking capabilities. Consequently, you can’t see the automatic caliber 240, the same movement Patek put in the 50th-anniversary Nautilus models. The 2.53mm-thick 3Hz movement features a 22K gold micro-rotor and a Gyromax balance with a silicon Spiromax balance spring. Comprised of 161 parts, it offers a minimum power reserve of 48 hours and is adorned with the Patek Philippe Seal.

Patek Philippe Golden Ellipse ref. 3738/100G-014

Perfect proportions on the wrist

Yes, the Golden Ellipse uplifts your look. I would replace this strap with a custom-made green lizard-leather one, but that aside, the watch is an iconic style icon that looks the part. There’s something very special about the shape in combination with the slimness and the sober dial layout. You immediately fell chic when strapping on a Golden Ellipse, no matter how casually you’re dressed. Having said that, you need to dress up a little bit when wearing this watch. I feel it’s a show of respect for this 58-year-old “gentleman” that doesn’t seem to age and feels the beat of current times. Great style comes at a price, though. The white gold ref. 5738G-001 costs €40,500 / US$43,011 / CHF 34,400.

Golden Ellipse ref. 3738/100G-014

To answer the question in the headline, no, I don’t think the olive-green ref. 5738G-001 is the greatest Golden Ellipse ever. If it were up to me, the award would go to the platinum ref. 5738P-001, a watch that looks great with denim and a blue pinstripe suit. By the way, if you prefer a smaller version at an ever-so-slightly lower price, the Golden Ellipse 3738/100G-014, with the same shades of green, the same caliber 240, and a 31.1 × 35.6 × 5.9mm case, costs €38,200 / US$40,511 / CHF 32,400.

What do you think of the olive-green Patek Philippe Golden Ellipse ref. 5738G-001 or the ref. 3738/100G-014, for that matter? Is it the contemporary version you have been waiting for? And do you consider the Golden Ellipse the pinnacle of dress watches? Please let me know in the comments.