Watch Paparazzi

Entrepreneur Philippe Donnet spotted wearing Patek Philippe

Philippe Donnet, the chief executive of Assicurazioni Generali, one of Europe's most powerful financial institutions, was recently spotted wearing a Patek Philippe Annual Calendar reference 5396/1R-010 — the discontinued rose gold version paired with an integrated solid gold bracelet. It is a sighting worth pausing over, not for its ostentation, but for its rarity.

The 5396 series sits at a sweet spot in the Patek Philippe catalogue. Launched in 2003, the reference introduced the Annual Calendar complication — patented by Patek in 1996 — in a more classical, dress-oriented case than the larger 5146. The 38mm 18k rose gold case houses Caliber 324 S QA LU, a self-winding movement beating at 28,800 vph with a 45-hour power reserve. The complication recognises the difference between 30- and 31-day months automatically, requiring just one manual correction per year, on March 1st. The silver dial on the 5396/1R-010 presents subsidiary registers for day and month at 10 and 2 o'clock, a date aperture at 6, and a classic moon phase display — all rendered with characteristic Patek restraint.

What makes the 5396/1R-010 particularly significant is the integrated rose gold bracelet, a configuration that Patek Philippe has since removed from production. Integrated metal bracelet versions of complicated dress watches from Geneva's most prestigious manufacture are rare by definition, and discontinued ones rarer still. Collectors have taken note: the bracelet variant commands a meaningful premium over leather-strap equivalents on the secondary market, driven by scarcity and the difficulty of sourcing replacement bracelet links through official channels.

Donnet's choice is consistent with his profile. As CEO of Generali since 2016, he operates at the intersection of European finance, institutional diplomacy, and quiet power — exactly the context in which a restrained but deeply knowledgeable watch choice reads loudly to those paying attention. The 5396/1R-010 projects neither flashiness nor indifference. It signals connoisseurship.

At a list price of approximately €64,390 at discontinuation, the 5396/1R-010 now trades on the grey market at a notable premium, reflecting both the appeal of the rose gold case and the irreplaceable integrated bracelet configuration. For collectors seeking a dress watch with genuine mechanical substance and a verifiable exit from production, this reference remains a compelling, if increasingly elusive, acquisition.