Entrepreneur Massimo Moratti spotted wearing a Patek Philippe

Massimo Moratti, the Milanese industrialist best known for leading FC Internazionale to a historic treble under José Mourinho in 2010, was recently spotted wearing a Patek Philippe Annual Calendar reference 5146G — a watch that matches his reputation for substance over spectacle.

The ref. 5146G houses Patek Philippe's calibre 315/1 IRM QA LU, a self-winding movement beating at 21,600 vph with a 45-hour power reserve. The annual calendar mechanism — patented by Patek in 1996 and introduced to the public at Basel that same year — reads the varying lengths of each month via a cam-and-lever system, correcting itself automatically through every month except February's 28-day anomaly. The 5146G adds a moonphase display to the complication suite, calibrated to deviate by just one day every 122 years. The 39mm white gold case frames a warm cream dial with applied yellow gold baton indices, giving the watch a quietly classical character that sits apart from the sportier steel references favoured by a younger collector generation.

Among Patek Philippe's annual calendar references, the 5146 occupies a respected middle ground. It predates the sleeker 5396 that eventually succeeded it in the catalogue, and collectors prize the 5146G for its warmer aesthetic — the cream dial in particular ages gracefully and photographs beautifully at auction. First introduced in the early 2000s, the reference built a loyal following before being discontinued, which has since consolidated its desirability on the secondary market.

Moratti, now in his late seventies, has led Saras — one of Europe's largest independent oil refiners — since stepping back from Inter in 2013. A man of considerable inherited and self-made wealth, his watch choices have consistently skewed toward Geneva's most prestigious manufacture rather than flashy independent brands. The 5146G is exactly the kind of piece a serious collector wears daily without needing to explain it.

On the grey market, white gold examples of the 5146G in good condition regularly command premiums above the original retail price. The combination of a discontinued reference, precious metal case, and double complication keeps demand firm among both Patek specialists and broader complications collectors.