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The Lugs That Stole The Show.
You know that feeling when you’re deep in reference numbers and suddenly one stops you?
That was the 2431 for me.
Produced between 1948 and roughly 1955, this reference came from a period when Patek Philippe, still in Stern family hands as it is today, allowed themselves room to experiment. The catalog from that era shows a willingness to shape cases with personality. Not every piece had to be a repeatable formula. Some were simply beautiful objects first.
The flame lugs are what make this watch.
They twist, flare, and turn in a way that feels carved rather than stamped. When I look at them, I’m reminded of my uncle’s antique furniture shop. I grew up watching him make and restore old armrests and crown moldings, sanding and shaping wood until the curves felt alive again. These lugs carry that same feeling. They aren’t decorative for the sake of it. They have intention in their form.
The case measures 34mm, which in the early 1950s sat firmly in the “large” category. Today it still feels contemporary, and because of the way the lugs extend and curve outward, the watch wears larger than the number suggests. On the wrist, it has presence in a way that’s hard to capture in photos.
This example is the second series, fitted with the upgraded caliber 12-400. The earlier series carried the 12-120, but the 12-400 brought technical refinement and remains highly regarded. Production of the 2431 lasted only a short window, and second series examples appear less frequently, making this configuration especially appealing for collectors who pay attention to these details.
The 18k yellow gold case was made by Emile Vichet, identified by the Geneva Key 9 stamp inside the caseback. Vichet is one of the more respected case makers Patek worked with, and the execution here supports the sculpted lug design beautifully. The head of Helvetia hallmarks remain deep and visible, one on the lower crown side and another beneath the lug, something you don’t always find this defined on a watch of this age.
The dial is classic mid-century Patek. Silvered surface, applied baton markers, an applied Arabic 12 at the top, and a small seconds register at six. Slim stick hands and a clean minute track keep the layout balanced. It’s composed, and it lets the lugs lead.
The crown is generously sized and satisfying to wind. Engaging the manual-wind 12-400 each morning feels like part of the ownership experience rather than a chore.
It comes fitted on a new leather strap with a period-correct gold-plated AW buckle, keeping the overall presentation consistent with the era.
For collectors who appreciate case design as much as movement, the 2431 stands apart. It’s a reminder that sometimes the smallest detail can define an entire reference.
And here, that detail is everything.
Overall condition is very good for its age, showing honest wear and retaining strong original lines throughout.
The 18k yellow gold case remains full with visible definition to the flame lugs and deep double hallmarks on the crown side and beneath the lug.
The silvered dial is clean and well-preserved with applied baton markers, Arabic 12, and a small seconds register at six, showing light, even aging consistent with the period.
The hands are correct slim stick style, and the crystal is clear with minor signs of wear consistent with age.
The watch is fitted on a brand new leather strap with a period-correct gold-plated AW buckle.
The manual-wind caliber 12-400 movement is running well at the time of listing.
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