Part Swinging Sixties, part Groovy Seventies, part Decadent Eighties, and entirely on-trend right now in 2024, the new Patek Philippe Golden Ellipse ref. 5738/1R-001 watch launched at this year’s Watches & Wonders marked the return of a very fancy bracelet to the collection. That’s the beauty of the seemingly simple Golden Ellipse watch — it’s the perfect canvas for Patek to flaunt its vast expertise in craftsmanship, whether gem-setting, enameling, champlevé, skeletonization, or in this instance, bracelet-making. We went hands-on with the latest rose gold Golden Ellipse to see if the 15 years it took Patek Philippe to develop the chain-style bracelet was worth the effort.

Sure, this watch is probably a little too “Studio 54” for some, but for those who revel in flashy things and love a watch that blurs the line with straight-up jewelry, this is quite the stunning option. Whether it’s to your taste or not, the workmanship that went into the chain-like bracelet is something to admire. It’s made of 363 parts including over 300 links, each one hand-polished and assembled piece-by-piece, also by hand. While the bracelet style is classic, its patented construction is thoroughly modern, allowing the wearer to lengthen or shorten the bracelet as necessary via the three possible notches on the clasp. This eliminates the pesky problem of old-school mesh bracelets. The engraving on the clasp surrounding the Calatrava cross that mimics the bracelet design is a lovely touch.

The resulting bracelet is superbly supple, and slides onto the wrist like a second skin — it may look fussy, but it’s a breeze to wear. Although the Golden Ellipse has been paired with chain bracelets in the past, such as the Reference 3548’s Milanese bracelet and the Reference 3605’s Polonaise-style bracelet, this is the first time the large-size Golden Ellipse (which debuted in 2008) gets a bracelet rather than a strap. In the metal, the bracelet is stunning. The repetitive chevron pattern that runs through demands long and thorough gazes, even if just to spot if there’s a kink in the chain — there isn’t, obviously.

Though the bracelet is the star here, its primary purpose is, of course, to keep the charming Golden Ellipse case in place. The case is identical to the leather-strap Golden Ellipse 5738R that was already in the catalog, which is to say it measures 34.5mm east-to-west, 39.5mm north-to-south, and a mere 5.9mm thick. The super flat profile pairs beautifully with the flat and bendy bracelet, and there are no lugs to interrupt the seamless connection. Like all Golden Ellipse watches, this one is exceptionally comfortable and perfectly poised to do all that “slipping under the cuff ” we watch folk always seem to talk about. But, in my opinion, with looks like these, it really shouldn’t spend too much time hiding under sleeves.

Unlike the intricate bracelet, the dial is characteristically simple. It features an ebony black sunburst background, setting the stage for the slender rose gold hands that point to a dozen applied rose gold baton hour markers. Powering those hands is the Caliber 240 ultra-thin self-winding movement, furnished with an off-centered 22K gold mini rotor that winds the watch to store a minimum of 48 hours of juice. However, you can’t see the movement in action since the Golden Ellipse is fitted with a solid rose gold caseback. A nice accent is the black cabochon-cut onyx set into the crown.

As good-looking as the Golden Ellipse 5738/1R-001 watch is, I would have much preferred it in yellow gold. That would just take it over the top and would be a true nod to the classic models of yesteryear. There’s something a little tiresome, trendy, or try-hard about rose gold, at least to my eye, but I’ll never tire of traditional yellow gold. Perhaps we’ll see that in a few years when Patek celebrates the 60th anniversary of the Golden Ellipse.

The rose Patek Philippe Golden Ellipse 5738/1R-001 is priced at $60,100 USD, significantly more expensive than its leather strap-clad counterpart’s $36,900 price tag. That’s over $23,000 for the addition of the bracelet, which is about on par with what you’d pay for a similar bracelet made by a renowned jewelry house. For more information, please visit the Patek Philippe website.