The Patek Philippe references 5120 and 5123 represent two elegant interpretations of the modern Calatrava, each reflecting the manufacture's commitment to timeless design while embracing contemporary proportions. Introduced during the 2000s, the ultra-thin 5120 is powered by the celebrated automatic Calibre 240 with micro-rotor construction, renowned for its exceptional slimness and refined finishing. The 5123, by contrast, is fitted with the automatic Calibre 315 SC, offering central seconds and a date display within a larger 38mm case. Together, they demonstrate two distinct approaches to the classic dress watch—one prioritising ultra-thin elegance, the other combining traditional styling with enhanced everyday practicality.

Produced in a variety of precious metals, including yellow gold, white gold, rose gold and platinum, the 5120 and 5123 each offer their own interpretation of the Calatrava aesthetic. The 5120 is admired for its graceful proportions, minimalist dial and beautifully sculpted lugs, making it one of the purest expressions of the collection. The 5123 introduces a more contemporary presence with its larger case and stepped bezel, bridging the gap between the traditionally sized Calatravas of the early 2000s and the larger, more modern references that followed. Together, they represent the evolution of the Calatrava into the twenty-first century while remaining faithful to the principles of elegance, restraint and exceptional craftsmanship.