The Reference 5074 remains one of the most technologically complex and aesthetically appealing modern Patek Philippe wristwatches. In production from 2001 to 2005 in yellow gold, since 2005 in pink gold and in platinum since 2009, the return to market ratio is extremely small, indicating how deeply collectors are attached to this model.

Reference 5074 can be considered one of the most striking stylistic exercises by Patek Philippe. It seamlessly blends design traits inherited from vintage horology with modern solutions. The end result is breath-taking. The dial with its three subsidiary counters recalls the balanced design of mid-20th century perpetual calendars. The lugs as well are unmistakably inspired by the celebrated design of the Ref. 2499, with the outer top edge of each sculpted with a subtle groove. The broad stepped bezel, is a trait typical of modern horology, as is its impressive diameter of 42 mm.

It incorporates the legendary "Cathedral" repeating mechanism, consisting of a high-tone and a low-tone gong. When the chiming mechanism is activated, first the number of hours is struck by one of the two hammers on the low-tone gong, followed by the quarter hours with double strikes on both the low-tone and the high-tone gong, and finally the number of minutes which have elapsed since the last quarter-hour with one hammer on the high-tone gong.

The length of the gong in a standard repeating mechanism corresponds to almost precisely one turn in the movement whereas those of the "Cathedral" mechanism exceed the case circumference by at least one and a half, even two turns. Consequently, a much richer and fuller timbre is achieved, resembling the chime of the bells of a cathedral.

Elegant and modern, Ref. 5074 is a contemporary classic and highly popular amongst collectors.