Live pricing is coming soon. Get notified when it is available for this reference.
The Portofino Automatic 40mm is IWC's cleanest dress watch at the most accessible entry point in the lineup. Its slim case, restrained dial, and small seconds at 9 make it a legitimate alternative to Longines or Frederique Constant at a fraction of the Portugieser's price. Collectors who want IWC provenance on the wrist without the bulk of a pilot watch or the expense of the Portugieser start here.
IWC has offered Portofino dress automatics since the 1980s, but the current 40mm generation with the IW356504 reference settled into its mature form around 2019. The caliber 35111 is a modified Sellita SW300-1, which traces its own lineage to the ETA 2892. IWC rates it at 42 hours of power reserve with a frequency of 28,800 vph.
Dial variants across the line include silver, blue, and black, with the silver sunburst being the most requested. No significant references have been discontinued in this generation, though earlier Portofino rounds in 37mm and 39mm represent an older design language that some collectors prefer for its thinner bezel.
The Sellita SW300-1 base is not a secret, and some buyers feel the retail price is hard to justify for what is, mechanically, a mid-tier Swiss lever movement. Inspect the dial carefully: the Portofino's sunburst finish shows fingerprints and fine scratches from careless handling, and a marred dial is the most common discount reason on the grey market. Check the case for polishing.
The lugs on the 40mm are narrow enough that an overzealous polish rounds them quickly and flattens the brushed flanks. Bracelet wear is not an issue since the IW356504 ships on a leather strap, but examine the lug holes for wear if a prior owner used an aftermarket metal bracelet adapter.
New retail runs roughly $4,500 to $5,000 USD depending on dial color and strap. The grey market sits 15 to 25 percent below retail, making the IW356504 one of the easier IWC references to find under $4,000 in near-new condition. Blue dials carry a modest premium over silver, consistent with broader market preference.
The Portofino does not appreciate; it is a use-and-enjoy piece, not a store of value.
The caliber 35111 (Sellita SW300-1 base) is straightforward to service, and IWC recommends a service interval of around 5 years. Expect $400 to $700 USD at an independent watchmaker and $800 to $1,200 at an IWC service center, depending on whether seals and worn parts need replacement. The movement's common lineage means parts availability is better than for many in-house calibers.
Community + OSINT signals haven’t landed for this reference yet. We don’t publish a rating against zero signal — the number would mean nothing. Editorial body + caliber + market value still surface above; ratings appear once the signal corpus does.
The Portofino dial is thin and delicate; crack repairs on the silver or white dial are the highest-stakes cosmetic issue on used examples.
| Area | What to check | What is correct | Red flag |
|---|---|---|---|
| dial | Dial surface condition | Dial surface smooth and crack-free under magnification; no repaired or filled cracks; consistent lacquer finish | Hairline cracks visible under loupe; filled or repaired cracks; inconsistent lacquer surface indicating repair |
| caseback | Cal. 35111 ETA base movement | ETA base movement visible; IWC decoration applied; architecture consistent with Cal. 35111 | Non-ETA architecture; missing IWC decoration indicating service that removed finishing |
| case | Case condition and finishing | Polished round case in clean condition; correct lug proportions for 40mm Portofino | Case polished to remove scratches in a way that rounds the lugs; incorrect lug proportions from a different Portofino generation |
