It was a bittersweet moment: the recent launch of an olive green version of Patek Philippe’s stainless steel Nautilus watch simultaneously marked the discontinuation of the legendary timepiece, which boasts one of the most intriguing success stories in the world of luxury watches.
While the iconic Ref 5711-1A-010 with its graded blue dial has been discontinued, its successor, the 5711/1A-014, still has the characteristic rounded octagonal bezel, reminiscent of a ship’s porthole, and the same-sized case (40mm x 8.3mm), but its horizontally embossed face is olive green.
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To say the Nautilus 5711/1A – in any colour – is still eagerly sought after is an understatement. It is obsessively sought after. Dealers have 10-year waiting lists; even a deliberate 20 per cent price increase did not reduce enthusiasm. And though a famous early advert by the watchmaker declared an owner and his or her Patek Philippe were “inseparable for life”, a frenzied secondary market for the 5711/1A-010 took shape – and is still growing.
It’s been reported that the secondary market price rose by 50 per cent to US$95,000 following the discontinuation announcement. Models with a Tiffany & CO. stamp are even more highly prized – and priced. By way of comparison, the RRP for the new model is US$34,893, with a diamond-set version (Ref 5711/1300-001) retailing at US$92,624.
Patek Philippe’s lauded brand, combined with the equally admired designer Gerald Genta, ensured ready acceptance when 5711/1A was launched in 2006 to mark the 30th anniversary of the Nautilus.
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But its extraordinary popularity and the price it commands demand an explanation. On one level it is a self-perpetuating phenomenon. It was always a costly buy, marketed on its versatility as a sports watch with a restrained elegance that was socially acceptable. As it became harder to get, resale prices rose, giving the model an almost mythical status, which in turn led to even higher demand.
No Patek Philippe watch is a mass-produced item, however, and Ref 5711/1A is not unique in its scarcity. But again, demand created its own momentum, as people’s difficulty in obtaining the model only continued to make it more desirable. As a discontinued reference, it has also now acquired historical significance.
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The big question is: now that the 5711/1A s being discontinued, just how high can the price get? True collectors will not resell, reducing supply, while investors will buy at today’s price and hang on for future profit. Any Patek Philippe is a sure investment, but the 5711/1A buyer in particular can be confident of a strong ROI.
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