Not all images were able to load for printing. Please close the print window and try again. Antiquorum Auctions a Patek Philippe Nautilus 5711 Green Dial For… EUR 320,000
Yet another proof that the market is going wild...
Most watch enthusiasts are certainly aware of the current situation in the luxury sports watch field, with the most emblematic models of the category – namely the Nautilus and the Royal Oak Jumbo – reaching incredibly high prices on the second-hand market. As for the topic of the day, we’ll be talking about a unicorn, the recently introduced and already ultra-coveted Patek Philippe Nautilus 5711/1A-014, with its desirable olive green dial. A watch that is almost impossible to obtain from retailers and boutiques, and that is already undergoing extreme speculation. And as yet another proof of this insane situation, Antiquorum has just auctioned such a Green Nautilus 5711, reaching a price of EUR 320,000 (before fees).
A model introduced in 2006 for the 30th anniversary of the model, and the most classic version of this icon of the luxury sports watch with a time-and-date automatic movement and blue dial, the Patek Philippe Nautilus 5711 is undergoing impressive speculation, almost reaching 6-figure prices on the second-hand market – for a watch that was officially priced below EUR 30,000. The situation didn’t evolve in the right direction when Thierry Stern, President of the watchmaking company, announced that the emblematic blue dial model was about to be discontinued, of course enhancing the volatility of the market. The biggest news came a few weeks later, during Watches & Wonders 2021, when the brand launched what will be known as “the final edition” of the model, before its replacement comes next year. This watch, the Patek Philippe Nautilus 5711/1A-014 Olive Green dial, is known to be produced in very limited quantities, for a limited period of time and assigned to highly selected customers, with enough track record at Patek to be trusted to acquire one with the intention to keep it…
But the market for the Patek Philippe Nautilus 5711 is currently reaching astonishing levels and, despite all the precautions that Patek Philippe must have taken when assigning these green 5711, one of the happy-few collectors might have thought he could cash-in. To the surprise of many, Antiquorum indeed listed a brand new, plastic-sealed (thus unworn) example of the Green Nautilus 5711 as part of the Monaco summer auction that just occurred a few minutes ago. No need to mention that both the watch and the previous owner are referenced at Patek Philippe, which probably won’t appreciate this situation and will certainly react with actions against this collector (needless to say, he probably will never be able to buy a Nautilus anymore). But this isn’t the topic of the day.
What matters is the auction and the price achieved by this pristine example of the Patek Philippe Nautilus 5711/1A-014 Olive Green, which just sold for the price of EUR 320,000 (before fees) under the hammer of Antiquorum. Keep in mind that we’re talking about a watch that retails for EUR 30,400. That makes close to 11 times the official price of the watch, or a premium of close to 1,000 percent. Yes, you read well, there are no typos.
What to think about this? To each his own and some will certainly think that this situation is enjoyable or perfectly normal. We, at MONOCHROME, still think that this speculation around watches such as the Royal Oak Jumbo (also due to be replaced next year), the Rolex Daytona and, of course, the Patek Philippe Nautilus is killing the market, which isn’t there anymore to serve proper watch enthusiasts but only “flippers” and so-called investors with zero interest in what this watch actually represents in terms of watchmaking and history.
Images of the watch by Antiquorum.
12 responses
It’s very unfortunate but not surprising that the luxury watch market has turned into a flippers paradise. I think it’s safe to say that these individuals have no appreciation of a luxury watch as a creation by dedicated craftspeople who have devoted hours of their time and to some extent their personality into bringing these horological marvels to life. It’s all about the fast buck.
We, at MONOCHROME, still think that this speculation around watches such as the Royal Oak Jumbo (also due to be replaced next year), the Rolex Daytona and, of course, the Patek Philippe Nautilus is killing the market, which isn’t there anymore to serve proper watch enthusiasts but only “flippers” and so-called investors with zero interest in what this watch actually represents in terms of watchmaking and history
I agree.
“This watch, the Patek Philippe Nautilus 5711/1A-014 Olive Green dial, is known to be produced in very limited quantities, for a limited period of time and assigned to highly selected customers, with enough track record at Patek to be trusted to acquire one with the intention to keep it…”
Not sure how the PP or its authorized dealer allotted such a timepiece to its “highly selected customer” which ended up in an auction NIB, at the expense of genuine buyer.
The market IS crazy right now, but when it comes to Patek…well, just let this snippet from 20 years ago remind us of the once-open secret that seems to have been forgotten:
“Patek Philippe in turn regularly bids on and spends millions purchasing watches at auction to keep prices and scarcity high…”
Carlos Perez, 2001
On the one hand it is a free capitalist market, so those involved are free to flip, sell and profit to their heart’s content. As someone, however, who has been collecting for over 20 years now it fills me with great sadness that we have to put up with this market. The Nautilus is not my favourite watch, but I would gladly add it to my collection to appreciate it for what it is – the engineering, history, etc. Never in a million years would I pay this for it though and shame on those involved in this unscrupulous supply chain.
20 years (even 10) ago a visit to my AD was a pleasure- one where I was able to express my genuine interest and handle the models before buying. Now I have to continue to prove I am worthy and thank them for putting me on a waiting list – which I do, but this is as far as I will take the game. Such a pity to ruin a fine hobby.
When the information about making money anywhere gets public, it attracts these people while the real collectors are pushed out! Happened to the car market, sneakers etc.
Fortunately, the watch market is very broad and diversified. Plenty of choice in all price ranges and quality ranges. Leave the big guys behind and focus on smaller brands and what they offer. You will be pleasantly surprised!
I have loved Patek Philippe for over 20 years, owning these “green” watches, paying them 10 times, makes the owners ridiculous. When they realize that the real Pateks are others … they will bite their fingers. The truly rare Nautilus are others, such as the 3700 unique piece for Willy Engel, the beautiful 3711g in white gold the only one with the black dial, the 5712T unique piece in titanium, the few pieces of the 3700G in white gold, the only three pieces 5712GR products to the world for Tiffany. In the end, the Passion depends on Knowledge, those who know and love Patek will never spend money like this for a normal watch. Anyone who pays 10 times for this watch proves that they do not know and love Patek Philippe
“Anyone who pays 10 times for this watch proves that they do not know and love Patek Philippe”
….. or
Perhaps they love them too much?
The dichotomy between the emotions and hard economic reality spares no realm of human endeavor, including horology. It is a very personal experience, difficult to share, but it does lend to judgment of unseen others.
@Adriaan Veltema – totally agree and that’s why on MONOCHROME we tend to cover as many brands as possible, because there’s much more to discover than the 4 or 5 usual suspects!
I don’t believe that it is wrong to sell it. Collector who actually get allocated lose hundreds of thousand dollar on other piece and selling it to finance other watch such as grand complications is logical choice to do. Non VIP probably don’t understand Patek way of choosing customer. It takes time, appreciation and collecting of so many model over the year. As for me I like nautilus I own 3700 so all other is just a nautilus which is over price. The only other model I like is 5976 and 3710. The rest if I get I’ll resell for 5270 skymoon or 5231😂
Price is not insane just Greed!