And Just Like That, The Patek 5711 Is Gone

And Just Like That, The Patek 5711 Is Gone

But after we do, let’s start the engine of the speculation train. Surely the classic Nautilus isn’t leaving us forever. So what’s next? Likely a new reference number. Let’s throw some guesses for what it might be into the chat and see who wins when the new piece inevitably drops … maybe tomorrow, maybe next week, maybe next month. Only time will tell.

Introducing The New Patek Philippe Nautilus Ref. 5711/1A-014, Now With An Olive Green Dial

Patek Philippe has been making news with the Nautilus for several years. The biggest? That the 5711-1A-010 was going to be discontinued, as Cara Barrett reported in January of this year. Hot on the heels of that revelation, Patek Philippe has just announced that the 5711-1A-010 will be replaced by a new model, with a green dial – the 5711/1A-014, with a sunburst olive-green dial, and a version with the same dial, but with a diamond-set bezel – the ref. 5711/1300-001. Both models are in steel; both are 40mm x 8.3mm, and both are powered by the self-winding, central rotor caliber 26-330 S C J SE, with date, and with a silicon Spiromax balance spring. The 26-330 SC has been present in the Nautilus 5711 since 2019.

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Patek Philippe’s Green-Dial Nautilus Shatters Pre-Sale Estimates to Sell for $376,000

Earlier this month, this magazine spotlighted a new Patek Philippe Nautilus with an olive-green dial. We called it the hottest watch release of 2021. Now, a never-before-worn example of the watch has sold at auction, but not before shattering pre-sale estimates.

On Wednesday, the first green dialed Nautilus piece to reach auction from the Swiss watchmaker sold for $376,000 in Monaco. Sealed in plastic factory wrapping, Ref. 5711/1A-014 Nautilus was presented to bidders in Antiquorum’s Important Modern & Vintage Timepieces sale. The stainless-steel timepiece, which showcases a three-hand automatic movement, sold for 11 times its original $34,893 price tag. The watch’s final price is estimated to be $470,000, including the auction house’s 25 percent premium.

Introduced by Patek Philippe in April, the timepiece was released as a replacement for the watchmaker’s now discontinued Ref.5711/1A-010. The blue-dialed watch was met with high-demand before being discontinued, even though clients had been reportedly waitlisted for years to acquire the reference. To offset overwhelmingly high resell prices for the coveted Nautilus, the manufacturer released the olive green dialed version.

Like its predecessor, the new watch has become so popular that it is almost impossible to find. In fact, the piece is so sought-after that the sons of Patek Philippe president Theirry Stern couldn’t snag one for themselves. “Even my sons are asking, ‘Can I have one?’,” Stern told WatchPro in an interview. “But the answer is no. On the positive side, though, it’s part of the beauty and myth of Patek Philippe.”

Accented by luminescent hands and white gold hour markers, the eye-catching green dial delivers a striking contrast with the figure’s stainless-steel case and bracelet (both featuring satin brushing and polishing). The self-winding timepiece is also powered by a 26-330 S C mechanical movement and is water-resistant for up to 120 meters. However, perhaps what makes this watch such a hot commodity is the packaging that keeps it in mint condition.

In 2017, Patek Authorized Dealers were ordered to cease the supply of sealed watches to customers to prevent inflated resale prices. A retailer ignored this rule, and it’s reported that the watchmaker will likely take action once the dealer is confirmed. Pre-sale estimates for Ref.5711/1A-014 ranged from $60,000 to $180,000. Now that the timepiece has hammered down for more than double its high estimate, Patek Philippe may well have a new classic on its hands.

Why This $47,000 Patek Philippe 5711 Could Auction For Over $490K

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As Patek Philippe’s own advertising says, “You never actually own a Patek Philippe. You merely look after it for the next generation.” Or in the equally apropos words of Goldman Sachs Elevator, you merely look after it for your dickhead son. So why has a Patek Philippe 5711, one of the brand’s hottest watches, come up for auction only three months after it was first released?

The watch in question is the Patek Philippe Nautilus Ref. 5711-1A-010, a newly added model to the Nautilus collection with a beautiful olive green dial. This week, the auction house Antiquorum listed the first example of the watch for sale since its initial release back in early April – a sale that will effectively set the market price for this model in the future.

Featured in Antiquorum’s upcoming Monaco sale, estimates have placed the watch’s value between US$60,000 and US$120,000, which seems almost laughably low. For reference, the same model has been listed by a grey-market dealer with an asking price of US$363,600 (more than ten times the RRP). That’s nearly half a million Australian dollars for a watch that retails for less than $50,000.

RELATED: The Patek Philippe Nautilus Of Japan’s Most Notorious Yakuza Boss

What’s even more special about the watch offered by Antiquorum is that it’s still in the original factory sealed bag. This guarantees that the watch has never been worn, despite the fact Patek Philippe banned the sale of its watches with factory seals intact four years ago. This means whichever Patek Philippe Authorised Dealer sold the watch is likely to be blacklisted by the Genevan watchmaker from ever selling their wares again.

Yet another possibility is a now-blacklisted customer has made the sale through Antiquorum. Patek Philippe is renowned for selling their most desirable watches exclusively to clients who actually admire both the craftsmanship and history of the timepieces – not those simply looking to flip it for a massive profit. There are rumours of brands such as Patek Philippe and Rolex buying back their own watches at auction, in order to trace the owner through the serial number, and prevent them from buying watches from the brand ever again.

Antiquorum is understandably thrilled to be able to offer the watch, with CEO of Antiquorum Romain Réa stating:

“The Patek Philippe Nautilus continues to be one of the biggest bestsellers in watchmaking. An incredibly coveted and sought-after model, we are honoured and proud to offer for the first time at auction a Ref. 5711/1A in fantastic condition, which since its introduction in 2021 by the brand is already sold out everywhere.”

The green dial Nautilus was released on the back of the announcement that Patek Philippe would discontinue the same reference with a blue dial, news which caused prices to skyrocket on a watch that was already selling for multiple times its RRP on the second-hand market.

But how much will the olive green dial Patek Philippe Nautilus Reference 5711-1A-010 sell for at auction in Monaco later this month? It’s impossible to know until the hammer finally comes down, though you could confidently speculate that it’ll sell for more than its unsealed sibling, which has a price tag of US$363,600. Is US$400,000 out of the question? When it comes to the Patek Philippe Nautilus, absolutely not.

Check out the Antiquorum catalogue listing below and if you’ve just received a raise, maybe even register to bid.