The Patek Philippe Nautilus enjoys “holy grail” status for many watch enthusiasts. This is especially true of the stainless steel three-hand models, which are the closest to the original designed by Gérald Genta in 1976. From the start, the Nautilus was anything but cheap. Patek even advertised the watch with the slogan “One of the world’s costliest watches is made of steel.” But in recent years, prices for the Nautilus have exploded, climbing to almost absurd heights. We’re talking about a relatively simple three-hand stainless steel watch with a date complication, by the way. So what makes the Nautilus so special that people are willing to spend a six-figure sum on one? Let’s take a closer look.
What’s behind the price of the Nautilus?
Patek Philippe is a long-established Swiss watch manufacturer, and considered one of the “Big Three” in the world of luxury watches alongside Audemars Piguet and Vacheron Constantin. Patek watches enjoy a great deal of prestige. Although this comes at a price, the quality on offer is at the very highest level. The manufacturer’s motto has always been “quality, not quantity.” Patek is committed not only to the highest quality materials, but also to the highest standards of workmanship. To achieve this, the horological behemoth itself has trained a large proportion of its almost 2,400 employees. Depending on the profession, this training can take several years, and comes at a high price. A watch brand developing its own calibers is also a lengthy and costly process involving high-precision production systems, some of which have to be developed in-house.
The pursuit of the highest possible quality also means that Patek has a relatively low production volume. The brand produces a maximum of 60,000 watches per year. By comparison, Rolex produces an estimated 1 million watches a year. This means that Patek Philippe watches are relatively rare and exclusive. Of course, these factors are taken into account when calculating the prices of the watches. All things considered, a list price of $34,890 for the Nautilus 5711/1A seems quite reasonable.
List Price vs. Market Price
Due to the small number of pieces that leave the hallowed halls of Patek each year, it is virtually impossible to obtain a Nautilus at the official list price. Waiting times of eight to ten years are the order of the day at authorized Patek dealers – assuming, of course, that you make it onto one of the waiting lists in the first place. The demand for Nautilus timepieces far outstrips the availability in brick-and-mortar stores, which is why many collectors and watch enthusiasts look to the open market to get their hands on a Nautilus. In accordance with the rules of supply and demand, prices here have always been above the list price, although for a period of time they were within the “normal” range. In August 2017, a Nautilus 5711/1A-010 with the iconic dark blue dial could be purchased on Chrono24 for less than around $37,000.
Prices have risen relentlessly since then. In August 2020, the average Nautilus price was already over $65,000. When Patek CEO Thierry Stern announced at the end of 2020 that the 5711 would be withdrawn from the brand’s range without a successor, a veritable hysteria ensued. Reports of record prices at auctions further fueled the urgency. Speculators who had identified the Nautilus as a lucrative investment with dream returns did the rest to add even more fuel to the fire. As a result, prices on the open market went from one all-time high to the next. In the meantime, the watch has changed hands for more than $200,000. And while the market has calmed down somewhat, at around $84,000, the 5711/1A-010 will still cost many times its list price at the time of this writing in the fall of 2024.
Does it have to be the 5711?
With all the hype surrounding the 5711, it can be easy to forget that the Nautilus collection has several other models to offer. Take the Nautilus 5726/1A-001, for example: This current stainless steel model with a gray dial has the classic Nautilus look and comes with an annual calendar and moon phase display– all for a market price of just over $88,000. The ref. 5726/1A-014 with a blue dial is also significantly cheaper than the 5711/1A at just over $128,000.
You can also find vintage models at interesting prices. One example is the Nautilus 3800/1A, which – as of October 2024 – can be purchased on Chrono24 for around $58,000. Patek produced this watch from 1980 to 1990. Unlike the 5711, the 3800 has a smaller diameter of 37 mm, making it an interesting choice for people with slender wrists. And then there is the successor to the 5711 with the reference number 5811/1G-001, which looks confusingly similar to its predecessor, but is a good millimeter larger and made of white gold. Patek uses the updated caliber 26-330 S C in the 5811/1G. In the fall of 2024, the price for this timepiece was around $145,000.
Summary
The Patek Philippe Nautilus has always been an expensive watch. This model features superb craftsmanship and the prestigious brand name of one of the world’s most respected watch manufacturers. However, low availability and years-long waiting lists at brick-and-mortar stores mean that the Nautilus is only available on the open market at a hefty price premium. Whether the watch is worth five or six times the official list price is up to you to decide.
