Recently, the final(!) version of Patek Philippe's "famous" 5711 Nautilus model was sold for 5,350,000 USD at the auction held at Phillips Auction House. The amount that the buyer will pay is 6,503,500 USD, including the fees. So how did this particular watch become the 8th most expensive watch sold by auction?
Astonishing prices, a fairly ordinary-looking watch (at least by Patek Philippe standards), depressing speculations, and much more... To explain what is happening in the world of watches, it is necessary to leave aside a logical approach. Before I begin the story of Nautilus mentioned in the paragraph above, I would like to consider the picture from a wider perspective. Not long ago, the 5711 Nautilus model, which could be bought without a waiting list and even with discounts over the list price 10 years ago, has received an extraordinary amount of attention in recent years. Somehow, the 5711 model, which is not made of precious metal, has no other feature other than to show the time and date, and which we can describe as a luxury but entry-level model, must have been greatly influenced by the social media and the speculations by gray market dealers, that it suddenly became extremely popular. On top of that, Patek Philippe's announcement that it will no longer produce this model made the situation even more chaotic. Then the blue went away, and the green came. The watch, which was announced to be produced in a limited number of 1300 pieces, was affected by the new green trend of recent times and was declared as the new king with its astronomically high resale value. If you are already familiar up with it here, let's continue from the background.
Patek Philippe CEO Thierry Stern says; “I cannot accept that our brand has become synonymous with only one model family, so we have decided to end production of the 5711.” The meaning behind this sentence can also be “we are tired of gangsters with diamond teeth visiting our boutiques instead of stylish gentlemen, we want to go back to our essence”. The juxtaposition of the words limited edition, stainless steel, and Patek Philippe is enough to raise the pulse of the average watch lover. When it comes to Nautilus, the situation is different.
After all, the situation created by this special model, 5711 Tiffany & Co., is exactly that; more like a heart attack. If you say "But, the production of the 5711 was finished", I ask you to be patient a little longer. As you go deeper into the subject, the number of shocking occasions increases considerably.
Founded in 1837 and opening its first shop on 5th Avenue in New York, Tiffany & Co. is also one of Patek Philippe's most exclusive sellers. The “Tiffany & Co.” inscription, which was added to the dials of some watches sold through Tiffany boutiques, is received with great sympathy by many watch lovers and collectors. The 5711, which means Nautilus' jubilee and is produced with Tiffany & Co.'s famous turquoise blue dial, was produced in a limited edition of only 170 pieces, to be sold only in Tiffany & Co. boutiques. The number 170 was of course not decided by chance, the models are dedicated to the 170th anniversary of Tiffany & Co. The watches will be brought to their fans only through Tiffany boutiques in America. Thierry Stern must be aware of what a valuable product he has created, and he can't help but add that "I hope Tiffany executives will take care of who these 170 watches will be sold to". As for how to choose the lucky people who will have this watch; There is a famous saying: money attracts money. Yes, you must have purchased millions of dollars from Tiffany & Co. before. I'm not talking about 3-5 million, I'm talking about millions where zeros lose their importance.
Now we come to the funniest part of the story. Phillips Auction House is creating a unique opportunity for mortals who have not made a million-dollar purchase from Tiffany & Co. and says it will only auction one 5711 Tiffany model. The auction process of the watch, which lasts 14 minutes and 39 seconds, starts at $20,000 and ends at $5,350,000. The situation is also strange for other Nautilus models sold at auction. It's impossible to find a Nautilus under $200,000. Link for those who want to review other watches:
https://www.phillips.com/auctions/auction/NY080121
I wonder. What is the logic for paying a product more than 123 times its 52,635 USD retail price? Is this what the watch collecting is all about? In return for the harm done to real watch lovers by the senseless rising prices, do the millions entering the pockets of brands and dealers make things more exciting? How realistic are the mentioned price values? How does the gray market reach this abundance when the dealers and boutiques do not have the watches? I wonder if this artificial increase allows someone to earn unfairly large incomes? How can the watches sold in the auction reach unimaginable figures while the others available in the gray market cannot find customers despite their lower prices? Or is it all just an illusion?
While I like watches with dials in black, white, and intones between these two colors, I can't help but express my admiration for 5711 Tiffany, who makes me turn to more colorful models. In addition to the perfect proportions of the watch as a whole, the eye-catching turquoise dial and, most importantly, the dark gray/black framed hands and indices have a great deal of effect in this admiration.
