Patek Philippe Nautilus, never ending
Between the announcement of ref.5711's termination and its actual disappearance from the Patek Philippe catalog, this model has reached its peak
When a massive star dies, it triggers a type of light and heat known as a supernova. Very bright, the phenomenon spreads over a long period of time to disperse its energy. The much-touted retirement of the Patek Philippe Nautilus ref.5711 stainless steel watch created such an event. Recently, the ultra-speculative watch has been trading at 10 to 15 times its official retail price. For cultural and industrial reasons, the brand has resisted increasing production to meet surging demand. It's gotten to the point where the models cannibalize the brand image, which isn't just a sports watch made of steel, though it's definitely a cult watch. To turn things around, Patek Philippe president Thierry Stern announced in late January 2021 that the model would be retired from the collection by the end of that year. In fact, when the 2022 price list is released, the 5711 will no longer be featured. Between the two events, speculation went wild, fueled by a certain number of communication points that the brand carefully rotated.
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First, Patek Philippe gave the impression that they were killing the golden goose. Confused #1. This was a huge disappointment for everyone on the waiting list. Confused #2. When they announced their retirement, they didn't specify a timetable. Uncertainty #1. They did not announce a replacement. Uncertainty #2. Also, they didn't specify that another Nautilus would be maintained. Acuity #1. But most importantly, they made Nautilus a big hit with their last batch of new variants. Acuity #2.
After infusing all the ingredients that could spark a speculative boom, the brand has launched several limited editions that add to the appeal and scarcity. Even more limited than the model's already scarce output. Let's mention the green dial 5711/1A-014. The resale price exceeds 700 000 euros. That's 25 times the boutique price. Or the 5711 Tiffany, one of which is famous for over 200 times its actual price at auction. If Patek Philippe wanted to be a big hit and play tricks on professional traders and their clients, their approach wouldn't be any different.
The problem with the 5711 is that it's eating away at brand, prestige, creativity and diversity. It's such an important focus that everything else seems to be left behind... in a way, just try to buy a QP or minute repeater at any Patek Philippe AD and you'll see! So to fix that, they decommissioned it. It's just that it's not an actual problem. The popularity of the Nautilus has given the brand enormous exposure, in certain age and style categories, they couldn't even dream of any kind of traction five years ago. The idea is to actually take advantage of this craze and reverse its disadvantage.
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With Patek Philippe joining Watches & Wonders for the first time, the 5711 may be about to be replaced. If they used 5811 or any other similar reference and changed some details, which is what every brand has done with their icons, then we can safely say that Patek Philippe has done a lot for everyone. Worst of all, it doesn't even hurt its rating. If not, the huge demand for Patek Philippe's other sports watch, the Aquanaut, will only gain momentum. The same goes for all the other Nautilus, those with power reserves, perpetual calendars, chronographs, and any and all variations they can come up with, they never had the intention of letting go.
One thing we can take away from all of this is: you can't kill myth. It will only get stronger. So you might as well make the most of it.
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