Patek Philippe Nautilus

"One of the world's costliest watches is made of steel." That's how Patek Philippe advertised the Nautilus in the 1970s. Today, this luxury sports watch is one of the most sought-after and famous timepieces in the world. Demand is so high that waiting lists are often several years long. Those who don't want to wait can purchase a Nautilus online, though at a much higher price.

The Patek Philippe Nautilus has greatly increased in value in recent years. In early 2015, the ref. 5711/1A-010 with a blue dial cost around 25,500 USD. As of spring 2021, a mint-condition timepiece demands more than 110,000 USD. This sudden rise can be attributed to Patek announcing their plans to discontinue the stainless steel 5711 earlier in the year. The manufacturer also raised the official list price leading up to the announcement, going from just under 25,000 USD to roughly 30,000 USD. In April 2021, Patek launched a "farewell" successor model, the ref. 5711/1A-014, at Watches and Wonders in Geneva. This timepiece's most unique feature is its olive green sunburst dial, a first for the collection. It has a list price of 34,893 USD.

The collection's flagship model entered the market in 2018. It is made of white gold and contains an in-house caliber with a perpetual calendar. The automatic caliber is only 3.88 mm thick, resulting in a watch with a total height of 8.42 mm. This makes the Nautilus 5740 especially flat and, thus, an ideal dress watch.

One of the most coveted Nautilus watches is the standard edition with the reference number 5711. The version with a blue dial (ref. 5711/1A-010) is especially highly sought-after and expensive. In early 2021, this timepiece demanded around 110,000 USD. A year prior, the same watch was selling for only 76,000 USD – that's an increase of nearly 45%. Both amounts are significantly higher than its official list price of 30,620 USD. Patek has since ceased production of this model, making it nearly impossible to find from authorized dealers.

Its sister model with a white dial (ref. 5711/1A-011) has performed similarly well and sells for approximately 104,000 USD. In early 2020, you could have purchased the same watch for about 76,000 USD, representing growth of around 37%. Patek has also retired this model. With patience and a fair amount of luck, you may be able to get your hands on the successor model, the ref. 5711/1A-014 with a green dial. The manufacturer lists this timepiece for 34,983 USD. An identical watch with 32 baguette-cut diamonds on its bezel is also available. You can find this version under the reference number 5711/1300A. Its recommended retail price sits at 92,624 USD.

The rose gold ref. 5711/1R is still rolling off the production lines and is only slightly more expensive than the stainless steel editions. You can purchase a never-worn example on Chrono24 for about 155,000 USD. At the start of 2018, it had a market value of around 54,500 USD. Its official list price is 59,140 USD.

You can save several thousand dollars by purchasing a pre-owned watch instead. A used stainless steel Nautilus with a blue dial requires an investment of roughly 112,000 USD. The variant with a white dial costs about 102,000 USD in the same condition, and the rose gold edition sells for around 138,000 USD.

The Patek Philippe Nautilus has always been one of the most expensive stainless steel sports watches. Its official list price is on par with that of gold watches or more complicated timepieces from other manufacturers. There's a good reason for the discrepancy between this model's list price and its market value.

The 5711's ballooning price is easily explained by Patek having discontinued the white edition in 2020 and the blue version in early 2021. This grabbed tons of headlines and drove demand for the Nautilus through the roof. Patek's daring move has also affected models from other manufacturers. For example, the Audemars Piguet Royal Oak ref. 15202ST went from a value of 51,000 USD in early 2020 to around 109,000 USD in spring 2021. Once again, this increase can be traced back to Audemars Piguet announcing the 15202ST's retirement.

Prices continued to climb even after Thierry Stern, Patek Philippe's president, announced a successor to the blue 5711 at Watches and Wonders 2021. Anyone still on their authorized dealer's multi-year waitlist will likely have to pay a premium or go empty-handed.

The Nautilus' market value has far exceeded its list price for many years now. This is due to a combination of feverish hype and massive demand. Patek Philippe has always strictly limited their production numbers so that no single stainless steel model comes to dominate their entire catalog. Furthermore, the Genevan manufacturer puts tradition above all else and focuses much of their attention on elegant, highly complicated wristwatches. The brand has never considered increasing the Nautilus' production numbers in response to growing demand.

The Nautilus ref. 5712 is yet another popular model. Unlike the 5711, this timepiece has a small seconds dial, a pointer date with a moon phase display, and a power reserve indicator. The power reserve indicator sits between 10 and 11 o'clock; the pointer date and moon phase display between 6 and 8 o'clock; and the small seconds between 4 and 5 o'clock.

Inside the case, you'll find the in-house caliber 240 PS IRM C LU. This movement has an average power reserve of 48 hours.

The ref. 5712 comes in stainless steel, rose gold, or white gold. Patek pairs the gold models with leather straps. You can purchase the rose gold edition in mint condition for about 97,000 USD. The white gold model is slightly more affordable at roughly 80,000 USD. The most expensive version is made of stainless steel, which changes hands for around 114,000 USD. All three variants have market values that exceed their list prices. The stainless steel model boasts the greatest difference and officially costs 44,950 USD.

If you're on the market for a Nautilus with a chronograph function, you should take a closer look at the ref. 5980. Patek Philippe currently only offers this model in 18-karat rose gold or in a two-tone stainless steel and rose gold design. The stainless steel ref. 5980/1A-001 costs more than 145,000 USD new on Chrono24, making it only slightly more expensive than the three-hand ref. 5711. The rose-gold edition on a matching gold bracelet can be yours for around 227,000 USD. The 5980/R on an alligator leather strap sells for about 120,000 USD. Finally, the two-tone model with a steel and rose gold bracelet goes for roughly 121,000 USD.

One of the collection's highlights is the Patek Philippe Nautilus Travel Time Chronograph with a stopwatch function and second time zone. The Genevan manufacturer presented this complicated watch at Baselworld 2014. The automatic caliber CH 28-520 C FUS is the driving force behind this timepiece. In addition to a pointer date, the Travel Time Chronograph ref. 5990 has a day/night display for both time zones. Even though it is one of the most complicated Nautilus models, at about 127,000 USD, prices for this watch are lower than those for the three-hand Nautilus. The Nautilus Chronograph is also more expensive. In 2021, Patek launched the ref. 5990/1R-001, a rose gold watch with a blue dial. It has an official list price of 106,450 USD.

The series' top model is the Nautilus Perpetual Calendar with the reference number 5740. Thanks to the in-house caliber 240 Q's micro-rotor, this white gold watch is only 8.42 mm thick. This is a millimeter thinner than the Audemars Piguet Royal Oak Perpetual Calendar. The Patek displays the month and leap year at 3, the date and moon phase at 6, and the day at 9 o'clock. The subdial at 9 o'clock also features a 24-hour display. The Nautilus Perpetual Calendar has a list price of 134,840 USD. You can find this complicated, flat luxury watch on Chrono24 for about 233,000 USD. For comparison, the previously mentioned Royal Oak Perpetual Calendar in 18-karat rose gold "only" costs 148,000 USD.

In 2016, Patek Philippe celebrated the 40th anniversary of the Nautilus by releasing two limited editions. You can recognize both watches by the anniversary inscription on the dial and their baguette-cut diamond indices.

The first special edition had a limited run of 700 pieces, making it especially rare. Th