Patek Philippe Nautilus ref. 5711

The Origins

Born in 1976, the Patek Philippe Nautilus was Patek’s attempt to enter the luxury sports watch market that Audemars Piguet had created just four years prior with the launch of their Royal Oak collection. Designed by the legendary Gérald Genta, who was inspired by the portholes of transatlantic liners, the Nautilus boasts a unique hinge-inspired case design with a rounded octagonal bezel that leans on the same aesthetic identity as found in the Royal Oak. Functionally robust and undeniably elegant, the original Nautilus, the ref. 3700, was groundbreaking in its own right due to its exceptional water resistance of 120 meters. This more than doubled the Royal Oak’s 50-meter water resistance, which enabled the Nautilus to lay the foundation of collectors' expectations for the robustness of watches within the same category for the decades following as collectors sought timepieces with genuine wearability in any scenario, unlike their dress watches.

Introduced in 2006 as a homage to the original ref. 3700, the Nautilus ref. 5711 quickly became the foundational flagship model of the Nautilus line. Created to celebrate the collection's 30th anniversary, the ref. 5711 maintained the core aesthetics of its predecessor while incorporating Patek’s advancements in modern watchmaking. The ref. 5711, available in stainless steel with either a blue or white dial, became a symbol of luxury, precision, and understated sophistication, captivating collectors and enthusiasts alike, which has led its march up the watchmaking food chain as perhaps one of the most sought-after watches in the modern horological landscape.

The Case and Dial

Boasting a 40mm stainless steel case, just 2mm smaller than the original ref. 3700, the ref. 5711 maintains the Nautilus’ iconic silhouette through the careful preservation of its signature elements and the proportional balance between them. Pivotal to this is the Nautilus’ rounded octagonal bezel, which is placed atop its porthole-inspired case’s hinges, providing the Nautilus with its sense of total symmetry. Completing this balance of symmetry is the Nautilus’ integrated bracelet, with its rounded polished centre links and brushed H-shaped links.

Beyond its construction, the ref. 5711’s dial, available in a gradient blue or white, is notable for its horizontal embossed pattern, which adds depth and character to the watch's display. Building upon this depth is the ref. 5711’s applied hour markers and rounded baton-style hands that recall the shape of its centre links and bezel. The simplicity of the dial design, combined with the date display at 3 o'clock, ensures a balance of elegance and functionality, true to the Nautilus legacy as a sports watch designed with practicality in mind, just as much as style and sophistication.

The Movement

Powering the ref. 5711 is the automatic cal. 26-330 S C movement, a testament to Patek Philippe's relentless pursuit of mechanical excellence. This movement, visible through the ref. 5711’s sapphire crystal caseback, features innovations that improve the efficiency and longevity of its base calibre, the cal. 324, such as a Gyromax balance and a Spiromax® balance spring. While its power reserve might only be 40 hours, it has a 4Hz beat rate and exhibits some exceptional finishing levels, particularly for a sports watch.

The Cultural Icon

Transcending its design, material construction and artisanal execution, the Nautilus, and the ref. 5711, more specifically, has become a cultural icon within watchmaking and the broader pop-culture conscience. Not just a timepiece, the Nautilus represents a milestone in design, craftsmanship and exclusivity, often regarded as a must-have for serious collectors. Its allure lies not only in its aesthetic and historical legacy but also in its scarcity and the prestige of Patek Philippe as a brand.

This combination has driven demand for the ref. 5711 like none other, allowing it to act as one of the watch market’s poster children of exclusivity and cultural impact. As a result, the watch has been spotted on the wrists of celebrities, business moguls, and watch aficionados alike, further cementing its status as a symbol of success and refined taste, and cementing its market value far in excess of its relatively affordable retail price.

Market Performance

Perhaps one of the most heavily scrutinized watch models in existence, the ref. 5711’s market performance has been covered ad nauseam over the last handful of years due to its parabolic rise in fame, value and notoriety. It goes without saying that the ref. 5711's market value has consistently exceeded its retail price by quite some distance across both of its dial variants. This has been a reflection of its high demand and the extremely limited availability of allocations from Patek Philippe to the primary market. While the figures have fluctuated over the last few years, premiums over its retail price have ranged from 350% in their peak to 200% at the moment. This current price premium is broken down as a 200% premium for the blue dial variant, and a 180% premium for its white dial variant, represented as a market value of $94000 and $86000, respectively.

As mentioned, during the watch market’s peak in late 2021, prices were much higher, and it was not a shock to see examples of the ref. 5711 achieve north of $110k. Interestingly, though, following the ref. 5711’s discontinuation in 2022, world records were set for both the blue and white dial at Phillips, with the white dial variant achieving an incredible price of $226k, and the blue variant recording a price of $281k, and things can get even crazier once a Tiffany & Co. signature is thrown into the mix, with prices heading even further north again.

Check out the live performance of Patek Philippe Nautilus ref. 5711 at The Wristcheck Index