Patek Philippe Nautilus ref. 5712/1R and 5712/1G

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 ground-breaking 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 part of Patek Philippe’s 30th anniversary celebrations for the Nautilus collection, the ref. 5712 was launched as the follow-up to the Nautilus Moonphase ref. 3712, the first complicated Nautilus model; which debuted in 2005 and was discontinued in 2006 for the ref. 5712. Offered in stainless steel with a blue dial, 18k rose gold with a brown dial and 18k white gold with a grey dial, the ref. 5712, and the ref. 3712 that came just the year before it, marked the beginning of the Nautilus’ foray into the exploration of complications and higher-end and watchmaking, a journey that the Nautilus had never embarked upon. As such, the Nautilus Moonphase ref. 5712 has become a beloved member of the Nautilus family thanks to its pivotal role in the collection’s evolution and eminent rise to fame as one of the most sought-after watches in all of watchmaking. 

The Case and Dial

Boasting a 40mm case, the ref. 5712R and ref. 5712G maintain 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’ rounded polished center links that act as lugs through which the leather strap offered on both variants can be attached. Recently discontinued in their leather-strapped forms, the ref. 5712R and ref. 5172G both bid farewell to the Nautilus collection after remaining part of Patek’s catalogue since 2006, however, it is worth noting that the ref. 5712R did remain relatively unscathed thanks to the introduction of a braceleted version that was added to the collection in 2022 that still remains. 

Beyond its construction, the ref. 5712’s dial, available only in brown for the rose gold variants, or grey for the white gold very notably contrasts the Nautilus’ refined sense of symmetry through the seemingly random placement of its complications. Made up of a power reserve indicator at 10 o’clock, a running seconds subdial at 4 o’clock and a combined pointer date subdial at 7 o’clock with a moonphase window at its centre, the ref. 5712’s display flies in the face of how one would expect it to be laid out when compared to the Nautilus’ construction, or through comparison to other Nautilus references. However, with its unique layout aside, the ref. 5712 does still manage to combine a practical selection of complications that provide the ref. 5712 with a useful array of functions for its owner to enjoy and rely upon, which is keeping with the Nautilus’ spirit as a sports watch.

The Movement

Of course, with its array of complications, the ref. 5712 requires an exceptional movement, and it is no surprise that it has gotten one in the automatic cal. 240 PS IRM C LU that powers it. This ultra-thin movement emphasises Patek’s commitment to high-end horology. Visible through the ref. 5712’s sapphire crystal caseback, it features and exceptional level of finishing, particularly for a sports watch, and the rare inclusion of an off centre micro rotor that reflects the ref. 5712’s dial’s off-center layout.

The Cultural Icon

Transcending its design, material construction and artisanal execution, the Nautilus has become a cultural icon within watchmaking and the wider 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, with the precious metal versions like the ref. 5712R and ref. 5712G embodying that fact in their totality through their luxurious constructions.

This combination has driven demand into the entire Nautilus collection, with the entire 5712 reference experiencing a level of demand that is rivalled by only a handful of other watches. As a result, the ref. 5712 has been spotted on the wrists of celebrities, business moguls, and watch enthusiasts alike, further cementing its status as a symbol of success and refined taste, and cementing its market value far in excess of its retail price. While it may have replaced a reference that had only been in production for one year, the ref. 5712 has forged its own history and carved out a well-deserved position amongst the plethora of iconic Nautilus models that it stands next to.

Market Performance

Along with its fellow Nautilus references like the ref. 5711 and ref. 5990 and more, the ref. 5712’s market performance has dominated discourse surrounding this modern-day classic. While the ref. 5712 wasn’t an immediate hit in 2006, it quickly gained traction alongside its Nautilus siblings and enjoyed an incredible rise in stardom in the late 2010s on the back 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, the price premium over the leather-strapped ref. 5712R’s retail price of $53735 (before discontinuation) was 127%, while the leather-strapped white gold ref. 5712G’s price premium over its retail price of $56588 (before discontinuation) was 71%. This is reflected in their market values of $122000 and $97000 (before discontinuation), respectively. So not only did the rose gold ref. 5712R cost less to get directly from Patek than the ref. 5712G, its market value is also significantly higher.

This strong market performance is also reflected in the leather-strapped ref. 5712R’s 18k rose gold braceleted sibling, which was launched in 2022. Its price premium sits at an impressive 168% over its retail price of $76200, representing a market value of $203000. However, it is worth noting that this variant has been produced for much less time than the leather ref. 5712R, and so its supply on the market is far more restricted, and so collectors are quicker to join the waiting list for it, thus further driving its demand on the secondary market as its market value increases.

Check out the live performance of Patek Philippe Nautilus ref. 5712/1R at The Wristcheck Index