One of the biggest stories in the watch world last year was about the end of something: In January, Patek Philippe announced plans to discontinue the beloved 5711 Nautilus model. It would be no exaggeration to call the 5711 perhaps the largest watch on the planet: It was so sought after that its eight-year waiting list became tool of legend. Collectors love it without fancy complications or busy dials — just a stainless steel watch with a navy blue dial and a small date window. The popularity of the watch also went down because of that. Patek’s president, Thierry Stern, criticized it because he worried the model was attracting too much attention. But on Tuesday, Patek announced a new watch that replaces the 5711. Meet the 5811.
Technically it’s 5811/1G, WOOD denotes that the watch is made of white gold. Patek has made a few changes to the 5711, but the transition material is by far the biggest. It’s no small tweak: Much of the 5711’s success is due to the fact that it’s made from stainless steel. This watch is a sporty version of Patek’s watch, versions of other famous watches such as Rolex’s Daytona and Audemars Piguet’s Royal Oak. One original advertisement for the Nautilus also brags about the use of materials: “One of the most expensive watches in the world is made of steel.”
But, as evidenced by the watch’s performance on the secondary market, where the 5711 sold for more than double its $33,710 price tag, Patek has left money on the table. (Only in the world of luxury watches can $33k feel like a steal!) By switching to white gold, Patek was able to sell the watch for $69,785, which is closer to market value. its real field. “This Nautilus is white gold because I had to raise the average price a bit,” Stern said Report Robb. “My goal at Patek Philippe is to remain independent and to do that, I need to be profitable so I can reinvest in Patek Philippe with a new building, with new machines and people. Producing only steel watches, as many have asked with the Nautilus and other lines, is very dangerous because the average price will be too low and this could put my entire business in jeopardy.” .
So many Nautiluses have hit the open market, in fact Patek is now taking a long time to get the sales process back to its condition. Stern said Report Robb that the brand buys “several hundred” 5711s annually from resale sites like Chrono24 and then does a little detective work to determine which retailer it came from. “So I would go to the retailer and say, ‘Hey, by the way, I found this watch on Chrono24. We delivered this watch two weeks ago to you. So tell me now who is the customer you sold this piece to? ‘ And then we’ll have a discussion,” Stern said. On this subject, he told The New York Times sometimes there are “punishment measures” for violators.
Well, Stern will need to be on the defensive. The new 5811 in white gold has much in common with the successful 5711; There will almost certainly be a long list of people wishing to obtain this work from wherever they can. “There won’t be enough pieces for everyone,” Stern told Times.