If you ever wanted an example of a watch that could created a huge stir in the watch world, the Tiffany-Blue Patek Philippe Nautilus 5711 that sold at Phillips New York for over $6.5 million is the perfect example. Not only is the watch one of the most beloved sports watches ever produced, it fetched an enormous amount for a steel watch because of its rarity, beauty, the amount of passionate collectors there are and maybe just a bit of an ‘I can outbid you’ attitude.

It was announced earlier in the year that the Patek Philippe Nautilus 5711 would be discontinued causing a huge amount unrest in the watch world. The 5711 is known by many collectors to be one of, if not the best sports watches ever produced. Of course, prices for the 5711 skyrocketed on the second and grey market and getting on a waitlist at the Manufacture became just that much harder. With such a momentous occasion, it only felt right for Patek Philippe to do something special to mark the end of a real era of watchmaking that was launched in 2006.

Well, Patek Philippe decided to release a very special 5711 to mark the occasion - a Tiffany-blue dial 5711. The watch is a limited edition steel watch that is true to the 5711 design, with a Tiffany signed dial. It was produced in a quantity of only 170 and was created to commemorate the 170 year anniversary of Tiffany & Co and Patek Philippe as retail partners. The case-back features an inscription to mark the occasion, and also allow wearers to enjoy the masterfully created movement.

The watch was only going to be sold at Tiffany & Co boutiques in New York, San Francisco and Beverly Hills so naturally the watch was extremely difficult to get ones hands on. But there was an opportunity for the public the try and get their hands on this extremely rare watch - at Phillips New York from 11-12 December, 2021. One of the 170 pieces created was part of the watch auction as lot number 1T - the first lot of the auction. Of course there was a ton of interest in the piece and bidders from all over the world. But, the winning bid of $5,350,000 (all in price after fees was $6,503,000) went to a bidder in New York. What is even more insane about this price - the other 169 pieces were available at the boutiques for $53,635.

So what caused this watch to sell for so much? Here’s a couple of thoughts.

The end of the 5711

As previously mentioned, the 5711 is one of the most iconic and beloved watches every produced. When Patek Philippe announced the discontinuation of the reference, the watch world really went into mourning… and then decided that the price of it should be more based on the demand for such an elusive piece. The 170 pieces that were produced are literally the last iteration of this reference and so it really makes the amount of these pieces finite, in a literal sense not just because it was impossible to get.

It isn’t really Patek Philippe

The tiffany-blue dial one sees on this pieces is something that is pretty hard to find in other Patek Philippe watches. Sure, there are a couple of other watches where they have played around with brighter, bolder colours but it is pretty uncommon. So the collectability of these 170 pieces is just that much more interesting.

$6.45 million Waitlist?

What was pretty surprising is the fact that 169 other 5711’s had a retail price set, but the one at auction went for way more than that the retail price. It is a very difficult piece to get and one has to have a fairly decent relationship with a watch dealer to get an allocation for a Nautilus. The auction was an opportunity to bypass this pretty big hurdle and have a chance at snatching up a 5711. So maybe one could conclude that the waitlist is a pretty expensive deal.

Proceeds going to a good cause

100% of the money this lot fetch was being donated to the Nature Conservancy, which is a nice way for the watch world to contribute to causes that go beyond just enjoying watches. Now of course this auction was not Only Watch, but it definitely makes the prices the watch fetched a bit easier for the winner to swallow.

‘I can outbid you’

One has to be realistic and realize that the amount this watch sold for was an extremely large amount, for anyone, especially for a steel watch. Auctions have become an increasingly popular place for watch enthusiasts to find the watches they have been hunting for. With that, comes the fact that the watches people bid for might come down to who has just that bit more to spare to win the watch of their dreams. It makes the auctions competitive and in a way a bit inaccessible for some collectors. But hey, if one has the means, it’s a good place to be.

So we know that one watch sold to a New York based bidder, but what about the other 169 out there? Famous musician Jay Z posted a picture on Instagram where he was seen wearing one of the 5711 watches.

We’ll have to keep our eyes pealed for the other 168. No matter what wrists they are on, this watch was significant for Patek Philippe, watch auctions and watch collecting.

Enjoy!