Antiquorum held its most recent auction in Monaco on July 21, 2021, where collectors bid for the very first time on a Patek Philippe Reference 5711/1A-014. Yes, this is the brand-new stainless steel Nautilus with olive-green dial introduced in April as part of Watches and Wonders 2021 as the model replacing the blue-dialed Reference 5711/1A-010.
The green-dial Nautilus was introduced in April 2021 sporting a retail price of $34,893 in the United States, and I shouldn’t be as shocked to see this piece of flipper heaven at auction already as I am, I know. There are even seven examples up on Chrono24, for heaven’s sake – one even sporting the proud price tag of €306,859!
Since January of 2016, secondary market values of stainless steel Patek Philippe Nautilus models have surged in a fashion rarely seen in the world of preowned and vintage luxury watches. And given the opportunity to capitalize on the sudden interest of an aging model that long ago recouped all development expenses, Patek Philippe for its part held the line with very few retail price increases for the core 5711/1A, which left the watch reasonably priced relative to what a new owner can obtain from a secondary buyer just minutes after taking delivery.
Patek Philippe Nautilus Reference 5711/1A-014 (photo courtesy Antiquorum)
Then during Watches and Wonders 2021 came Patek Philippe CEO Thierry Stern’s announcement that the brand will replace the blue-dialed Reference 5711/1A-010 with Reference 5711/1A-014 – the only difference between the two being an olive-green dial in place of blue. Unsurprisingly, this new reference became the hottest watch on the market with a waiting list growing by the second.
This model, too, is still reasonably priced in comparison to what a flipper can earn from it.
And as Tim Mosso wrote in Stainless Steel Patek Philippe Nautilus Market Madness: Thoughts On The Current Market Situation, “Patek Philippe sternly enforces MSRP guidelines at dealers, so markups on that front are nearly unheard of. To the extent that consumer resale can be prevented, Patek Philippe attempts to stem the tide, but clients are subject to far fewer formal constraints than dealers.”
According to Antiquorum, lot 152 was consigned from the original owner and is still factory sealed; it has since been accidentally revealed that the consignor is one Gregory Pau. Antiquorum’s estimate fell between €50,000 and €150,000, but this watch ended up bringing in a whopping €416,000 including buyer’s premium!
Quick Facts Patek Philippe Nautilus Reference 5711/1A-014
Case: 40 x 8.3 mm, stainless steel
Movement: automatic Caliber 26-330 S C, 28,800 vph/4 Hz frequency; 35-45-hour power reserve, Gyromax balance, Spiromax balance spring, Patek Philippe Seal
Functions: hours, minutes, seconds; date
Current retail price: $34,893 / €30,100
Auction estimate: €50,000 – €150,000
Auction price realized incl. buyer’s premium: €416,000
Several pieces by Gérald Genta in the Antiquorum Monaco auction
In case the Nautilus was too rich for your blood, you may have looked toward the pieces – lots 82 to 94 and 287 to 293 – representing a retrospective of Gérald Genta’s designs. Aside from the aforementioned Nautilus and a few Audemars Piguet Royal Oak models, the auction also featured some pieces from Genta’s own brand that I think were the most interesting here in all their quirky glory.
Gérald Genta Retro in white gold with mother-of-pearl dial and 40 diamonds (photo courtesy Antiquorum)
Lot 82 is a white gold Gérald Genta Retro with mother-of-pearl dial and 40 brilliant-cut diamonds on the bezel – in my opinion one of the most desirable variations of what I estimate to be hundreds in existence. Its auction estimate is €5,500 – €7,500, and it surpassed those to sell for €9,100.
Gérald Genta skeletonized minute repeater perpetual calendar (photo courtesy Antiquorum)
Lot 293, on the other hand, is a brilliant octagonal Genta minute repeater with perpetual calendar in yellow gold with diamonds and a skeletonized dial. The perpetual calendar of this automatic beauty with a repeater button on the left also features leap year and moon phase indications. Its estimate was €30,000 – €50,000, and it sold for €41,600.
Gérald Genta Gefica Safari (photo courtesy Antiquorum)
Other Genta pieces include four variations on the Gefica Safari; two bissextile perpetual calendars; a variety of time-only pieces in all shapes, sizes and movements; an automatic chronograph; and a stunning quartz-powered pink gold piece on a bracelet decorated with gold granules (lot 287).
These ended up representing some of the best values, reaching prices between €546 and €1,950.
Other notable lots
Out of the total 433 lots on offer, there were also four Daniel Roth pieces (lots 126, 127, 128, and 396), which sold for prices ranging from €7,150 and €16,900, plus an early De Bethune DB5Y from 2002 (lot 129), which hammered for a very respectable €28,600.
F.P. Journe Chronomètre à Résonance Souscription (photo courtesy Antiquorum)
And there were plenty of F.P. Journes on hand: a Linesport Centigraphe S in aluminum (lot 153), which hammered for €117,000; an Octa Reserve in platinum (lot 425), which went for €91,000; and an original Chronomètre à Résonance Souscription from 1999 (lot 424) with an estimate of €250,000– €500,000. This watch unsurprisingly exceeded its high estimate, selling for €650,000.
A. Lange & Söhne Tourbillon Pour le Mérite (photo courtesy Antiquorum)
An A. Lange & Söhne Tourbillon Pour le Mérite in yellow gold (lot 435) was also available in this auction. The Tourbillon Pour le Mérite is one of the four models introduced at A. Lange & Söhne’s re-launch in 1994. Produced from 1994 to 1998, a total of 200 Tourbillon Pour le Mérite watches exist, comprising 19 examples in white gold, 24 in pink gold, 106 in yellow gold, and only one in stainless steel. The estimate here was €115,000 – €175,000. It hammered for €273,000, proving the predictable increased interest in what I consider one of the most important modern wristwatches.
Vintage Jaeger-LeCoultre Reverso from 1931 (photo courtesy Antiquorum)
And last but not least, you may want to cast an eye over some truly vintage Jaeger-LeCoultre Reversos on the block: Reference 2207 from 1933 (lot 180); a 90-year-old yellow gold edition from 1931 (lot 181); Reference 2201 from 1938 (lot 183); a small 28 x 18 mm variation in stainless steel for the French market from 1940 (lot 183); and a stainless steel piece from the 1940s for the U.S. market (lot 285).
The yellow gold piece from 1931 has the highest estimate here at €8,000– €15,000. This piece hammered for €13,000, while the other three went for prices ranging between €3,640 and €4,600.
Quick Facts F.P. Journe Chronomètre à Resonance Souscription
Case: 38 mm, platinum
Movement: manually wound Caliber 1499, 2 independent gear trains including regulators, free-sprung balances with 4 inertia weights each, 2 one-second remontoirs d’égalité for constant force, 3 Hz/21,600 vph frequency
Functions: 2 x hours, minutes, seconds; power reserve indication
Production year: 1999
Auction estimate: €250,000– €500,000
Auction price realized incl. buyer’s premium: €650,000
To see the full auction catalogue for the July 21 event, please visit issuu.com/antiquorumgenevesa/docs/auction_july_21_2021_monte_carlo_hotel_de_paris.
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Stainless Steel Patek Philippe Nautilus Market Madness: Thoughts On The Current Market Situation
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It appears that Mr Gregory Pau is a real person who is linked to a Patek Philippe AD that recently seized its trading operations.
Does anyone know if Patek bought this themselves? The truth is a rare commodity, so I expect it to be a hard question to answer.
We would never know if they did, but I am extremely doubtful they did that with this watch.
“When it’s Spring again, I’ll bring again…”
I don’t think this is going to end well.
I’ll bet Mr Pau is on Santa’s (& Patek’s) naughty list from now on!
Also, terrible power reserve number from Patek. With today’s technology & machining, 3-days should become a minimum industry standard! It is in my collection for sure.