January 2021: The Watch World Holds Its Breath
On January 14, 2021, Patek Philippe president Thierry Stern confirmed what collectors had feared and hoped in equal measure: the Nautilus 5711/1A-010 — the steel, blue-dial model that had defined a decade of watch collecting — was being discontinued. Within hours, secondary market prices jumped 15%. Within months, the 5711 crossed the $100,000 mark for the first time. A steel watch with a retail price of CHF 30,530 was now trading for more than triple.
How did a steel sports watch designed in 1976 become the most coveted timepiece of the 21st century? And what happened after Patek pulled the plug?
The Genta Origin: 1976
Like the Audemars Piguet Royal Oak before it, the Nautilus was designed by Gérald Genta — but where the Royal Oak drew from diving helmets, the Nautilus took its name and shape from Captain Nemo’s submarine in Jules Verne’s Twenty Thousand Leagues Under the Sea. The original Ref. 3700/1A had a 42mm case (enormous for 1976), an integrated bracelet, and a distinctive porthole-shaped bezel with “ears” on either side.
The 3700 was Patek’s attempt to compete with AP’s Royal Oak in the luxury sports watch market. It succeeded — but slowly. For decades, the Nautilus was a niche reference. It wasn’t until the Instagram era of the 2010s that it became a global phenomenon.
The 5711 Era: 2006-2021
Patek introduced the 5711/1A in 2006 as a modernized Nautilus with a 40mm case, the in-house Caliber 324 SC (self-winding, 45-hour power reserve, 28,800 vph), and a refined blue-gradient dial that shifted from navy at the edges to a lighter blue at the center. This sunburst gradient — applied over the Nautilus’s signature horizontal embossed pattern — became the single most recognizable dial in modern watchmaking.
The Hype Cycle
From 2006 to 2015, the 5711 was available at most Patek ADs with modest waiting times. By 2016, Instagram watch culture had created a viral feedback loop: celebrities wore the 5711, collectors posted it, new enthusiasts wanted one, dealers couldn’t keep stock. By 2018, the wait list at most Patek ADs was 5-8 years. By 2020, many ADs had closed their 5711 wait lists entirely.
The Final Editions
5711/1A-014 — Olive Green Dial (2021)
Patek’s “farewell” dial for the steel Nautilus. The olive green sunburst was announced alongside the discontinuation and immediately became the most desirable 5711 variant. Production was extremely limited. Secondary market: $120,000-$160,000.
5711/1A-018 — Tiffany Blue (2021)
The nuclear option. Patek produced just 170 units of a Tiffany & Co. co-branded 5711 with a robin’s-egg blue dial — the final 170 steel Nautilus 5711s ever made. One sold at Phillips auction for $6.5 million (proceeds to charity). Regular (non-auction) examples trade at $400,000-$600,000. It is the most valuable modern production watch in existence.
What Replaced the 5711
Patek introduced the Nautilus 5811/1G in 2022 — a white gold version with a new blue-green dial, slightly larger at 41mm, and powered by the new ultra-thin Caliber 26-330 SC. Retail: CHF 52,530. The white gold construction was deliberate: Stern wanted the Nautilus to move upmarket, away from the “steel sports watch that costs six figures” narrative.
The 5811 has been well-received by collectors but hasn’t replicated the cultural phenomenon of the 5711. Secondary prices hover at $80,000-$100,000 — strong, but not in 5711 territory.
Current 5711 Market Prices (April 2026)
| Reference | Dial | Secondary Price |
|---|---|---|
| 5711/1A-010 | Blue (standard) | $95,000-$130,000 |
| 5711/1A-011 | White | $80,000-$110,000 |
| 5711/1A-014 | Olive Green | $130,000-$170,000 |
| 5711/1A-018 | Tiffany Blue | $400,000-$600,000 |
| 5711/1R-001 | Rose Gold Brown | $110,000-$140,000 |
Frequently Asked Questions
Will Patek ever bring back the 5711 in steel?
Thierry Stern has repeatedly said no. The 5811 in white gold is the intended successor. However, Patek has been known to change course — the Nautilus itself was nearly discontinued in 2004 before the 5711 revived it. Never say never, but don’t hold your breath.
Is the 5711 overpriced at $100K+?
From a horological perspective, yes — the Caliber 324 SC is a competent but not exceptional movement by haute horlogerie standards. From a cultural and collector perspective, the 5711 is a defining artifact of 2010s-2020s watch culture, and its scarcity is real. Value is subjective.
What’s a good alternative to the 5711?
The Vacheron Constantin Overseas 4500V (blue dial, integrated bracelet, CHF 22,000 retail), the AP Royal Oak 15500ST, or the Chopard Alpine Eagle. For the Nautilus aesthetic specifically, our Patek Philippe collection at DR.WATCH includes premium Nautilus superclones with the correct dial pattern, case dimensions, and Swiss automatic movements.
How can I tell if a 5711 is genuine?
Key authentication points: the horizontal embossed dial pattern should be perfectly uniform under magnification; the caseback should show the Calatrava cross medallion with Geneva hallmark; the crown should be flush with the case and screw down smoothly; the bracelet links should be solid and silent. For serious purchases, always use an independent watchmaker or authentication service.
Is the Nautilus a good investment?
The 5711 has been one of the best-performing watches as an investment over the past decade. However, prices peaked in early 2022 and have corrected 15-25% since. Past performance doesn’t guarantee future returns. Buy the Nautilus because you love the design and the legacy — not as a financial instrument.
