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Thierry Stern On Why Patek is Stopping the 5711 and that “There will be a Farewell-Series of the Nautilus 5711”

Patek's most sought-after model will be stopped... but why?

calendar | ic_dehaze_black_24px By Brice Goulard | ic_query_builder_black_24px 4 min read |

Most readers of MONOCHROME are well aware that Patek Philippe’s most desirable (sought-after) model, the classic time-and-date stainless steel Nautilus 5711, will be discontinued in a few months. While the brand didn’t officially communicate anything on this topic yet (it was known through the indiscretion of a retailer), Patek’s President Thierry Stern has decided to clarify this situation by giving his official statement regarding the discontinuation of the 5711 in an interview with Swiss newspaper Neuen Zürcher Zeitung. But there’s more to the conversation than just that, as he also shares a few ideas of what to expect for the future of the Nautilus… because the luxury sports watch isn’t dead, far from that. 

Thierry Stern on speculators “I can’t fight that anyway”

Thierry Stern, President of Patek Philippe (photo by Patek Philippe)

In the interview, Mr Stern (President of the company) first explains why Patek Philippe decided to stop the production of its star model, the 5711. For the record, this specific model is one of the most sought-after watches on the market, with waiting lists of more than 10 years at retailers and, despite a retail price of about CHF 28,000, the second-hand prices have skyrocketed to over CHF 100,000 recently. This situation was, from a brand perspective, not the easiest to handle. As such, Stern indicates that he didn’t “want a single model to suddenly make up 50% or more of our collection and dominate Patek’s image“. Despite a comprehensive collection of haute horlogerie pieces with impressive complications, many watch enthusiasts see the Nautilus as the representation of what Patek stands for. And of course, that doesn’t reflect the reality of the entire collection.

Patek Nautilus 5711-1A - Patek Philippe Nautilus History
The Patek Philippe Nautilus 5711, to be discontinued in a few months…

The second reason given by Mr Stern concerns the value of the watch. “It’s not enough to make the most beautiful watches in the world. I also have to make sure that they retain their value, and rarity is one of the keys to that. For the customers who invest in Patek, that’s important.” And here, Stern certainly differentiates the second-hand price from the intrinsic value of the watch. But Thierry Stern is also pretty clear on this speculation, stating that “(he) can’t fight that anyway. Just look at what has happened now. Since our decision became known, the grey market prices for the Nautilus have risen even further“.

Stern also addresses the issue of people already registered on waiting lists. Sadly, “some will go away empty-handed. We are still delivering some 5711s, but we are not talking about thousands of watches,” adding to that the fact that although the Nautilus 5711 is still being produced as we talk, “soon it will be over“. Sadly, for those registered on waiting lists recently the chances that you’ll be able to get a 5711 are very, very low.

Patek Philippe Nautilus 5711-

Thierry Stern on the future of the watch “There will therefore be a farewell-series of the 5711”

But Mr Stern doesn’t end the conversation here. He’s also talking about the future. “You don’t let a model like this expire without having something new up your sleeve. But I won’t talk about that until we launch the watch,” he says to Neuen Zürcher Zeitung. As such, the Nautilus 5711 will be replaced by something. What, we don’t know yet. But, even more important, Stern also points out that Patek Philippe will “like to say goodbye to special watch models with a little surprise. There will therefore be a farewell-series of the 5711, which will be a little different. These watches will be produced soon and will be launched this year,” adding to that the fact that “this will be another nightmare in terms of demand“.

The interview continues on the topic of stainless steel: “I don’t want us to have more than a third steel watches. The steel Nautilus makes up a big part of that quota, and I don’t like that,” adding to the discussion that if Patek is “very interested in new materials when it comes to making our movements smaller, thinner or more accurate” the same doesn’t apply to the case of the watches: “We had to work very hard to get into the gold and platinum league, and that’s where we should stay.” Years ago, his father told him to, “leave these materials (carbon and titanium) to Hublot and the others, they do a good job“. So, if nothing is clear about the next Nautilus to be released, it sounds pretty clear that precious metals will definitely be an option to consider.

Patek Philippe Nautilus 5711-

You can read the full interview now at www.nzz.ch here.

https://monochrome-watches.com/must-read-thierry-stern-on-why-stopping-the-patek-philippe-nautilus-5711/

8 responses

  1. What hucksters. The watch market reminds of a former president’s way of huckstering.

  2. Just ridiculous. All that fuss for an ok watch that rappers, bling blingers, young boys with money, instagram and some influencers decided it was the watch to have and show off as status symbol and money generating skills. Im sorry to say that i can afford more than one but will never do. Show me this watch next to any Lange. Really any!

  3. This was a watch that in the past was liked by genuine Patek fans and sadly has been ruined by these stupid, showing off, work shy Instagram types. It’s a lovely watch but they will go on and ruin something else for the genuine enthusiasts and force the price up. Magazine articles of course too are partially responsible for the price rises too. Like Land Rover Defenders, admired by those in the know and now bought by similar idiots who think it’s cool.

  4. I don’t think stupid instagrammers are responsible for the princing up.
    The brands such as Patek or Rolex control their production limit in a very clever way combining it with a smart commercial strategy making their product a very demanding object “FOR EVERY ONE”.
    People who accept being part of a three, four… or ten years waiting list are reponsible for the pricing up

  5. Make customers sign an agreement not to resell the watch for 5…10 years! Better yet force customers to buy the watch via monthly payments as Ferrari has done I believe for the F50 years ago. Hard to flip something you do not fully own.

  6. Dude just doesn’t want Patek turning into AP, where people only remember it for one watch style. The signs were there already, with some people going as far as referring to the Nautilus as Patek’s 911. Completely inaccurate – their 911 is the Calatrava line – but easy to see how many people would think that.

  7. Well, all the talk about making the customers feel special to own one of these much sort after watches! I owned 4 pieces of PP including a golden Ellipse hand down by my late father. I do not consider myself rich but learned the other value of the brand. Unfortunately I was very disappointed when they wanted $1500 to replace the fallen PP alphabets on the dial when I bought it to their service center in Singapore! What a shame really… sigh…

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