Monochrome Watches
An online magazine dedicated to fine watches

Thoughts on the Patek Philippe Nautilus ref.5711 (and why I didn’t buy one)

Due to (way too) popular demand, prices for a pre-owned Nautilus ref. 5711 are at insane levels

| By Frank Geelen | 6 min read |
Patek Philippe Nautilus 5711-

The segment of luxury sports watches remains an interesting and intriguing category in the world of watches. Since the very first luxury sports watch was introduced in 1972 – the Audemars Piguet Royal Oak ref. 5402ST – many brands have tried to enter this segment, most of them without the success they had envisioned. The watch we will be looking at today did succeed, and might just have superseded the immense success of the Royal Oak. I’m talking about the Patek Philippe Nautilus and today we’ll be looking at this extremely popular luxury sports watch.

Originally introduced in 1977 as the Patek Philippe Nautilus ref. 3700, this was Patek’s take on the luxury sports watch and, like the Royal Oak, it was designed by Gerald Genta. In 2006 it was replaced by ref. 5711, an updated, modernised version of the basic stainless steel Nautilus. Over the years there have been quite a few variations, materials, and additional functions for the Nautilus, which we covered in our three-part in-depth story, starting with part one focusing on the ref. 3700 here. In the second part, you can read all about the variations, and part three is dedicated to the modern ref. 5711 and its siblings. Two years ago Patek celebrated the 40th anniversary of the Nautilus with the introduction of several special pieces (see here.)

Patek Philippe Nautilus 5711-

Ad – Scroll to continue with article

The other day I had the good fortune to borrow a friend’s 5711 and get a taste of how it wears, how it feels, and how it feels to be wearing the most desirable luxury sports watch of the moment.

Desirability of the Patek 5711

Is it desirable? Well, at the beginning of this year Patek Philippe increased the price of the Nautilus by 20%. When asked why, we were told that part of the reason is that demand for the Nautilus was just too high. It used to retail for just under CHF 22,000 and now for almost CHF 27,000. On the pre-owned market, the Nautilus ref. 5711 goes for CHF 40,000 and more… Pre-owned dealers and official Patek dealers get phone calls on a daily basis from people inquiring if they have a Nautilus available. Any steel Nautilus! And prices offered are far above retail price. In fact, the lowest price for a used Nautilus ref. 5711 with gradient blue dial, at the time of publishing, is around EUR 40,000 and that’s one that has had a pretty demanding life if I have to judge by the scratches visible in the photos.

The Nautilus has been high on my own wishlist for a long time. Now that I finally have the budget to buy a Nautilus, I am facing the issue of availability. The EUR 22,000 I saved up isn’t enough anymore. Since the sudden price increase, I need to add an additional EUR 5,000 to get one, but there’s another issue… The waiting list is said to be around eight years!

Patek Philippe Nautilus 5711-

Pre-owned 5711’s are all overpriced at insane levels. Prices for a used (really used) 5711 start at EUR 40,000 and easily reach figures of EUR 50,000 (and more) for an unworn version. Do I still want one? Yes. But not for EUR 40,000 or more, and eight years of waiting does not match my ‘patience-profile’. After some weeks of deliberation, my budget was spent on something else, also pre-owned, although with four wheels and a reference number that also ends with “11”.

997.1 c2s

Patek Philippe Nautilus ref. 5711 on the wrist

I own a vintage AP Royal Oak ref. 5402ST and to me, this is THE benchmark for luxury sports watches. Elegant, extremely comfortable, thin, light, legible… and probably more “luxury” than “sports” watch. The modern Nautilus also delivers everything you would expect from a luxury sports watch. It wears very comfortably, it’s legible, it’s thin, light, elegant and looks good with pretty much any outfit and in every situation. It’s really one of the nicest all-rounder watches you can imagine.

Patek Philippe Nautilus 5711 and Audemars Piguet Royal Oak 5402

Compared to the Royal Oak, the Nautilus looks softer, rounder, maybe a bit less bold and masculine and a tad more feminine. The ribbed gradient blue dial of the Nautilus looks more elegant than the anthracite/grey ‘clous de Paris’ dial of the Royal Oak. Same goes for the bracelet and the case; fewer angles and fewer sharp shapes add some more joie de vivre to the Nautilus.

Due to its magnificent slenderness, it can also be perceived as fragile. Take for instance my own Royal Oak that, since my son was born almost four years ago, spends more time in the vault than on my wrist. Jumping into the pool with the little one, spending a day on the beach, and going to the playground are all of a sudden situations where I do not want to wear this watch anymore. If my son grabs my wrist, I’m worrying that the bracelet might break and that’s what you do not want when you’re on the beach with your kid. The Nautilus is a tad less fragile than my old Royal Oak (the new Royal Oak ref. 15202ST is more robust), but for a day on the beach playing with my four-year-old son, I would choose something more rugged.

A small flaw is that the Nautilus’ movement, calibre 324SC, does not feature a stop-seconds function when the crown is pulled. Not a big issue for me, but I know some people would disqualify a watch, especially a sports watch, for this very reason.

Patek Philippe Nautilus 5711-

Water-resistance rating of the Nautilus is 120 metres, and for all ‘wet’ activities – except professional deep-sea diving – this is more than sufficient. The steel bracelet comprises brushed steel links and polished central links, all quite thin and very comfortable on the wrist. The clasp is a simple clasp, with no easy adjustment or micro/fine adjustment to resize it when your wrist grows or shrinks with temperature changes. There’s also no easy way to change the steel bracelet for a rubber or leather strap.


The Patek Philippe Nautilus ref. 5711 is one of the most desirable watches on the market today, if not THE most desirable one. It wears great, it looks great, and yes, it also feels great to wear.

It’s not the most modern sports watch, as the bracelet doesn’t feature any sort of fine adjustment or possibilities to change it for a rubber or leather strap. Plus Patek’s in-house movement, calibre 324 SC (SC stands for Seconde Central), does not feature a stop-seconds, which is something you would expect in a modern sporty watch.

Patek Philippe Nautilus 5711

Despite these minor flaws, the Nautilus is peerless in its popularity. The aforementioned eight years’ waiting list at retailers and official Patek boutiques has not been reduced even after the 20% price increase earlier this year, and on the pre-owned watch market, the Nautilus’ popularity is unparalleled. In recent history, I’ve not seen any watch with such strong appeal that people are prepared to pay up to double the retail price.

I know that people are wondering whether this would be a good investment… Let me say that IF I had a crystal ball, I would have bought a bunch of these last year and sold them with an interesting profit margin this year. But I do not have a crystal ball, and the 45k savings I had were spent on a luxury sports watch car instead. But boy, the Naut would look great on my wrist, behind the wheel of my car!

Patek Philippe Nautilus 5711

At the time of writing, nine months ago, pre-owned 5711’s were sold for around € 45,000 EUR. Today the price of a pre-owned Nautilus 5711 starts around € 50,000 EUR, however expect to easily pay around € 60,000 – 65,000 EUR (and upwards) for one in mint condition.

edited 11-05-2019

19 responses

  1. I won’t buy these 2 in photos above because of the same reasons: I dont like their hour markers and hour/minute hands.

  2. I can see the appeal at least a little of a watch guy buying an old school AP RO. It’s the first “luxury steel sports watch”. It’s not my kind of watch, but fine. However, the type of scum who is paying such ridiculous prices and is on a waiting list for a PP Nautilus are laughable. Who would want to join them? It is a silly looking watch and so weak as a “sports watch” that somehow it doesn’t even hack! That is insanely archaic watchmaking which shows the complete contempt that PP has for its customers. They have such contempt for them that instead of simply hiring a few more people to keep up with demand on a semi-reasonable level, they raise their prices and laugh at these idiots. Incredible. If you had to wait 6 months that would give plenty of an “aura” to the watch like they want. As it is, it has been pushed to a level of parody and contempt. Do these fools getting on “the list” like being sneered at and ripped off? I guess they must like it? Do they feel more “special” for it? Astounding idiocy.

  3. Agree wholeheartedly. I never understood the appeal of this watch, much less the acquiescence of the “collectors” to wait eight years or pay astounding premiums over retail. The case looks dated, which it is. The price is already inflated and Patek inflates it further so that they don’t lose compared to the secondary/speculators market. If there is such demand, it is not that difficult for them to make more, but the “exclusivity” is what makes it desirable for so many, so they just raise prices instead. It is the same for many luxury goods, but we would hope for more from a company that likes to tout it’s artistry and pursuit of passionate horology. I’m kinda hoping for the bubble to burst and see the prices fall on these ridiculously over-priced mediocre passes at haute horlogerie.

  4. You did the right thing getting the 911, Frank. As far as the Nautilus goes, and its 20% price hike, the only thing I really admire about it is that Patek are staying more true to the original psychological experiment that AP started with the Royal Oak in ’72, than AP itself. It’s more about excess, and what the market will bear (and bear it it most certainly does, as the unaffected waiting list attests to) in oder to create the desire.

    All high-end watches are overpriced to some extent; but the pedigree of Audemars and the very important history of the Royal Oak somewhat excuse the – comparatively more reasonable – price tag, without other watches AP produces showing it up as excessive. Patek of course have the pedigree, but the Nautilus’ history isn’t quite as important, and they have another steel luxury sports watch – the Aquanaut – with exactly the same movement as the Nautilus selling for ~Euro 7,000 – 9,000 less, depending on strap/bracelet.

    Anyhoo. Play a little game with yourself and imagine there was no Aquanaut and the Nautilus was the same price as the Royal Oak, with a months-long waiting list instead of years. Feel the desire deflate.

  5. I would take the 911 now, and see where the Nautilus market goes in a few years.
    “Bubbles” do burst.
    Next time you are in the US take a look.
    One example , used Nautilus annual calendar , like new, us$ 40,000.

  6. While I am crazy about vintage watches, budget contraints limit any PP, AP or VC watch to being decades old and available for < 10% its RRP.

    The Nautilus is neither for the beach nor the water. Sakrilege! Why even risk damage?!?

  7. This puts me off PP far more than the increase in Q.C. problems and insane service waiting times. Quite frankly, if your most modern sports watch can’t cope with going from the beach to an air conditioned restaurant without flapping about like a dead fish and the concept of hacking is alien to you, you are not a competent watch-maker at all, never mind “the purveyor of the most desirable luxury sports watch on the planet”. The reason I do not own a GS is precisely the lack of micro-adjustment on their bracelets

  8. People might be asking EUR40,000 for this watch. However I doubt anyone is actually paying anywhere near that.

    A mint blue version recently sold in Australia for AUD28,000 (under USD20,000). Another blue watch is currently for sale at AU21,000 (reduced from AUD26,000). This is barely *half* the new list price.

  9. 80k now boys. And climbing , PP announced new movement, you know what that means !!. Expect 100k sooner rather than later .. nice 911 thou.

  10. Enjoy the car! Thanks for the article – sooooooooooooo love the Nautilus but not the waiting time, or the insane second-hand prices.

  11. Non hackable, stainless steel, odd looking watch. I’ve been trying my best to like the design. So far I’m unsuccessful. Even after studying it’s heritage and why it looks the way it does. It must be the exclusivity. I’d never seen a stainless steel Daytona in my live when I ordered one. Three years on a waiting list before I got the call in 2008. Wore it three times before realizing I bought into a hype. Love the looks but it wears too small compared to my GMT and Submariner. I went back to my 16710 GMT for daily wear. The Daytona? I’ve kept it because it goes up in price faster than a CD, call it diversification. Who knows, maybe there comes a time where it grows on me. Lesson learned, don’t ever buy into a hype again unless you’ve had the hype on your wrist. No 5711 for me. My first Patek will probably be the Calatrava Pilot 5524G in white gold. That design speaks to me, has a good size to it and I can actually try one on. If they made that in stainless steel it would be as unattainable as the 5711.

  12. I grew up in nyc in the 50’s mom working for Sterne.
    Always loved most pateks and have had 6 of them, once a nautilus. Sold it once I realized the steel had issues with corrosion and water, but that was 16 years ago.

    These current prices are totally off the rails. Like the Japanese buying 308 ferraris in the 80s driving prices nuts till they cratered. But who knows, rolex newman daytonas have maintained crazy pricing for a long time. And this in an age where so many get their time on their phone

  13. now they’re $52-55K for 2003 model year, $59K for 2 years old. Price is finally dropping

  14. Really late for this party. The PP5711 is something of an anomaly. It is considered ” an entry level Patek” and due to the hype fueled in part to social media, it has sky-rocketed eclipsing and affecting prices of “higher” and more complicated Pateks. This is both good and bad. Good because i just purchased a PP5170 at a basement low price. Bad because i can’t get the 5711 but who cares. I love complicated Pateks and i am not into this hobby to make a buck. I make my money elsewhere!

  15. Minor flaws”. HUGE, unacceptable flaws would be a bit more accurate.

Leave a Reply