Patek Philippe: Is the steel "Nautilus" coming back?

Patek Philippe: Is the steel "Nautilus" coming back?

In 2021, the watch world was surprised when Patek Philippe confirmed the discontinuation of the steel “Nautilus” references 5711/1A-10 and 5711/1A-11 – thus also heralding the end of production of the manufacturer’s most popular watch, the three-hand “Nautilus” in stainless steel with a blue dial.

Prices for this iconic watch subsequently skyrocketed on the already overheated pre-owned market, reaching values up to three times the official retail price. This trend has remained unchanged to this day. On Chrono24, asking prices currently range between €86,000 and €288,000. Actual realizations over the past six months have averaged around €100,000.

"I have to be firm with the quantity because I don't want steel to dominate the entire collection. So we have to be vigilant."

In addition to the fact that Patek did not want to undermine its own market position with a comparatively inexpensive stainless steel watch when it came to precious metal models with higher returns, Stern was also concerned with not becoming too dependent on a single model - similar to Audemars Piguet with the "Royal Oak".

“That’s dangerous, and I don’t want that,” Stern said at the time.

Thierry Stern has since seemingly changed his mind, and the new "Cubitus" line is now available—for many, the equivalent of the "Nautilus." This line also includes platinum, white, and rose gold versions, as well as two stainless steel models and a stainless steel/rose gold version.

Now, in an interview with the Neue Zürcher Zeitung (NZZ), the Patek CEO even spoke about the possible comeback of a steel "Nautilus": "A simple steel 'Nautilus' will be available again at some point." And with this, he once again surprised the global watch community.

However, steel is still not Thierry Stern's favorite metal: "Steel has to be limited compared to gold for us; it's a question of profitability. We can't maintain our structure with too many steel models."

However, when asked by the NZZ specifically about a steel “Nautilus,” he does not rule it out:

"We've currently replaced it with a gold model. But that doesn't mean it's gone forever. A break makes sense—also to calm the market," he replies, referring to the pre-owned prices for the popular steel model with a blue dial, which are still above the list price.

He continues: "A steel Nautilus in the style of the '5711' will be available again at some point as a new model. In what form—whether with engraving or a new movement—is open. I'm by no means banning steel. But we've reached an economically limited quota. That's why we had to set priorities."