The first olive green Patek Philippe Nautilus to reach the auctioneer’s block has sold for nearly half a million dollars in Monaco today.
Achieving such a price for what is a relatively simple stainless steel, three-hand automatic with date is evidence that, when it comes to a handful of specific watches, the watch market is currently superheated.
The hammer price, even before taking into account Antiquorum’s 25% “Buyer’s Fee”, of 320,000 Euros represents almost 11 times the $34,893 USD retail price of the watch.
The watch in question was sold still sealed inside its plastic factory wrapping, something that was outlawed by Patek Philippe in 2017. Patek Authorised Dealers were ordered to stop supplying sealed watches to customers to prevent such flipping and the brand is certain to take a keen interest in where this watch originated from, its case and movement numbers were visible in the press images supplied by Antiquorum.
Patek would almost certainly take action against any retailer who supplied the watch still sealed, potentially withdrawing their AD status entirely.
The green dialed Ref. 5711-1A/014 was announced following the discontinuation of the famed Ref. 5711 model and was meant to placate at least some of the customers who had been unable to secure the blue-dialled model, despite being on waiting lists for years. Instead, it has had the opposite effect becoming the hottest watch of the year, with Patek Philippe president Thierry Stern recently admitting that he has even had to turn down his sons’ requests to buy the model.
In other watch news, Jeff Bezos and crew wear custom Speedmasters for their journey to space.