If you are thinking of buying an automatic Patek Philippe Ref. 5711 in stainless steel with a black-blue dial, think again.
The Nautilus sports watch line, which includes the Ref. 5711, has been produced without interruption for 43 years. But demand for that particular model has so surpassed supply in recent years that neither Patek Philippe nor any of its retailers will sell one just because a customer is waving cash around. New watches go to carefully vetted clients who gained places on the waiting list thanks to longstanding relationships with the Swiss watchmaker.
And, while no one will specify, the wait is said to be as long as eight years.
“Why is the Nautilus so popular,” Thierry Stern, president of Patek Philippe, asked rhetorically in an interview last October in Milan during one of the family-owned house’s promotional events. “Of course I am happy about it, but honestly I don’t know the answer.”
For Mr. Stern, the subject is at once both somewhat irritating and a source of pride. “We make about 140 different models at Patek Philippe, and the basic Ref. 5711 in steel is just one of them,” he said. “We have many other models that are more complicated and arguably more beautiful.”
Tell that to frustrated buyers.
The first Nautilus, the Ref. 3700, was introduced in 1976, while Mr. Stern’s father, Philippe, was still leading the company. Gérald Genta, who had created the Royal Oak for Audemars Piguet four years earlier, designed the timepiece, both its name and the rounded octagonal bezel and case (inspired by a ship’s porthole) referencing Philippe Stern’s passion for sailing.
“When the Nautilus was introduced, the watch industry was confronted with the quartz crisis,” said Nicholas Foulkes, author of “Patek Philippe: The Authorized Biography” published in 2016. “Philippe Stern had an incredible vision that mechanical watches would come back.”
The advertising tagline said “one of the world’s costliest watches is made of steel.” And that, too, was something of a revolution for Patek, which previously had made only classic watches in precious metals. “What was interesting then was not that it was a steel watch,” Mr. Foulkes said, “but that it was a Patek Philippe in steel.” Within a few years, women’s versions were introduced and complications added.
In 2006, the Ref. 5711/1A debuted — a reworked version of the Ref. 3700 model in steel but with a bluer dial and an automatic caliber.
It was not Patek’s most expensive watch nor its most complicated. But the consensus among watch fans is that it is the most coveted.
“If I had a penny for every client who came in every day asking for a Ref. 5711 in steel, I would be long retired,” a salesman at Tourneau, an authorized retailer in New York, said last fall. The official retail price is ,803 (or, in Europe, 27,040 euros).
Founded in 1839, and closely held by the Stern family since 1932, Patek Philippe does not disclose its annual production or revenue — but reports have estimated it produces 60,000 timepieces annually and generates 1.5 billion Swiss francs in sales. In January Bloomberg reported that the company might be offered for sale, with analysts estimating it could be worth billion to billion.
“We don’t discuss production quantities, but clearly we don’t make enough Ref. 5711s,” Mr. Stern said. “Today we are meeting maybe 10 percent of the demand, and it is going to stay that way.”
“For us, this is not a race to make more money,” he said. “It is a race for beauty, for the long term, and for greater choice in our collections.”
Rarity breeds desire, but also speculation. The scarcity of the Ref. 5711 on the primary market has resulted in corresponding price increases for new and pre-owned models at auction.
Consider the new automatic Ref. 5711/1A in stainless steel with a so-called Tiffany dial that was sold in November at a Phillips auction in Geneva. The timepiece was accompanied by its Patek certificate of origin, showing it had been sold on July 30 at the Tiffany & Company Fifth Avenue flagship in New York.
Tiffany, an official Patek retailer since 1851, has stamped its name on the dial of certain Patek models; other retailers have had similar arrangements in the past, but now only Tiffany has such an agreement. Tiffany will not say how many Ref. 5711 dials it has stamped or how many have sold, but the watches are widely considered to be among the rarest in production.
For the consignor, whose identity was known to Patek, Tiffany and Phillips but was not made public, the payout was immediate and exponential: The watch sold for 125,000 Swiss francs or 4,362, including the buyer’s premium, setting a world record for a steel Ref. 5711.
“If you want to distinguish yourself with a Ref. 5711, you need that Tiffany dial,” said Aurel Bacs, the auctioneer who brought down the hammer. “This is the endgame in Ref. 5711s.”
Several owners have their own histories with the Ref. 5711.
A PRIVATE COLLECTOR
Claude Sfeir is a prominent Patek Philippe client who says he owns “almost all” the watches in the Nautilus series, including a one-of-a-kind prototype Ref. 3700 that he acquired a few years ago at auction.
“This prototype is the symbol of the success of the Nautilus and proof of the genius of Gérald Genta,” Mr. Sfeir said in a phone interview from Beirut, Lebanon. “This watch carries the history of all the Nautilus watches in a simple design that is still very current.”
“I happened to be in Geneva, and it was my birthday, and also beginning of a new love story,” he said. “It is a watch I love because it has even more special significance for me.”
“I have always loved watches, and people liked the photos I posted on my private profile,” Ms. Daud said in a phone interview from London. She said she owns all the watches she features (she wouldn’t specify how many that is) and attributes the site’s appeal to its fashion-savvy orientation (watches are shown worn with a stack of Cartier Juste un Clou bracelets or a Van Cleef & Arpels Alhambra chain, for example).
“It was like a breath of fresh air and we were all very excited at Patek Philippe,” Mr. Reardon said in a phone interview from New York, where he has been international head of Christie’s watch department since 2013.
“The retail price was around ,500 then,” he added. “People wanted the watch, but there was no craziness over what was just a new watch in a line that people appreciated.”
In 2011, after he had left Patek, a reseller offered Mr. Reardon a pre-owned Ref. 5711 for ,300.
“I put it in on, it made a clicking sound and I fell in love,” Mr. Bacs said in an interview in Geneva. “Since then, this has been my universal watch.”
“It has traveled with me many times on every kind of business occasion, on airplanes, on the auction podium, and to every exotic destination I have traveled,” he said.
His passion for the Ref. 5711 began with a Ref. 3700: His mother gave it to his father as a 50th birthday gift in 1983.
“Back then, the Ref. 3700 was the ‘nec plus ultra’ in terms of style and wearability for an everyday watch,” Mr. Bacs said, using an expression that translates as “nothing further beyond.”
He worked his way up through a Ref. 3800, a smaller version of the Ref. 3700, to the Aquanaut, before finally purchasing his Ref. 5711 in 2009.
“Technically speaking, this may be the simplest Nautilus reference, but I like it because it does everything I ask from a watch without going beyond,” he said.B:
马经玄机图荐2018【他】【带】【她】【来】【的】，【是】【另】【一】【处】【院】【子】，【院】【子】【不】【算】【大】，【也】【不】【算】【小】，【天】【太】【黑】，【也】【看】【不】【清】，【只】【知】【道】【这】【个】【院】【子】【里】【有】【三】【四】【个】【人】，【应】【该】【是】【一】【家】【人】，【看】【到】【苏】【岩】，【还】【叫】【着】【老】【爷】。 【老】【爷】，【一】【听】【这】【个】【称】【呼】，【苏】【静】【差】【点】【喷】【笑】，【不】【过】，【这】【也】【正】【常】，【他】【可】【不】【就】【是】【老】【爷】【么】。 【苏】【静】【以】【为】，【他】【带】【她】【来】【这】【里】，【会】【有】【什】【么】【重】【要】【的】【事】，【谁】【知】，【就】【是】【为】【了】【看】【她】【睡】【觉】，【好】
“【什】【么】？【你】【们】【要】【去】【古】【堡】【里】？【那】【里】【可】【是】【很】【危】【险】【的】，【据】【说】【里】【面】【封】【印】【者】【远】【古】【的】【邪】【恶】【契】【约】，【就】【连】【光】【明】【教】【会】【的】【人】【都】【不】【敢】【轻】【易】【进】【去】。”【谢】【尔】【曼】【紧】【张】【的】【提】【醒】【道】。 “【嗯】，【所】【以】，【我】【不】【会】【让】【你】【们】【冒】【险】【的】。”【菲】【雅】【点】【点】【头】，【跟】【谢】【尔】【曼】【说】【道】。 “【不】【是】，【殿】【下】，【我】【不】【是】【那】【个】【意】【思】，【只】【是】【说】，【现】【在】【事】【情】【还】【没】【有】【调】【查】【清】【楚】，【不】【如】【我】【们】【先】【回】【村】【子】【了】
【一】【睁】【眼】，【久】【违】【两】【月】【的】【阳】【光】【照】【射】【在】【云】【韵】【身】【上】。 【几】【人】【颤】【颤】【巍】【巍】【的】【来】【到】【齐】【昊】【跟】【前】，【两】【个】【斗】【王】【更】【是】【直】【接】【跪】【下】。 【在】【精】【神】【世】【界】，【一】【旦】【意】【志】【不】【坚】，【以】【任】【何】【形】【势】【死】【亡】，【都】【会】【代】【表】【精】【神】【死】【亡】。 【可】【齐】【昊】【需】【要】【的】【可】【以】【效】【力】【的】【手】【下】，【所】【以】【他】【们】‘【活】【着】’，【毫】【发】【无】【损】【的】【回】【来】【了】。 【但】【是】【他】【们】【的】【意】【志】、【灵】【魂】【都】【不】【再】【属】【于】【他】【们】，【他】【们】【的】【一】【切】
【数】【名】【官】【兵】【堵】【在】【门】【口】，【亲】【眼】【目】【睹】【项】【志】【诚】【操】【刀】【剐】【肉】，【听】【着】【渔】【民】【撕】【心】【裂】【肺】【的】【叫】【喊】，【不】【禁】【感】【同】【身】【受】，【一】【个】【个】【眼】【角】【抽】【搐】，【咧】【开】【嘴】【倒】【吸】【凉】【气】。 “【项】【兄】，【这】【怎】【么】【回】【事】？”【林】【逸】【刚】【问】【完】，【肩】【膀】【就】【被】【人】【轻】【轻】【一】【拍】。【他】【转】【过】【头】，【便】【瞧】【任】【定】【北】【正】【盯】【着】【自】【己】【手】【中】【长】【刀】，【立】【马】【会】【了】【意】，【对】【周】【围】【兵】【卒】【吆】【喝】【道】：“【诸】【位】【当】【心】，【别】【被】【锋】【刃】【伤】【着】。” 【说】马经玄机图荐2018【两】【人】【向】【着】【炎】【焱】【谷】【进】【发】，【随】【着】【一】【路】【向】【前】，【周】【围】【温】【度】【急】【剧】【攀】【升】，【此】【时】，【林】【琨】【才】【发】【现】，【他】【们】【降】【临】【太】【玄】【星】【之】【地】，【便】【是】【炎】【焱】【谷】【的】【正】【背】【面】，【整】【颗】【星】【球】【温】【度】【最】【低】【的】【区】【域】。 【忽】【然】，【有】【攻】【击】【自】【地】【下】【熔】【岩】【射】【出】，【来】【自】【一】【火】【焰】【凶】【兽】。 【此】【凶】【兽】【体】【型】【不】【大】，【只】【有】【一】【米】【高】，【浑】【身】【上】【下】【由】【岩】【浆】【构】【成】，【燃】【着】【火】【焰】。 【是】【一】【只】【弱】【小】【的】【没】【有】【灵】【智】【的】【凶】【兽】
【双】【手】【不】【受】【控】【制】【地】【结】【印】，【瞳】【力】【和】【查】【克】【拉】【都】【如】【同】【山】【洪】【泄】【地】，【宣】【涌】【而】【出】。 【本】【来】【精】【壮】【的】【长】【门】，【肉】【眼】【可】【见】【的】【消】【瘦】【起】【来】，【一】【头】【旺】【盛】【如】【火】【燃】【烧】【的】【红】【发】，【竟】【出】【现】【了】【白】【发】，【色】【泽】【黯】【淡】、【干】【枯】【灰】【白】。 【宇】【智】【波】【信】【不】【知】【何】【时】【再】【次】【使】【用】【了】【一】【次】【伊】【邪】【那】【歧】，【复】【活】【的】【地】【点】【正】【是】【在】【长】【门】【身】【边】！ 【只】【见】【他】【甩】【出】【一】【个】【卷】【轴】，【瞬】【息】【解】【封】。 【砰】【的】【掉】【出】【一】
【极】【简】、【轻】【奢】【的】【体】【验】【中】【心】。 【端】【木】【菲】、【乐】【炎】【良】【以】【及】【两】【位】【地】【产】【界】【名】【流】【正】【在】【进】【行】【圆】【桌】【论】【坛】。 【主】【持】【人】【常】【声】【发】【问】：“【端】【木】【小】【姐】，【你】【如】【何】【看】【待】【天】【曜】【地】【产】【的】【新】【作】【品】——【菡】【棠】【合】【院】？” 【端】【木】【菲】【微】【笑】【答】【道】：“【这】【是】【天】【曜】【地】【产】【在】【产】【品】【研】【发】【上】【的】【再】【一】【次】【创】【新】。【大】【家】【知】【道】【限】【墅】【令】【不】【是】【一】【天】【两】【天】【了】，【而】【高】【净】【值】【人】【群】【对】【别】【墅】【生】【活】【的】【需】【求】【是】【真】【实】