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March 16th, 2021
Yes, you hear it right. Patek Philippe stopped producing the iconic Nautilus Reference 5711.
The brand has discontinued not only one of its most iconic models but also one of the world’s most popular and coveted watches. This news is certainly not that watch enthusiasts across the globe anticipated at the start of 2021.
The irony is that one of the most talked-about timepieces of 2021 is not a brand-new launch but, instead, discontinuation.
The Patek Philippe Nautilus 5711 is much more than a mere timekeeper. And the brand ceased its production when virtually all watch collectors today want to buy the watch for vast gobs of money.
However, the leading watchmaker, Patek Philippe, must have little logic to stop producing a globally popular item. Perhaps it is a smart move, and one might need to do something like this at a time.
Continue reading to find out what’s the actual logic behind such a surprising move by Patek Philippe.
Patek Philippe has been producing the Nautilus Reference 5711 for about 43years. However, its demand escalated a few years ago. As per reports in 2019, the waiting list for this particular model extended for eight years. Now:
While the brand discontinued the Nautilus 5711, the waitlist will extend forever. But the interesting fact is that Patek Philippe has stopped producing the timepiece back in 2019. They remained tight-lipped.
Of course, Patek’s enthusiasts and collectors were upset about it, and the same was the retailers. Lots of people have been eagerly waiting to buy and sell this watch. And now, the only way to get this model would be to dive into the second hand market and purchase it for staggering gobs of money.
So the question is - why Patek Philippe discontinued its most popular and sought-after creation?
Patek Philippe’s President, Thierry Stern, speaking to the Times, has said –
“We are doing this for our clients who already own a Patek Philippe and to protect our brand from becoming too commercial.”
“I can continue to make this fantastic product or sell 10 times more of them. But I am not working for numbers. I am protecting the company for the future, for my children.”
Stern is well-aware that discontinuing the iconic Nautilus 5711 will upset its global fans and collectors. However, as Stern stated, he followed a lesson that his father taught him, and today he is passing down the same to his children.
“When you have a fantastic brand like Patek, you have to protect the brand and not just one product,” he said.
Well, this is a brilliant move or rather a smart decision for high-end timepieces. But it works well not only for watches but also with other top-selling things in the world.
The Nautilus Reference 5711 in stainless steel and a vibrant blue dial became so famous that its significance changed. Depending on the person, the watch represented many things. While some blazed it as a sign of wealth, others considered it the epitome of modern watch design.
Moreover, the Nautilus Reference 5711 was a unique steel sports timepiece from a brand more recognised for dress watches for many people. The watch was enjoying a fascinating demand and price surge. And the waitlist also extended before Patek announced its discontinuation.
The Nautilus 5711 will have a successor or successors. However, Reference 5711 is a significant part of Patek Philippe’s past but not its future.
Nonetheless, if you are looking to sell a Patek Philippe watch for the best price in London, fill up our online form or call on 0207 242 9160 for a free competitive quote.
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