Patek Philippe has recently announced the creation of 170 special editions of its most iconic timepiece, the Nautilus 5711, in partnership with Tiffany & Co .. A launch that stunned everyone and immediately sparked collectors' fantasies.
Patek will make 170 examples of the Nautilus 5711 with a brand new “Tiffany” dial which will be sold in select Tiffany boutiques. The watch was created to honor the 170-year partnership between the Swiss watchmaker and Tiffany, as well as Tiffany's new ownership under French luxury giant LVMH, Patek Philippe said.
For Tiffany, having the ability to sell what is likely to become the world's most sought-after new watch will add luster and functional commercial splendor to the restyling undertaken by the new owner, LVMH led by Bernard Arnault.
“This was my little gift to congratulate the purchase of Tiffany.- Thierry Stern, CEO of Patek Philippe
It was quite clear to me that I had to choose something unique and exceptional. This is truly the last round for this watch ”.
The birth of the Nautilus ref. 5711
The Nautilus 5711 was born to commemorate the 30 anniversary of the watch designed by Gérald Genta, along with other references with various complications such as the reference 5712 and 5980. The Nautilus reference 5711 has essentially the same aesthetics as its very first model with some small modern updates such as a larger case size, a new movement, a sapphire display case back, an improved bracelet with a smoky grayish blue ribbed dial has been replaced by the reference 5711. The reference has undergone technical and aesthetic changes since 2006. Looking at the dial, the main difference is the introduction, around 2018, a "cartouche" in relief for the signature, instead of printing it directly on the coasts.
The "last" 5711, the Patek Philippe Ref.5711 / 1A-014
During Watches and Wonders this year, to the amazement of the collectors' market, Mr. Thierry Stern, CEO of Patek Philippe, announced that reference 5711 would be discontinued in 2021 and that a model with a green dial and border around the date window would be launched. Two models have been launched, including a steel version with a bezel embellished with baguette-cut diamonds, known as Ref. 5711 / 1300A.
After this announcement, unsurprisingly, the market literally went crazy. Prices have soared and the latest model, the one with a green dial, was auctioned by Antiquorum at 10 times its list price (320'000Euro).
The origins of the collaboration and the new Ref. 5711 / 1A-018
Stern's decision to make the latest 5711s for Tiffany came from the deep bond and mutual values of the two companies. In 1851, Tiffany became Patek Philippe's first official retail partner in the United States. During his first business trip to the United States, Antoine Norbert de Patek encounter charles lewis tiffany in New York. Today, Patek watches are sold in some Tiffany boutiques and Patek watches under the “Tiffany & Co” brand sell for great prizes.
Both companies are family-owned, with the intention of passing the leadership on to subsequent generations. The Stern family has owned Patek since 1932, while LVMH is controlled by Bernard Arnault, the third richest man in the world. Bernard Arnault is said to have been considering for years the acquisition of one of the watch brands of the "Four Sisters" - Rolex, Patek, Audemars Piguet and Richard Mille - to be included in his stable of luxury brands, which already includes Tag Heuer , Zenith and Hublot. Stern, for his part, said he had met Bernard Arnault in the past and reiterated his desire to remain an independent brand.
However, Patek's CEO wanted to offer Bernard Arnault something special to commemorate LVMH's $ 15,8 billion deal to buy Tiffany. He thus organized a virtual meeting to present the Patek Philippe 5711 at LVMH. Attendees also included Alexandre Arnault, the 29-year-old family scion who was recently named Executive Vice President of Product and Communications at Tiffany.
Together with the special "blue Tiffany" color, the watch will have the inscription "Tiffany & Co." at 6 o'clock, combined with the Patek Philippe logo at 12 o'clock. The sapphire crystal caseback bears the commemorative inscription “170th Anniversary 1851-2021 Tiffany & Co. - Patek Philippe”. Stern has also created a little “surprise” on the back that will let the owners discover.
Reference 5711 is equipped with the self-winding caliber 26-330 S C. Equipped with a stop-seconds mechanism that allows the time to be set to the precision of one second, this state of the art movement is visible through a caseback in sapphire crystal, with the inscription “170th Anniversary 1851-2021 Tiffany & Co. –Patek Philippe”.
"I had to warn Tiffany and I said 'listen, this is a fantastic gift. But it is also poisonous because you will only have 170 pieces and the choice to sell it to the end customer will be yours. There will be 170 very happy people and the rest will be unhappy. I hope they sell it to the right people. This is really the most important thing for me. When you make such a watch, it must go to the right person". Thierry Stern, CEO of Patek Philippe.
Its real value? Appointment in New York for the Phillips auction "The 2021 New York Watch Auction"
The Nautilus 5711 is the example watch, together with other top models by Audemars Piguet, Rolex and Richard mille, of the great imbalance between supply and demand in the market, as well as one of the refuge goods par excellence in recent times. We also talked about it in our podcasts in full pandemic, about how the situation caused by COVID, with rampant inflation with consequent devaluation of the value of money, has attracted new subjects in the world of watch collecting.
There is therefore great anticipation for the auction Phillips "The 2021 New York Watch Auction" to be held in New York on December 11th, where the first - and only so far available - copy of Patek Philippe “Tiffany” 5711 / 1A-018 “Tiffany Blue” Nautilus.
With an estimated price of USD 50, the proceeds from the sale of this new 000 "Tiffany" will be donated 5711% to the environmental organization "The Nature Conservancy". Founded in the United States in 1951, TNC is a global environmental nonprofit whose mission is to preserve the lands and waters that all life depends on and shape a brighter future for people and our planet.
To date, TNC has protected more than 119 million acres of land and 5000 river miles around the world, with conservation programs in more than 70 countries around the world, their programs are dedicated to food and water sustainability, protection of land and water, the implementation of solutions for climate change and the construction of healthy cities.