The Patek Philippe Nautilus: An Obsessive's Complete Guide
Everything you need to know before spending six figures on steel
Luca Sartori
Watch Correspondent
22 January 2025
14 min read
It began as a sports watch for the pool deck. It became the most coveted timepiece on earth. We trace the Nautilus from its 1976 debut through every key reference, and tell you honestly what today's market looks like.
Gerald Genta sketched the Nautilus on a napkin during a 1972 Basel fair dinner, reportedly in a single hour. The watch that emerged — with its porthole shape, integrated bracelet, and horizontal embossed dial — looked like nothing Patek had ever made. Geneva was not entirely sure what to make of it.
The Key References
The 3700, launched in 1976, established the DNA: steel, 42mm, blue-grey dial. The 3800, arriving in 1981, introduced a smaller 37.5mm case for a wider market. The modern era belongs to the 5711, produced from 2006 until its discontinuation in 2021 — a decision that sent pre-owned prices from two times retail to six times overnight.
“The 5711 in steel with blue dial is now the single most reliable store of value in the watch world, outperforming equities in every year since 2018.”
What to Pay in 2025
A stainless steel 5711 in unworn condition trades between $150,000 and $180,000 at reputable dealers. The reference 5726 Annual Calendar in steel commands a 20–30% premium. The 5726A 'Tiffany Blue' remains the benchmark of all benchmarks: fewer than 200 examples exist, and the last auction result was $6.5 million.
- 3700/1 (1976–1990): entry point for collectors, from $40,000
- 5711/1A Blue Dial: $150,000–180,000 unworn
- 5726A Annual Calendar: $180,000–220,000
- 5980 Chronograph: $120,000–140,000
- Ref. 5719 White Gold: $80,000–100,000
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