The Nautilus debuted as an unconventional proposition for Patek Philippe. Fifty years later, it has become the company’s defining model.
In 1976, Patek Philippe commissioned Gerald Genta, an independent designer, to create a sports wristwatch in steel, a material then rarely associated with high-end watchmaking. The result, with its porthole-inspired bezel and integrated bracelet, challenged prevailing notions of luxury watchmaking.
“That first Nautilus Ref. 3700 was a little revolution,” Thierry Stern, president of the family-owned Patek Philippe, wrote in an email. “But it was not an easy path, neither an immediate success.”
“The Nautilus was my first Patek Philippe watch,” Mr. Stern wrote. “It holds a special place in my heart because it was launched by my father.” (Philippe Stern, who led the company from 1993 to 2009, died June 14.)
Mr. Stern also repeated what his father had said during a 30th-anniversary event in 2006 in Geneva: “To be frank, at the beginning, demand for the Nautilus was moderate. At the beginning of 1980s, its popularity really started to grow and, finally, it became a fantastic success.”
To mark the half-century point, the company introduced four commemorative limited-edition pieces — a desk clock and three wristwatches — in April at Watches and Wonders Geneva, the annual trade fair. Also, a special exhibition dedicated to the Nautilus is scheduled to run through early 2027 at the Patek Philippe Museum in Geneva.
While no one at the fair in Geneva seemed to expect an anniversary desk clock, it was the thin, streamlined design of the wristwatches that appeared to surprise collectors the most. “What I like to do is to surprise everyone with the opposite of what most people thought we would present, like a Nautilus tourbillon or a minute repeater,” Mr. Stern wrote. “Instead, we came up with the simplest, purest Nautilus version.”
Each of the wristwatches has a slim 6.9-millimeter case, made possible by the ultrathin Caliber 240 movement, which is just 2.53 millimeters thick. On the back, the number “50” and the dates “1976-2026” are engraved on the rotor. Also, the seconds hand and the date display have been removed, giving the dial a clean, understated look.
“The aim was to pay homage to the purity of the design principles of the original Nautilus case and its remarkably slender, elegant profile.” Mr. Stern wrote.
One of the three — the Ref. 5610/1P-001, a platinum model produced in an edition of 2,000 and priced at 90,000 Swiss francs ($112,529) — has a 38-millimeter diameter that the company website says is a “return of a medium size launched in the 1980s.”
The other two are versions of a white-gold model, both with a sunburst blue dial. In an edition of 2,000 pieces, the Ref. 5810/1G featuring an integrated white-gold bracelet, is priced at 75,000 francs. And the Ref. 5810G, with baguette-cut diamond hour markers and a navy-blue composite strap, is limited to 1,000 pieces and priced at 60,000 francs.
The octagonal white-gold desk clock, the Ref. 958G-001, comes in an edition of 100, priced at 205,000 francs. It is powered by the Caliber 31-505, a manually wound eight-day movement developed specifically for the clock.
Subtle Touches
“These anniversary watches were made with real collectors in mind, not people who want them to flex,” said Armando Gonzalez, a Miami banker and collector whose Nautilus holdings include a Ref. 3700 from 1983 and a Ref. 5740 perpetual calendar. “They look like any other Nautilus except for the subtle touches that only collectors appreciate. When you wear this watch, nobody’s going to know what it is, except for you.” (For example, he cited the fact that the number 50 and the dates are engraved on the back, so only the wearer knows it is an anniversary model.)
Within days of their unveiling in Geneva, the first watches surfaced on the secondary market. “We were one of the first to sell a 50th-anniversary model,” said Austen Chu, founder of Wristcheck, a secondary-market watch selling platform in Hong Kong established in 2020. He referred to a Ref. 5610P-001 sold to a Hong Kong buyer for what Mr. Chu described as “a little over $400,000,” or more than four times its retail price.
“These watches are typically allocated to Patek V.I.P.s, but some don’t like the Nautilus line,” Mr. Chu said. “If someone offers you something for $90,000 that’s worth $400,000, even if you don’t like it, you’re going to say yes.”
He also noted that the secondary market is a true barometer of how desirable a model is on the primary market. “If it’s so hot on the secondary market that people are willing to pay four times retail,” he said, “imagine how many are asking for it in the primary.”
That same premise could be applied to the best-selling Ref. 5711/1A, which sold for far more than its roughly $33,700 retail price for years, even after Patek discontinued it in 2021.
“Ref. 5711 used to sell for 10 times over retail but now prices are at two, three or four times retail,” said Aurel Bacs, a senior consultant at Phillips. “Still at unbelievable levels, but the market is less hysterical than at its 2020-2021 peak.”
In 2021, Mr. Bacs auctioned a Nautilus Tiffany Blue Ref. 5711/1A-018 for a record $6.5 million. (Since then, a one-off Ref. 5711/1500A with a fully hand-engraved case featuring Maori motifs, was sold for 6.7 million francs in November 2024 at a Phillips Geneva auction to benefit a children’s charity.)
“Demand hasn’t changed; it is who is buying that has changed,” Mr. Bacs said. “The ‘spec-collectors’ — or speculator collectors — are gone for good, and that is healthier for the market.” He noted that interest has remained strong in everything from current Nautilus models to rare vintage references, particularly precious-metal versions of the original Ref. 3700, because, he said, “supply has never, ever met demand. Full stop.”
On Display
While the anniversary models are beyond the means of many enthusiasts, all four designs may be admired in the exhibition titled “1976-2026 Nautilus: 50th Anniversary of an Icon of Sporty Elegance” that opened in June at the Patek museum. (Its website allows advance ticket sales, at 10 francs for adults.)
Drawing on archives and a selection of watches, the exhibition traces the chronological evolution of the Nautilus, including the references that inspired its various iterations.
“The first Ref. 3700/1A from 1976 is essential,” Mr. Stern wrote. “It is also interesting to revisit the small ladies’ models from the 1980s. The 2006 collection, the first evolution of the original case design that helped relaunch the collection, is key.
“Finally,” he added, “the limited editions created for the 40th and 50th anniversaries offer a rare opportunity to see these models.” Also on display is Mr. Stern’s own first Nautilus, a Ref. 3800/1JA steel and yellow gold model, which was a family gift for his 20th birthday that he wore regularly for the next decade.
“Nautilus will remain an important historic collection,” Mr. Stern wrote. “We will continue to work on this collection as we do on other segments.”
At 50, the Nautilus has achieved the kind of relevance that has endured across generations. “The Nautilus has become like the Birkin bag or the Porsche 911,” Mr. Gonzalez said.
And for many enthusiasts, it has become an entry point into watch collecting. “The Nautilus is an ambassador not just for Patek Philippe, but for the entire mechanical watch industry,” Mr. Bacs said. “At 50, its mission is accomplished.”
