A Patek Philippe Nautilus sells for almost S$700,000 at an online watch auction
The fervour for a Patek Philippe Nautilus timepiece shows no signs of waning at a recent online watch auction held by Sotheby’s.
If you want to get your hands on a brand new Patek Philippe Nautilus Ref. 5711 in steel, be prepared to wait between eight and 12 years. Originally unveiled in the 1970s, the Nautilus has become a veritable icon in the horological world, sparking a long waiting list at retailers.
Its elusive status has skyrocketed the timepiece's price at auctions, and now, the Nautilus has broken a new record – selling for US$484,000 (S$689,644) at a recent online auction held by Sotheby’s.
The watch – a brand new Ref. 5711 in platinum with a blue jeans dial – is now the most expensive watch ever sold at an online auction. Only 30 to 50 Nautilus were ever produced in platinum, making it a rare, and therefore even more highly prized, bird than the steel version.
The auction in question was the second sale of Sotheby’s new Watches Weekly programme, which debuted on April 1. The sale featured 30 vintage and modern wristwatches by Patek Philippe.
The first auction included 19 Rolex wristwatches and rare pieces by Audemars Piguet. Major highlights from that auction included the sale of a 1968 Rolex Paul Newman Daytona, Ref. 6241 in stainless steel, which sold for US$306,518.
A circa-1975 Rolex Daytona, Ref. 6263 in stainless steel, also sold for US$258,000. The watch was made for Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and ruler of Dubai.
In total, the two sales raked in US$2.2 million. Ninety-five per cent of the lots were sold, with over half of them achieving prices above their high estimate.