“We made enough,” says Thierry Stern. There are no plans for a steel Nautilus 5811

Zach Blass

During the farewell tour of the 5711 Nautilus, we were led to believe the model was bidding adieu from the catalogue – at least in its time and date only configuration. It was a bit of a drawn-out goodbye, with a final run of green dial 5711 watches that were then followed by a limited-edition run of Nautilus watches with Tiffany stamped and coloured dials. And, like that – poof! – an icon was seemingly gone. This week, however, Patek Philippe unveiled the successor to the 5711: the Patek Philippe Nautilus 5811/1G in white gold. Since its debut, many have jested that a watch that was allegedly disappearing has quickly been resurrected – perhaps too quickly based on the dialogue during the 5711 farewell tour. But a New York Times interview with Patek CEO Thierry Stern clears the air. It would seem we were not misled after all – a steel Nautilus 5811 is not in the plans at the storied holy trinity manufacture.

Thierry Stern explained to Victoria Gomelsky of the New York Times: “We made enough” in regard to steel Nautilus watches. He then continued: “It always comes back to: how many watches can I do per year? At Patek, 66,000 is the max. I don’t want to jeopardise the quality of my watches. I need to preserve Patek Philippe, and to sell gold is part of the preservation of the brand.”

Perhaps Patek Philippe has recognised just how much money they have lost out on to the secondary market, their watch sold to lucky buyers at retail for around $35K USD only then to be flipped or resold at an exorbitant margin – at its peak trading a little over $237,000 USD. By positioning the Nautilus more upmarket at retail, moving to white gold in favour of stainless steel, Patek stands to gain nearly twice the revenue. After all, the retail price of the new 5811/1G is $69,790 USD. But, in Stern’s mind, the pivot away from steel is less about profits and more about the preservation of the brand’s prestige.

He elaborated his desire to get out of the stainless-steel business, telling the NYT: “Many brands have been pushing steel because it’s easier to sell, but the major brands don’t have stock anymore. The shops are empty. The business is coming back. There’s no reason why today you should sell only steel watches. We’ll keep steel for sporty watches, mostly the Aquanaut, but it’s dangerous and too easy for me to make only steel.”

It is perhaps a tad arrogant to claim it is “too easy” to sell stainless steel, with plenty of manufactures presenting novelties in the  metal that by no means reach unobtanium status. But, as they say, it is good to be the king. And Patek Philippe certainly has zero trouble moving their steel watches and can take on the challenge of avoiding stainless steel in their catalogue.

Quick side note on the subject of unobtanium, Thierry Stern interestingly also told the NYT he is not to blame for the limited allocation of the Nautilus. “There will not be enough pieces for everybody,” Mr. Stern said, “But don’t blame me — blame the retailers”. His comment recognises the preferential treatment retailers give to favoured customers with extensive purchase histories.

Many have presumed the 5811/1G is a precious placeholder in anticipation of 2026, which will be the 50th anniversary of the model. This is due to the fact that prior to the 5711 unveiling for the 30th anniversary of the Nautilus, Patek Philippe introduced the 3711G. The 3711G had a production run of two years, and was the last white gold Nautilus sold on a white gold bracelet until now. One would have been forgiven for assuming history was bound to repeat itself next year when the 50th anniversary comes around. We can joke all we want that the retirement of the Nautilus in steel is like an Elton John farewell tour or Tom Brady’s retirement – the 5711 saying goodbye only to have a successor appear nine months later. But, Stern has made it clear: no more steel Nautilus (at least in the time and date only configuration). No steel Nautilus 5811. So, it would seem Patek and Stern have made good on their claim after all.