A Patek Philippe Watch with a Tiffany Blue Dial Just Sold for P327 Million
Auction house Phillips in association with Bacs & Russo just concluded the sale of Patek Philippe’s very first—and so far only—wristwatch in stainless steel fitted with a Tiffany Blue dial.
Listed as Lot 1T of 166 lots, the estimated list price of the timepiece was in excess of $50,000 (about P2.517 million). It was the first watch up for bids at Phillips’ 2021 New York Watch Auction at the company’s new address in 432 Park Avenue, New York. One hundred percent 100of the sale’s proceeds will benefit The Nature Conservancy, one of the most highly regarded global environmental organizations.
The initial bid of the watch was $20,000 (about P1 million) and slowly surged to a whopping $6.5million (P327 million), including buyer’s premium.
Only a total of 170 watches will be produced of Patek Philippe’s Ref. 5711/1A-018 Nautilus, which commemorates 170 years of partnership between the revered watch brand and Tiffany & Co. Each timepiece will have the dual stamping of both companies: “Tiffany & Co.” at six o'clock and “Patek Philippe” at 12 o'clock.
The legibility of the dial with the horizontal relief embossing, a Nautilus signature element, is amplified by baton hour markers as well as luminous baton hour and minute hands, all in blackened white gold.
Last April, Patek Philippe announced the discontinuation of the highly coveted Ref. 5711, the brand’s most popular and most sought-after model and considered a “holy grail” watch for collectors. The regular Ref. 5711 models are being sold by resellers for two to three times its suggested retail price, for as much as over P5 million and up prior to the announcement of the discontinuation due to its high demand and very low production numbers.
The Patek Philippe Nautilus reference 5711 is the modern iteration of the brand’s first luxury sports wristwatch, originally launched in 1976.
“Since my teenage years and earliest days as a watch lover, I grew up seeing the Nautilus with its subtle and timeless design and subdued dial colors such as deep blue and champagne, later white and, most recently, olive green,” said Aurel Bacs, Senior Consultant, Bacs & Russo. “I remember my jaw dropping when I was first shown the picture this last and final iteration of the 5711 and I couldn’t believe my eyes.
“The introduction of a bold, pastel color paired with the Tiffany & Co. logo was unimaginable to me,” he added. “Not only is this an absolute first for a Nautilus, but also for any Patek Philippe wristwatch. It’s as revolutionary and groundbreaking as when the pop art of Warhol and Lichtenstein wrote a new chapter for the visual arts, or when Elvis Presley created an all-new musical genre. This is a similar ‘rock and roll’ moment for Patek Philippe, and I’m certain the community will appreciate the Tiffany Blue Nautilus as much as I do.”
Tiffany & Co. is the world’s only retailer whose name appears on a Patek Philippe dial, making any Tiffany-signed timepiece extremely sought-after. Throughout the 19th, 20th, and 21st centuries, much has changed, but the relationship between Tiffany & Co. and Patek Philippe has only grown.
The history between the two luxury brands goes back to 1851, when Patek Philippe and Tiffany & Co. forged an agreement that made the American jeweler the first official retail partner for Patek Philippe timepieces in the US market.
The sapphire-crystal case back of the limited series watch bears the commemorative inscription “170th Anniversary 1851-2021 Tiffany & Co. - Patek Philippe.”
The original Patek Philippe Nautilus timepiece was penned by Gerald Genta and, while only very subtle changes have been made in the watch’s evolution, it gave birth to various functions and complications over the decades.
The Ref. 5711’s inimitable design of the case, the bezel, and the integrated steel bracelet is emphasized by the refined sequence of satin-finished and polished links applied by hand in a process that requires 55 production steps to complete for each watch. The rugged case is water-resistant to 120 meters and accommodates the self-winding caliber 26-330 S C, a movement that features various technical innovations and optimizations as well as a stop-seconds mechanism that allows the time to be set with one-second accuracy.
With the Tiffany Blue dial Patek Philippe watch already sold, the other 169 pieces are awaiting their new owners through Tiffany locations in New York, Beverly Hills, and San Francisco that carry Patek Philippe. But don’t expect to see any of these on the shelf display.
For more details about this bid check out the Phillips website.
Last May, Phillips sold a very rare 1953 Patek Phillipe world time wristwatch that broke two new sale records with a hammer price of $7.819 million (about P373.27 million).