Patek Philippe Nautilus: Price Development, Models and Market Prices 2026
No sports watch has revealed as much about the watch market in recent years as the Patek Philippe Nautilus. In 1976 it cost $3,100; in 2022 a steel Nautilus changed hands on the secondary market for more than €200,000. Today, in the year of its 50th anniversary, the market has calmed down but is still far above list prices. This article shows how this came about, which references exist and what a Nautilus costs today.
In short: The Nautilus was designed by Gérald Genta in 1976 and, alongside the Royal Oak, is the best-known luxury sports watch in steel. Its market value rose to over €200,000 after the 5711/1A was discontinued in January 2021 and today, for a 5711/1A in good condition, usually lies between €120,000 and €150,000. The current successor, the 5811/1G in white gold, has a list price of €69,200 but also trades well above that.
What a Patek Philippe Nautilus costs at HORANDO
As of September 2026. Prices in euros. In addition, 6 references whose price is quoted on request.
| Model line | from | Median | to | Models |
|---|---|---|---|---|
| Nautilus Gold | €124,900 | €243,950 | €299,900 | 6 |
| Patek Philippe Nautilus total | €114,900 | €162,900 | €1,590,000 | 13 |
The figures come from our own range and are recalculated every quarter. View all Patek Philippe Nautilus with prices
The history of the Nautilus
The Nautilus was created in 1976, at a time when the Swiss watch industry was under pressure from quartz watches. Designer Gérald Genta, who had designed the Royal Oak for Audemars Piguet four years earlier, is said to have sketched it on a napkin in a few minutes during the Basel fair. Its inspiration was the porthole of an ocean liner: an octagonal bezel frame with two lateral ears that give the case its characteristic shape.
The first reference, the 3700/1A, had a 42 mm steel case, enormous by the standards of the time, which is why collectors today call it the Jumbo. At $3,100 it cost more than many gold dress watches. A luxury watch in steel at this price was a gamble that Patek Philippe took under its then president Philippe Stern. The advertising slogan said, in essence, that one of the world's most expensive watches was made of steel.
Smaller versions followed, in 1998 the 3800 at 37.5 mm and finally in 2006 the 5711/1A at 40 mm, with a seconds hand and a sapphire caseback. It became the epitome of the Nautilus. In January 2021 Thierry Stern announced its end. As a farewell came a version with an olive green dial (5711/1A-014) and 170 pieces with a Tiffany blue dial (5711/1A-018). One of them fetched $6.5 million at Phillips in New York in December 2021 and remains the most expensive Nautilus ever sold at auction.
The price development of the Nautilus
The price history of the 5711/1A can be divided into four phases:
Period |
Market price 5711/1A (approx.) |
What happened |
until 2017 |
just above list price |
sought-after but available sports watch |
2018 to 2020 |
€50,000 to €90,000 |
hype around steel sports watches, long waiting lists |
2021 to spring 2022 |
up to over €200,000 |
discontinuation announced, peak in the first half of 2022 |
since mid-2022 |
mostly €120,000 to €150,000 |
correction, stable at a high level since then |
These figures are guide values for pieces in good condition with box and papers; they vary depending on dial, year of purchase and scope of delivery. The list price of the last 5711/1A was around €30,000. Even after the correction, the watch still trades at four to five times that amount.
Other steel references followed the same pattern, albeit at a lower level: the moon phase 5712/1A, the chronograph 5980/1A, the annual calendar 5726/1A and the Travel Time Chronograph 5990/1A. Between 2018 and 2022 many of these models multiplied in value. How other steel sports watches have developed is shown in our article on the price development of the Audemars Piguet Royal Oak.
The most important Nautilus references and their prices
Reference |
Model |
Production period |
At HORANDO (as of October 2026) |
3700/1A |
Jumbo, 42 mm, steel |
1976 to around 1990 |
|
5711/1A |
40 mm, steel |
2006 to 2021 |
|
5711/1R |
40 mm, rose gold |
until 2021 |
|
5712/1A |
Moon phase, power reserve, steel |
2006 to 2025 |
|
5990/1A |
Travel Time Chronograph, steel |
since 2014 |
|
5980/1AR |
Chronograph, steel and rose gold |
until 2021 |
|
5740/1G |
Perpetual calendar, white gold |
since 2018 |
|
5811/1G |
41 mm, white gold |
since 2022 |
Our stock changes constantly. You will find all currently available models in the Patek Philippe Nautilus collection, and gold versions under Nautilus Gold.
List price and market price
The list price is the price Patek Philippe sets for a new watch at the authorised dealer. The 5811/1G was launched in October 2022 at €69,200. At this price it goes almost exclusively to long-standing clients of the authorised dealers. The market price, by contrast, is determined by supply and demand on the secondary market. Because Patek Philippe produces only around 70,000 watches a year, of which only a small share are Nautilus models, the market price of almost every reference is above the list price, and for the discontinued steel models it is many times higher.
What determines the value of a Nautilus
Reference and status: Discontinued steel models such as the 5711/1A and the 5712/1A are the most sought after. For current references, the price depends more on how many pieces Patek delivers.
Material: Gold and platinum have higher list prices but do not automatically appreciate more. The Nautilus is the best example that steel can be the most sought-after material for sports watches.
Dial: The blue dial of the 5711/1A-010 is the classic. Special dials such as olive green or Tiffany blue command significant premiums.
Condition and scope of delivery: Box, certificate, purchase date and service history can quickly make a five-figure difference on a Nautilus. Unpolished cases with sharp edges are valued more highly.
Bracelet: Most Nautilus models wear an integrated metal bracelet that is part of the design. Models on a leather strap, such as the 5711R on an alligator strap, generally trade lower than the same reference on a metal bracelet.
50 years of the Nautilus: The situation in 2026
In 2026 the Nautilus celebrates its 50th birthday. At Watches & Wonders, Patek Philippe presented anniversary models in platinum and white gold, deliberately without a new steel version. The moon phase 5712/1A had already been discontinued in February 2025. As a result, a men's Nautilus in steel is effectively only available on the secondary market, which supports the prices of the discontinued references.
No one can seriously predict how prices will develop in the future. The years 2021 and 2022 showed that even a Nautilus can fall significantly after a peak. Since the correction, however, the market has been stable at a level far above list prices. Anyone buying a Nautilus should do so above all for the pleasure of the watch and not see it as a short-term investment. You can read more about this in our article Watches as an investment.
Buying a Nautilus: New or pre-owned
Getting a new Nautilus at list price is hardly possible without a long purchase history with an authorised dealer. A more realistic option is to buy from an established dealer who inspects the watch and offers it with papers. At HORANDO, every watch is checked once more before shipping, and the reference and serial number are verified. You will find pre-owned watches under Certified Pre-Owned with a one-year warranty. If you are looking for a specific reference that is not currently in stock, our Concierge Service will take care of it.
Frequently asked questions
How much does a Patek Philippe Nautilus cost?
The list price of the current 5811/1G in white gold is €69,200. On the secondary market, a steel Nautilus such as the 5711/1A usually costs between €120,000 and €150,000, depending on condition and scope of delivery. At HORANDO, prices currently start at €114,900.
What was the list price of the Nautilus 5711?
The last 5711/1A had a list price of around €30,000. The first Nautilus 3700/1A cost around $3,100 in 1976.
Why is the Nautilus so expensive?
Because Patek Philippe produces only a few Nautilus models, has discontinued the most sought-after steel references and demand has far exceeded supply for years. Added to this are the fame of the design and the reputation of the brand.
Is the Nautilus still being produced?
Yes, but no longer as a classic men's watch in steel. The 5711/1A was discontinued in 2021, the 5712/1A in February 2025. The current successor is the 5811/1G in white gold, alongside ladies' models and complications.
Is a Nautilus worth it as an investment?
Over the long term the Nautilus has gained considerably in value, but in the short term its price can fluctuate significantly, as the correction after 2022 shows. That is why you should buy a Nautilus above all because you want to wear it.
What is the most expensive Nautilus?
The most expensive Nautilus ever sold at auction is a 5711/1A-018 with a Tiffany blue dial, which fetched $6.5 million at Phillips in New York in December 2021.
What is the difference between the 5711 and the 5811?
At 41 mm the 5811/1G is slightly larger, has a white gold case instead of steel, a new folding clasp and the calibre 26-330 S C. Visually, with its blue dial, it remains very close to the 5711.
Read more: Royal Oak price development · Watches that hold their value · Rolex as an investment
Sources: Patek Philippe · Phillips New York, December 2021 · Reports on Watches & Wonders 2026 · HORANDO stock and price data, October 2026.
More from Buyer's Guide
All articles
Buyer's Guide Dress watch: Which watch goes with a suit – and which does not
Buyer's Guide Cartier Tank Alternative: The Best Rectangular Watches Compared
Buyer's Guide Rolex Alternatives: The Best Watches for Every Rolex Model
