, the legendary watch designer of the 20th century had just shocked the world with the Audemars Piguet Royal Oak, daring to produce a luxury watch out of anything but a precious metal, making stainless steel cases with integrated bracelets the most sought-after of all pieces. It seems, ports watches were about to come into the forefront of the conversation.

, not to be outdone by a horological rival, commissioned the same designer to craft their answer to a growing market. It was big, bold, made of steel, and, most shockingly, priced like gold. Collectors were baffled. But over time, the Patek Philippe Nautilus (reference 3700/1A) became a cult favourite.

30 years later, Patek Philippe released the , a more refined, modernised version of the original Nautilus. It sat slightly larger on the wrist at 40mm, although for modern watches, this size appears to be the people’s choice.

The 5711/1A was Patek’s quiet flex. There were no diamonds around the blue dial. No complications. Just pure design, made from steel, carrying Patek Philippe’s enviable sports watch heritage.

Those in the know saw it as the ultimate sleeper watch; elegant enough to wear with a suit, casual enough for a Euro summer, yet rare enough to separate you from every other Rolex wearer on the planet. It was only when the 5711/1A seemingly broke into the zeitgeist, that its cultural appeal reached dizzying new heights.

By the late 2010s, Patek Philippes were the watches to have, sitting on the wrists of Jay-Z, LeBron James, Drake, Brad Pitt and even Audemars Piguet’s favourite son John Mayer.

Ed Sheeran, whose ridiculously impressive wrist game could fund a small country, was seen sporting the brand during his live shows and suddenly, the minimalist steel sports watch from Geneva was all over Instagram, YouTube watch collections, and behind-the-scenes photos from NBA locker rooms and recording studios.

The 5711’s retail price always hovered around $30,000 USD, but getting one at retail was almost impossible unless you had years of purchase history or were on an AD’s Christmas card list. Even then, you were lucky.

On the grey market, however, prices had skyrocketed. By 2021, prices pushed past $150,000 USD, fuelled by crypto windfalls, pandemic boredom, and the TikTok-ification of luxury collecting. It was no longer just watch nerds fuelling demand for this contemporary cult hit; fashion editors, sneakerheads, VC bros, and your mate who sold a jpeg for six figures were all desperate to get in on the action.

Of course, for Patek Philippe, this was a perfect storm: limited production, sky-high demand, and a Swiss brand’s reluctance to churn them out like Rolex Submariners. Then, in early 2021, Patek Philippe President Thierry Stern dropped a bombshell: the 5711/1A was to be discontinued.

Naturally, the move stunned the watch world. This was Patek Philippe’s best-selling model; the one that everyone wanted. Yet, the President saw the Nautilus’ increasing popularity as unsustainable, and wanted to protect the integrity of the brand. As Patek Philippe was increasing its visibility outside of the more insular watch world, he didn’t want the to be known for just one model.

“We cannot put a single watch on top of our pyramid. It is not who we are.”

Thierry Stern, Patek Philippe President

It was self-preservation in the modern era. Patek Philippe, a brand built on timelessness and legacy, couldn’t afford to be an internet meme. But not without releasing one final iteration, the 5711/1A-014, with a sunburst olive green dial.

Then, (as we’ve come to understand about Patek Philippe: they love surprises), the Swiss luxury watchmaker stunned the world one last time, dropping the Tiffany-signed 5711 in December 2021: a robin’s egg blue limited edition of 170 pieces. That same year, one sold at auction for over $6.5 million USD (~$10 million AUD).

Since its final swansong, the 5711/1A has become horological legend; a watch that made stainless steel the symbol of unobtainable cool.

Whilst a turbulent grey market and customer sentiment will always affect the price of older pieces, the cheapest example on Chrono24 still sits north of $150,000 AUD, at the time of writing, dropping slightly from its 2022 high.

Its successor, the white gold 5811/1G, carries the the same iconic silhouette but not the same story. It’s heavier, pricier, and deliberately less accessible. By disconiuing the 5711/1A, Patek Philippe didn’t damage its repuration. It did the opposite, turning the modern steel sports watch into a cultural relic… and made this exclusive brand untouchably elite, once more.