“Modest.” This is how Philippe Stern, then President of Patek Philippe, described demand for the Nautilus at launch in 1976. Many would consider this an overstatement. When Patek Philippe presented a large sports watch to a world that expected ultra-thin gold timepieces, the reaction was closer to bewilderment than enthusiasm. The Nautilus was provocative: not only was a stainless-steel watch being presented as the embodiment of luxury, it broke established rules in design and construction. Retailers didn’t want it. The press didn’t cover it. Today, its look and concept are instantly familiar, almost self-evident. In 1976, this was not at all the case.
What followed is a story of perseverance, quiet refinement, and the occasional bold bet – a near half-century arc in which a watch went from oddball to icon, from sitting unwanted in showcases to commanding years-long waiting lists. Along the way, it reshaped not only Patek Philippe’s identity but the very idea of what a luxury watch could be.
This is the story of how the time-only Nautilus Jumbo got there: from Gerald Genta’s initial design, through decades of incremental evolution and fluctuating demand, to the cultural phenomenon that surrounded its discontinuation in 2021 and what it means now, as it approaches its 50th anniversary.
Ahead of Its Time
When Patek Philippe presented the Nautilus ref. 3700 at the European Watch, Clock and Jewellery Fair in 1976 (later renamed Baselworld), retailers and press barely acknowledged the new model. It looked nothing like Patek Philippe had ever made and was huge at 42 mm, hence its “Jumbo” nickname. It was met with a mix of incomprehension and indifference. Retailers, who served as gatekeepers between the brand and end clients, didn’t want to tie up inventory; they simply didn’t think clients would go for it. The press barely picked up on the launch either; many magazines and newspapers didn’t bother featuring it in their columns.
The specialized watch magazine La Suisse Horlogère described the current trends in its June 1976 story The Fashion in Watches for 1976 as: “cases remain thin and very thin; overall looks are clean, smoothly flowing and devoid of superfluous ornamentation; dials are broad and rimmed by small “bezels”; both Breguet and Roman numerals are back again; men’s models tend to be somewhat smaller than in recent years”. And indeed, when reviewing Patek Philippe’s 1976 catalogue, this is exactly what you would find: several variations of the Ellipse, many of which with plain blue-gold dials; several elegantly shaped watches, mostly in yellow gold, several with stone dials and chain bracelets; a few round ultra-thin Calatrava; and a few complications made in limited numbers. All in all, an archetypal classical offering for those with refined taste and the means to afford gold watches that signified status.
The Nautilus could not have been more at odds with that catalog. It was the equivalent of wearing a tuxedo with sneakers to a state dinner – a complete oddball. Sporty vs elegant; rugged vs delicate; steel vs gold; large vs small. And yet, at the same time, it reflected the first signals of changing times. The 1970s marked the rise of individualism and the “me decade”, a generation that increasingly defined itself through personal choices rather than inherited codes. Lifestyles were shifting toward health, activity, and the outdoors, and with that shift came a quieter but profound change in how people dressed: fashion was becoming more casual, even among the affluent. The idea that a luxury watch could, and perhaps should, accompany its owner from the boat to the dinner table rather than be reserved for formal attire was a bold one. Not everyone was ready for it, but the culture was moving in that direction.
Where Patek Philippe stayed entirely true to itself is that it made no compromise in the quality of execution of the Nautilus ref. 3700. Gerald Genta sketched the Nautilus taking inspiration from portholes on boats. In a way, Genta revisited his Royal Oak vision with the Nautilus. The Royal Oak had been introduced by Audemars Piguet in 1972 and both watches undeniably bear his signature and reflect a shared vision. Genta approached the Stern family with his design and worked with Patek Philippe’s in-house team to create a prototype. Intense internal debates followed over whether to introduce such a radically new concept. Before green-lighting the project, the design was refined, particularly the bracelet. Technically, new machinery had to be made for the case to be water-resistant to 120 meters, a rare feature at the time. In hindsight, the Nautilus seems like an obvious choice, but in the moment, it was far from evident.
The case is characterized by its soft, rounded octagonal bezel, the prominent “ears” on both sides and the seamlessly integrated bracelet. After Gay Frères had initially worked on the case design, the two-part case construction was produced by Favre-Perret and was the result of both a functional and aesthetic choice. The solid base, machined from a single block of metal, receives the movement from above and is sealed by the bezel module, which features the crystal and the distinctive hinges. A gasket sits between the bezel and the case body to ensure water-resistance. The bracelet flows from the case and features an H-link construction with screw assembly. Particular attention was given to the finishing of the alternating brushed, satin-finished, polished, angled, and rounded surfaces – a level of detail that is notoriously difficult to get perfectly right. The first years of production were not entirely straightforward, and the manufacturing process had to be improved several times before reliably achieving the 120m water-resistance.
The dial, with its characteristic horizontal grooves and blue-black color, was made by Stern Frères. The grooves create a ‘maritime deck’ effect, continuing the nautical theme. The hour and minute baton hands with luminescent material are both elegant and functional, echoing the hour markers on the dial. The 28-255 C movements used in the earliest examples are based on the legendary Jaeger-LeCoultre Caliber 920, reworked to meet Geneva Seal standards.
The result is what many believe to be one of the most elegant, and immediately recognizable watches ever made: the bracelet is so supple and comfortable that it feels like a silk band on the wrist, each link settling quietly into the next. The case, while relatively large at 42mm, is kept very thin at 7.5mm and easily slides under a shirt cuff; you almost forget it’s there until you glance at it. The grooves on the dial catch and play with light, making it shimmer and shift with every movement of the wrist, from a deep blue-black in low light to something almost alive under direct sun.
The early marketing around the ref. 3700 emphasized craftsmanship, hand-finishing, and water-resistance, and presented the watch as one of the costliest steel watches ever made. It was also introduced as a watch that “works as well with a wet suit as with a dinner suit” and this dual casual-formal use was systematically emphasized, perhaps as a way to bridge Patek Philippe’s identity as a classic watchmaker with a new sports-oriented segment.
While presented in 1976, the first models left the manufacture in 1977 and carry the reference 3700/1. The watch was available in steel and in yellow gold from 1977; a bi-color steel and yellow gold version was introduced in 1980, and very few white gold and platinum examples are known. The first notable evolution of the Nautilus design happened around 1981 when Patek Philippe chose to manufacture the cases in-house at Ateliers Réunis. The bracelet was reworked to be thinner with more slender links and a more tapered design, and the reference was changed to 3700/11.
Collectability
Since 2000, 368 unique ref. 3700 examples have appeared at the four major auction houses, 269 first-generation ref. 3700/1 and 99 second-generation ref. 3700/11 examples across all metals. If we estimate that 15 to 20% of total production has appeared at auction over these 25 years, approximately 2,000 to 2,500 watches would have been made in total, with only about 70 to 75% of these being first generation models and 25 to 30% second generation models. Based on auction occurrences, it can be extrapolated that for the first generation about 70% were made in steel and about 20% in yellow gold, the rest being gem set versions and other metals, while for the second generation these numbers are about 35% in steel and 25% in yellow gold. In this regard the ref. 3700 is a rare example of a reference where the later generation was produced in lower quantities than the previous generation. However, the market as it stands today does not distinguish between the two generations in terms of value, despite the second being significantly rarer.
The steel ref. 3700 started selling above the price of a new ref. 5711 as early as 2006. This trend continues to this day and as such both the vintage and modern Nautilus Jumbo command comparable interest.
Standout models in the ref. 3700 are the exceedingly rare white gold and platinum versions (believed to have been made in less than 10 examples each). Other notable models are those bearing special dials, whether the Omani Khanjar (made in steel, white gold, and platinum) or double-signed dials with an added retailer signature (Tiffany & Co., Beyer, Gübelin, Howes…). All command premiums.
As always with vintage watches, collectors are highly encouraged to request an Extract from the Archive from Patek Philippe to understand a watch’s history and confirm which dial it was originally delivered with. Because Nautilus watches were designed for an active lifestyle and are notoriously difficult to polish, examples in great original condition are exceedingly rare, worth searching for and rightfully command a premium.
The Quiet Refinement
At its launch in 1976, the 42mm Nautilus was a radical departure from every other model in the catalog. Maybe too radical, actually. What followed was not a revolution but something arguably more telling: three decades of quiet, steady commitment to a watch the world had not yet learned to fully appreciate.
The Nautilus line was rapidly extended to comprise three pillars. The reference 4700 was introduced in 1980 as a smaller ladies’ version with a 27mm case, powered by a quartz movement. In a way, it was the very opposite of the initial Jumbo version: a classic, easy-to-wear water-resistant watch with an integrated bracelet for women, and ideally suited for daily use. Advertisements from the time started to feature both Jumbo and ladies’ models on the same page, presenting them as “you and me” watches.
The reference 3800 was introduced the following year, in 1981, in a mid-size 37.5mm case, a significantly smaller option for men, more in keeping with the tastes of the time. This model is also notable as it features Patek Philippe’s in-house 335 SC automatic movement – departing from the Jaeger-LeCoultre ébauches used in the Jumbo – and features a central seconds hand.
It was during this period that a young Thierry Stern chose a ref. 3800 for his 20th birthday in 1990, a two-tone model he would wear frequently, especially as his sporty, active lifestyle made it a natural fit. No frenzy, just a young man and a watch that suited him. The same man would, decades later, make the decision to retire the Nautilus’s most famous successor.
Both the ref. 4700 and ref. 3800 came in a large variety of metals, steel, bi-color, gold, and platinum. They also came in an even larger array of dial variants – ranging from plain grooves to highly gem-set examples – as well as various hand types. All in all, dozens, if not hundreds, of variations were made over the years.
Sales of the initial ref. 3700 started declining with the introduction of the ref. 3800, so much so that it was discontinued in 1990, one year after Patek Philippe’s 150th anniversary. Today, the mid-size model is generally less sought-after than its larger Jumbo counterpart, although with the renewed appreciation for smaller watches, both men and women pay closer attention to this model.
In a constant search to refine the Nautilus collection, after eight years of absence from the catalog, the Jumbo size returned in 1998 with reference 3710, the first Nautilus to feature a complication other than the date: a power reserve indicator between 11 and 12 and a matte black dial with Roman numerals, which departed significantly from the original. The exact reasons for the reintroduction of the larger size are unknown; however, it also coincided with the introduction of ref. 5070, Patek Philippe’s bold 42mm twin-counter chronograph. While Patek Philippe is very much known for having their own agenda and not following what other brands are doing, they were not immune to general trends and by the late 1990s, large watches like the Royal Oak Offshore and various Panerai models had begun to dominate collectors’ conversations.
It took another six years for a simple time-only Nautilus Jumbo to reintegrate into the collection, ending a 14-year hiatus in 2004. The reference 3711/1G returned to a design that is much closer to the initial ref. 3700, sharing the same size and dial design language, this time in black. The watch housed the 315 SC caliber, thus introducing a central seconds hand, and could be admired through the sapphire case-back, a first in the Nautilus line. Unlike the original Nautilus, however, the ref. 3711 was exclusively available in white gold. At the time, it wasn’t an easy sale: it was expensive and from 2005, it would be in direct competition with the ref. 3712/1A, which was not only more affordable in steel but also featured additional moon phase and power reserve indications. Both watches were discontinued in 2006, and as such had some of the shortest production runs of all Nautilus models. These watches could be considered test runs, or pre-series models, for the much bigger launch that would follow with the Nautilus’s 30th anniversary in 2006, one that would forever change the trajectory of the collection.
Collectability
Among time-only Nautilus Jumbos, the ref. 3711/1G is still often overlooked by collectors. On the wrist, it has that extra heft and presence that only gold provides. It is also remarkably understated, in fact easily mistaken for a steel model, and due to its rarity, not all collectors are even aware this reference exists.
Patek Philippe Nautilus ref. 3711/1G auction results from 2004 to 2025, excluding double-signed dials
Only 33 unique examples have appeared at the major international auction houses since 2004, and though official production numbers are unknown, this is one of the lowest production runs of any Nautilus reference. While collectors have begun to appreciate the ref. 3711/1G more and more, a trend reflected in recent auction results, it remains one of the best-kept secrets within the Nautilus collection.
The Rediscovery
Thirty years and a radical decision. On the occasion of the 30th anniversary of the Nautilus in 2006, Patek Philippe discontinued all existing Nautilus models. Tabula rasa, a fresh start.
Confident in what had been learned over the years and with a keen understanding of broader market demand, Patek Philippe presented a redesigned Nautilus line. Beyond the flagship Jumbo ref. 5711/1A time-only and the mid-sized ref. 5800/1A, it introduced the ref. 5712, featuring moon phase and power-reserve indications, available in steel on a bracelet and in gold on a leather strap, as well as the ref. 5980/1A chronograph with an in-house movement. Further complications, up to a perpetual calendar, would be introduced in subsequent years.
The design of these new models evolved both aesthetically and technically, though the changes are incremental and calculated. The most notable design change in the new collection is the rounded hinges, or “ears”, on both sides of the case, replacing the straight ones of the 1976 original. This gives the watch an ever-so-slightly softer, rounder feel. As a consequence of this redesign, the case grew from 42 to 43mm, though this was due to the reshaped hinges rather than any intention to increase the proportions. On the wrist, both watches wear very similarly in terms of size. The case is now made of three parts, which reflects improved manufacturing techniques without compromising the 120-meter water resistance.
The bracelet proportions have been slightly refined to better complement the case and ending in a new three-part fold-over clasp. All models now feature a sapphire case back that allows a view of the movement. The dial largely stays true to the original with its distinctive blue-black color and grooves; the hands and hour markers have been ever-so-slightly enlarged.
The finishing remains as exacting as on the previous generation, with a delicate interplay of satin-finished and mirror-polished surfaces on both the case and bracelet. This is a particularly demanding task for the polishers, who – while often taking second place to watchmakers – play an instrumental role in crafting the watch. The level of handwork, training, and experience required to finish Nautilus cases and bracelets is mastered by only a handful of polishers, making it a genuine limiting factor in production.
An iconic watch had been redesigned to the highest standard, and this time, unlike in 1976, the market responded enthusiastically. Sports watches and larger cases were what clients wanted, not just from Patek Philippe, but from all brands. Shortly after the release, the Nautilus ref. 5711 – priced at $17,200 at launch – would not be a watch one could simply walk into a store and buy, one had to wait to receive one. Sure, occasionally someone might get lucky and find one in a showcase, but most of the time, it meant waiting a few months.
The most in-demand model was the ref. 5712/1A in steel with moon phase, which started selling for 30 to 40% above retail on the “grey market” (what is now referred to as the secondary market) as early as 2007. The demand for the time-only Jumbo also exceeded production around the same time, particularly as the ref. 5712 became harder to obtain and the ref. 5711 retailed at a lower price. The ref. 5711/1A appeared at auction from 2008 and has consistently sold above retail ever since, not by dramatic multiples – but reliably above. Until then, only the Rolex Daytona in steel would consistently resell for more than retail. Auction results for the ref. 3700/1A followed the same trend, and as early as 2006, examples were selling above the retail price of a new ref. 5711/1A – vintage models commanding more than their contemporary equivalents was almost unheard of at the time. Patek Philippe had landed a best-seller straight out of the gate. Little did they know what would lie ahead of them and that the ref. 5711 would become one of the most sought-after watches on the planet.
The Cultural Icon
The bombshell was delivered as a simple footnote: the ref. 5711 appeared on the discontinuation list shared with retailers in February 2021, with no further announcement. It had been rumored for years; now it was official. Patek Philippe would retire its most in-demand model and one of its all-time bestsellers. This sent shockwaves through the watch world. Thierry Stern was even interviewed by the New York Times to explain the decision.
What had happened? The ref. 5711 is a textbook case of a demand flywheel. The initial scarcity, whether due to limited production capacity or a conscious decision to cap the Nautilus’ share of sales, meant early adopters couldn’t get the watch as easily as they were used to, which made it feel special rather than frustrating.
From there, each force fed the next. Scarcity bred desire: people want what they can’t have. As more collectors talked about trying to get the watch, social proof compounded and signaled value. Successfully obtaining a ref. 5711 became a badge of honor. Secondary market prices kept climbing above retail, which validated the hype but also attracted speculators, removing even more supply from legitimate buyers. And the press, which had once written about a beautiful watch, now wrote about an impossible-to-get one. The flywheel kept spinning because each element reinforced the others. The brand was not pushing; the market pulled.
While this is happening, Patek Philippe is actually benefiting very little from the excess demand and inflated prices: it keeps selling the watch at a fixed price to its retailers, who are left to manage waiting lists and client frustration. The inflated secondary prices benefit only the clients who resell their watches and the intermediaries who facilitate those sales and take their cut.
Patek Philippe chose to mark the 40th anniversary of the Nautilus in 2016 with two special models: the oversized chronograph ref. 5976 in white gold and the ref. 5711 in platinum and a blue dial with baguette diamonds to mark the hours, as well as the “40 1976-2016” inscription. After initial controversial reception, this model has proven to be particularly sought-after by collectors.
When releasing the ref. 5711/1A-014 with a green dial and the ref. 5711/1A-018 with a “Tiffany Blue” dial as a final celebratory run in 2021, Patek Philippe knew demand would exceed supply. As such, these releases could fairly be described as “manufactured scarcity”. Not all clients reacted well; the conversation focused more on scarcity than on the product itself.
Discontinuing the ref. 5711 in 2021 and progressively phasing out other Nautilus models signaled that the era was over. This also meant forgoing significant sales in annual revenue, a decision that probably only a privately held company focused on the very long term would make. In doing so, Patek Philippe protected the brand as a whole.
The ref. 5811/1G was introduced in 2022 as the new time-only Nautilus Jumbo in the collection. Its case grew by 1mm to 44mm and returned to a two-part construction as a nod to the original ref. 3700, with the characteristic blue-black dial intact, though it is available exclusively in white gold, not steel. A classic incremental evolution, and one that was warmly received.
Prices on the secondary market have retreated from their 2022 highs, as auction results show, and have now stabilized, or even ticked up slightly. Nearly five years after the discontinuation of the ref. 5711, all bracelet models sell for several multiples of their original retail price, proof that the model struck a particular chord that keeps resonating with collectors. Patek Philippe created long-term value not only for clients who purchased at retail but also for early adopters who bought on the secondary market.
Conclusion
With the Nautilus and the desire it created, Patek Philippe has gained enormous visibility, and brand awareness stands at unprecedented levels. This attracts many new clients who now explore the entire catalog, complications, classic and sports models from both current and past offerings, and come to understand what Patek Philippe represents beyond a single model or collection: one of the richest manufactures in watchmaking, with a storied history, the finest products, a diverse design and movement portfolio, genuine innovation, all held to the highest standards and rightly celebrated for countless achievements.
But the Nautilus did not become an icon because of scarcity or hype. It became one because of what it is. As it approaches its 50th anniversary, it remains arguably one of the most beautiful watches ever created. It is meant to be worn and enjoyed, day in and day out. And when sunlight catches the dial and plays differently across the satin-finished and polished surfaces of the case and bracelet, you understand why.
Methodology: market data is based on the analysis of all auction results of all watches that have appeared at the major international auction houses: Antiquorum, Christie’s, Phillips, and Sotheby’s between 2000 and 2025. Prices include all fees and have been converted to USD at the exchange rate on the day of each sale. Indicative production numbers are based on back-to-market coefficients and remain estimates, which Patek Philippe will not confirm and may be revised as new information comes to light.
This article was first published in the April 2026 issue of Revolution magazine. Collectability thanks Revolution for permission to reprint this article by Edouard Henn.
Edouard Hennhas been passionate about horology since his teenage years. He began his professional journey in the watch industry in Switzerland before transitioning to luxury retail across Europe and the Middle East. With a business education background, Edouard brings both product and collector’s perspective to his writing. Now based between Geneva and Paris, he enjoys sharing horological knowledge and connecting with fellow enthusiasts in the watch community.
