Andrew O’Connor
The Patek Philippe Aquanaut is one of my favorite watches. When I said this to my peers who were obsessed with my watch, I came across an expression that seemed to imply questioning my tastes, while giving out the flat “it’s cool” that I had heard for a while. I’ve been lucky enough to even handle the exact version I want to have. 5165a-001. Without compromise, the original design shows, it perfectly matches your wrist wear preferences at a slightly reduced rate.
But what does this eruption, which strikes stainless steel time-only clocks, have to do with what is related or interesting? Especially when your love for steel sports watches is still strong. Well, I think I’ve been less recognized for a very long time, but I think I might stay here. Patek Philippe Sport Watches aren’t for me, and perhaps not for you either. That’s fine. This is my logic.
A bit of a historical context
In many ways, Patek Philippe’s Nautilus release in 1976 was primarily reactionary. As the world is becoming more and more casual, other brands released integrated bracelet sports models (particularly Ardmar Piguet and Royal Oak), bringing the rising shift watch market upwards in quartz, so Nautilus was aiming to attract other customers. Meanwhile, the AquaNaut was released in 1997 as a sports model for the collectors, which was established. This is Patek Philippe for people who already have the firepower of a sturdy watch on their Watch Safe.
As the collection of watches changed in the 21st century, the enthusiasm around steel patex (and steel sports watches) has attracted the attention of watch enthusiasts. Before 2019, it would not have been uncommon for someone to say Nautilus ref. The 5711 was their Holy Grail watch – it is still a very wonderful watch. That being said, Patek Philippe as a brand has something to say about it.
Another fortunate experience I have had was visiting the Patek Philippe Museum in Geneva. They have done a great job at the museum, so even my wife who doesn’t mind the clocks enjoys tours and various displays. Our tour gave us a wonderful feeling of not only covering the history of the brand, but also the history of watches, watches and watches in Geneva, from pendant clocks from the early 16th century to JFK desk clocks and Duke Ellington’s personal watches, to modern masterpieces of extremely complex watches. Historical and complex references made up most of the museum, including automata, tiny repeaters, complex calendars, dual-time and global references, and chronographs.
However, the original Nautilus only had one small display and a small placard giving a simple history of the model. When the tour group reached this display, half of them disappeared. Can I say that half of my tour group heads to the museum and just see one steel watch? The lack of emphasis on the museum’s Nautilus also appears to indicate that its aim is to maintain the brand as a client.
Steel and stern
As a brand, Patek Philippe has always been in the sense of high-end watchmaking and in a very traditional way. This means their focus is dress watches and complications, usually done with precious metals. The focus on precious metals had little to do with exclusiveness in the first place, and instead had to do with the fact that gold is a much easier metal. Mass-produced stainless steel watches were not a viable option until almost halfway through the 20th century, and Patek had made watches long before that point. Today there is an element of exclusivity, but it is also a nod to tradition. So when it was announced that 5711 would be cancelled, Thierry Stern commented on the effect that “our brand is not a stainless steel sports watch.”
Many brands saw a rapid rise in watch value in the secondary market during the Covid-19 pandemic. Popular watches have risen to unprecedented prices. The 5711 is one of those watches, and secondary market prices were not aided by the model cancellation. While the secondary dealers were spending their epic time, the brand undoubtedly saw money remained at the table, whether they expressed their disappointment or not. It appeared Patek Philippe and Rolex would shift their focus to a valuable metal sports watch with a new model. I think the logic is that the brand responded by looking at what people are willing to pay and offering something close to that price. However, if Rolex continues to offer a wide range of steel sports watches, Patek Philippe has a different strategy.
Since the Steel 5711 was cancelled, Patek Philippe has been ongoing since releasing quite a few “sports” watches, but things have changed. First of all, there is no more steel. Or at least there’s far less steel. The majority of both the current Nautilus and Aquanaut ranges are made of precious metals. In the case of Aquanaut, all complex models are in precious metals, while in the case of Nautilus, only a few complex models of steel remain in the catalog. Also, in 2024, Patek revised its water resistance rating. This means that all models are rated for only 3 bar water resistance (or less). And that’s even the crown under the screw! Previously, both Aquanaut and Nautilus had a fairly substantial water resistance rating sufficient to encourage aquatic use with most owners. I am sure the construction of these watches has not changed, but Patek Philippe’s literature on these watches has.
Swiss foolishness
Then things start to get a little wilder than at least by Jenuban’s watchmaking standards. Currently, there is a reduced size Aquanaut with an annual calendar, but it is sold to female clients in Rose Gold. There is an Aquanaut with fine repeat customers. 5260/1455R-001, but again gold, there is a gem set, and a complete gem set version with a gem set bracelet. These high-end works were previously listed on their website as “prices on request,” but Patek is now offering prices for all works. The rubber straps, gold, gem sets and Gold Minute Repeater Aquanaut will regain over USD 1 million. Want to complete the bracing treatment for your gem set bracelet? Over 3.3 million US dollars.
And things continue to escalate with the release of Cubitus. The more square design, minimal improvements over the previous Nautilus, and a sharp rise in price from the 5711 (comparison of the perspective steel model) have raised eyebrows from the watch community. Thierry Stern has often made unprecedented and bold remarks from Swiss watch brand leaders, telling the world of watches that anyone complaining about Cubitus would not be able to buy it on behalf of the brand, not for Pettines. As I remember, these comments didn’t work.
Why Patek is far from steel?
So what will give? Why does brands seem to limit the most popular models as well as drive away clients who are only interested in those popular steel models? Because these stainless steel models are not for most people. They are for established clients. Thierry Stern, and others at Patek Philippe, are sure they have seen the brand image move away from what they are so proud of. They don’t just want to avoid the traps other brands have fallen into, but they also have a strong history to be proud of, built on high-end classic watchmaking.
They want the public to know about it, and they want it from them. If you want an entry into the brand, I would like you to look at a time-only model (and some of the complex models) before moving on to epic complications. After that, they will be happy to sell steel aquanotes for your next tropical holiday. If you happen to be a sports watch ride or die and have a pocket deep enough to pay for the stratospheric secondary market price of a steel-only watch, they now have a gold intricate sports watch. 5811 is currently in white gold, and the travel time for Aquanaut is also in white gold. And if your preference is gauche, if a one minute repeat aquano on the rubber strap is enough idea to think of it as a good idea, then it is gold and covered in ruby.
To try and get it right, this is that Patek Philippe is priced their offerings in the way they offer them. They recognize the importance of the market for more casual watches. They then make them on their terms and price them in a way that suggests the following idea: If you want a high-end steel sports watch, then there are other brands that will promote your request.
Close thoughts
As someone who really loves Aquanaut, am I left a slaughter? not much. I realized that these watches are not for me and it’s fine. Mostly for a lot of my life, I would never be able to afford any of these watches. Even if things change based on current catalogue offerings, as mentioned earlier, I could chase the 3970 and 5165A to appeal to me before visiting the new model boutique.
As a creative, I have great respect for Thierry Stern and Patek Philippe. If their strategy is really correct. Commercial viability is important in many ways, but having to sacrifice creative vision and goals (and potentially panders) to accommodate buyers is not the most satisfying path throughout life. I really want to see the steel AquaNaut Minute Repeater, or even the white gold version with no black dials and gems (alright, the Baguette index might have been cool), but they probably won’t do that, that’s fine. We respect that we have a clear brand vision and our team at Patek Philippe do what we think is best to achieve that.
