A stainless steel Patek Philippe isn’t for you, and that’s okay
Andrew O'ConnorThe Patek Philippe Aquanaut is one of my all-time favourite watches. When I told this to a fellow watch-obsessed buddy of mine, it was met with a look that implied questioning my taste while he let out the flattest “that’s cool” I’ve heard in a while. I have been fortunate enough to even handle the exact version I would love to have, the ref. 5165A-001. With slightly reduced proportions with no compromises that I can see on the original design, it aligns perfectly with my wrist wear preferences.
But what does this gushing over a stainless steel time-only watch have to do with anything relevant or interesting? Especially when love for steel sports watches is still strong. Well, I have come to a very long-winded realisation that I think is not often acknowledged, but may be here to stay. Patek Philippe sport watches are not for me, and probably not for you either, and that is okay. Here’s my logic.
A little historical context
In many ways, the release of Patek Philippe’s Nautilus in 1976 was largely reactionary. With the world becoming increasingly casual, other brands releasing their integrated bracelet sport models (most notably Audemars Piguet and their Royal Oak) and a shifting watch market with quartz on the rise, the Nautilus was aimed to attract a different clientele. The Aquanaut, on the other hand, was released in 1997 as a sports model for established collectors – the Patek Philippe for those that already have some heavy-duty horological firepower in the watch safe.
As watch collecting has shifted in the 21st century, the fervour around steel Pateks (and steel sport watches in general) has gained the bulk of watch enthusiast attention. Prior to 2019, it probably was not uncommon for someone to say a Nautilus ref. 5711 was their grail watch – and it is still a damn fine watch. That being said, Patek Philippe as a brand has something to say about that.
Another fortunate experience I have had is visiting the Patek Philippe museum in Geneva. They have done such a wonderful job with the museum that even my wife, who does not care about watches, enjoyed the tour and the various displays. Our tour gave us a great sense of not only the brand’s history, but also a history of horology, timepieces, and watchmaking in Geneva, covering everything from early pendant watches from the 16th century, to JFK’s desk clock and Duke Ellington’s personal watch, to their modern masterpieces of highly complicated timepieces. Historical and complicated references made up the bulk of the museum, including automatons, minute repeaters, complex calendars, dual and world time references, and chronographs.
However, there was only one small display for the original Nautilus, with only a small placard giving a brief history of the model. Once our tour group reached this display, half of them disappeared. You mean to tell me that half of my tour group made their way to the museum, only to see one steel watch? The lack of emphasis on Nautilus in the museum also seems to be indicative of the brand’s intent on keeping them as clients.
Stern on steel
As a brand, Patek Philippe has always been about high-end watchmaking, and in a very traditional sense. This means their focus is dress watches and complications, usually done in precious metals. The focus on precious metals originally had little to do with exclusivity and instead had more to do with the fact that gold was a much easier metal to work with. Mass-produced stainless steel watches were not a viable option until roughly halfway into the 20th century, and Patek had been making watches long before that point. While there is an element of exclusivity today, it is also a nod to tradition. So when it was announced that the 5711 was going to be discontinued, Thierry Stern made a comment to the effect of “our brand is not stainless steel sport watches.”
Many brands saw a rapid rise in the value of their watches on the secondary market during the COVID-19 pandemic. Popular watches rose to unheard of prices, in some cases adding an additional zero to the price tag. The 5711 was one of those watches, and the secondary market prices were not helped by the discontinuation of the model. While secondary dealers were having a grand ol’ time, brands undoubtedly saw money being left on the table, whether or not they voiced their dismay. Patek Philippe and Rolex seemed to shift their focus with new models towards precious metal sport watches. I imagine the logic was that brands saw what people were willing to pay, and they responded by offering something closer to that price point. However, where Rolex continues to offer a wide variety of steel sport watches, Patek Philippe has a different strategy.
In the years that have followed since the discontinuation of the steel 5711, Patek Philippe has released a good number of “sports” watches, but things have changed. First of all, no more steel. Or, at least, a lot less steel. The bulk of both the current Nautilus and Aquanaut ranges are now made in precious metals. For the Aquanaut, all of the complicated models are in precious metals, and for the Nautilus, only a few steel complicated models remain in the catalogue. Also, in 2024, Patek revised their water resistance ratings, meaning all models are rated to only 3 bars of water resistance (or less). And that’s even with a screw-down crown! Previously, both the Aquanaut and Nautilus had fairly substantial water resistance ratings, enough to inspire aquatic usage with most owners. While I’m sure the construction of these watches has not changed, Patek Philippe’s literature around these watches has.
Swiss silliness
Then things start to get a little wild, at least by Genevan watchmaking standards. There is now a reduced-sized Aquanaut with an annual calendar, but in rose gold and marketed towards feminine clients. There is an Aquanaut with a minute repeater, the Grand Complications ref. 5260/1455R-001, but again in gold, heavily gem-set, with a fully gem-set version available with a gem-set bracelet. These high-end pieces used to be listed on their website as “price on request,” but Patek now publishes prices for all their pieces. A gold, gem-set, gold minute repeater Aquanaut on a rubber strap will set one back over US$1 million. Want the full bling treatment of a gem-set bracelet? Over US$3.3 million.
Things have also continued to escalate with the release of the Cubitus. A more square design, minimal improvements over the previous Nautilus, and a steep price increase from the 5711 (comparing the perspective steel models) raised eyebrows from the watch community. Thierry Stern made some bold remarks, often unheard of from a Swiss watch brand leader, telling the watch world that those who are complaining about the Cubitus will likely never be able to purchase one, and not because of pettiness on behalf of the brand. As you’ll remember, these comments did not go down well.
Why Patek stays away from steel
So what gives? Why would a brand not only limit their most popular model, but seemingly push clients away who would be interested in only those popular steel models? Because those stainless steel models are not for most people: they are for their established clients. Thierry Stern, and I’m sure other people at Patek Philippe, saw the brand image moving away from what they are so proud of, and towards a public image of a brand known for a singular model (or a pair of models, if you consider the Aquanaut as well as the Nautilus). Not only do they want to avoid the trap that other brands have fallen into, but they do have a strong history to be proud of, built upon high-end, classical watchmaking.
They want the public to know that, and desire that from them. If you want an entry point into the brand, they want you to look at their time-only models (and maybe some of their complicated models) before moving into their Grand Complications. Then they will happily sell you a steel Aquanaut for your next tropical vacation. If you happen to be a ride-or-die on sport watches, and have deep enough pockets to pay for the stratospheric secondary market prices of a steel time-only watch, they now have gold complicated sport watches. The 5811 is now white gold, and the Aquanaut Travel Time is also now white gold. And if your tastes are gauche enough to think a minute repeating Aquanaut on a rubber strap is a good idea, it will also be gold and covered in rubies.
In an attempt to put it nicely, this is Patek Philippe pricing their offerings in a way to guide your attention to what they want to be doing. They have recognised the market importance of more casual watches. They will then make them on their terms, and price them in a way that suggests a mindset of: ‘if this is what you want, this is what we’re willing to offer and what it will cost. If you want a high-end steel sports watch, and only that, there are other brands willing to facilitate your request.’
Closing thoughts
As someone who really does love the Aquanaut, am I disheartened? Not really. I have realised that these watches are not really for me, and that is okay. Mostly because of my lot in life, I will likely never be able to afford any of these watches. Even if things change, based on the current catalogue offering, I would likely chase down a 3970 and 5165A, as I mentioned earlier, before visiting a boutique for a brand new model, because those models appeal to me more.
As a creative, I do have a great deal of respect for Thierry Stern and Patek Philippe – if my interpretation of their strategy is indeed correct. While commercial viability is important in many ways, having to sacrifice creative vision and goals to cater (and potentially pander) to buyers is not the most satisfying path through life. While I would really love to see a steel Aquanaut minute repeater, or even a white gold version with a black dial and no gems (okay, maybe baguette indices would be cool), they will likely never do that, and that’s okay. I respect that there is a clear brand vision, and the team at Patek Philippe is doing what they think is best to achieve that.