It is less than two months since Patek Philippe unveiled its successor to the steel-on-steel Nautilus 5711 — an all-white gold version tagged the 5811.
Now, the first example of precious metal three-hand Nautilus has appeared at online auctioneer Watchcollecting.com, and bids are already over $108,000 (£90,000) for a watch that retails for $70,000.
Patek Philippe discontinued the 5711/1A-010 in 2021, but came out with special editions in steel with an olive green dial and then a piece co-signed by Tiffany and Co. using its signature blue on the dial.
The replacement Ref. 5811/1G-001 is heavier because of the gold, and also slightly larger at 41mm compared to the 40mm diameter of the 5711.
Bidding for the first 5811 to hit the open market began yesterday at £50,000, but has risen to £90,000 in the first 24 hours of the Watchcollecting.com listing.
It is described by the auctioneer as the first example of this highly sought-after watch to be auctioned in the UK.
It is a one-owner example purchased new by the vendor from a Patek Philippe authorized dealer and sold with its display box, outer box, certificate of origin, booklets and swing tags.
Hysteria for the 5811 is unlikely to reach the levels of the 5711 when news of its discontinuation broke, or the limited releases of the olive green and Tiffany models.
Prices have plummeted on the secondary market in the past six months, with the Patek Philippe Nautilus 5711 among the hardest hit.
Prices peaked at around $165,000 for the blue-dialed discontinued model in March this year, but have lost around one-third of their value since.
There is also no limit to the production of the 5811/1G-001 and a loyal customer of an authorized Patek Philippe dealer is likely to be able to secure one after a tolerably short time on a waiting list.