Considering My First Patek (5711)

[oo7ml]

Hi,

I’m considering taking the plunge and buying a 5711 on the grey market.

While I completely understand this is one of the most hyped watches of all time, I’m struggling to comprehend what the true price is on the grey market, as they seem to range from €80k to €130k which is a massive gap.

Does anyone know of anyone who has acquired one recently, or what a the true price range should be?

Thanks in advance for your help.

[ts3]

There is a wide range of asking prices but there is also a wide range of watch conditions from brand new with box and papers to banged up or polished round and naked / watch only.

If you look at truly comparable watches the price range gets a lot narrower in my experience, maybe 10k wide rather than 50k.

[Abre]

Go for it you won’t regret



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[rolexperfect]

Was also considering it but even my PP boutique SA says it’s just crazy to buy such watch complication at that price. You’re buying status basically, because you can still get other Nautilus watches at retail price after becoming an AD customer spending similar amounts of money.


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[Becweb]

I wouldn't do it. It's a 20k watch at best (and Patek already making so much profit per watch sold at this price). Plus it's a mass produced watch.

[jay_kay]

The 5711 blue was my first Patek. About 2 months after getting it I swapped it for an Aquanaut 5167 and an AP Royal Oak. Never missed the 5711.

[rolexperfect]

Originally Posted by jay_kay

The 5711 blue was my first Patek. About 2 months after getting it I swapped it for an Aquanaut 5167 and an AP Royal Oak. Never missed the 5711.

This to me make sense. Both RO and Aquanaut are on my list. 5711 not anymore.


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[oo7ml]

Thanks all.

As strange as this may seem, given the watch I’m looking at, I don’t buy hype (yes I did just say that about a 5711 :-)

My Rolex AD offered me a SS white face Daytona OR a YG Daytona on the Oysterflex… I chose the YG Daytona, as that is the Daytona I like best. Yes I could have flipped the SS to cover the YG Daytona etc etc, but I wouldn’t do that to an AD. I always chose a watch that I like… and not a watch that the market likes.

Similarly, the least expensive watch in my collection is a Breitling Navitimer, yet it is my favourite watch that I own.

Why do I want a 5711? I am by no means anywhere near as knowledgable about watches, in comparison to most people on this forum, but when I picked up my Daytona last year, the AD showed me a 5726 that a customer was picking up. My Daytona felt like a luxury watch, but the 5726 felt like a ‘time piece’… as corny that may sound.

I love how thin the 5711 sits up on the wrist, and the history behind it. Being very honest, I know they are completely over priced but I’ve justified that by the fact that I’ll likely never lose on it financially if I did want to move it on.

[cascavel]

This is an old question and, whenever it's asked, most responses are in the negative because the people who don't own a 5711 don't understand why anyone would buy one at these levels and don't understand why anyone who owns one wouldn't trade it for a more complicated, high horology watch. A lot of owners of 5711s don't understand why we hang on to them, I find myself in that category. But, there's nothing that I really want to trade it for except, maybe, a stainless Odysseus, but that's a losing trade.
And it's not like the price of the 5711 has been all over the map, it's rather steady and tends to rise over time, which is how we got to $100K. And now it's discontinued.
There's a financial risk to buying any expensive watch but it's probably no greater for the 5711 than for any other and it's a stellar piece that I wear every day and get great joy from owning.

[ts3]

Originally Posted by rolexperfect

Was also considering it but even my PP boutique SA says it’s just crazy to buy such watch complication at that price. You’re buying status basically, because you can still get other Nautilus watches at retail price after becoming an AD customer spending similar amounts of money.


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Your SA is doing his job if he steers you towards buying stuff from him to eventually qualify for some other Nautilus rather than getting a preowned 5711 and be done with it.

Unfortunately, ADs will be of limited help to those who like their Nautilus 1) thin, 2) simple, and 3) on the bracelet. There is just not much left in the catalogue that fits the bill and isn't a unicorn. Relaxing condition 2) would add 5712/1A and 5740 to the mix but both are among the hardest to get nowadays.

[rolexperfect]

Originally Posted by ts3

Your SA is doing his job if he steers you towards buying stuff from him to eventually qualify for some other Nautilus rather than getting a preowned 5711 and be done with it.

Unfortunately, ADs will be of limited help to those who like their Nautilus 1) thin, 2) simple, and 3) on the bracelet. There is just not much left in the catalogue that fits the bill and isn't a unicorn. Relaxing condition 2) would add 5712/1A and 5740 to the mix but both are among the hardest to get nowadays.

Very interesting. I had the chance of getting the 5711 at a lower price too. I love the watch. But there’s something about dropping 110k on a watch knowing that people dropped just 30k just a few years ago. And that I saw it at window shop at retail price before.

Still is not an easy decision and don’t discard getting it. Was offered one the other day brand new for 96k EUR from a private seller / collector.


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[321Forever]

It’s your dough. If you can comfortably afford to buy grey then I’d worry less about price and more about condition and documents and the seller. Like if you have any issues later…

[Lucien]

I would never. It is really not that a fantastic watch, some 70¨s feeling about design. I would think that the hype will go over pretty soon and there are a lot of better good looking watches out there with nice complications.

[joli160]

I don’t have a clue where the price differences come from. Dial color, condition, serviced, polished ? Suggest to use your best haggling skills.

Life is too short not to get what you lust after

[goog53]

Have u tried one on in person? I love the brand and in particular the Nautilus but have said to many close collector friends whom I have known for years…. “I can only wonder what the guy who buys a 5711A for over a 100k thinks of the piece when he receives his watch and sees what he actually gets.” It is iconic but boring and I love mine at list price but choose wisely my friend as there are great options at that secondary price. If money is flowing like water then go for it. Best of luck!!!!

[Ichiran]

I would try to offer €80k to every listing and hope one of them bites. Good luck! It is a great iconic watch.

[Ellz]

Justin G @TheKeystone was great to work with and the person who I purchased from.

[Becweb]

I thought about it more. Actually i think you should offer all dealers 253460 GBP to buy the 5711 steel blue dial - you will have then the privilege to be selected by one of the gracious grey dealer to purchase this unique timepiece.

[Humble michael]

Originally Posted by Ichiran

I would try to offer €80k to every listing and hope one of them bites. Good luck! It is a great iconic watch.

Yep as usual Michael , you are spot on ! I love my 5711 white and it gets more wrist time than my other 6 Pp or my Royal Oak or any of the rolexes . Just sayin it’s my favorite piece . And yeah grey prices are high but if you can get one for 80 Op , you will always be able to get that for it and you won’t regret getting it . Just a fun, classic time piece - best part it’s completely under the radar . :-)) jmo Michael in San Antonio Tx

[GoingPlaces]

The only advice I can give is buy the seller first and not the deal. If you're willing to drop that much on a hype watch you need to make sure you're doing it properly. Some of the trusted sellers on TRF will help assure you of condition, papers, source (not stolen), and of course delivery.

Personally I think the Nautilus craze is more insane that the Daytona craze, but it's OP's money. Enjoy.

[joa]

i agree w/ Ichiran/Michaels advice. Place a bid at the level you are comfortable with and see what happens.

I did exactly that last week, and purchased the white dial variant, for 5% below the current lowest offers on chrono24. Despite there having been a broker in between, and it being in mint condition.