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$35,000 factory-sealed olive green Patek Philippe Nautilus sells at auction for $490,000

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Not since a Rolex Daytona once owned by Paul Newman has a steel sports watch caused so much of a stir ahead of its auction.

A factory sealed Patek Philippe olive green Nautilus 5711 was up for auction with Antiquorum in Monaco this week, the first to go on the block since launching with a retail price of $35,000 in April, and the world has held its breath to see what it would achieve.

The answer is a staggering EUR 416,000, including buyer’s premium, over $490,000.

Antiquorum Romain Rea oversaw the sale as bidders online and in the sale room refused to back down until the price nudged close to half a million dollars. There is controversy with the sale because the 5711/1A was factory sealed and sold with a full set. Antiquorum shared pictures of its certificate of origin including serial numbers for the watch and movement, which would make it traceable to an authorised dealer that sold it.

ADs are under strict instructions to remove factory seals as a measure to discourage customers flipping watches with such tempting resale values.  

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