Exclusive data provided to WatchPro from Chrono24 shows the power of internet rumors in driving up prices for Patek Philippe’s 5711/1A-010.
The legendary unicorn watch had been going sideways all of last year with sale prices of around €60,000 for pre-owned models on the secondary market.
Waiting lists, should anybody manage to join them, were running at around 10 years for the Gerald Genta-designed classic and the only realistic option to secure the watch was to pay double its retail price.
Making that choice immediately looks like a sound investment with the benefit of hindsight.
On January 21, rumors started circulating on forums and social media that the 5711 was going to be discontinued by Patek Philippe, causing the price to leap on Chrono24 by 25%.
Then on January 25, the day WatchPro received confirmation from Patek Philippe authorized dealers and directly from the brand that the model was to be axed, the price rose by a further 31%.
Today, the watch is trading at around €90,000, 50% higher than its price through the whole of 2020.
Chrono24 says it has received double the number of requests to purchase the 5711 in January compared to a typical month last year.
Tim Stracke, co-CEO of Chrono24, remarks: “After Patek Philippe confirmed the goodbye of their Nautilus 5711/1A-010, the watch market immediately reacted with a value increase and an even higher desire/demand for the 5711 than ever. Even when first rumors were spreading, we could see an increase in value around 25% with an almost doubled number of purchase requests on our marketplace. It will also be interesting to follow the numbers, if Patek Philippe might launch a 5711 successor later this year.”