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Patek Philippe’s olive green Nautilus being flipped for $363,600, more than ten times its retail price

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As we reported this week, prices have plateaued in recent months for Patek Philippe’s discontinued Nautilus 5711/1A-010 with a blue face, but a switch to an olive green dial has taken none of the heat out the market for the steel sports watch, in fact it is much, much worse.

Today a Patek Philippe authorised dealer called WatchPro with a tip-off that Jomashop, a New York-based ecommerce giant that aggregates new luxury products for sale, is advertising the green-dialed Nautilus 5711-1A-014 for a staggering $363,600.

That’s for a steel watch: no gold (except its 18ct rotor), no platinum and no diamonds.

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The site even has the balls to say that the watch is included in its “Summer Sale”.

Jomashop says that all products sold on its site are 100% authentic guaranteed and that it purchases its inventory via authorized dealers or respected industry wholesalers/distributors.

Watches are guaranteed to be authentic, brand new, and come with all of the original parts, Jomashop promises in its terms and conditions.

All Jomashop watches have the original manufacturer’s serial numbers intact and are not refurbished or factory seconds. All watches have a 1 to 5-year warranty, the company continues.

“Our goal is to provide the best service with the best possible pricing,” the company states without a trace of irony.

“Since Jomashop.com does not follow the manufacturer’s suggested retail prices (MSRP) guide, we are not authorized to provide a manufacturer’s warranty. We understand that having a warranty is a major concern when purchasing a watch, therefore Jomashop.com provides its own warranty to replace the manufacturer’s warranty on all our watches,” it promises.

That certainly sounds like it will deliver peace of mind that the Nautilus is genuine, but the price is a staggering ten times more expensive than its already punchy MSRP of $35,000.

Patek Philippe introduced the new green dial at Watches and Wonders in April, and authorized dealers are reporting no let up in the anger they face on a daily basis from loyal customers that cannot get near the top of a waiting list for the prized piece.

Very few of the new reference have hit the market. Chrono24 currently has four listed, three of which say “Price on Request”, which likely means the dealers do not actually have the watch, and the fourth is advertised for $362,225 by a dealer said to be in Dubai. Watchbox, eBay and Chronext have none on offer.

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