Patek Philippe "Nautilus" with Tiffany double name sold for approximately 3000 million yen. Overseas auctioneer shows the potential of 1+1

At the Bonhams Hong Kong auction held on May 30, 2023, a Patek Philippe Nautilus Ref. 3700 "Jumbo" was sold for approximately 30 million yen. This Nautilus was a double-branded watch with Tiffany & Co. Sharon Chan, director of the watch department at the long-established auction house Bonhams Hong Kong, points out that a double-branded watch with two brands may have the potential to be greater than 1 + 1 = 2.

Patek Philippe Nautilus with Tiffany signature sold for HK$1,655,000

　The reason why "double names (double signatures)" by two brands are so popular is because they hold the potential for "1 + 1 is greater than 2."

　Occasionally, Patek Philippe or Rolex watches with the names Tiffany or Gubelin (Gübelin) on the dial appear at auction. These so-called double-name watches are popular among collectors around the world. The reason for their popularity is not a trend; it's because there is a story and history behind the double name.

　Before the quartz revolution of the 1970s, most watch brands specialized in watch manufacturing and did not have their own boutiques to sell their products. This meant that they had to rely on local distributors to sell their products overseas. At the time, local dealers had more influence over consumers than watch brands themselves, and they knew how to control sales. Large chain dealers would print their own name on the dial of the watches they sold in stores to more effectively promote them. To consumers at the time, a watch bearing the dealer's name was a symbol and guarantee of a famous brand, and due to the aforementioned power dynamics, watch brands had no say.

　In recent years, most watch brands have their own boutiques, giving them greater control over the distribution of their products. Some big brands have even surpassed dealers in influence, sometimes even acquiring distribution rights themselves. This makes it virtually impossible to see the return of the "double name" brand.

　Just as the market prices of discontinued models have risen dramatically, the disappearance of the "double-named" models from the market has made them increasingly popular as collector's items. At the Bonhams Hong Kong watch auction held at the end of May 2023, a Patek Philippe Nautilus Ref. 3700 "Jumbo" with the Tiffany logo on the dial sold for HK$1,655,000 (approximately JPY 30,931,950). A regular Nautilus Ref. 3700 "Jumbo" trades for around HK$800,000 (approximately JPY 14,952,000). The double-named "Jumbo" sold for more than double that price, demonstrating its extraordinary appeal.

　Recently, watch brands have also been teaming up with other companies. The most famous example is the 2021 collaboration between Patek Philippe and Tiffany. Patek Philippe still has Tiffany as its North American distributor. In 2021, to commemorate the two brands' 170-year-long close relationship, Patek Philippe released the Nautilus Ref. 5711/1A-018. Not only does the Ref. 5711/1A-018 feature the Tiffany logo on the dial, it was also the first watch to feature the exclusive Tiffany Blue dial color. While the Patek Philippe and Tiffany collaboration model immediately generated a huge response, only 170 pieces were produced and sold exclusively to select customers. One of the 170 examples was handed over to an auction house for a charity auction, where it was ultimately sold for US$6,503,500 (approximately JPY 734,895,500, 1 US dollar = JPY 113.4, as of December 11, 2021). Since then, the Nautilus Ref. 5711/1A-018 has been offered on the auction market many times, always achieving excellent results.

　The success of the Nautilus Ref. 5711/1A-018 has ignited a market where double-branded watches, previously only available to a select few, have now evolved to the point where even more experienced watch enthusiasts have joined the fray.

　Today, watch collectors are increasingly seeking rare and unique timepieces. Therefore, whenever a double-named watch occasionally appears on the market, it will undoubtedly provoke competition among collectors of all stripes. However, because of the rarity of these timepieces, which have been loved and perfected for such a long time, once one is sold, one disappears from the market, and the importance of double-named watches to collectors will only increase with each passing day.

Author "Sharon Chan" Profile

　Sharon Chan is Director of Bonhams' Watch Department in Asia. Based in Hong Kong, she works closely with offices across the Asia Pacific region and oversees the department's 10 auctions per year.

　He has over 17 years of experience in the jewelry and watch auction business at various international auction houses, and from 2011 to 2016 he oversaw the watch auction in Hong Kong, where he achieved year-on-year growth in sales, achieving the highest price for a watch sale in Asia in 2013. He also oversaw one of the world's largest private watch collections, setting a new record of US$600 million at auction in 2015.