Watch Journalist Yasuhito Shibuya's Useful Watch Industry Chat
Everyone in the watch industry was talking about how the new Patek Philippe and Tiffany Nautilus watch would fetch an incredibly high price at auction. The results far exceeded all expectations. How do you react to this situation?
(Article published on October 9, 2021)
https://www.phillips.com/detail/patek-philippe/NY080121/1T
New release with a "rule-breaking" hammer price!
The 2021 New York Watch Auction, a watch auction hosted by auction house Phillips, was held on Saturday, December 11, 2021, at the 96-story 432 Park Avenue building in New York, USA.
Just like the penthouse on the top floor of this building, said to be the most expensive in the world (estimated at approximately 187 billion yen), the much-talked-about watch was sold for an astonishingly high price, far exceeding all expectations. It was the Nautilus Ref. 5711/1A-018, produced in a limited edition of 170 pieces worldwide to commemorate the 170th anniversary of Patek Philippe's partnership with Tiffany.
その落札価格は、落札予想価格5万ドルの何と約130倍の650万3500ドル（約7億3489万5500円、1ドル＝113.4円、2021年12月11日現在）！
The Nautilus is a sporty model co-branded by Patek Philippe and Tiffany, and is currently the subject of more speculation than any other watch. Its dial is Tiffany's "Tiffany Blue." It's based on the Ref. 5711, which is rumored to be a "terminal model" and is expected to undergo a redesign in the future. The case and bracelet are, of course, made of stainless steel, which is becoming increasingly popular.
The story of double names
To be honest, the winning bid price makes me feel uneasy. To be precise, I'm not uneasy about the model that won the auction. I'm uneasy about the fate of the 169 pieces that will now be sold in regular Tiffany boutiques in the United States.
Patek Philippe and Tiffany. It's no surprise that these "double-brand" antique watches are so expensive, considering their rarity and stories. Each part of an antique watch, whether it's a scratch, dent, or discoloration on the case, bracelet, or dial, tells a story.
The double-name models, which fetch high prices in the antique market, are identified by the store that sold them and reflect the relationship between the two companies that has existed for 170 years, so they have a story behind them that ordinary models don't have. We find the "depth of history and story" of these models particularly appealing.
This successful bidder also has a special charm and story. It is a genuine serial No. 1 model, and it is also a charity model, with all proceeds from this sale donated to The Nature Conservancy (TNC), an environmental protection organization that the Tiffany & Co. Foundation continues to support. Therefore, the higher the winning bid, the more gratifying it will be.
The successful bid, which was 130 times the estimated price, means that the successful bidder has made a huge donation to environmental protection. Therefore, it is wonderful that the successful bid was so high, and I would like to offer my heartfelt congratulations to the successful bidder.
