Prestigious and luxurious, Tiffany & Co. are the world’s best-known jewelers. Its products are timeless and classic, known for their quality and craftsmanship, and worn by the well-known worldwide. From Audrey Hepburn and Charlize Theron to Ana De Armas, Lady Gaga, and Beyoncé Knowles. These jewelry pieces have been a favorite of the stars and socialites. The Tiffany x Patek Philippe luxury watch partnership is one of the most celebrated collaborations in watchmaking history.
Tiffany-Patek Philippe luxury watch collaboration
For years, Tiffany’s most popular products have been jewelry, but recently they have also expanded to watches. The Tiffany x Patek Philippe luxury watch partnership is one of the most celebrated collaborations in watchmaking history. It has contributed much to Patek’s fame worldwide. This is because Tiffany & Co. has always adopted the standards set by Patek Philippe. And creating new designs to meet the demands of today’s global luxury market.
The Nautilus 5711 “Tiffany Blue” auction
At Phillips in New York, the first Patek Philippe Nautilus 5711 “Tiffany Blue” watch was auctioned for USD 1 million in 2021. Below is the record-breaking $6.5 million Nautilus auctioned recently at the company’s new U.S. bidding house in May 2023.
For the regular cost of £40,000, the once-in-a-lifetime experience of owning a limited edition like this Nautilus had tremendous financial and social value. It’s no wonder the winning bid was more than double the amount the watch had been sold for previously. With the possibility of discontinuing the dark blue dial 5711/1A-010 series in early 2021. The emotions surrounding the watch and the opportunity to own it were nothing short of intense.
Exclusivity and desirability
Pre-owned prices for the 1976-resembling-design Nautilus models soared. H
itting a high of £100,000, significantly increasing over their £25,000 RRP gray market value. Then, the 1A-014 timekeeper revealed to be the last 5711 green dial, was expected to touch off a frenzy of resale activity in the high-end watch market. Advertised at £26,870 on the Patek website, the watch was not your average everyman’s luxury chronograph you’d find at any high-street store.
Green dial collections, exclusively available to existing loyal Tiffany clients, suddenly got introduced into the secondary market at skyrocketing prices. Commanding monetary values much beyond those of their blue dial counterparts, they were too desirable to be available to all. Even with dealers such as Antiquorum marking them up to Euros 400,000. There were enough rich people in the market willing to pay through the nose for them.
Anticipation and projections
Experts projected that the 1A-018 model would be the rising star in Tiffany 5711’s stable at the 2021 year-end auction. Hitting the seven-digit mark and possibly passing it. However, a London watch dealer called Danny Shahid confirmed that the Phillips watch was his highest anticipated piece for the bidding. Having just sold two green dials Nautilus for more than £300,000 each and keeping a third for himself worth £450,000. Having promised to only offer them to customers who wouldn’t sell them. Moreover, Shahid felt a gap existed in the system, which Patek exploited by building hype while playing with the people’s emotions.
Commemoration of partnership
As Patek Philippe and Tiffany celebrated their remarkable 170 years of partnership, one watch, in particular, captured the global imagination and the attention of countless watch lovers and collectors. Out of their 170 selection of models, Tiffany Nautilus was the first piece to be available at the Phillips auction when marking the anniversary in December 2021. The Tiffany brand appearance on the Patek dial is meant to reassure American customers that their money will purchase an authentic and exquisite watch from a reputable brand.
