If you have always wanted to buy a Nautilus Ref. 5711, now might be a good time.

In 2021, when Patek Philippe discontinued its best-selling Ref. 5711/1A-010 — the model with eight-year wait lists, for those who could get on the wait list at all — prices for the $33,000 stainless-steel wristwatch with a black-blue dial soared into six-figure territory on the secondary market.

Data from 40 auction houses, compiled by the digital platform EveryWatch, shows that models across Patek’s sporty Nautilus line continue to exceed retail levels. But with the overall pre-owned watch market recording the fewest sales in three years, peak prices seem to be a thing of the past.

“Prices are declining across nearly every model in the 5711 line,” Giovanni Prigigallo, a co-founder and head of business development at EveryWatch, said in a recent phone interview from Geneva, where he was attending Geneva Watch Days. “The median peak price for the 5711/1A was $131,504 in 2022, but today the watch is priced at $89,404.”

This might be exciting news for the legions of fans who have long awaited opportunities to acquire the 5711, first introduced in 2006. Over its production run, 18 variations of the 5711 were issued, offered in stainless steel, precious metals such as gold or platinum, and gem-set versions.

By the mid-2010s, the steel model — Ref. 5711/1A — had become the most popular. Today, Patek’s catalog lists 28 Nautilus references, but all 5711s have been discontinued.

Ending the Run

Resale prices on the secondary market had been rising even before January 2021, when Thierry Stern, the president of Patek Philippe, announced that 5711 production had ended, sending the buying frenzy to a fever pitch.