Patek Philippe’s Price Increases And Discontinuations For 2024 — What Is Next For The Genevan Brand?
On February 1st, as usual, Patek Philippe communicated the new list prices to its authorized dealers. We also got the yearly list of discontinued models, which, not shockingly, includes more Nautilus references. On top of that, Patek Philippe decided to discontinue the popular Aquanaut Travel Time in stainless steel (ref. 5164A). While price increases are a fact of life, what do we think of the discontinuation of more Nautilus and Aquanaut models? Furthermore, what can we expect from Patek Philippe in 2024? It’s time to put some thoughts on paper.
Just like so many other brands, Patek Philippe increased its prices this year. This practice is nothing new, of course. We reported on the price increases that Rolex implemented at the beginning of the year. Additionally, we discussed Tudor’s price increases and their potential impact on how fans see the brand. When it comes to Patek Philippe, it seems like a different discussion. As of February 1st, the brand has increased its prices internationally by 7% on average. Percentage-wise, that is not necessarily far from the norm in comparison to other brands. For Patek Philippe, however, increases like that result in price increases of thousands of euros or dollars.
Patek Philippe 5905R-010
Patek Philippe has increased its prices by 7% on average
For mere mortals like yours truly, those are some absurd increases when considering the extra money we’d have to pay. But it comes with the territory, of course. It is safe to assume that if you are considering buying a new Patek, you have a significant amount of money to spend. Does that make it less frustrating? I can only assume that it doesn’t. It’s a weird phenomenon that your much-desired Patek can easily be €10,000 more expensive when the clock strikes midnight on February 1st. I highly doubt that anyone likes that, regardless of how much money is at your disposal.
But there is an important part of info to add on top of all of this. Most of you will know that even if you want a Patek, you can’t just get one at an authorized dealer. As always, your location and the desired model play a role in that. But as a result of the incredible popularity of the brand and the high demand for many of its timepieces, getting your hands on a new Patek Philippe watch is tough. With an annual production of roughly 60,000 pieces, the overall impact on the greater watch-buying public is much less severe than those of mass-producing brands like Rolex, Omega, Tudor, and the like. This makes it easy to take the news for what it is, shrug your shoulders, and get on with life.
Pre-owned Patek Philippe models are still not an option
While most of us will respond to this with indifference, the price increases still triggered my curiosity. With the current unavailability of the brand’s many popular models, it is always good to look at pre-owned and gray-market prices. A quick check of some of my favorites shows that getting your spot on a waiting list at an authorized dealer (if at all possible) might not be a bad idea. Even after the new price increases, you are still better off waiting in the Patek line than buying one on Chrono24.
A glance at the stainless steel Aquanaut Chronograph ref. 5968A reveals a list price of €55,300. On Chrono24, however, asking prices for the same watch start at double that amount. Another one of my favorites is the white gold Calatrava Annual Calendar Travel Time ref. 5326G, which was introduced in 2022. Back then, the list price was €69,930. The new list price is a steep €81,300. As I said, the increases are not pocket change. But if you want a ref. 5326G immediately, expect to see asking prices of €85K and up on Chrono24. And you already know what a look at Nautilus prices will tell us. You might want to consider getting in line with the other aspiring Nautilus buyers at your nearest authorized dealer.
Not every Patek Philippe skyrockets in value
But that story doesn’t hold up for the entire collection. A quick look at models from the brand’s Complications line shows you can get quite a few pre-owned and new ones well under their list price. Some examples are the brilliant Chronograph ref. 5172G, which you can get for less than its €83,300 retail price in both colors. The same story goes for the Annual Calendar Moon Phases ref. 5205G. Funnily enough, its rose gold counterpart, the ref. 5205R, released two years ago, has asking prices starting around its current €57,600 retail price and slowly increasing. But even a piece like the brilliant World Time Flyback Chronograph ref. 5935A from 2022 is on offer for a little less than its official retail price of €64,200.
This brings us to the second annual topic of conversation regarding Patek. Every year, watch fans are curious about what references will leave the collection. Especially since Patek President Thierry Stern announced the discontinuation of the famous stainless steel Nautilus ref. 5711, this has been a big thing. I understand it perfectly because the decision to stop producing the iconic stainless steel Nautilus was a shocker. Stern explained that the decision was made for multiple reasons, two of which were the desire to prevent the Nautilus from dominating the brand’s image and to use scarcity to retain its value.
The gray-dial ref. 5990 Nautilus Flyback Chronograph Travel Time that was discontinued in 2022 — Image: The Watch Club
Are stainless steel Nautilus models out?
Another reason was the announcement that Stern did not want more than a third of the brand’s collection to be stainless steel watches. That’s when watch fans started speculating that there would soon be no more stainless steel Nautilus models in the collection. With the discontinuation of the ref. 5711 and the gray-dial Nautilus Flyback Chronograph Travel Time ref. 5990 in 2022, some fans feared the worst. That same year, however, the brand introduced a new version of the latter model with a new dial, which indicated that it might not be the end of stainless steel Nautilus models after all. Last year, we did not see any notable Nautilus models leave the collection, which showed that it was not the end for steel Nautilus references.
The discontinued ref. 5164A — Image: The Watch Club
The discontinued Patek Philippe models for 2024
That brings us to this year. The immediate standout for many was not even a Nautilus. Rather, it was the stainless steel Aquanaut Travel Time ref. 5164A. This much-loved, seriously cool Aquanaut has a slightly different case due to the two pushers on the left side for correcting the local time. I love this look as it adds balance to the case design, and many other Patek fans did too. But the Genevan brand decided that it was time to say goodbye to this fan-favorite model that had been part of the collection since 2011. Luckily, the rose gold version is still part of the collection, so that would be the best option for those who love the look and functionality (and can afford it).
The Nautilus Chronograph ref. 5980R — Image: The Watch Club
We are also saying goodbye to the rose gold Nautilus Chronograph ref. 5980R. It’s another very popular model that looks seriously cool. While I have never been a great fan of the Nautilus chronograph models because of the placement of the pushers, this one looks the part. But with it leaving the collection, the Nautilus Flyback Chronograph Travel Time ref. 5990 in stainless steel and rose gold are the only chronograph models left in the Nautilus line.
The World Time ref. 5230 — Image: The Watch Club
The list continues…
Other models that are out are the Nautilus Moon Phases in rose gold (ref. 5712R) and white gold (ref. 5712G), both on leather straps. A Nautilus on a leather strap looks weird, so, at least for me, there is no love lost with the discontinuation of these two models. On top of that, you can still get the same model in stainless steel and rose gold on a bracelet. Concluding the list of discontinuations are the Grand Complications Engraved Retrograde Perpetual Calendar ref. 5160G, the brilliant World Time ref. 5230, the two Annual Calendar & Moon Phases refs. 5396G and 5396R, and lastly, the 37.5mm Calatrava Pilot Travel Time refs. 7234R and 7234G.
The Nautilus Moon Phase ref. 5712R – Image: The Watch Club
It’s not the longest list we have seen from the brand, but it’s substantial. And ceasing the production of the stainless steel Aquanaut Travel Time and the rose gold Nautilus Chronograph is disappointing for the fans of Patek’s sports watches. Remember, though, that we saw the introduction of the white gold Nautilus ref. 5811 and, as mentioned earlier, the Nautilus Flyback Chronograph Travel Time ref. 5990 with a new dial in 2022. Last year, we also saw the introduction of the rose gold Aquanaut Chronograph ref. 5968R and the very nice Aquanaut Luce Annual Calendar ref. 5261R. So Patek Philippe is certainly not forgetting either the Nautilus or the Aquanaut line.
What is next for Patek Philippe in 2024?
This brings us to the question of what is next for the brand. In an interview with Bloomberg in early 2023, Thierry Stern hinted at adding a new line of watches to the collection. This was to arrive in late 2023 or early 2024. With Watches and Wonders around the corner, it seems like the introduction of this new model line is approaching. It will be the first new line in Patek’s collection in over 25 years, so it is a big deal. However, fans who expect a new line of sports watches may very well be disappointed. With the Nautilus and the Aquanaut, the brand already has two incredibly popular lines of sports models. After trying to tame the Nautilus monster, it seems hard to believe that a third sports line will be Stern’s chosen way forward.
Looking back at the last two years of introductions, it’s safe to say that 2022 was far more impactful than last year. Of course, the white gold Nautilus ref. 5811/1G was the big introduction in October 2022. But the brand surprised us with many exciting new releases during Watches and Wonders earlier that year as well. Lex wrote an article on how he was mesmerized by them, from the salmon-dial Chronograph ref. 5172G to Annual Calendar Travel Time ref. 5236 with the matching Calatrava ref. 5226G, the Annual Calendar Moon Phases ref. 5205R, and the brilliant Perpetual Calendar Chronograph ref. 5270P. All of them stood out immediately.
Image: The Watch Club
A focus on the Calatrava line
Last year was less impactful and saw some much-debated additions to the lineup. The racing-inspired Calatrava ref. 6007G variants were not favorites, nor was the Travel Time ref. 5224R. Out of the 17 references that Thomas wrote about, it was hard to find multiple releases that, 12 months later, still have the same lasting positive impact as many of the releases from the year before. I suppose that’s also a direct result of releasing single additions to the brand’s different lines. Often, a barrage of completely different models can make an already rather large puzzle even more confusing. That’s why a new line of watches would be a great next step for the brand.
Image: The Watch Club
One of my wishes is that Patek Philippe finds a clear direction for the Calatrava line. The classic Calatrava models that are currently available are the ref. 5227 in three variations and the ref. 6119 in two different variations. But the Calatrava ref. 5226G, which I like, and the 6007G models, which I’m not a big fan of, present a completely different style. This leaves me wondering what the future of the Calatrava line will be. Has Thierry Stern been testing the waters with the additions from the last two years? I’d love to see a bit more focus when it comes to Patek’s Calatrava collection since it’s such an important one in horological history.
Image: The Watch Club
Final thoughts on Patek Philippe in 2024
The recurring question is whether we will see the big release of a stainless steel Nautilus ref. 5811/1A. While that probably won’t happen any time soon, I think a stainless steel Nautilus should always be a part of the Patek Philippe collection. It’s a big part of watchmaking history, which is why it deserves to be available at any point in time. But Stern’s decision to discontinue the 5711 was a firm one. Releasing a new version of that same model would raise questions about why it was discontinued in the first place. Consequently, my wishful thinking will most likely continue.
Image: The Watch Club
And the newest discontinuations? In all honesty, they raise more questions. While Thierry Stern has clarified that there will always be a spot in the collection for the Nautilus, and the Aquanaut has also proven its worth over time, I would love to know what Stern’s master plan is. Is he still on a mission to contain the popularity of the Nautilus? If so, does that same approach apply to the now-equally popular Aquanaut? And what can we expect from the brand in the next few years? After raising many questions, it will be good to see whether Thierry Stern and Patek Philippe can provide answers, especially when prices continuously keep going up.
Let us know your thoughts on the latest Patek Philippe price developments and discontinuations in the comments section. Also, what do you think the next step for the brand should be? We would love to hear your opinion.
Featured image: The Watch Club
