Tiffany & Co.'s Patek Philippe Rakes in $6m At Auction, Over 100x Retail
Of all the big pushes that Alexandre Arnault has headed since he began directing Tiffany & Co., its special "Tiffany Blue" Nautilus created for Patek Philippe's 170th anniversary could be its coolest ever — or at least its second priciest.
To celebrate the big birthday, 170 editions of Patek Philippe's popular Nautilus Ref. 5711 will be available for purchase, sporting Tiffany's signature blue hue on the watch's face, accompanied by subtle Tiffany & Co. branding.
But that's not all: according to Thierry Stern, Patek Phillipe's president, "there is a secret on every piece" that won't be revealed until each timepiece is purchased.
“This was my little gift to say congratulations on buying Tiffany,” Stern said in an interview with CNBC, referring to Tiffany & Co. being purchased by LVMH last year.
Though LVMH has previously expressed interest in purchasing Patek Phillipe to add to its arsenal of timepiece brands, which currently includes Tag Heuer, Zenith, and Hublot, Stern still asserts that the Swiss watchmaker will remain independent.
For those looking to get their hands on the exclusive timepiece, good luck! The "Tiffany Blue" Nautilus did release on December 11 for $52,635 apiece but only VIP clients and other deep-pocketed buyers will ever have a shot at it.
However, one of the ultra-rare watches did hit the auction block courtesy of Phillips, granting the public a rare opportunity to try their luck at snagging the timepiece.
The unique opp piqued the attention of three very wealthy bidders, who sent the "Tiffany Blue" Nautilus' gavel price skyrocketing to over 100 times that of retail, eventually landing on a gavel price of $5,350,000 with an all-in cost of $6.5 million.
If it makes you feel any better, all of the auction's proceeds benefit The Nature Conservancy, so it's all for a good cause. Over the past year, Tiffany & Co. has collaborated with Supreme and Daniel Arsham while tapping new ambassadors Beyoncé and Jay-Z, who made waves by appearing in their debut campaign imagery alongside a rare Tiffany-toned Basquiat.
