Collecting the Patek Philippe Nautilus Jumbo Ref. 3700
“Iconic” is an attribute that gets thrown around quite a lot when talking watches, and often sounds exaggerated. It’s not easy, really, to agree on what makes a timepiece an actual icon; it would probably be a mix of breakthrough design, enduring legacy, and heavy influence on the contemporary and vintage market. A fair share of watches tick all these boxes, and today we’ll focus on the Patek Philippe Nautilus - the OG one, better known as the reference 3700. Its background should be known to most: it was penned by Gerald Genta, the Swiss designer whose notable creations also include the Audemars Piguet Royal Oak, the Universal Geneve Polerouter, and even the watch that eventually evolved into the Bulgari Octo Finissimo.
Interestingly enough, the Nautilus was not a direct commission by Patek. Rather, it was Genta himself who pitched the design to Patek Philippe executives - and according to the legend, it all happened in a restaurant, after the designer spotted Henri Stern dining with some close collaborators at the next table. Whatever the real story is, the Nautilus came to be in 1976, as Patek Philippe’s first sports watch - and a quite evident reply to the Royal Oak, too. Its price tag read the remarkable sum of $3100, almost at par with a yellow gold Calatrava: this, paired with the imposing dimensions that earned it the nickname “Jumbo”, made for a shy commercial debut.
But how come the watch was so costly? It was partly a marketing move and partly a necessity: the case envisioned by Genta was innovative, but also complex to manufacture. It featured a two-piece construction, maintained on all Nautilus until the 5711, which ensured water-tightness by reducing the number of parts; there are, in fact, only two: the caseback, which houses the movement, and the bezel. The two elements are secured by screws running through the “ears”, and are sealed by a single gasket. Underneath the bezel are engraved the last three digits of the serial number, which figures in full inside the caseback.
No expense was spared for the movement, either: the Nautilus 3700 was powered by caliber 28-255C. Specifically, it was Patek’s version of the legendary 920 from Jaeger-LeCoultre, an ultra-thin, full-rotor automatic movement also found in the Royal Oak 5402 and Vacheron Constantin 222 among others. It still is one of the thinnest - and best finished - automatic movements in the history of watchmaking. Finally, the watch was initially presented in a highly distinctive cork box, an object that can now trade hands for five-digit sums on its own.
Disclaimer : this is not an exact science, these quantities are estimates from research and literature on the subject, do not take them as absolutes
Now, to understand the reference from a collectors’ perspective, it is crucial to dive deeper into its evolution. The early watches, with reference number 3700/1, had a Favre Perret case and Gay Fréres bracelet; come that year, Patek switched suppliers in favour of their very own Ateliers Reunis, located in what is now the Patek Philippe Museum. As a side effect, this change also determined the only major evolution seen on the model: the bracelet was slightly redesigned to incorporate longer links, a more pronounced taper. and the same clasp found on the mid-size 3800 and ladies’ 3900. As a result, the new reference 3700/11 wears quite like any other watch, while the 3700/1 has a distinct “cuff” feel.
Given this change in supply came about in 1981 after five years, out of a total production run of fifteen, one would think that a 3700/11 is way more common than a 3700/1. Au contraire, production slowed down decidedly after 1981 - possibly because many of the watches manufactured until then were still unsold. Subsequently, /11 examples account for roughly one-third of the already scarce total production, making them extremely desirable.
Besides the big distinction between the “first” and “second” series 3700, further details can impact the value of a Jumbo Nautilus. The first one is certainly the dial: the vast majority of watches features - to say it with Patek - a “black ribbed dial”, with applied lume-filled hour markers. A lesser common gold-tone dial was also available for two-tone and yellow gold cases. Diamonds can also be found, either on the dial as hour markers, or on gold bezels.
Finally, there are the obvious exceptions. Three examples in platinum have appeared on the market so far, two with wide bracelet, the other with narrow band and a diamond-set bezel. Another special triplet exists in stainless steel with a white ribbed dial, breathing an unexpected and fresh twist into the watch. Other special dials are a smooth silvered one with diamond hour markers and a plain lapislazuli one. The former is housed in a white gold case, while the latter is paired with yellow gold; both watches are likely unique and feature dauphine hands, unlike any other 3700.
Looking back at the production history of the first Nautilus is an interesting exercise in many ways. It allows to place it in a precise time frame, as not everyone realises that, by the time the automatic Daytona was launched, the 3700 was on its way to retirement. Then - and more importantly - it sheds light on the actual rarity of a reference that, for how ubiquitous it may seem today, was only manufactured in an esteemed total of 7500 pieces, spread across a vast number of configurations that make it all the more attractive to collectors. These figures should be even more impressive when compared to what is considered desirable (read: hyped) in the market for modern watches - and remind us once again of why vintage has always been the real deal.
