Market Updates for Cubitus, Code 11.59, Offshore and Nautilus
Exploring Cubitus’s rapid price surge and how it contrasts with the evolving market values of Code 11.59, Offshore and Nautilus models
Just over two weeks have passed since the unveiling of the Cubitus, yet the watchmaking world is already looking toward the next big events, with Geneva’s auction week fast approaching. Despite the buzz around upcoming results, the Cubitus remains a hot topic among collectors and enthusiasts. It’s a recurring theme on prominent watch blogs and social media, sparking debate over Patek Philippe's decision to introduce a brand-new collection that, at its core, seems like a square version of the Nautilus.
The main criticism leveled at the Geneva-based maison is that it played it safe, sticking to a conservative formula for this new model—a decision that some argue doesn’t align with a brand often hailed as the pinnacle of watchmaking innovation.
Many point to Audemars Piguet’s launch of the Code 11.59 as a contrasting example of a watch brand taking creative risks. In 2019, the Le Brassus-based house introduced a model that broke away from its usual aesthetic. Instead of yielding to market trends for integrated bracelet designs, AP focused on crafting a timepiece with the potential to become a long-term icon, regardless of the initial market response. Over time, Audemars Piguet has continuously refined and expanded the Code 11.59 line with new dials and complications, reinforcing its commitment to this unique collection.
The timing of Code 11.59’s launch was challenging, coinciding with the explosive growth of the secondary market for popular sports watches. At that time, integrated bracelet models dominated, putting this new model at a disadvantage in its early days. Even now, as prices stabilize, iconic models like the Nautilus, Royal Oak, and Daytona maintain their stronghold, while the Code 11.59, such as the reference 26393BC.OO.A002CR.01—a chronograph introduced in the original 2019 lineup—often trades on the secondary market at a notable 46% below retail. However, there are exceptions; innovative models like the Starwheel, featuring wandering hours, are performing better, trading at around 7% above their retail price.
The Cubitus could be similar to what the Royal Oak Offshore was to the original Royal Oak—a bold reinterpretation of an icon. The Offshore, too, initially faced mixed reactions, including a famously unenthusiastic response from designer Gérald Genta. Over time, however, Audemars Piguet’s commitment to innovation and experimentation transformed the Offshore into a modern classic with its own devoted following. Though its popularity doesn't match that of the Royal Oak, certain Offshore models, like the 15720ST, have defied market fluctuations and trade at about 11% above retail today.
However, the Cubitus doesn’t exhibit the same degree of novelty as the Code 11.59 or the daring redesign that characterized the Offshore—at least not yet. Nevertheless, mere days after its release, Cubitus models began appearing on secondary markets at staggering premiums. For example, early listings showed the stainless steel model with a green dial at €134,000, representing a 222% increase over retail; the two-tone version at €142,000, up 129%; and the platinum model at an impressive €220,000, reflecting a 146% premium.
This price surge stems largely from the enormous hype surrounding the Nautilus. In many ways, the Nautilus has attained an almost mythical status, capable of driving demand for its new square-shaped counterpart to unprecedented levels. Naturally, these initial prices are only a preliminary reference and may fluctuate over time. Historically, we know that enthusiasm around new releases tends to cool off within a few months, often bringing secondary market prices down as well.
Ultimately, Patek Philippe chose to capitalize on an existing success by using the Cubitus to help meet the insatiable demand for sports watches. In fact, as can be seen in the photo above, the steel Nautilus with olive dial, similar to the Cubitus 5821/1A is still trading at +665.55% over list.
As early market data shows, this strategy appears to be working, with the Cubitus fitting seamlessly into current market preferences. However, true icons endure beyond passing trends, and only time will tell if Patek Philippe’s approach with the Cubitus will prove to be a wise decision.
