Patek Philippe 5712/1R, 5160/500G, Golden Ellipse, Greubel Forsey & Breguet 3577BA

Welcome back everyone and welcome to this week’s new arrivals. The more time I spend in this business buying, selling, trading, and most importantly talking to you, our customers and collectors at every level, the more I realize the best watch purchases almost never come from chasing what everyone else is chasing. They come from understanding why something is valuable before the market catches up.

Today’s lineup is built exactly around that idea. We got pieces that will challenge how you think about value, pieces that represent the apex of what certain collectors aspire to, and one watch that I think is quietly one of the most important buys of the year given where the market is heading. So let’s hop right into it.

Let’s start today with something that I think opens up a really important conversation about the current state of the watch collecting market, where it’s been over the past decade and specifically the disconnect that exists sometimes within it.

PATEK PHILIPPE 5160/500G

That being said, the first watch I have here is the Patek Philippe reference 5160/500G. It’s a white gold retrograde perpetual calendar with a hand engraved case, caseback cover, crown, lugs, and strap screws, and of course, an officer caseback, and with a very interesting choice of red strap, if I may say. If that’s your thing, by all means, red strap, just like Kevin O’Leary likes.

Now let me explain what I mean by disconnect. In today’s market, you will find the market and most collectors would rather spend $150,000 on a stainless steel Aquanaut than on what I’m holding right now, which is a white gold grand complication with hand engraved surfaces on every external component, a retrograde perpetual calendar, and a movement that required an extraordinary level of human craft to produce, and it’s at a lower price point.

I find this fascinating, and not because I’m trying to be critical, because believe me, an Aquanaut on a strap is probably nine times out of ten the daily driver due to its recognizability and comfort, and I do love them. This is more of a sociological conversation because I find that this same dynamic does not exist in other luxury categories.

Take Ferrari for example, which I believe is the Patek Philippe of cars. If you put someone in front of a Roma and a 12Cilindri Competizione, they are not choosing the Roma because it feels more relevant or more desirable. In the current cultural moment, the 12Cilindri is the more serious car, the more engineered car, the car with more behind it. That is universally understood and usually reflected in its price. The hierarchy is intact. So you buy the Roma first amongst other things in order to get that 12Cilindri Competizione, not the other way around.

In watches, that hierarchy is actually inverted in certain segments. The sports steel watch, the Aquanaut, the Nautilus, the Royal Oak in steel commands premiums that in some cases exceed what you pay for a hand-worked grand complication in a precious metal. That’s a market inefficiency we have seen over the past decade. And for a collector with a long view, there’s also an opportunity.

The 5160 is discontinued in white gold, of course, but its rose gold counterpart is available today at Patek Philippe and it’s priced at around $235,000 pre-tax. We have here the white gold version at $145,000. I want to flag something important. There are two examples of this reference coming up at auction next week or so. It’ll be very interesting to see where they land. That kind of auction visibility tends to recalibrate the market awareness pretty quickly. So let’s see what happens.

The engraving on this case alone, the hours of handcraft required to cover every surface in that level of detail, is a form of art that most people who look at this watch for the first time simply don’t have a reference point. When you start to understand what it took to make this, the price becomes almost difficult to comprehend in the other direction. This is a significant value buy opportunity in my opinion. Coming in at 38 millimeters, it’s also a perfect case size. Again, asking price of $145,000. I cannot wait to see what the auction result at Phillips will bring.

PATEK PHILIPPE NAUTILUS 5712/1R

Now I fully acknowledge the irony of this transition. We just talked about the collector disconnect, the preference for steel sports watches over grand complications in gold. Now I’m going to present you with a gold Nautilus. But here’s the thing. I’m not contradicting myself. I’m illustrating the market as it actually is, and the gold Nautilus is in its own category entirely.

The 5712/1R rose gold chocolate dial on a bracelet. Let me give you some context on how this specific configuration came to matter so much. The 5712 family have been produced for years in rose gold on a strap, white gold on a strap, and of course in stainless steel. All of them excellent, all of them very popular. But when Patek released the rose gold on a bracelet with a chocolate dial, the demand that followed was unlike almost anything that I had personally witnessed in a watch release.

Once a collector’s portfolio reaches a certain level, once they have the purchase history at their authorized dealer or the willingness to acquire on the secondary market at these prices, they almost universally gravitate toward a gold Nautilus. It becomes the ultimate statement piece. What was once what the Rolex President achieved is now what Patek achieves as the arrival piece.

What I personally love about the 5712/1R specifically is the case profile. Its full gold cousins, the 5980 and 5990, as I say this as someone who absolutely loves the 5980 and 5990 deeply, carry a certain presence on the wrist that can read as heavy or substantial. They are much thicker watches. Whereas the 5712’s case architecture is slimmer, more refined, more contemporary in how it sits.

The 5711R, for example, was doing incredible things in the market for exactly that reason. People found it more wearable, more minimalistic for a gold piece. Following its discontinuation, the 5712/1R picked up immediately where the 5711 left off, and to higher levels.

With an asking price of $250,000, I believe it’s still a good buy even at that price level because it’s been an extremely steady performer over the past year, and they’re seemingly impossible to get from your AD. I will tell you honestly, this will not have a long shelf life. We maintain a substantial list of buyers who are ready to move the moment one of these comes in. So if you’re interested, the conversation needs to happen rather quickly. No pressure.

PATEK PHILIPPE GOLDEN ELLIPSE 3748

All right. Moving on to watch number three. Yes, we are Patek heavy. That’s exactly how I like it. So let’s hop right into it. Right now, there is a category of watch that the market, especially women, is chasing hard. The actresses, models, influencers, are all leaving their mark pretty quickly, and it has started to really take shape.

What I’m essentially referring to is elegant non-round gold dress watches. Today we have one of the best examples you can own, which is the Patek Philippe Golden Ellipse reference 3748 in yellow gold with a diamond bezel and a beautiful sunburst blue diamond dial.

Now let me give you some context on why this piece matters right now because the timing could not have been better. It was just two weeks ago a 1987 Cartier Crash sold at Sotheby’s Hong Kong for nearly $2 million. That obliterated every record ever set for a Cartier wristwatch at auction. And it wasn’t a fluke. Sotheby’s just kicked off what they’re calling the largest collection of vintage Cartier watches ever brought to market. Over 300 pieces expected to clear $15 million across Hong Kong, Geneva, and New York.

Why does this matter for what I’m holding right now? Because it confirms what we’ve been seeing on the ground for quite some time. The market has rotated. Collectors, especially women, are done chasing round sports watches. They want shape. They want elegance. They want gold. They want something that looks like jewelry and tells a story, which is exactly what I’m holding right now.

The Cartier Baignoire, for example, is being called one of the defining watch trends of 2026. The Tank is up like crazy. If it was a stock, it would be called Nvidia. These are not sports watches. These are dress watches with sculptural cases, and that demand is real and it is growing. It happened to me yesterday when a friend of mine was looking for an AP Ladies Offshore and ended up going with a 25-year-old gold Cartier Panthère that he never thought to look at. It was a push present, so he couldn’t go back and forth with his wife deciding.

Which brings me to the 3748. Introduced in the late 60s, with this specific reference dating from the mid to late 1970s. The design concept behind it is unlike anything that Patek has ever produced. The case is not round, it’s not rectangular. The proportions are based on what they call the golden ratio. The same mathematical principle found in nature, in Renaissance architecture, and in the Parthenon. That is the design philosophy here with this Golden Ellipse.

Now the opportunity: when Cartier dress watches started breaking records at Sotheby’s and the Baignoire is on every best of list for 2026, it is only a matter of time before the market looks across the aisle at what Patek was doing at the exact same time in history with the exact same aesthetic philosophy in yellow gold with a diamond bezel. That window is closing and closing fast. $36,000 for a yellow gold Patek Philippe with a diamond bezel rooted in the golden ratio. I really have to say, I love the creativity of where the market is going. Less is more, and the ellipse is just that.

GREUBEL FORSEY DOUBLE TOURBILLON 30° VISION

Now for my fourth pick of this week’s new arrivals, I want to talk about what I generally believe is one of the watch market’s greatest oversights, and that is the collective underappreciation of Greubel Forsey.

Here I have the Double Tourbillon 30° Vision in red gold. This was really their first invention, the foundational piece around which everything Greubel Forsey has become was built. What we have here is one of the earlier examples of the brand. Robert Greubel and Stephen Forsey set out with a specific thesis that the traditional single axis tourbillon, while beautiful, was a limited solution to the problem of gravity’s effect on a movement. Their answer was to incline a secondary tourbillon cage at 30° relative to the primary, creating a system where the movement is constantly being reoriented around a three-dimensional space.

Yes, that’s a lot to absorb. I get it. How much does that really matter in the big scheme of things? Not much. But what does matter is the attention to detail, the artistry that the brand adheres to timepiece after timepiece.

What I love most about this specific piece is what I like to call its quiet confidence. Because here’s the thing about Greubel Forsey’s evolution as a brand. After the Double Tourbillon 30°, a significant portion of their catalog went in a direction that, while technically extraordinary, sometimes felt like it was trying too hard. Big, loud, maximalist, almost overwhelming in the statement they were making, which is valid. It’s art, and art can go wherever it wants. But this early reference sits in a different register.

The case is 43mm, which is substantial but not oversized. It is a little thick. I’ll be upfront about that. So you do need a wrist that can carry it comfortably, but the presence it delivers is worth that trait. I genuinely hope that Greubel Forsey becomes an even larger force in the market. And I’ll say this, they have been listening. The brand has started scaling down dimensions across newer releases, especially the Nano Foudroyante. Excuse me if I completely butchered that name. At 37 millimeters, which opens the door for collectors who found the earlier pieces simply too big to wear. That kind of responsiveness from an independent is rare, and it matters.

$265,000 for a foundational piece from one of the most important independent watchmakers of the modern era. If you know, you know.

BREGUET CLASSIQUE COMPLICATIONS 3577BA

We close today with a watch in a brand that deserves far more of the conversation than it typically gets. Yes, it is a Breguet. This is the Breguet Classique Complications reference 3577BA, yellow gold, 38, manually wound tourbillon chronograph. Originally retailing at around $200,000.

Now before I get into the specific piece, I want to say something about Louis Breguet because context matters here. For the discerning collector community, today’s MVP is Richard Mille, and obviously for good reason. He’s a star and his pieces are magnificent. But as they say in the streets, you have to pay homage to the OG. And the OG is Louis Breguet.

This man invented the tourbillon. He invented the self-winding mechanism. He invented the parachute shock absorber for balance protection. He invented the Breguet overcoil hairspring, which is still in use in today’s fine watchmaking. He supplied pocket watches to Napoleon, Marie Antoinette, and to all the courts of Europe. The most complicated pocket watch ever made at the time of its creation, the Marie Antoinette, was a Breguet commission. When you buy a Breguet, you’re buying from the house of the man who arguably shaped the entire technical vocabulary of modern watchmaking. That lineage is real and it runs deep.

Which is why I bring this manually wound 38mm tourbillon chronograph in its yellow gold case. Let me put that in plain terms. You’re getting two of the most prestigious and technically demanding complications in watchmaking, a tourbillon and a chronograph, in a perfectly sized handwound package. All in at $43,000.

The way I think about Breguet’s Classique Complications from this era is an all you can eat buffet, except everything on offer is gourmet. The value density coupled with its name should be enough to add a piece like this to the collection. This is a watch that doesn’t demand respect when it enters the room. It doesn’t announce itself. And yet almost universally the people in that room who know watches will look at it and immediately understand what they are seeing. Once again, priced at $43,000. And for the real collector, you should be looking at a Classique Complications by Breguet at some point in your watch collecting journey.

So, five very different pieces today, from a hand engraved perpetual calendar grand complication that the market is pricing below where it should be, all the way to a rose gold Nautilus that will not last long. There’s something here for every level of collector, and every one of these has a real argument behind it. As always, everything is live at luxurybazaar.com. Reach out to the team directly for any one of these new arrivals or for anything else on the website, or for something you would like sourced, traded or purchased. If you enjoyed today’s video, subscribe, like, hit the notification bell, and we will see you on the next New Arrivals.