Last updated: May 2026
Patek Philippe has been thinning its steel and sub-$60,000 Nautilus and Aquanaut catalog since 2021, while Vacheron Constantin has launched new references and reinforced existing ones in exactly that band. The 2021 discontinuation of the steel Nautilus 5711, replaced by the white-gold 5811 at $69,785 retail, is the most visible pivot. Vacheron's $32,000 steel Historiques 222 (Watches and Wonders 2025) is the clearest counter-move. This article maps the two brands' catalog activity since 2021, what each side has cut and added, and what the trend means at the $30,000–$60,000 price tier.
One framing note: "gaining" here means catalog positioning, not units shipped or revenue. Both brands' production contracted in 2024 (Section 4 covers the numbers). The argument is that Vacheron currently has more new and recent product in the sub-$60K steel Holy Trinity sport band than Patek does, not that Vacheron is outselling Patek.
Table of Contents
The Catalog Divergence: 2021–2026
The clearest way to see the trend is to put both brands' headline catalog moves on one timeline.
| Year | Patek Philippe (out) | Vacheron Constantin (in) |
|---|---|---|
| 2021 | Nautilus 5711/1A-010 discontinued (~$30K retail) | — |
| 2022 | Nautilus 5711/1A-014 olive green farewell; 5811 launches in white gold only at $69,785 | Historiques 222 yellow gold reissue (45th anniversary) |
| 2024 | Cubitus 5821/1A launched in steel at $45,512 retail (45mm, first new steel sport reference since 2021); Aquanaut 5164A Travel Time discontinued; ~7% retail price increase across most lines | Patrimony 20th anniversary trio at Watches and Wonders 2024 |
| 2025 | Nautilus 5712/1A discontinued; Aquanaut 5167/1A-001 bracelet discontinued; Nautilus 7118/1A women's variants discontinued | Historiques 222 steel launch at Watches and Wonders 2025, retail $32,000 |
| 2026 | ~8% US retail price decrease (tariff rollback effect, not strategic) | Overseas Dual Time Cardinal Points titanium at Watches and Wonders 2026, retail CHF 33,700 (~$41,000) |
The direction is one-way. Every Patek discontinuation in the sub-$60K steel sport range pulls inventory out of the integrated-bracelet category that defined the brand's retail demand for two decades. Vacheron's launches in the same window, 222 steel and Cardinal Points titanium in particular, drop into exactly the price tier Patek vacated.
The Discontinued References, In Order
WO5 carries several of the pre-owned references Patek has retired from current production. Each entry below is a piece currently on our floor or in our network. Pricing reflects current secondary market levels; original retail figures from the timeline above are noted in the article body.
What Patek Cut, What Patek Kept
The thinning is real but not total. Patek has discontinued the headline steel sport references and the chronograph reissues that defined the brand's accessible catalog (the 5170 chronograph was cut in 2019 and replaced by the white-gold 5172G), but three steel pieces remain in current production: the Aquanaut 5167A-001 on a rubber strap at roughly $27,257 retail (May 2026 USD), the Nautilus 5990/1A-011 chronograph, and the Cubitus 5821/1A in steel at $45,512 retail — the only post-2021 addition to the steel sport range. So the accurate framing is thinning, not exit.
The 5811/1G-001 launched in October 2022 in white gold only at $69,785 USD, more than double the steel 5711's original $30,000 retail. There was no parallel steel launch. From WO5's showroom: the 5811 sells when we get them, but not like the steel 5711 did. White-gold positioning has dampened the buzz around what was the brand's hottest production reference for a decade.
Patek CEO Thierry Stern told NZZ in January 2021, explaining the 5711 discontinuation: "We cannot put a single watch on top of our pyramid. It is not who we are." Reading the catalog activity since, the practical translation is that the brand no longer wants the bottom of the pricing pyramid in steel at $30,000. The Aquanaut 5167A and the Nautilus 5990/1A persist. The exception is the Cubitus 5821/1A in steel, launched in 2024 at $45,512 retail. From WO5's floor, the Cubitus had a big social media moment at launch; a year later the hype has cooled and secondary market prices have come down. The Cubitus is a 45mm cushion-square case, a different watch on the wrist from the 40mm Nautilus.
Where Vacheron Has Stepped In
Vacheron's product activity since 2020 has populated the band Patek has been leaving. The launches and current-catalog references in the under-$60K tier:
- Égérie Self-Winding (March 2020): $20,200 steel / $32,700 pink gold retail at launch. Vacheron's contemporary women's collection, 35mm pleated dial.
- Historiques 222 yellow gold (2022): ~$69,000 retail. Over the $60K threshold, but the catalyst piece that put the 1977 design back in the catalog and sold through immediately.
- Patrimony 20th anniversary trio (Watches and Wonders 2024): Self-Winding, Manual-Winding, and Moon Phase in pink gold, starting around $22,100. The line's most significant refresh since 2004.
- Historiques 222 steel (Watches and Wonders 2025): $32,000 retail. 37mm tonneau case, blue dial, integrated steel bracelet, Hallmark of Geneva. This is the headline counter-move to the 5711 discontinuation.
- Overseas Dual Time Cardinal Points titanium (Watches and Wonders 2026): CHF 33,700 (~$41,000) retail. Four dial colors, compass-point engraving around the case, distinct rotor engravings per variant.
Plus the baseline references that have been in catalog and pricing under $60K throughout this window: the Fiftysix Self-Winding 4600E in steel at $13,000–$14,000 retail, the Overseas Self-Winding 4500V in steel at roughly $25,000, the Patrimony Self-Winding in pink gold at $22,000–$23,000.
The 222 steel is the article's anchor reference for a reason. It is a 37mm integrated-bracelet steel sport watch from a Holy Trinity manufacturer, at retail $32,000, with Hallmark of Geneva certification. That spec sheet did not exist in the new-from-AD market between 2021 and 2025. Vacheron created it. WO5 has sold the 222 steel at $58,000. Chrono24 listings as of May 2026 are in the same range, confirming the secondary market is pricing it well above retail.
Production and Revenue Reality Check
The "gaining" claim has to be grounded honestly. Both brands' headline financial numbers contracted in 2024, and Vacheron's contracted more than Patek's.
| Brand / Year | 2023 Production | 2024 Production | 2025 Production | 2025 Revenue (est.) |
|---|---|---|---|---|
| Patek Philippe | ~72,000 | ~72,000 | ~72,000 | ~CHF 2.5B |
| Vacheron Constantin | ~35,000 | ~31,000 | ~30,000 | ~CHF 914M |
Source: Morgan Stanley / LuxConsult industry tracking. Neither brand publishes official figures.
Patek held production flat and grew revenue roughly 9% year-over-year in 2025, with the implied average sale price rising into the CHF 47,000 range, consistent with the upmarket strategy. Vacheron's units fell and revenue fell harder. So in the conventional sense (units shipped, revenue booked), Vacheron is not gaining on Patek.
What Vacheron is doing is capturing the product attention and category leadership at the $25,000–$60,000 steel sport tier, because Patek has stopped issuing new references there. The 222 steel and Cardinal Points titanium are the references collectors and journalists are paying attention to in that band right now. That is what the title means by "gaining."
Secondary Market Signals
Two observations from WO5's showroom on the market dynamics.
First, the discontinued Patek steel pieces are not getting cheaper. The 5711s coming through WO5 are harder to find and trading up — at current levels around $120,000 against an original $30,000 retail. The discontinuation has stuck; the steel-Nautilus demand did not transfer to the 5811 successor. White gold at $70,000 is a different watch, for a different buyer.
Second, the Cardinal Points Dual Time has been the hottest Overseas reference at WO5 since release. Multiple variants are listed in current inventory and several pieces have already sold. The 2016 Overseas redesign and the 2026 Cardinal Points refresh seem to be working: the line is moving consistently.
One thing the data does not support: customers cross-shopping between the discontinued Patek steel sport pieces and the new Vacheron steel sport pieces. WO5 has not observed that pattern directly. The price tiers are wrong for it: a 5711 secondary buyer at $120,000 and a 222 steel buyer at $58,000 are not in the same segment. The argument of this article is structural (Vacheron populates a tier Patek vacated), not behavioral (buyers migrate from one to the other).
What This Means at $30K–$60K
If you're shopping new for a Holy Trinity integrated-bracelet steel sport watch in the $30,000–$60,000 band today, Patek's current-production steel options are limited to the rubber-strap Aquanaut 5167A-001 at $27,000 retail (secondary values run $50,000–$70,000, AD allocation difficult), the Nautilus 5990/1A chronograph, and the Cubitus 5821/1A in steel at $45,512 retail. The Cubitus is the newest of these and the only one launched post-2021, though at 45mm it is a different watch on the wrist than a 40mm Nautilus.
Vacheron has, in that same band: the Historiques 222 steel at $32,000 retail (~$58,000 secondary), the Overseas Self-Winding 4500V at $25,000 retail, the Cardinal Points Dual Time titanium at ~$41,000 retail. All are current production, all are Holy Trinity, all carry Hallmark of Geneva certification.
WO5 carries inventory across the Vacheron lines on the pre-owned and grey market. For current availability, visit our Vacheron Constantin collection. For the full breakdown of every Vacheron reference and its retail pricing, see our Vacheron Constantin guide.
This article includes commentary on watch market values and trends based on industry experience and publicly available pricing data; it is not financial advice. Pricing reflects approximate retail MSRP and secondary-market values as of May 2026 and varies with condition, papers, region, and dealer. Production and revenue figures are Morgan Stanley / LuxConsult industry estimates, not brand-published data. Patek Philippe and Vacheron Constantin do not disclose model-by-model production volumes.
Frequently Asked Questions
What about the Patek Cubitus 5821/1A? Isn't that a new steel sport Patek?
Yes. The Cubitus 5821/1A is a steel sport reference Patek launched in 2024 and currently produces, at $45,512 retail. It is a 45mm cushion-square case, larger than the 40mm Nautilus and built around a different aesthetic. From WO5's floor: it had a big social media moment at launch, and a year later the hype has cooled and prices have come down.
Why did Patek Philippe discontinue the Nautilus 5711?
Patek announced the 5711 discontinuation in January 2021. CEO Thierry Stern told NZZ at the time that the brand did not want a single reference defining its identity at the top of demand. A 5711/1A-014 olive green farewell edition followed in 2022, then the line closed.
What replaced the Nautilus 5711 and at what price?
The Nautilus 5811/1G-001 launched in October 2022 as the 5711's successor, in white gold only at $69,785 USD retail, more than double the steel 5711's original price. The 5811 was the brand's first regular-production Nautilus in white gold, signaling a deliberate upmarket repositioning of the Nautilus line.
Is the Vacheron Constantin 222 steel a Nautilus alternative?
At retail, yes: by price and category. The 222 steel is a 37mm integrated-bracelet Holy Trinity steel sport watch at $32,000 retail, the slot Patek vacated. The designs are different (the 222 is Vacheron's own 1977 reference, not a Nautilus interpretation), and on the secondary market the 222 trades around $58,000 against 5711 listings near $120,000.
Is Vacheron Constantin cheaper than Patek Philippe?
At entry, yes. Vacheron's Fiftysix Self-Winding in steel retails around $14,000; Patek's cheapest current production starts above $25,000. At the high end the brands overlap, with grand complications from both reaching seven figures. The price gap is widest at the accessible end of each catalog.
What is the cheapest steel Vacheron Constantin?
The Fiftysix Self-Winding 4600E in steel at approximately $13,000–$14,000 retail. The collection launched at SIHH 2018, named after the 1956 reference 6073 that inspired the case design. The movement is a Vacheron-finished caliber based on a Cartier base movement, carrying Geneva Seal certification.
How many watches does Vacheron Constantin produce compared to Patek Philippe?
Vacheron Constantin produces approximately 30,000–35,000 watches per year (about 30,000 in 2025) versus Patek Philippe's approximately 72,000, per Morgan Stanley and LuxConsult industry tracking. Neither brand publishes official production figures. Patek's output is roughly 2.4 times Vacheron's at current levels.