Some of the hottest, most collectible new watches launching in 2021 are in steel. This everyday material can sometimes represent a better investment than precious metals
Gold and platinum might be far more expensive, but some of the costliest watches ever sold have been cased in standard stainless steel.
Steel watches from Patek Philippe set the pace. A one-off steel-cased Grandmaster Chime became the most expensive timepiece ever auctioned when it fetched US$31 million in 2019. A 1950s stainless steel Patek Perpetual Calendar chronograph reaped US$11 million in 2016, and a steel 1949 Perpetual Calendar went under the hammer for a few dollars shy of US$4 million in 2008.
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This year, Patek announced that it would no longer produce the endlessly popular Nautilus ref 5711 in steel. This watch, with a waiting list of more than eight years, retails for about US$30,000 but is often bought for twice that sum or more on the secondary market by impatient collectors. As a parting gesture, the company unveiled a steel Nautilus with an olive green dial, which instantly became rabidly in-demand and, for those who view watches from a pecuniary perspective, a surefire investment winner.
Rolex is, of course, another house whose steel watches are objects of intense desire among collectors. The brand introduced new iterations of the Explorer I and II this year. The new Explorer I in steel, once again downsized to the traditional case diameter of 36mm, is a beauty. But the steely news that got many aficionados most excited was the return of the option for a sporty three-link oyster bracelet on the steel GMT-Master II—an aesthetic choice that, for the past few years, has only been available to purchasers of the much costlier gold versions.