Tiffany Angers Rich Clients Who Wanted to Buy Rare Patek Watch

Tiffany salespeople called them the “watch monsters.” The obsessives. The wealthy shoppers who were sure they should be among the chosen few to get their hands on a rare timepiece from Patek Philippe.

They descended on Tiffany & Co. a few years ago, when the retailer began offering a limited edition Patek Philippe Nautilus 5711 with a dial in the jeweler’s signature robin’s-egg blue. Patek crafted 170 of them, a tribute to the number of years the brands had worked together. Tiffany’s hope was that the buzzy timepiece would help attract – and retain – high-end shoppers who weren’t already regular customers.

Yet the Blue Dial — as it became known — was never for sale in the traditional sense. Demand was so high that Tiffany executives, including Americas head Christopher Kilaniotis, realized clients would be willing to spend millions of dollars on other jewelry for the chance to buy the coveted watch, which was priced at $52,635. Salespeople were instructed to guide top prospects toward spending $2 million to $3 million, according to people familiar with the sales strategy. No official waitlist. No guarantees.