Watch Paparazzi

Entrepreneur Alberto Galassi spotted wearing Patek Philippe

Alberto Galassi, chief executive of Ferretti Group — the Italian powerhouse behind superyacht brands Riva, Ferretti Yachts, and Pershing — was recently spotted wearing one of the most historically significant timepieces in the modern canon: the stainless steel Patek Philippe Nautilus reference 3700. For a man whose professional life orbits the intersection of engineering excellence and maritime prestige, the choice of wristwatch could hardly be more coherent.

The Nautilus ref. 3700 was introduced at Basel in 1976, designed by Gérald Genta — the same mind behind the Audemars Piguet Royal Oak. Genta drew inspiration from a porthole, and the result was a horizontally integrated bracelet, an octagonal bezel with rounded ears, and an embossed horizontal-stripe dial that became instantly iconic. The ref. 3700 housed the calibre 28-255 C, an ultra-thin automatic movement just 3.05 mm high, delivering 40 hours of power reserve at 3.18 Hz. Water resistance was rated to 120 metres — serious performance for a watch that also dined at three-star restaurants.

The production numbers make the ref. 3700 a genuine rarity. Launched during the quartz crisis, and priced provocatively at $3,100 — on par with Patek's own gold complications — the market reception was cautious. Estimates suggest fewer than 3,300 examples were ever manufactured across its production run through the early 1980s. Today that scarcity underpins one of the most ferocious collector markets in horology. First-series examples with sigma-signed dials and original bracelets command particular premiums.

Galassi's sighting adds a layer of thematic resonance. As the executive steering Ferretti Group's global expansion — a company that logged record revenues exceeding €1 billion — he wears a watch whose own value proposition was once considered overpriced and is now regarded as prescient. The Nautilus and the luxury yacht world share a DNA: both sell the promise of engineered freedom on water.

On the secondary market, a clean Patek Philippe Nautilus ref. 3700 in stainless steel trades comfortably between $150,000 and $350,000 depending on dial condition, bracelet originality, and service history. Sigma-dial examples and those with box and papers push toward the upper end. There is no current retail price — the ref. 3700 has long been discontinued — making every surviving example a finite, appreciating artefact.