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Some watch observers claim that the 100%-plus premiums over the retail price paid for new steel Nautilus watches on the secondary market amounts to a bubble. It's a safe bet that Patek's product development strategy does not call for the company's signature product – gold link Calatravas – to be eclipsed by its less expensive steel sports watch. The fact that the Nautilus does, critics argue, is a warning sign of something amiss in the Patek Philippe market.