Jay-Z, rapper, music producer, businessman, and avid collector of fine art and other expensive items, is the first owner to don the Tiffany Blue Patek Philippe Nautilus timepiece. The limited-edition watch, which was introduced a week ago, is the last Nautilus Ref. 5711 produced after Patek Philippe announced its retirement in January. Ref. 5711, the king of stainless steel sports watches, debuted in 2006.

This is one of the most sought-after collectibles. Limited to 170 watches with Tiffany blue dials, one for each year Patek Philippe collaborated with Tiffany & Co. The first item from the limited series, which has yet to start deliveries to select customers, sold for a record $6.5 M at auction last weekend. Hodinkee reports that the buyer is a New York resident and collector, but does not identify him.

People believe Jay-Z, one of the biggest celebrity watch collectors in the U.S., bought the piece because it was the first and therefore more valuable. If true, his blue Nautilus Ref. 5711 outing this week is worth $6.5 M. However, Jay may have received another example as a courtesy for being Tiffany & Co.’s brand ambassador with Beyonce.

For business, Jay-Z attended a private screening of The Harder They Fall, which he produced. As shown in the Instagram photo below, he participated in a panel discussion with director Jeymes Samuel and posed for pictures, highlighting his flashy blue watch.

Alex Todd, a celebrity jeweler who works with Jay-Z, Kevin Hart, Rihanna, and other big spenders who like collectible watches and custom diamond jewelry, posted the photo on social media. Two years ago, Todd gave Hova the Blueprint, a custom blue-sapphire Richard Mille that cost $2.5 M and took over 3,000 hours to customize.

The remaining 169 Tiffany Blue Patek Philippe Nautilus Ref. 5711s will cost over $52,000. In a recent interview, Patek Philippe president Thierry Stern stressed that Tiffany would decide where each example goes, which will drive up prices when one hits the pre-owned market.