Quote:
Originally Posted by Russell996
Don't see it this way at all.
Forget sports of course (which is due for a massive reset), but the high end pieces are still retaining plenty of value and well above the industry norm. I can't speak for other countries but in the UK a piece such as the 5270P when introduced was £143k, it is now on the secondary for £118k (cheapest on c24) - this simply equates to the 20% vat charged on the new piece and reclaimed by many. History also shows us prices on such pieces climb when pieces are discontinued - 5170P for example.  |
Russell - sure they do retain some value. But I frankly expect better given the previous performance of Patek GC's.
Your 5370p (which is the finest Patek they've made since the 5970) should be a major premium watch. No doubt in my mind. But it's not because he's made too many and the list price was extreme.
5720p - finally they got the dial right on their PCC. And salmon dial too. Should be a premium watch like 5970p. Again, it's over produced.
Same again for 5204 which is a much more wearable watch than the 5004 (which has suddenly gone mad in the market)
Same again for the minute repeaters.
There's too many being churned out and the opening list prices have found resistance, for the first time, even with die-hard collectors.
The 5070j was £18k in 2000.
The 5170j was £52k in 2010.
That's just ridiculous! The former has tripled in value and the latter has lost 20% (although admittedly the latter one isn't as aesthetically appreciated).
Too many. Too expensive.
TBH, Thierry could remedy just one of those ills and support collectors spending BIG on his watches which in turn would support his Brand and propel sales, but he's chosen to do none of that. He's burnt collectors and that's bad news in the long term...
Just my 2p.