Quote:
Originally Posted by rolex16
And in that same episode, you see people calling who have not even received the watch from the AD yet and already looking to flip it. Maybe some of those will pass when they get the call...
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Quote:
Originally Posted by zagazar
watch latest episode of CRM Jewelry and you can see, that Grey's are not buying Rolex anymore. People trying to offload their Rolex are turned back.
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why don't you guys tell the full story from the video about what CRM was buying based on that 45 mins montage? Right, because that would cloud the judgement that per you guys nothing was moving...
Let me start with how 1 month ago, CRM was purchasing mostly Pateks (including Nautilus) during the IWJG Miami show... They also traded a RM for a complications AP RO in PM. I didn't really keep track of all the purchases but I believe a couple of 5980/1r was bought at around the 300k mark... That must have taken a good chunk out of the capital... The title says they spent $2m purchasing watches from that show... I didn't verify... I don't want to spend my time watching show on dealers lol
Ok... Now we move on to the current video... Started off with someone calling in to FLIP their offered SD43 red direct from the AD. Was rejected
Next offer was a PM Daydate, walk in guy was looking for 49k, rejected (not sure the exact config)
Then, one of the CRM ladies brought in a TT Sub Bluesy for inspection and listings of defect (it looks like they bought this model)... Within minutes, it looks like someone walked in into the office to offer a Rolex (not sure what model) and was rejected. He mentioned that 15 people had walked in up to that point to sell Rolexes (assumed all modern 6 digits)...
What followed next is a call to a client who wants to trade in a 5712G - priced at 80k(in the dealer's chat it was mentioned a few was at 86,84 and 82) for a 5980/1a, no papers at 165k... Client asked about extract and CRM confirmed it's over 10 years old and requesting one would not be a problem... A complete set would cost him 180-195k.
Next, we see a FPJ CB that was brought in by a client. It looks like they bought it (price wasn't mentioned).
Then discussion about today's market and the doomsday Nostradamus found on forum... Not going to get into details as it doesn't involve sales numbers or figures. It includes a prelude where the CRM guys admitted that they are derisking and strengthening their cash flow position by selectively selling off some pieces that they have an invested interest in
Next, someone from Toronto Canada wants to sell them their AP Millenary... Straight rejection.
Finally, we get to what I quoted above, the 116508 or the JM Green Daytona. The seller is picking it up from his AD next week (not sure how delayed is the call)... And is asking for a quote for an unworn watch.... CRM quoted the range of 95k-100k... CRM told the client to call him back when he has the watch... Then he went on to whine about how many calls he had received where seller does not have the watch in hand yet (30/day or something was quoted) and he had to do some legwork to quote a price, but couldn't close on the transaction... From this, yes he is interested in the JM Daytona...
Finally, a client called in looking for a TT DJ, a chocolate dial or possibly a Wimbledon? Not going to get much into detail but he was quoted 17-17.5k.
Obviously I left out a lot of details 1.) Swiss couple who visited them and tried on a 5167r, not sure if any transaction was completed. 2.) A collector who came in to talk about watches and purchase (????) I skipped this part via transcript because I wasn't really interested. 3.)Free food from a previous client 4.) Another call to a client to complete a transaction (price/model wasn't revealed, so wasn't really interested)
If there's any learning out of this short montage is that market is slowing down, however, dealers are still buying pieces that they view as a "great deal" and a "can't lose"... In another previous video they call these examples like the RO, Nautilus, Aquanaut, etc...
For you guys to claim that they are NOT buying at all is clearly pushing an agenda...