Quote:
Originally Posted by Murcielagoboy2
All of your points are correct.
The problem is Patek isn't being measured against FPJ/Lange/AP etc, it's being measured against Patek and against itself it is NOT the company it was...
I've got a real problem now investing in their pieces. TS has
- built some really bling brand-destroying diamond crap.
- overproduced like crazy with knock on effects on quality, value and aftersales service which was, by all accounts, appalling recently.
- presided over a time where, with the exception of the Nautilus, PP's sit in dealer windows for months at at time, to sell at heavy discounts under the table and have pretty poor residuals (when measured against the past)
- has made some questionable design decisions - recycling movements in ever bigger cases giving a stretched look to quite a few pieces.
I GET THAT THE OBJECTIVE FOR THEM IS TO MAKE MONEY, but when collectors are walking away from the brand, TS is going to fail in this objective too.
PP is the king yes. But not compared to itself.
On a practical level, what does that mean? Why the hell would I buy a botched Patek 5372 when I could buy a 3940 which I know was built in smaller quantities, to higher standards, when the company was run by people that cared about customers like me??
For a bigger case?
No thanks.
P.S. the new 5320 is more like it.
The 5170p is nice - it could have been perfect. But TS wanted blingtastic. Not happy.
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Some very valid points made here. When a company is at the top, it is difficult to outdo one's former self. Look at Microsoft - not the same company it was during the Bill Gates era. Or Apple - not the same as the Steve Jobs era. Both are still very respectable companies, but sometimes the consumer demands innovation and better products every year and companies fail to meet consumer expectations.
Times have changed in the watch industry. Over the past 3 years, the Swiss watch industry has been going through a major slump, not unlike the quartz crisis of the 1980s. Amongst the major Swiss watch manufacturers, Patek, Rolex and a few others are still keeping their head above the water. Other Swiss watch companies are doing horribly and ADs are often in quite a bind with what to do with excess inventory.
There is a market for the diamond and Patek is meeting that demand. Look at some of the Rolex watches with diamond on the bezel and the dial. In North America and western Europe, we often see diamond as "bling". But there are definitely parts of the world where people want the diamond. They may not be Patek's traditional clients from the past 30-40 years, but they are Patek's future clients in the upcoming 30-40 years.
Over the past 10-15 years, Patek has introduced the 27-525, 27-535, 28-520, 31-260 movements. They haven't changed the base 240, 215 and 324 movements, but they are workhorses that keep on going and I don't see a significant reason to spend a lot of R&D resources on their base movements. No one complains that the movement is too small on a 5070. Patek is known for their complications and they spent a lot of R&D producing a watch like the Grandmaster Chime. I know this watch does not get much attention on watch forums, but just imagine how many watchmaker hours were expended in designing and producing the 5175/6300.
I am a bit puzzled how one can compare a 5372 with a 3940. I am not sure if you meant to refer to the 5327, but the 5372P using the Caliber 29-525 is at the 5951P level, held in higher regard than the 5204.