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And that's the issue here. I don't think anyone would dispute that regular customers are largely keeping the AD's afloat, and thus deserve priority treatment ahead of walk-ins. The problem now is that because of the demand bubble, only the regular customers can even get the SS PP watches (curiously, this says a lot about what most of those buyers consider the important PP pieces. PP doesn't consider the SS pieces to be their foundation.). It's the same with Rolex, except Rolex are not high end watches--high quality, yes; but not high end. Until something changes the drive to acquire these pieces, which I believe is massively driven by social media and the desire to advertize status and success, the grey prices will remain.
However, there may be clouds breaking. There are lots of SS Naut and Aqua pieces with the greys and they don't seem to be moving. Look at the Daytonas: the 116500 is already down to just over $20k from mid $25k (the Pandas have come down too to mid $20s from nearly $30k, but are still grossly inflated); blue Skydwellers have come down to just over $20k from $25k (the white and black dial range from $16-19k and getting ever closer to MSRP.). All these watches are still in production and prices will continue to drop. The question is by how much and when, and what external events will change the conduct of buyers. As the reasons to acquire these pieces are superficial for many, I think the worm can turn easily. It will. It just might be another year or two.
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