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1 July 2022, 02:25 AM | #1 |
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First Grey to fall… The Watch Standard
And here we go… overleveraged average grays falling one by one.
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1 July 2022, 02:27 AM | #2 |
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And watches will be blowing out of AD cases in short order. The blood letting has begun and its going to get much much worse.
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1 July 2022, 03:01 AM | #3 |
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By looking at their website it seems like it is business as usual.
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1 July 2022, 03:14 AM | #4 |
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They are probably making whatever sales they can to pay back their vendors. However this just shows that many people were over their head thinking the prices would just continue going up on a weekly basis
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1 July 2022, 03:22 AM | #5 |
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Even Roman Sharf from Luxury Bazaar in his last video was troublesome, his partner Adrian was on air stating that they would not accept trade ins anymore unless it made sense for them to stock the references they receive as part exchange. Those large greys stocking 20+ watches of the same model because they can't unload them fast enough anymore is just another sign that these dealers are holding the largest bag of odorous excrement that has ever been assembled in the history of the grey market. This whole business looks more and more like the movie Margin Call, remember the scene where Kevin Spacey drills his sales staff to unload all their securities, whatever it takes? And no swaps allowed, everything must come out of the door by the end of the day.
I'm telling you guys, these muppets truly have no clue about the real market value of the assets they are selling, and most of them don't care as long as the music keeps going on. The less savvy ones make threads on forums asking in which direction the wind is blowing, it just goes to show you that nobody knows who or what dictates the value of those pieces on the secondary market. |
1 July 2022, 03:26 AM | #6 | |
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i think LB is a bit different from the rest though because they have a pretty big and legitimate operation that goes past watches and they don't only focus on 10 models like every other youtube grey dealer that wanted to get rich |
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1 July 2022, 03:28 AM | #7 |
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Is this the same company that was a site sponsor? Maybe I’m confusing it with some other company that I saw the banner for?
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1 July 2022, 03:35 AM | #8 | |
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https://www.watchrecon.com/?user_nam...rd&last_days=0 |
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1 July 2022, 03:38 AM | #9 | |
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Quote:
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1 July 2022, 03:40 AM | #10 |
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It’s happening.
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1 July 2022, 03:41 AM | #11 |
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I recall seeing their banner as well. I’m sure they won’t be last ones to fold.
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1 July 2022, 03:46 AM | #12 |
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Uhm…. So maybe I am not seeing the obvious, someone correct me, but exactly WHERE did this “Admin announcement” Come from and WHO sent it? Who exactly is: “Admin Team” and how do they know all this information?
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1 July 2022, 03:50 AM | #13 |
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1 July 2022, 03:51 AM | #14 |
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“It’s happening”
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1 July 2022, 03:52 AM | #15 |
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GB-Man posted this in the WatchOut Section as well. It's a FB group called Moda Watch Club.
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1 July 2022, 04:14 AM | #16 |
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And the administrator / owner of the group is in this forum as well.
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1 July 2022, 04:20 AM | #17 | |
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Have you noticed as well that LB is pushing the jewellery part of their business more and more in their latest videos? They seem to have put a lot of focus on training new sales staff on the popular brands and collections that will move easily, the margins on these items must be so much better than watches right now. Especially if the dealer has a good eye on what piece might be a opportunity to make an healthy and fast profit. |
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1 July 2022, 04:31 AM | #18 |
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I’ve approached several reputable grey dealers to sell a Rolex and no one seemed interested. They said they have to pass.
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1 July 2022, 04:35 AM | #19 |
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Doesn't Moda occasionally flash list watches on eBay for like $10.00 as an opening bid, and then remove the postings a micro-second later?
Anyway, I'm not surprised that a company like the Watch Standard(?) might be having problems (FYI, their outward behavior...like nothing bad is going on....is NEVER an accurate indication of the true state of things). It's when the LBs, Watchboxes, Watchfinders, Crown & Caliber's, DavidSW's, and Bob's Watches of the world start to have financial problems that you can say the canary is chirping in the coal mine. I have seen small price drops, but no huge movement from these entities. Perhaps they have more varied inventory and deeper pockets (like Richemont with Watchfinder), but until you see them buckle, there will only be incremental change. BUT, to ignore what is going on in the larger watch market and the economy in general would be just plain stupid. Remember, the 2008 financial crisis began when banks and i-banks began turning bad loans into more varied and leveraged bad debt, and traders started to bid up the bad assets between each other on the secondary markets. This behavior just kept feeding the beast until somehow, someone sensed what was going on and started to sell. The crisis actually happened when banks started to turn on each other and refused to buy and trade these securities when one or more of them got burned. Then the market essentially turned illiquid and all the actual cash that was circulating between these players disappeared. Not even "safe" securities, like the commercial paper market, were liquid. Everything....for a brief and scary moment...stopped. You can draw the parallels from there. |
1 July 2022, 04:58 AM | #20 |
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Oof... if we get to that point, the mine has collapsed and we're all dead! That's the bulk of the used/grey market right there!
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1 July 2022, 05:05 AM | #21 |
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True, but I guess I meant "financial trouble" in the milder sense....profits way down, some bad quarters....but not bankruptcy-like financial trouble.
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1 July 2022, 05:09 AM | #22 | |
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Yeah, you might want to go there in person and call in the wire.. just sayin
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1 July 2022, 05:11 AM | #23 |
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1 July 2022, 05:13 AM | #24 |
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1 July 2022, 05:13 AM | #25 |
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1 July 2022, 05:16 AM | #26 |
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The Watch Standard, founded in 2019 tells you all you need to know.
There will probably be more to come... |
1 July 2022, 05:18 AM | #27 |
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Here to watch it all fall
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1 July 2022, 05:20 AM | #28 | |
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1 July 2022, 05:23 AM | #29 |
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I mean its sad in some ways, but did folks really not see this coming. Perhaps im too old but think there are far too many that only ever saw the market go in one direction. Im old enough to recall 1987, early 90's, dot.com bust, and of late 1997 and what goes up comes down.
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1 July 2022, 05:29 AM | #30 |
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Anecdotally, I have seen more instance of listings here at this forum, where sellers a few days after the original listing are asking for offers. As was aptly pointed out above, when the offers slow, it a sign of further (downward) correction.
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