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Old 21 August 2019, 11:55 AM   #181
ohforpetesakes
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This thread went down the toilet fast. :)
The beauty of art apparently
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Old 23 August 2019, 09:07 PM   #182
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More evidence of the correction, with comparable listings from DSW:

July 13th 2019 - September 2017 5712/1A listed for $85,575:
https://www.rolexforums.com/showthread.php?t=686359

August 22nd 2019 - June 2018 5712/1A listed for $73,575:
https://davidsw.com/watches/patek-ph...5712-nautilus/

That's close to a 15% drop in the span of a month.

EWC has also been marking down a lot of their Nautilus/Aquanaut inventory a few thousand every few days. They recently had a December 2018 5711/1A Blue that they marked down to $64,900.

The current prices are still ridiculous but I'm hoping this will shake some of the speculators and we can go back to enjoying the watches without worry.
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Old 23 August 2019, 09:43 PM   #183
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Not here. Prices at Chronext have gone back up, 5712 at an all time high of £85K now, 5711R also back up 3k to £108k.

https://www.chronext.co.uk/patek-phi...-1a-001/C59407
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Old 23 August 2019, 09:46 PM   #184
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5740 price seems to be genuinely coming down. Price drop of £15K again and down to £166K from a high of £200K.

https://www.chronext.co.uk/patek-phi...-1g-001/V16545
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Old 23 August 2019, 09:59 PM   #185
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I believe 5711 peaked around $77k brand new and the 5712 actually peaked around $90k in early July. Take 10-12% off for pre-owned.
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Old 23 August 2019, 10:02 PM   #186
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Not here. Prices at Chronext have gone back up, 5712 at an all time high of £85K now, 5711R also back up 3k to £108k.

https://www.chronext.co.uk/patek-phi...-1a-001/C59407
I think the UK and Australia will be the last places to see a price reduction.
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Old 23 August 2019, 10:21 PM   #187
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Not here. Prices at Chronext have gone back up, 5712 at an all time high of £85K now, 5711R also back up 3k to £108k.

https://www.chronext.co.uk/patek-phi...-1a-001/C59407
Just curious. Does these prices include 20% VAT or exclude?
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Old 23 August 2019, 10:24 PM   #188
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Just curious. Does these prices include 20% VAT or exclude?
No vat on used pieces so price shown is what you pay. (well actually not quite true - charged on the margin but can't recovered)
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Old 23 August 2019, 10:44 PM   #189
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No vat on used pieces so price shown is what you pay. (well actually not quite true - charged on the margin but can't recovered)
In the website link, it says "New"? I think it includes the 20% VAT, hence the high prices in UK. But I am just guessing.
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Old 23 August 2019, 10:54 PM   #190
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5740 price seems to be genuinely coming down. Price drop of £15K again and down to £166K from a high of £200K.

https://www.chronext.co.uk/patek-phi...-1g-001/V16545
Yep - I've been following 5740.
That's a significant drop.
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Old 23 August 2019, 11:00 PM   #191
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Yep - I've been following 5740.
That's a significant drop.
Pretty sure the high prices were the testing the water to establish the baseline - until the first pieces sell no-one knows what the market will stand. Same with the current pricing on the 5726 and I'm sure very soon the 5212.
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Old 23 August 2019, 11:50 PM   #192
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Bump, Bump, Goose? S’long Nautilus speculators!

Only an AD charges 20% VAT (which is included in their prices). Anything on ChronExt is pre-owned.

WF had an unworn 5711 blue for £70K for a day or two (it was there this morning but has gone now).

UK prices are still high!


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Old 24 August 2019, 12:02 AM   #193
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it is a wave of market downturn coming from Hong Kong/china. i has reached dubai and will reach europe soon.
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Old 24 August 2019, 12:19 AM   #194
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5740 price seems to be genuinely coming down. Price drop of £15K again and down to £166K from a high of £200K.

https://www.chronext.co.uk/patek-phi...-1g-001/V16545
The %740 price is speculative and leapt day after release. So it's coming down to.more realistic levels. The 5711P 40th increased steadily to its current levels and didnt jump like 5740.
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Old 24 August 2019, 12:19 AM   #195
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it is a wave of market downturn coming from Hong Kong/china. i has reached dubai and will reach europe soon.
U sound like the plague is spreading
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Old 24 August 2019, 12:46 AM   #196
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Originally Posted by pblondon View Post
Only an AD charges 20% VAT (which is included in their prices). Anything on ChronExt is pre-owned.

WF had an unworn 5711 blue for £70K for a day or two (it was there this morning but has gone now).

UK prices are still high!


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Yup, Chronext are a grey so no VAT, not an AD.

WF have an almost biblical following and not the stock of Chronext or their sourcing ability from ADs so their prices are high as is their demand.
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Old 24 August 2019, 12:46 AM   #197
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I think the UK and Australia will be the last places to see a price reduction.
First in, last out.
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Old 24 August 2019, 02:54 AM   #198
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Patek UK grey prices seem as high as ever, hopefully this will continue for some time. I am personally hoping for a huge retail price increase from Patek, the low end steel models are far to cheap especially in the UK.

Hopefully a 20-30% increase coming soon from Patek.
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Old 24 August 2019, 03:01 AM   #199
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Patek UK grey prices seem as high as ever, hopefully this will continue for some time. I am personally hoping for a huge retail price increase from Patek, the low end steel models are far to cheap especially in the UK.

Hopefully a 20-30% increase coming soon from Patek.
Trying to follow the logic here...raise retail prices as things decelerate?
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Old 24 August 2019, 04:47 AM   #200
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Originally Posted by bonsai-man View Post
Patek UK grey prices seem as high as ever, hopefully this will continue for some time. I am personally hoping for a huge retail price increase from Patek, the low end steel models are far to cheap especially in the UK.

Hopefully a 20-30% increase coming soon from Patek.
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Old 24 August 2019, 05:46 AM   #201
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Yup, Chronext are a grey so no VAT, not an AD.

WF have an almost biblical following and not the stock of Chronext or their sourcing ability from ADs so their prices are high as is their demand.
Not how the VAT Margin Scheme works, Neil.
VAT is charged on the difference between purchase and sold price.
In other words, purchase for 10K, sell for 15K, VAT is payable on 5K, not the full 15K.
The rate of VAT is less too, 16.67% instead of the typical 20%.

https://www.gov.uk/guidance/the-marg...vat-notice-718
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Old 24 August 2019, 08:27 AM   #202
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Not how the VAT Margin Scheme works, Neil.
VAT is charged on the difference between purchase and sold price.
In other words, purchase for 10K, sell for 15K, VAT is payable on 5K, not the full 15K.
The rate of VAT is less too, 16.67% instead of the typical 20%.

https://www.gov.uk/guidance/the-marg...vat-notice-718
Yes on the margin, I was referring to the full 20% VAT as Ben alluded to.
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Old 24 August 2019, 12:31 PM   #203
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U sound like the plague is spreading
rather the flu
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Old 24 August 2019, 01:47 PM   #204
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With how short lived this pull back is going to be...I'll say a cough
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Old 24 August 2019, 05:21 PM   #205
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honestly on Chrono and in Dubai (i know couple of dealers), prices are not moving down at all. the 5711 blue and 5990 are still at all times high ($75K for 5711 at least and $100K+ for 5990 if you find it). i don't see this reduction at least so far.

i hope it happens as i would like a 5711 at retail!

actually, here is what a dealer told me yesterday (sot sure how it makes sense). he said with a tough economy, specific watch prices will hold up and not the other way so they are not interested in selling at lower prices...
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Old 24 August 2019, 05:59 PM   #206
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honestly on Chrono and in Dubai (i know couple of dealers), prices are not moving down at all. the 5711 blue and 5990 are still at all times high ($75K for 5711 at least and $100K+ for 5990 if you find it). i don't see this reduction at least so far.

i hope it happens as i would like a 5711 at retail!

actually, here is what a dealer told me yesterday (sot sure how it makes sense). he said with a tough economy, specific watch prices will hold up and not the other way so they are not interested in selling at lower prices...
well, correct, some watches remain high. but i hear that even in dubai it gets very hard to move certain (top) pieces, like 5980s, 5740 etc.
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Old 24 August 2019, 07:24 PM   #207
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Trying to follow the logic here...raise retail prices as things decelerate?
Decelerate? A few % fall is not going to change anything. Far too many are willing to pay £30,000 over retail for a steel 5711 they will not go away and will not wait. The 5711/1a is a £60,000 watch now, Patek should price it accordingly and stop dangling the carrot to those at the bottom of the lists.

It is not about killing anyone’s dreams it is reality. No one moans about application only pieces, why because they know it won’t happen, dreaming or writing endless post on forums won’t change it either. No offence intended just my opinion guys.
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Old 24 August 2019, 07:31 PM   #208
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if they price 5711 at 60K pounds, what will the they price the 5990 and the 5740!! one above 100K and the other above 200K!!! honestly, i don't know how this will end. the one thing for sure is that Patek is enjoying this. they are able to move the other watches while making everyone dream of a SS nautilus!
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Old 24 August 2019, 07:40 PM   #209
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if they price 5711 at 60K pounds, what will the they price the 5990 and the 5740!! one above 100K and the other above 200K!!! honestly, i don't know how this will end. the one thing for sure is that Patek is enjoying this. they are able to move the other watches while making everyone dream of a SS nautilus!
Agreed
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Old 24 August 2019, 09:55 PM   #210
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Decelerate? A few % fall is not going to change anything. Far too many are willing to pay £30,000 over retail for a steel 5711 they will not go away and will not wait. The 5711/1a is a £60,000 watch now, Patek should price it accordingly and stop dangling the carrot to those at the bottom of the lists.

It is not about killing anyone’s dreams it is reality. No one moans about application only pieces, why because they know it won’t happen, dreaming or writing endless post on forums won’t change it either. No offence intended just my opinion guys.
I do not think you are understanding the Patek customer base. For every person coming on forums asking how to get a piece, there will be many who are simply Patek customers, they have been for years. They put their name down for a piece every few years and 6-12 months later their piece arrives, could be a complication, a grand complication or it could be a Nautilus or Aquanaut. Patek is all about protecting itself for the future and looking after it’s core customer base - market trends come and go.

ps Application pieces do happen contrary to your thoughts.
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