50 Patek ADs cut!

[schwiering]

Atlanta and Houston Tiffany stores are on the cut list as well.

[tyler1980]

Originally Posted by danestaff

I heard today from someone in the aurum group, that the reason mappin and webb at bond St lost there patek status was because the pp salon thought it was too close to their store, which in fact is true, which leads into the next rumour that all Ads around that area will lose their status apart from 155 regents St

Only what I was told from someone so don't shoot the messenger

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i highly doubt Wempe is in trouble especially so after the Patek remodel they just did. M&W did seem a bit redundant both on bond street and considering WOS is so close on Regent. A two brand store Rolex/Patek with hardly any models of either is kind of a disaster

They didn't use to have so much jewelry in the window but now they do

the M&W across the street from WOS on regents street also seems stupid (both use to have Patek too, not sure if that is still the case) I saw my first aquanaut on display ever at M&W regent street a few years back

[danestaff]

Originally Posted by tyler1980

i highly doubt Wempe is in trouble especially so after the Patek remodel they just did. M&W did seem a bit redundant both on bond street and considering WOS is so close on Regent. A two brand store Rolex/Patek with hardly any models of either is kind of a disaster

They didn't use to have so much jewelry in the window but now they do

I'm only passing on what i heard,

As I said previously it is over run with pp ads in that area


But if its only down to 2 or 3 in that area, well we are all gonna struggle

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[tyler1980]

Originally Posted by danestaff

I'm only passing on what i heard,

As I said previously it is over run with pp ads in that area


But if its only down to 2 or 3 in that area, well we are all gonna struggle

Sent from my G8141 using Tapatalk

Pragnell opened a store in Mayfair last year too so there are a lot even for a major city

[tyler1980]

Originally Posted by danestaff

I'm only passing on what i heard,

As I said previously it is over run with pp ads in that area


But if its only down to 2 or 3 in that area, well we are all gonna struggle

Sent from my G8141 using Tapatalk

AFAIK the distributors are different. Rhone doesn't handle the salon so they don't compete for the same stock. The AD's all go through Rhone so it may be related to distribution.

[danestaff]

Originally Posted by tyler1980

Pragnell opened a store in Mayfair last year too so there are a lot even for a major city

A hell of a lot,

It wouldn't surprise me if some are gonna take a hit, but with pragnall they only have 3 stores throughout the UK and more of the stern family store they prefer , where WOS or mappin/stroke whoever else they call them selves have a fair many


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[danestaff]

Originally Posted by tyler1980

AFAIK the distributors are different. Rhone doesn't handle the salon so they don't compete for the same stock. The AD's all go through Rhone so it may be related to distribution.

I hear that, but if uwere the main salon in the area, would u like customers to just walk about 5 minutes down the road max, taking all your profits

And yes that means the salon would have to get alot more stock in and stop being so selective

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[tyler1980]

Originally Posted by danestaff

I hear that, but if uwere the main salon in the area, would u like customers to just walk about 5 minutes down the road max, taking all your profits

And yes that means the salon would have to get alot more stock in and stop being so selective

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true story. the salon once sent me to wempe (not knowing i was already a client there) when i asked about a watch. They specifically said i would have an easier time there. I really wasn't even looking to buy at the salon anyway, just try something on and it was not a sports watch

[Dlindsay]

Originally Posted by Token74

Arguably true, but my mindset was that if I wasn’t in a position to buy when it arrived, I’d simply ask for the deposit back (which they may we’ll have agreed to despite me breaking my commitment) or if they had insisted I buy it, I would have just flipped it, probably for a tidy profit.

As it was, all worked out well, and they were great to deal with.

And in defence of the AD’s in this situation, there are lots of folk who put their names down at multiple AD’s, and whilst it’s true that an AD can move these pieces quickly, if an AD is telling a great customer that they have a long wait because I’m next in line, and that great customer goes elsewhere, and then I don’t buy, they’ve lost a great customer for nothing. So I do have some sympathy.


Sent from my iPhone using Tapatalk

With all due respect you can't flip a 5990 for a profit. The guy who helped you obtain the piece is a serial flipper and he would have flipped it if it can be flipped for a profit.

[soundserious]

Originally Posted by Passionata

very well said Tyler ,
those middlemen offer extra service(=avaliablity) and that service has costs what should be covered .The situation with TSLA is totally different and unique and trust me it will change as soon other manufacturers will have cars with similar features(i believe very soon )
The other cited party is usually AP but they have just one product what sells the RO I think for the code11:59 they need no shops just a melting pot.

Pahaha. Agree about the 11:59.

[Ahfe]

Originally Posted by schwiering

Atlanta and Houston Tiffany stores are on the cut list as well.

No they are not, check patek site..

[tyler1980]

Originally Posted by schwiering

Atlanta and Houston Tiffany stores are on the cut list as well.

that would surprise me as houston as the 4rd largest US city went a long time with Tiffany as the only AD which i always thought was strange because they have a smaller display than most regular AD's anyway... recently they got a second but with all the oil and gas and medical field money in the city i don't know how they got on with only Tiffany for so long .

[Token74]

Originally Posted by Dlindsay

With all due respect you can't flip a 5990 for a profit. The guy who helped you obtain the piece is a serial flipper and he would have flipped it if it can be flipped for a profit.

You could be right, I’m no expert and new to Patek. My assumption was that as advertised prices on the used market tend to be between £55k and £60k, a profit could have been made if needed (I don’t buy into advertised used prices, but I assumed that at the very least I’d have been able to sell above retail).

My assumptions may have been flawed, but it was my thinking nonetheless. Luckily we haven’t had to find out how flawed my thinking was

And the guy that helped me get the watch, a true gent as far as I’m concerned.


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[Keldw]

Originally Posted by Token74

....as advertised prices on the used market tend to be between £55k and £60k, a profit could have been made if needed (I don’t buy into advertised used prices, but I assumed that at the very least I’d have been able to sell above retail).

I know a brand new 5990 was just sold this week for GBP59.800...to a dealer who is going to sell it for more.

[texasmade]

Originally Posted by tyler1980

that would surprise me as houston as the 4rd largest US city went a long time with Tiffany as the only AD which i always thought was strange because they have a smaller display than most regular AD's anyway... recently they got a second but with all the oil and gas and medical field money in the city i don't know how they got on with only Tiffany for so long .

There used to be a Tourneau shop in the Houston Galleria that was a Patek AD. They lost their Patek status in 2005-2010 timeframe I believe and then closed shop a few years ago.

[rollyp]

Originally Posted by tyler1980

that would surprise me as houston as the 4rd largest US city went a long time with Tiffany as the only AD which i always thought was strange because they have a smaller display than most regular AD's anyway... recently they got a second but with all the oil and gas and medical field money in the city i don't know how they got on with only Tiffany for so long .

We also had Turdneau, which lost their dealer status a few years ago. Rightly so. Their manager was a total douche. I went in back in 2015 wearing my 5712G and looking for an Aquanaut. The lady behind the counter brings out a diamond bezel ladies' version and tells me it's unisex, lol. I then told her I'm actually looking for a 5167A and possibly a 5235G. She didn't know the 5235 so she got the manager who came over and preceded to tell me the 5235G is discontinued and "we generally don't carry entry level men's Pateks like the Aquanaut and Nautilus," and when he said this, he actually motioned with his eyes to the one I was wearing. Wow. Our new dealer here in Houston, de Boulle, is top notch. Great people that treat everyone who comes in with dignity and friendliness.

[tyler1980]

Originally Posted by texasmade

There used to be a Tourneau shop in the Houston Galleria that was a Patek AD. They lost their Patek status in 2005-2010 timeframe I believe and then closed shop a few years ago.

funny because i use to go in there sometimes and i never even noticed Patek. what's wrong with me

I got so turned off them when the sales guy told me to come back in when i was ready to "upgrade" to the explorer II i had tried on. My watch i walked in with was an AP diver

[texasmade]

Originally Posted by tyler1980

funny because i use to go in there sometimes and i never even noticed Patek. what's wrong with me

I got so turned off them when the sales guy told me to come back in when i was ready to "upgrade" to the explorer II i had tried on. My watch i walked in with was an AP diver

I remember walking by the store all the time and seeing maybe 2 or 3 Patek’s displayed along with cufflinks. They never had a large selection.

[Vaxe]

There goes the price of the 5711, gonna be $70k soon

[Apheaven]

I rarely post here, but felt inclined after receiving a call from my AD that they have been cut. I will respectfully decline on naming them as they have not reached out to all of their clients yet, but remain on the Patek site (hence there is no correlation with current AD status and remaining on the Patek site). I would be remiss if I did not say that I have a great deal of compassion for the people/families this unexpectedly affects at such dealers. It is not always easy to comeback from such a setback. Further, currently I feel I have been completely left ‘high and dry’ by Patek Corporate. I have been collecting watches for over 25 year, having loyally spent large sums of money purchasing Patek watches mostly through my AD and have been rewarded accordingly with lunches/dinners with Patek execs (including TS) and receiving (purchasing) application, limited production, and hard to obtain pieces, etc. So what now? Does my unfulfilled order just goes in the garbage? Shall I go to the back of the line of another dealer and purchase pieces I already own to ‘create a relationship’? No way, I would rather realign the focus of my collection before going down that proverbial road with a company that has effectively iced me. To clarify what I am saying, there is a difference from my dealer losing it’s authorized status as opposed to Patek going bankrupt (which has not happened), thus, the fact Patek Corporate does not have a transition team in place for clients is such poor form and suggests so many other issues….but perhaps they do and will reach out, but merely calling out the current of affairs. I will reach out to the relationships I have made there (at Patek Corporate) for further direction, but in my book this is such ‘amateur hour’ from a company that holds itself beyond reproach. Yes, I am suggesting that I could have orchestrated a smoother transition on the back of a cocktail napkin, albeit that is not saying much given what I have seen thus far.

My apologies for the rant, but I stand behind everything I have said.

[enjoythemusic]

Perhaps Patek plans on producing far fewer watches which obviously will support fewer retailers. This could be a great move forward because fewer watches built means fewer watches to service, and therefore service times may benefit accordingly. So could the quality of the watches i prove because they're not struggling to make too many of them with a shotfall of staff in a false attempt to keep up with demand.

So yes, having fewer dealers could be a needed move in the right direction for the company.

[1688]

Originally Posted by Apheaven

I rarely post here, but felt inclined after receiving a call from my AD that they have been cut. I will respectfully decline on naming them as they have not reached out to all of their clients yet, but remain on the Patek site (hence there is no correlation with current AD status and remaining on the Patek site). I would be remiss if I did not say that I have a great deal of compassion for the people/families this unexpectedly affects at such dealers. It is not always easy to comeback from such a setback. Further, currently I feel I have been completely left ‘high and dry’ by Patek Corporate. I have been collecting watches for over 25 year, having loyally spent large sums of money purchasing Patek watches mostly through my AD and have been rewarded accordingly with lunches/dinners with Patek execs (including TS) and receiving (purchasing) application, limited production, and hard to obtain pieces, etc. So what now? Does my unfulfilled order just goes in the garbage? Shall I go to the back of the line of another dealer and purchase pieces I already own to ‘create a relationship’? No way, I would rather realign the focus of my collection before going down that proverbial road with a company that has effectively iced me. To clarify what I am saying, there is a difference from my dealer losing it’s authorized status as opposed to Patek going bankrupt (which has not happened), thus, the fact Patek Corporate does not have a transition team in place for clients is such poor form and suggests so many other issues….but perhaps they do and will reach out, but merely calling out the current of affairs. I will reach out to the relationships I have made there (at Patek Corporate) for further direction, but in my book this is such ‘amateur hour’ from a company that holds itself beyond reproach. Yes, I am suggesting that I could have orchestrated a smoother transition on the back of a cocktail napkin, albeit that is not saying much given what I have seen thus far.

My apologies for the rant, but I stand behind everything I have said.

I believe you may be re-directed to another AD of your choosing and maintain your relationship with Patek. If you have been invited to the dinner/factory visit, then you are aware that Patek USA works regionally with HSWA allocating most of the rare or application pieces. I am sure you will have the same if not better relationship with Patek USA once you reach out to them regarding your concerns. I know Patek and they regard relationships very highly versus other watch companies. For example, if a billionaire were to walk into an AD requesting for a 5711 or other coveted references, I am sure your relationship with Patek will get you more access to those than the billionaire who is just buying the watch to show off... Certainly reach out to Patek...they will take good care of you!
Btw, I am assuming you are from the US so apologies if I made the wrong assumption.

[ct.matt]

Originally Posted by 1688

I believe you may be re-directed to another AD of your choosing and maintain your relationship with Patek. If you have been invited to the dinner/factory visit, then you are aware that Patek USA works regionally with HSWA allocating most of the rare or application pieces. I am sure you will have the same if not better relationship with Patek USA once you reach out to them regarding your concerns. I know Patek and they regard relationships very highly versus other watch companies. For example, if a billionaire were to walk into an AD requesting for a 5711 or other coveted references, I am sure your relationship with Patek will get you more access to those than the billionaire who is just buying the watch to show off... Certainly reach out to Patek...they will take good care of you!
Btw, I am assuming you are from the US so apologies if I made the wrong assumption.

Either way, please keep us updated!

[conkers]

Apheaven sorry to hear that. I hope Patek deal with you in the right way. My own experience with Patek over the years as been so poor that I have zero expectations any more.

[myporsche]

Originally Posted by Apheaven

I rarely post here, but felt inclined after receiving a call from my AD that they have been cut. I will respectfully decline on naming them as they have not reached out to all of their clients yet, but remain on the Patek site (hence there is no correlation with current AD status and remaining on the Patek site). I would be remiss if I did not say that I have a great deal of compassion for the people/families this unexpectedly affects at such dealers. It is not always easy to comeback from such a setback. Further, currently I feel I have been completely left ‘high and dry’ by Patek Corporate. I have been collecting watches for over 25 year, having loyally spent large sums of money purchasing Patek watches mostly through my AD and have been rewarded accordingly with lunches/dinners with Patek execs (including TS) and receiving (purchasing) application, limited production, and hard to obtain pieces, etc. So what now? Does my unfulfilled order just goes in the garbage? Shall I go to the back of the line of another dealer and purchase pieces I already own to ‘create a relationship’? No way, I would rather realign the focus of my collection before going down that proverbial road with a company that has effectively iced me. To clarify what I am saying, there is a difference from my dealer losing it’s authorized status as opposed to Patek going bankrupt (which has not happened), thus, the fact Patek Corporate does not have a transition team in place for clients is such poor form and suggests so many other issues….but perhaps they do and will reach out, but merely calling out the current of affairs. I will reach out to the relationships I have made there (at Patek Corporate) for further direction, but in my book this is such ‘amateur hour’ from a company that holds itself beyond reproach. Yes, I am suggesting that I could have orchestrated a smoother transition on the back of a cocktail napkin, albeit that is not saying much given what I have seen thus far.

My apologies for the rant, but I stand behind everything I have said.

I agree with the first few lines of your post, I can't comment on the "Patek experience" since I haven't owned one. I can say I am 99% sure my small family owned AD will be or has been unexpectedly cut. I haven't called to check as I don't want to make them feel worst. Along with losing Rolex AD status I think this could be one of the final nails in the coffin for the store, at least for watches. It is truly sad to see the way major watch manufactures treat the small family ADs this way, it's like they use you and they spit you out when you are no longer needed with ZERO notice, it is truly disrespectful.

[conkers]

Originally Posted by myporsche

I agree with the first few lines of your post, I can't comment on the "Patek experience" since I haven't owned one. I can say I am 99% sure my small family owned AD will be or has been unexpectedly cut. I haven't called to check as I don't want to make them feel worst. Along with losing Rolex AD status I think this could be one of the final nails in the coffin for the store, at least for watches. It is truly sad to see the way major watch manufactures treat the small family ADs this way, it's like they use you and they spit you out when you are no longer needed with ZERO notice, it is truly disrespectful.

I couldn’t agree more.

[Fat_ninja]

The only way to not have this issue is to be in bigger chains or diversify your relationship

[whatwhat]

Does anyone know why these ADs will be cut? I have deposit with one of them.

[soundserious]

Originally Posted by Fat_ninja

The only way to not have this issue is to be in bigger chains or diversify your relationship

Agree. And why should we blame Rolex or Patek for wanting relationships with stable clients that can absorb bad months on the books? It would limit discounting and limit sell through to the grey market.

[Daytonaman799]

Originally Posted by conkers

I just heard this from an affected dealer. Any one have any further information?

How do you see the list of those AD’s that were cut? Is the current AD list on the PP website the way to see?