Govberg asking US$37.5k for LNIB Blue 5711. What is going on?!

[jamiek84]

Originally Posted by Oryx

Do you guys have a certain person that you recommend dealing with at WF. Do they try to low ball you if you try to sell a few watches at the same time? Some of the places off Bond Street have tried to do that to me and I have just ended up walking out.

What are you trying to sell?

[Defiancekofb]

Originally Posted by PJ S

Perhaps you should re-familiarise yourself with the thread you’re using to make your point – only this time, read it through to its conclusion, which is the best and important bit.

https://www.rolexforums.com/showthread.php?t=517083

Touché

Originally Posted by spiker

Ok I'm a little curious - I've been reading some of these threads and I recently started one (Retirement Gift) and I'm a bit confused. I know everyone likes/dislikes certain watches and the 5711 is a nice watch whether it's blue or white. I myself like (and ordered) a 5712. But to pay $10k over list seems a bit much. If you like the watch why can't you just wait? I may be a little bit to conservative (relatively speaking) but I would rather wait and put the other $10k on some other frivolous item!

5711 is basically the Daytona-C of the Patek Universe. It's the steel sports watch that everyone wants and Patek produces in limited numbers. The 2nd lowest in terms of cost, Men's Patek to own besides the Aquanaut. Most ADs only get 2 of each color a year 2 blue and 2 white dial 5711s a year. This is why the waiting lists, demand, are so long with this one and it commands an obscene secondary market price.

[AK797]

Originally Posted by Oryx

Do you guys have a certain person that you recommend dealing with at WF. Do they try to low ball you if you try to sell a few watches at the same time? Some of the places off Bond Street have tried to do that to me and I have just ended up walking out.

Their prices are generally much better than Bond St and the like. Usually they prefer to give you an online quote and a range, but if you are selling a few or buying as well than you can push the price a bit.

[Oryx]

Originally Posted by jamiek84

What are you trying to sell?

I am selling some of my NOS Rolex SS sports models which should be relatively easy to sell along with some non PP / Rolex watches that I don't wear anymore (Breguet etc).

Originally Posted by AK797

Their prices are generally much better than Bond St and the like. Usually they prefer to give you an online quote and a range, but if you are selling a few or buying as well than you can push the price a bit.

thanks for this - I am hoping that by offering them a few of the most sought after Rolex sports models they may offer me something slightly higher than the online quotes I have received

Has anyone used their appointment only option in Burlington Arcade or is the Royal Exchange store the best option

[KarlS]

Originally Posted by Oryx

I am selling some of my NOS Rolex SS sports models which should be relatively easy to sell along with some non PP / Rolex watches that I don't wear anymore (Breguet etc).




thanks for this - I am hoping that by offering them a few of the most sought after Rolex sports models they may offer me something slightly higher than the online quotes I have received

Has anyone used their appointment only option in Burlington Arcade or is the Royal Exchange store the best option

I have sold 4 through them and used Burlington. Takes 30 min and gives you a chance to stroll up New Bond Street

[Oryx]

Originally Posted by KarlS

I have sold 4 through them and used Burlington. Takes 30 min and gives you a chance to stroll up New Bond Street

Thanks - that's good to know.

Did you request an online quotation first - if so, was there any scope for them to increase the price above the indicative quote?

[tyler1980]

Originally Posted by Oryx

Thanks - that's good to know.

Did you request an online quotation first - if so, was there any scope for them to increase the price above the indicative quote?

you have to send in the info first via the website to get a quotation and then make an appointment after a quotation is given. Burlington arcade is appointment only, don't know about the other locations. They give you a range but so far have paid out to me at the top of the stated range.

You need to bring ID and now apparently either a bank statement, council tax bill, or utility bill in addition to your ID or they won't buy your watch.

[Oryx]

Thanks for the helpful insight

[dmash]

Originally Posted by tyler1980

you have to send in the info first via the website to get a quotation and then make an appointment after a quotation is given. Burlington arcade is appointment only, don't know about the other locations. They give you a range but so far have paid out to me at the top of the stated range.

You need to bring ID and now apparently either a bank statement, council tax bill, or utility bill in addition to your ID or they won't buy your watch.

What is the bank statement and utility bill stuff for? In case the watch is stolen to have more info to file a suit as they'll take a loss? Never been asked for that from any reseller.

[AK797]

Originally Posted by dmash

What is the bank statement and utility bill stuff for? In case the watch is stolen to have more info to file a suit as they'll take a loss? Never been asked for that from any reseller.

Seems like a lot to ask, not sure I even took my ID in there a couple of years ago, but they do so much business now that they've probably had all sorts of dodgy customers and this extra is needed to protect themselves.

[AshAP]

Originally Posted by AK797

Seems like a lot to ask, not sure I even took my ID in there a couple of years ago, but they do so much business now that they've probably had all sorts of dodgy customers and this extra is needed to protect themselves.

I imagine they need a proper paper trail due to money laundering & capital gains tax.


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[tyler1980]

Originally Posted by AK797

Seems like a lot to ask, not sure I even took my ID in there a couple of years ago, but they do so much business now that they've probably had all sorts of dodgy customers and this extra is needed to protect themselves.

My guess is so they know where you live, but not sure why the need to know.
I have sold to them in the past without needing to provide that so this is very new.

Got this from them yesterday....

[tyler1980]

Originally Posted by AshAP

I imagine they need a proper paper trail due to money laundering & capital gains tax.


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capital gains... thats wishful thinking. I wish i had a bunch of 5711's sitting around

[AshAP]

Exactly, that or if you had a Zenith Daytona that you'd paid the £1800 rrp back in 1999.

Go over the threshold and the Govt wants a piece of the action.





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[tiberiustime]

Same price at watchuwant *do'h! - just realized they're essentially the same site*

[KarlS]

Reason is money laundering. Dirty Money but watch - sell watch to WF - money arrives in your account and now clean.

[tyler1980]

Originally Posted by KarlS

Reason is money laundering. Dirty Money but watch - sell watch to WF - money arrives in your account and now clean.

that makes sense. I just find it odd that i have to bring in a bank statement because that same bank account is where they are depositing the money anyway as its not like they are paying for watches in cash. They have my sort code and account number.

Im happy to comply but it all seems a bit redundant when they have my bank details in order to pay me and any relevant authority could locate me based on that info surely. But i don't have an offshore account so i don't know how those super secret ones work, maybe they are not as traceable.

In any case its interesting as it is a recent change.

Im betting requesting payment in cryptocurrency is probably a non starter then

[KarlS]

Originally Posted by tyler1980

that makes sense. I just find it odd that i have to bring in a bank statement because that same bank account is where they are depositing the money anyway as its not like they are paying for watches in cash. They have my sort code and account number.

Im happy to comply but it all seems a bit redundant when they have my bank details in order to pay me and any relevant authority could locate me based on that info surely. But i don't have an offshore account so i don't know how those super secret ones work, maybe they are not as traceable.

In any case its interesting as it is a recent change.

Im betting requesting payment in cryptocurrency is probably a non starter then

Well the sort code is not necessarily your account. It's any account you nominated. Could be your wife's. That part they don't verify. Also they don't say only bank statement but other forms as well. Pretty standard AML questions that even cell phone companies adk

[AK797]

Originally Posted by AshAP

I imagine they need a proper paper trail due to money laundering & capital gains tax.


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Ha, never even thought about capital gains with watches, but with a couple of D500s and Nautilus I suppose it could technically happen. Buy through your ISA, people!

[sensui]

Crazy here in Japan...surprise surprise:

[Wesley Crusher]

Originally Posted by sensui

Crazy here in Japan...surprise surprise:

Dang, at those prices, you'd be a fool not to go for the full gold version!

[yoast]

Originally Posted by sensui

Crazy here in Japan...surprise surprise:

What shop is this?

[sensui]

Originally Posted by yoast

What shop is this?

I'm fairly sure it's Ginza NJ Time at Nakano Broadway.

[yoast]

Thanks

Originally Posted by sensui

I'm fairly sure it's Ginza NJ Time at Nakano Broadway.

[tyler1980]

Originally Posted by AK797

Seems like a lot to ask, not sure I even took my ID in there a couple of years ago, but they do so much business now that they've probably had all sorts of dodgy customers and this extra is needed to protect themselves.

for what its worth, I sold a watch today and despite the email requesting secondary documents they only asked for an ID. Had the other documents just in case though.

[kilyung]

I should sell my 5711/1a towards a 5711/1r at these prices!!

[dmash]

Originally Posted by Wesley Crusher

Dang, at those prices, you'd be a fool not to go for the full gold version!

Exactly what I was about to say, approx $5500 difference between SS and FULL gold with bracelet. Absolutely unbelievable.

[enjoythemusic]

So about 4.5 troy oz of gold. Makes perfect sense to me ;) :)

Rolex SkyD SS second hand is about 5K lower than full PM. Supply and demand.

[AK797]

Originally Posted by kilyung

I should sell my 5711/1a towards a 5711/1r at these prices!!

Indeed! By my Google, those prices are pretty much the same as the £30K here, ie 50% premium, is this spreading now?

[AK797]

Originally Posted by tyler1980

for what its worth, I sold a watch today and despite the email requesting secondary documents they only asked for an ID. Had the other documents just in case though.

You must have passed the dirty-money face test.