Auctioned: PP 5711 Green 1000% ++ Markup

[khalifam]

Rumour has it that Patek bought it themselves....

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[stylinleems]

I saw on IG that the original owners name was shown in the pictures on the warranty papers. Easy to track down who originally bought it from the AD

[DC116710LN]

Euphoria Stage of the Market

[RJRJRJ]

Originally Posted by stylinleems

I saw on IG that the original owners name was shown in the pictures on the warranty papers. Easy to track down who originally bought it from the AD

Who is it?

[turkeysub93]

Originally Posted by RJRJRJ

Who is it?

Thierry Stern

[stylinleems]

Originally Posted by RJRJRJ

Who is it?

Took me awhile but I found the IG post, am I allowed to post it

[GreenLantern]

What's wrong with the world is there's too many idiots in it.

Idiots who are willing to flip.

Idiots who sell these watches to their "VIPs" who happen to be flippers.

Idiots who are willing to pay these stupid premiums for a watch not worth 1/5 of that.

[GreenLantern]

Originally Posted by khalifam

Rumour has it that Patek bought it themselves....

Patek does this whenever they see something at auction that they believe should *not* have been flipped. They've been doing it for a decade.

Would not surprise me in this instance.

And if I was them, I'd have done it, too.

[tyngshen]

Originally Posted by GreenLantern

What's wrong with the world is there's too many idiots in it.

Idiots who are willing to flip.

Idiots who sell these watches to their "VIPs" who happen to be flippers.

Idiots who are willing to pay these stupid premiums for a watch not worth 1/5 of that.

Flipping a watch for 400k in profit hardly constitutes an idiot.

Unethical? Maybe. Stupid? No.

[GreenLantern]

Originally Posted by tyngshen

Flipping a watch for 400k in profit hardly constitutes an idiot.

Unethical? Maybe. Stupid? No.

I didn't say flipping a watch for a $400k profit makes you an idiot. :)

I said idiots are flipping.

Granted, I appreciate your response.

[maecenas]

Originally Posted by stylinleems

I saw on IG that the original owners name was shown in the pictures on the warranty papers. Easy to track down who originally bought it from the AD

This has been the topic of the day on IG. Here’s what I don’t understand: if an AD is willing to break a major rule and deliver it sealed, why not break another rule and deliver the cert open? I guess they really really trusted that this guys was a “true collector” who really wanted to keep the piece sealed in a safe for 20 years. Jokes on them. (Infinite sarcasm on the true collector part)

[uniqueMR]

Free money!

[DoraTheExplorerII]

Originally Posted by cbalster

They are marketing geniuses. Of course his son could have one. We are the butt of that joke.

Seriously, it’s the next “You don’t own you just look after for the next generation” but better and more ridiculous.

“Not even the company owner’s son can get my watch!!!”

[SpeedyTuomas]

Originally Posted by maecenas

This has been the topic of the day on IG. Here’s what I don’t understand: if an AD is willing to break a major rule and deliver it sealed, why not break another rule and deliver the cert open? I guess they really really trusted that this guys was a “true collector” who really wanted to keep the piece sealed in a safe for 20 years. Jokes on them. (Infinite sarcasm on the true collector part)

Kind of feel bad for the AD.

[khalifam]

Originally Posted by maecenas

This has been the topic of the day on IG. Here’s what I don’t understand: if an AD is willing to break a major rule and deliver it sealed, why not break another rule and deliver the cert open? I guess they really really trusted that this guys was a “true collector” who really wanted to keep the piece sealed in a safe for 20 years. Jokes on them. (Infinite sarcasm on the true collector part)

What IG page ate you guys following? My watch content on Instagram is poor.

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[Moondoggy]

I call BS.

[scurfa]

Let’s just call this what it is, it’s an advert to the ultra rich and thats the clientele Patek really want to be dealing with.

[scurfa]

Originally Posted by khalifam

What IG page ate you guys following? My watch content on Instagram is poor.

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Patekaholic, apparently the AD is in Barcelona


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[khalifam]

Originally Posted by scurfa

Patekaholic, apparently the AD is in Barcelona


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Ah yes I do follow him, thanks anyway just managed to read some comments.

Seems as everyone is against flippers... Perfectly fine when the AD's sell a pre-owned watch at tripple retail though...

Fine for AD to make money but not anyone else. Sad times we live in.

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[HMHM]

Originally Posted by khalifam

Ah yes I do follow him, thanks anyway just managed to read some comments.

Seems as everyone is against flippers... Perfectly fine when the AD's sell a pre-owned watch at tripple retail though...

Fine for AD to make money but not anyone else. Sad times we live in.

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No that’s completely wrong! And trust me people on TRF are absolutely not fine with that! What people on TRF want is transparency in deals. No nonsense of having an unsealed 5711 appearing on auction sites. No shady bundle deals just to get a watch. A bundle is acceptable if the client wants ALL the watches in the deal and not to buy some women TwentyFour with diamonds to sweeten the deal.
ADs are a trusted network by PP/Rolex to distribute their watches according to the MSRP. If they want to sell above MSRP, give up their AD status and sell watches like DSW.

[S``]

More power to Mr Pau. Instead of dissing and hissing, along with having fits... If this is the way Mr Pau gets blacklisted, it is the best way to get blacklisted... After making a boatload out of a $30k watch.

[cascavel]

Imagine the outrage at Patek headquarters, a watch of no particular significance, that they currently produce, sold for 13X MSRP at auction. The horror.

[S``]

Originally Posted by cascavel

Imagine the outrage at Patek headquarters, a watch of no particular significance, that they currently produce, sold for 13X MSRP at auction. The horror.

Can't imagine the bundle offers for whatever green nautilus is still left at the vaults. Must be nice to be raining money

[ts3]

Originally Posted by S``

More power to Mr Pau. Instead of dissing and hissing, along with having fits... If this is the way Mr Pau gets blacklisted, it is the best way to get blacklisted... After making a boatload out of a $30k watch.

Agree.

I can't get excited about this. Who knows if Patek will diss Mr Pau. He may well be one of their best customers who has possibly spent high 6 digits or more every year.

[S``]

I feel like a bunch of gossipers... Love a good scandal...

So which AD in Barca lost their dealership? Only 2 listed for the city... However within the greater Catalonia, that would bump the current AD list to >2 per the patek website

[cascavel]

Originally Posted by S``

Can't imagine the bundle offers for whatever green nautilus is still left at the vaults. Must be nice to be raining money

Thank you! This is exactly the point, no one is hurt here and all parties are making out like bandits. Perhaps there is some faux outrage on the part of Patek. A lot of people in the TRF community, and others, may lament our inability to participate in this cornucopia of riches but no one in the wider world is interested in our grievances.

[dannyp]

Originally Posted by khalifam

Rumour has it that Patek bought it themselves....

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It wouldn't surprise me in the least if PP in fact started this rumor, even if not true.

Way cheaper than actually buying it, but still sends the same "we're watching" message.

Originally Posted by cascavel

Thank you! This is exactly the point, no one is hurt here and all parties are making out like bandits. Perhaps there is some faux outrage on the part of Patek. A lot of people in the TRF community, and others, may lament our inability to participate in this cornucopia of riches but no one in the wider world is interested in our grievances.

In Patek's mind, Patek is "hurt" in that it detracts from the image the company is attempting to cultivate - watches for watch-loving connoisseurs. Stern has said he doesn't want PP to be "known" as the "Maison d'Nautilus" so to speak.

That's understandable and arguably ultimately devalues the rest of the collection: If the true collectors out there see PP as "the Nautilus company that happens to make grand complications as well" then PP may lose marketshare/prestige. May or may not be true, but there is an argument.

[mattedialdoc]

Originally Posted by GreenLantern

Patek does this whenever they see something at auction that they believe should *not* have been flipped. They've been doing it for a decade.

Would not surprise me in this instance.

And if I was them, I'd have done it, too.

Rolex does the same thing with Grey Dealers. They will buy a flipped watch, then send a bill to the AD that originally sold the watch and have a “little chat” about client control.


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[dannyp]

Originally Posted by mattedialdoc

Rolex does the same thing with Grey Dealers. They will buy a flipped watch, then send a bill to the AD that originally sold the watch and have a “little chat” about client control.


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We’re talking much different numbers here, though, both in terms of the price of the watch and Rolex vs Patek budget for such activities.

[mattedialdoc]

Originally Posted by dannyp

We’re talking much different numbers here, though, both in terms of the price of the watch and Rolex vs Patek budget for such activities.

I’m aware of that dannyp


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