Ad

[asrah]

Can AD offer Patek hot watches at gray market price ? This is so strange


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[smallcollector]

Are they "used"? ie - sell them to customer - then take them back in . . .mark up 50% / sell again?

[GGGMT]

Originally Posted by asrah

Can AD offer Patek hot watches at gray market price ? This is so strange


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Very strange indeed


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[JR16]

1. What country are you in, OP?
2. Are these brand new watches or pre-owned watches?


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[TunaTuna]

Porsche and Ferrari do the same thing. Car comes in the new car front door, manager drives it home for the night, then parks it in the pre owned showroom the next day at a 200k markup.

[Calatrava r]

Not in the US. At least they are supposed to sell at MSRP.

[mickyd329]

Originally Posted by TunaTuna

Porsche and Ferrari do the same thing. Car comes in the new car front door, manager drives it home for the night, then parks it in the pre owned showroom the next day at a 200k markup.

I don't know about other parts of the world, but not the case in the U.S. Porsche dealers can sell their cars for whatever they want as new. Ferrari dealers are not allowed to sell above MSRP due to their franchise agreement with Ferrari USA.

The car must be sold to a consumer (which means sales tax and license fees paid. No sales tax up front if leased) and recorded as a sale with the manufacturer in order for it to be considered pre-owned first. The original client can then sell the car back to the dealer or consign it with them at which point, they can ask for more than MSRP.

A manager driving the car home and then putting it on the used car lot as a used car is absolutely not true. That would make the car a demo. Still considered a NEW car as far as the manufacturer is concerned, thus the MSRP rule still applies for Ferrari dealers. Not sure where you got that info from.

[77T]

Originally Posted by TunaTuna

Porsche and Ferrari do the same thing. Car comes in the new car front door, manager drives it home for the night, then parks it in the pre owned showroom the next day at a 200k markup.

In USA, until the MCO/MSO is exchanged for a car title, the car is new.


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[azizu]

Originally Posted by asrah

Can AD offer Patek hot watches at gray market price ? This is so strange


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I believe PP due care about their clients and collectors as much as they care about there AD network.
Mater of fact in a previous interview with the CEO Thierry Stern he mentioned that they would continue to deal with them as long as they provide quality service to end client.
I believe PP do leave very small margin for exchange rate and local VAT/sales tax but that’s it. No grey market markup is allowed. I know retailers and specific shops that lost there AD rights because of shady deals


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[asrah]

It’s new watch BNIB that will be registered under my name but gray market price :( I want to do it as I prefer to deal with AD than gray dealer and also I will have the name on it . But I find it strange and shady , this is Asia by the way

[jamestucker]

Originally Posted by asrah

Can AD offer Patek hot watches at gray market price ? This is so strange


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They do it in the UK.

https://www.prestonsdiamonds.co.uk/p...patek-philippe

[Kittayos]

Some dealers in Singapore and HK engage in that practice.

[ts3]

Originally Posted by azizu

...

Mater of fact in a previous interview with the CEO Thierry Stern he mentioned that they would continue to deal with them as long as they provide quality service to end client.

...
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This would imply that the 30% of their ADs they cut over the past few years were all bad apples. I don't know... Where I live there is an obvious pattern - the large city ADs stay on while smaller family-owned and regional ADs get cut.

[asrah]

Originally Posted by jamestucker

They do it in the UK.

https://www.prestonsdiamonds.co.uk/p...patek-philippe

That’s a preowned, this one is brand new

[cascavel]

Yes.

[dauster]

Shady yes but if you really like a hot watch I’d prefer it this way over buying grey since their unworn watches are almost never that


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[jamestucker]

Originally Posted by asrah

It’s new watch BNIB that will be registered under my name but gray market price :( I want to do it as I prefer to deal with AD than gray dealer and also I will have the name on it . But I find it strange and shady , this is Asia by the way

Originally Posted by asrah

That’s a preowned, this one is brand new

Once the watch is registered under your name it is considered pre-owned. ADs sell such watches at grey market prices and advertise them as 'pre-owned and unworn'

[SoylentGreenChi]

Not if new, yes if preowned. I’ve bought both new Pateks and preowned from my AD, but only preowned that were under list.

[Ahfe]

So it yes and no answer, I seen an AD who tells you he can give you whatever watch you want but at grey price as they "just sold it and will buy it back from their customer" within the week any model you want.. Sad but true story

[azizu]

Originally Posted by ts3

This would imply that the 30% of their ADs they cut over the past few years were all bad apples. I don't know... Where I live there is an obvious pattern - the large city ADs stay on while smaller family-owned and regional ADs get cut.

Not necessarily the removed ADs were bad, that’s not what I meant.
Some of the could be bad and that’s why they were removed. Other ADs perhaps were not performing to the level that PP desires.
It is a business decision in the end of the day, PP reached a point where they no longer have enough pieces for all ADs that show the full depth of their catalog. So they had to do something (in their opinion)


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