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11 February 2015, 07:08 AM | #121 |
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This is the best 175th anniversary celebration ever. But US prices still need to come down, not fair that we pay a huge premium, HK now pays $14,500 for a 5167/1a.
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11 February 2015, 07:08 AM | #122 |
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11 February 2015, 07:11 AM | #123 | |
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Quote:
If I recall you had one and sold it before all the increase hoopla? |
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11 February 2015, 07:12 AM | #124 |
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This is greatly welcomed and good thing I didn't pull the trigger on a 5980
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11 February 2015, 07:13 AM | #125 |
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I am interested in this as well and assuming they should be keeping dealer invoice the same or else I agree I can't see how it will curb dealer discount and will definitely bring down secondary market prices if dealer invoice also drops by 7%.
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11 February 2015, 07:17 AM | #126 |
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does the HKD price list include a VAT? If so, im in asia now, would be an easy flight...
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11 February 2015, 07:20 AM | #127 |
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On second glance Patrick doesn't 152300 in HKD equate to 19642 USD? Unless there's something I'm missing that's nowhere near 14500.
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11 February 2015, 07:21 AM | #128 |
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I get around $17K based on the HK price list. I might be doing something wrong though but $14.5K is a great price!
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11 February 2015, 07:22 AM | #129 |
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11 February 2015, 07:24 AM | #130 | |
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Quote:
Getting the vat back?
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11 February 2015, 07:28 AM | #131 |
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11 February 2015, 07:28 AM | #132 | |
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Quote:
US people should just buy from HK. The 59801R is 591,800 HKD which is $76,325. Prior US List price was $91,400 and after 7% decrease that is $85,000. That is 10% less. How is this helping with grey market imports? |
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11 February 2015, 07:34 AM | #133 |
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On tough to get pieces you still have to source one and that one is an allocation piece to dealers and still on back order. Remember Patek is not increasing production. Tough to source watches are still tough to source regardless of price.
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11 February 2015, 07:34 AM | #134 |
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11 February 2015, 07:37 AM | #135 |
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11 February 2015, 07:38 AM | #136 |
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its 17k based on that list. just about what greys are selling here as a mint second hand...
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11 February 2015, 07:44 AM | #137 |
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I have to suspect PP realizes that this move will upset collectors in the short term but believes that controlling the grey market better will protect the brand and values in the long term. They, like Rolex, seem to play the long game on most issues. Interesting development, though, especially as I've been considering selling everything and buying a 5712. :P
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11 February 2015, 07:46 AM | #138 |
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Any news on the UK prices?
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11 February 2015, 08:02 AM | #139 | |
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Quote:
And yes, I only price the 5167/1a on the strap, that is the original configuration on that watch, and far better looking IMO. |
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11 February 2015, 08:22 AM | #140 |
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So a 5711 is still too expensive (for me)!
$26,700 to $24,800 So crazy that it is roughly $2500 (~11%) cheaper in HKG ($22,300). If you could source one, it would be cheaper to fly there and buy (not including hotel).
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11 February 2015, 08:25 AM | #141 |
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11 February 2015, 08:26 AM | #142 | |
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Quote:
i actually bought my 5711 3 months ago here in the US, then traveled to HK for a bit, and only recently returned.... bummer |
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11 February 2015, 08:27 AM | #143 |
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Consider this, prices on three popular references in 2008 compared to just before this price reduction:
5167: $15,200. Compared with $20,300. 5711: $19,900. Compared with $26,700. 5712r: $29,900. Compared to $46,700. So one could still argue if you bought years ago, you're still fine today. However, I think the 2008 numbers make a LOT better sense!! |
11 February 2015, 08:31 AM | #144 | |
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wow, i'm sort of new to the PP game... do you remember/mind sharing what the price trend has been like, say in the past 10 years?
all i know is there hasn't really been a price change since 2012. what about before that? was there ever a price decrease? in the bad 2008 economy? then came back up as the economy recovered? Quote:
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11 February 2015, 08:44 AM | #145 |
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Correct me if I'm wrong but the HK price list above still allows for a 10% discount? Typically all PP in HK are (have been) sold for list less 10%.
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11 February 2015, 08:47 AM | #146 |
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i would guess that to be no longer the case (which is probably what PP wanted) provided the reduced prices come from the MSRP side and not the dealer invoice cost side...
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11 February 2015, 08:48 AM | #147 |
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Hong Kong is clearly a bigger market for PP. I did some quick research.
HK Total Population: 7.2M Total PP ADs: 14 NYC Population: 8.4M Total PP ADs: 3 |
11 February 2015, 08:52 AM | #148 |
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i browse chinese watch forums quite frequently as well. judging from their reactions to this price decrease in HK, i would add the fact that mainland chinese shoppers can now easily go to hong kong and pick up a PP, instead of the currently popular method of sourcing one from germany via a grey dealer. (there are a currently quite a few Takuya/DavidSW equivalents catering to the chinese this way).
oh a side note, mainland china prices are still astronomically high.... even with the 3% decrease, prices are still 50% more expensive than almost anywhere else in the world.... |
11 February 2015, 08:58 AM | #149 |
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I do believe that with this current development PP have succeeded in making their products the most attractive when bought in Switzerland.
I was quoted new price of 37050CHF for the 5726a bracelet. Subtract 8% vat and this comes to 34306chf. Hongkong price would be 36800chf at a rate of 0.1196. You need an additional 6.5% discount to equal the Swiss prices. I say come over here and have a Fondue! |
11 February 2015, 09:05 AM | #150 |
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There was zero change to dealer margins fyi and T. Stern in his letter stated he wanted to maintain dealer margins. Also he said it was either do this or only increase prices by 14% in Europe which he felt would kill sales there. His main goal was to equalize pricing more and control grey market. I have read the 3 page letter and his rationale all in there. Short term will be much hype and noise but my guess is over time it will die down and quickly at that. Best advice is as always buy the right watches and at right prices. There are a lot of dogs out there that fare poorly with collectors like it or not. Clearly new watches that have replaced certain old watches have not been a success and they have been going out back door to grey dealers for close if not at AD cost. This has killed secondary market for those references i.e. 5270 and 5170. So be smart about what you buy and what you pay. In the end life goes on and these are watches and meant to enjoy and wear not replace your investments.
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