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

[KarlS]

Originally Posted by AK797

You must have passed the dirty-money face test.

I obviously look a bit seedy

[tyler1980]

Originally Posted by KarlS

I obviously look a bit seedy

lol... hopefully you were not one of the two guys who came in about the time i was leaving. They were legitimately sketchy. Im usually not one to judge, but those two would make me nervous running into them on a deserted street at night.

[KarlS]

Originally Posted by tyler1980

lol... hopefully you were not one of the two guys who came in about the time i was leaving. They were legitimately sketchy. Im usually not one to judge, but those two would make me nervous running into them on a deserted street at night.

No I was there last Friday

[tyler1980]

Originally Posted by KarlS

No I was there last Friday

so they really did ask you for 2 forms of ID?

Im sure you were selling a much more valuable watch than i was though.

[Everett7]

https://www.watchcentre.com/product/...1-1a-010/15097

This is getting even more silly

[kultschar]

Wow - ridiculous

[Russell996]

Originally Posted by Everett7

https://www.watchcentre.com/product/...1-1a-010/15097

This is getting even more silly

Simply priced for the August influx of foreign money. People with lots of disposable income and no need to wait.

[Giggsy11]

That's more than the 5712R I just picked up from an AD!!! Unbelievable!

[dmash]

And there's even 'interest bearing credit available'!

[AK797]

Originally Posted by Everett7

https://www.watchcentre.com/product/...1-1a-010/15097

This is getting even more silly

And WC usually do not pay well so this really is a huge pure premium.

[Passionata]

Originally Posted by Everett7

https://www.watchcentre.com/product/...1-1a-010/15097



This is getting even more silly

They just test the limits!

[walds11]

It finally sold after almost 3 weeks!

[Silver Bullet]

Originally Posted by walds11

It finally sold after almost 3 weeks!

Considering the asking price, I'd say 3 weeks was a quick sale. I wonder what it went for.

I noticed on the weekend that they were asking *more* for that 5711 than a 5712 they were also selling. Both seem to be gone now.

[jnelson3097]

It didn't go for the $37.5K they were asking but not too much less

[c121ck]

An AD here in Hong Kong has just sold a yr 2017 5711 for US$38k, and he got it sold in less than 1 week. I got a 5711 blue and think the current price is nuts! But believe it or not, there’re actually people paying that much for it

[walds11]

Originally Posted by c121ck

An AD here in Hong Kong has just sold a yr 2017 5711 for US$38k, and he got it sold in less than 1 week. I got a 5711 blue and think the current price is nuts! But believe it or not, there’re actually people paying that much for it

Crazy. Prices for these keep going up and up...

I’m patiently waiting for the call. Hopefully by the end of year or early next year. I can’t wait to get it on my wrist.

[Watch Admirer]

If you purchase 15k worth of jewelry from govberg, you might be able to purchase the watch from them for 23k

[bluebeamer]

a grey dealer here in singapore said he can guarantee me USD$31K (or even more) for my 2013 blue dial 5711 which i bought for USD$23K

[socalwatchcollector]

Originally Posted by GB-man

A lot of criticism is an understatement!

The industry is flailing and the global economy is overdue for a recession. Cutting your most in demand watch among collectors both young and old is laughable.

I would love for Patek to introduce new sports watches though...but alongside the nautilus not in place of it.

+1

[SC11]

Originally Posted by AK797

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!

As long as you are not in the business of selling watches CG does not apply.

[AK797]

Originally Posted by SC11

As long as you are not in the business of selling watches CG does not apply.

6 months ago this was fair comment, now I bet half the forum are thinking of entering this business.

[Jack Cassidy]

I am so glad I am not in love with this watch. I will use my next € on a watch that has a far better value for money logic.

[kultschar]

Well its great value if you get at list (even better with VAT refund!!)

[SMD]

Originally Posted by SC11

As long as you are not in the business of selling watches CG does not apply.

Why would that be? If you are in the business it would be ordinary income not capital gains. But any collectible held for more than one year (less than a year ordinary income) that increases in value is taxable. Now whether people comply is an entirely separate matter. See IRS topic 409.

Edit: saw you are in UK. Same principle but I think they have to be worth more than £6,000.

[SC11]

Originally Posted by SMD

Why would that be? If you are in the business it would be ordinary income not capital gains. But any collectible held for more than one year that increases in value is taxable. Now whether people comply is an entirely separate matter. See IRS topic 409.

I was posting to Neil as we are both in the UK hence different systems.

Here in the UK CGT is not applicable to mechanical watches, however if someone is in the business of selling watches I don’t mean a shop but someone who is clearly buying and selling as a sideline they will be liable to declare profit and get taxed as such.

It’s classed under ‘possessions with limited lifespan’

[SC11]

Don’t know the exact details as my accountant dealt with it.
Here’s what I’m referring to

[SMD]

Originally Posted by SC11

Don’t know the exact details as my accountant dealt with it.
Here’s what I’m referring to

Fair enough. When I noticed you were in the UK I edited the post based on the following: https://www.gov.uk/capital-gains-tax...al-possessions and put watches under jewelry. But the limited lifespan looks on point.

[Tony64]

Originally Posted by SMD

Fair enough. When I noticed you were in the UK I edited the post based on the following: https://www.gov.uk/capital-gains-tax...al-possessions and put watches under jewelry. But the limited lifespan looks on point.

But since "you never actually own a Patek Philippe" it should still be exempt, right?

I mean it says so right in their ad...

[SC11]

Originally Posted by SMD

Fair enough. When I noticed you were in the UK I edited the post based on the following: https://www.gov.uk/capital-gains-tax...al-possessions and put watches under jewelry. But the limited lifespan looks on point.

Yes I noticed you did but given the topic I should of been more clear that I was referring to the UK.

Hey for once it looks like we don’t get the bum deal haha

[Calatrava r]

Its a bargain at that price. No way to get one from an AD. If you want it now, its a good move.