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10 October 2020, 12:07 PM | #1 |
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5990 - $146,286 - SOLD - Sotheby’s - No Tiffany Stamp
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10 October 2020, 12:35 PM | #2 |
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That’s just crazy unless you are washing money....
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10 October 2020, 01:18 PM | #3 |
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Great to see a 2014 Nautilus doing well in auction. Happy for the owner.
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10 October 2020, 02:19 PM | #4 |
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lol .... and the fee on top of it too for Sotheby's... nice
wish they'd make this in a blue dial. |
10 October 2020, 02:27 PM | #5 |
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This is insane! But I suppose good for current 5990 owners :)
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10 October 2020, 03:41 PM | #6 |
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bananas
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10 October 2020, 05:15 PM | #7 |
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Jho low is alive and well that 1MDB money is long
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10 October 2020, 05:46 PM | #8 |
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a quick google search shows a handful of these available for 96-124k why'd it sell for so much? seems like some of these results have to be the company itself hyping it's own watches at auction.
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10 October 2020, 07:21 PM | #9 |
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I have a 5990 and for me, it’s worth every penny! But...something curious about this. If you have the cash to drop that much on a 5990, you have the influence to get one at Retail. This is either laundering, Patek doing what Patek do, or very rich folk who consider this amount ‘just a bit of rounding’.
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10 October 2020, 11:17 PM | #10 |
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Gotta be laundering. People generally aren’t idiots who are spending 100k. A quick google search and the buyer could have sourced one in 5 min for much less.
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11 October 2020, 12:17 AM | #11 |
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i agree 100%. WatchBox has it for around $97k. something is not right either stupid people are washing $
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11 October 2020, 12:53 AM | #12 |
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Maybe their eyes were blurred and they were seeing a Tiffany stamp on it lol
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11 October 2020, 03:18 AM | #13 |
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either that or a bunch of big brokers in asia are pumping up the prices. You can buy brand new for 800k HKD right now.
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11 October 2020, 05:09 AM | #14 |
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I doubt it is money laundering. This was discussed on another thread. It is more likely Patek up bidding to keep the value of the brand inflated. Perhaps more effective and less costly than classical advertising campaigns
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11 October 2020, 05:49 AM | #15 |
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not necessarily - i’ve seen it happen at auctions for cars, art, etc. - all it takes is two guys who want the same thing, each of which doesn’t want to lose to the other, thinks his is bigger than the others - great booze/cocktails/wine are always provided by the auction houses - you know - to be “helpful”...
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11 October 2020, 05:54 AM | #16 |
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https://www.sothebys.com/en/buy/auct...64-a-stainless
Is this even more absurd? 5164 from 2018, Tiffany stamp, US$145,xxx + 25% commission = US$181,xxx Makes me want to sell my 5711 + 5712 + 5726 + 5164 + 5167 (all unworn, no T stamp) as the popularity makes it less appealing for me to keep or wear them. Do you think I can get Christie's / Sotheby's / Phillips to sell the 3 Nautilus + 2 Aquanaut as one lot (instead of selling them separately)? Especially with Covid-19, right now I feel more comfortable with a 5196 on my wrist. Or something even more under the radar like a JLC dress watch. |
11 October 2020, 06:35 AM | #17 | |
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Quote:
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11 October 2020, 09:46 AM | #18 | ||
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A run of the mill 5990 is not like art or a car. There are countless examples all identical and easily available with a few finger stokes on your iPhone. It’s a commodity. This sort of thing does happen but typically with something that is unique. Quote:
Why haven’t you worn any of them!? I’ll give you 150k for the set
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11 October 2020, 01:47 PM | #19 | |
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11 October 2020, 04:29 PM | #20 | |
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Living in Hong Kong, people have very sharp eyes and I don't like the attention that at Nautilus would bring. Covid-19 makes me especially uneasy, not because I'll get mugged (not likely in HK) but because many people's businesses are suffering and I don't want to draw attention to my (extravagant) spending patterns. I don't want my watch to be a topic of discussion with my clients. So yeah, I've not worn any of them apart from in the AD at the time of purchase to take a pic or two. |
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11 October 2020, 04:45 PM | #21 | |
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11 October 2020, 06:01 PM | #22 |
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It’s called collecting . Not all car collector drive them not to take the risk for damage. I guess this applies to all type of collecting. The pleasure lies in the ownership and looking at your toys.
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11 October 2020, 11:29 PM | #23 | |
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Fair enough. That’s truly a problem one could only have in a select few cities! Here most wouldn’t know a Patek from a piaget.
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11 October 2020, 11:53 PM | #24 |
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What would suggest that this was laundering? Wouldn't the smart "launderer" just purchase said watch from a grey at market price to make their dollar go farther? Wouldn't that transaction be more private as the final price wouldn't be advertised on a website? I'm inclined to believe the narrative of, "two guys trying outbid each other because they like the watch", or someone in the industry; be it Patek themselves, or a party associated with selling these pieces, bidding up the piece for the sake of raising market price.
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12 October 2020, 12:36 AM | #25 | |
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buying stainless PPs from an AD, with no intent of wearing them, sounds like being more of an investor than a collector... but in the words of comedian, dennis miller: “that’s just my opinion - and i could be wrong.”... |
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12 October 2020, 03:33 AM | #26 | |
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12 October 2020, 03:43 AM | #27 |
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Laundering, or perhaps anyway to bribe the seller.
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12 October 2020, 01:23 PM | #28 |
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Fool and his money......
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12 October 2020, 01:35 PM | #29 |
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Actually I was planning on getting my name on the waiting list (in 2016) and hopefully getting a 5711 by 2020 ... but it arrived very quickly. Then I got sucked into the Patek black hole and got the other ones as well.
Investing yes, wearing maybe ... I asked some friends at the time and they said I can’t go wrong buying the 5711 / 5712 / 5726 / 5167 / 5164 at retail. They said I had zero chance of making a loss if I keep them in mint condition. I guess they are right! |
14 October 2020, 11:32 AM | #30 |
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Who's going to come out and claim this isn't a bubble now?
Huh? Where you at? :) |
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