The Rolex Forums   The Rolex Watch

ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX


Go Back   Rolex Forums - Rolex Watch Forum > Other (non-Rolex) Watch Topics > Patek Philippe Discussion Forum

Reply
 
Thread Tools Display Modes
Old 10 October 2020, 12:07 PM   #1
cantdrive55
2024 Pledge Member
 
Join Date: Nov 2018
Location: Just up the road
Watch: Hmmm…
Posts: 105
5990 - $146,286 - SOLD - Sotheby’s - No Tiffany Stamp

http://www.sothebys.com/en/buy/aucti...90-a-stainless
cantdrive55 is offline   Reply With Quote
Old 10 October 2020, 12:35 PM   #2
Daytonaman799
2024 Pledge Member
 
Join Date: Aug 2012
Location: NYC/South Fl
Watch: Rolex, Patek
Posts: 3,450
That’s just crazy unless you are washing money....
Daytonaman799 is offline   Reply With Quote
Old 10 October 2020, 01:18 PM   #3
Ichiran
2024 Pledge Member
 
Ichiran's Avatar
 
Join Date: Jan 2018
Real Name: Michael
Location: Dotonbori
Watch: Mostly blue dials
Posts: 7,512
Great to see a 2014 Nautilus doing well in auction. Happy for the owner.
Ichiran is offline   Reply With Quote
Old 10 October 2020, 02:19 PM   #4
CasinoRoyale_007
"TRF" Member
 
Join Date: Feb 2019
Location: NYC/Toronto/CLT
Watch: LF Sport & Tissot
Posts: 182
lol .... and the fee on top of it too for Sotheby's... nice

wish they'd make this in a blue dial.
CasinoRoyale_007 is offline   Reply With Quote
Old 10 October 2020, 02:27 PM   #5
pav333hp
"TRF" Member
 
Join Date: Sep 2019
Location: USA
Posts: 555
This is insane! But I suppose good for current 5990 owners :)
pav333hp is offline   Reply With Quote
Old 10 October 2020, 03:41 PM   #6
ragsk
Banned
 
Join Date: Jun 2018
Location: USA
Posts: 1,505
bananas
ragsk is offline   Reply With Quote
Old 10 October 2020, 05:15 PM   #7
dauster
"TRF" Member
 
Join Date: Mar 2019
Location: San Francisco
Posts: 2,802
Jho low is alive and well that 1MDB money is long
dauster is offline   Reply With Quote
Old 10 October 2020, 05:46 PM   #8
330ci
"TRF" Member
 
Join Date: Jun 2020
Location: michigan
Posts: 2,280
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.
330ci is offline   Reply With Quote
Old 10 October 2020, 07:21 PM   #9
Token74
"TRF" Member
 
Join Date: Dec 2012
Real Name: Vince
Location: England
Watch: Too many!
Posts: 5,707
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’.


Sent from my iPhone using Tapatalk
__________________
Time is limited, make every second count.

Patek Philippe Nautilus 5990 - AP Royal Oak 15300 - AP Royal Oak 15450 Blue - AP Royal Oak 15450 Silver - AP Royal Oak Offshore 26480 - Royal Oak Offshore 15710 - Rolex Sea Dweller 116600 - Rolex Daytona 116519 - Rolex GMT 126710 BLRO - Omega Speedmaster Reduced - JLC Reverso GMT Moonphase - TAG Microtimer - Dent Pocket Watch - JLC Atmos Phases de lune
Token74 is offline   Reply With Quote
Old 10 October 2020, 11:17 PM   #10
GB-man
2024 Pledge Member
 
GB-man's Avatar
 
Join Date: Nov 2012
Location: USA
Watch: addiction issues
Posts: 36,815
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.
__________________
GB-man is offline   Reply With Quote
Old 11 October 2020, 12:17 AM   #11
Mr. Miami
"TRF" Member
 
Join Date: Dec 2019
Location: United States
Posts: 881
Quote:
Originally Posted by Daytonaman799 View Post
That’s just crazy unless you are washing money....
i agree 100%. WatchBox has it for around $97k. something is not right either stupid people are washing $
__________________
Time is Money.
Mr. Miami is offline   Reply With Quote
Old 11 October 2020, 12:53 AM   #12
YGRLX
"TRF" Member
 
Join Date: Jan 2019
Location: N/A
Posts: 540
Maybe their eyes were blurred and they were seeing a Tiffany stamp on it lol
YGRLX is offline   Reply With Quote
Old 11 October 2020, 03:18 AM   #13
candle rock
"TRF" Member
 
Join Date: Aug 2012
Location: Los Angeles
Watch: Patek, Rolex.
Posts: 140
Quote:
Originally Posted by GB-man View Post
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.
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.
candle rock is offline   Reply With Quote
Old 11 October 2020, 05:09 AM   #14
watchucallit
"TRF" Member
 
watchucallit's Avatar
 
Join Date: Nov 2014
Location: San Fran
Posts: 2,212
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
watchucallit is offline   Reply With Quote
Old 11 October 2020, 05:49 AM   #15
cantdrive55
2024 Pledge Member
 
Join Date: Nov 2018
Location: Just up the road
Watch: Hmmm…
Posts: 105
Quote:
Originally Posted by Mr. Miami View Post
i agree 100%. WatchBox has it for around $97k. something is not right either stupid people are washing $
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”...
cantdrive55 is offline   Reply With Quote
Old 11 October 2020, 05:54 AM   #16
qrc36
"TRF" Member
 
Join Date: Nov 2016
Location: HKG
Posts: 275
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.
qrc36 is offline   Reply With Quote
Old 11 October 2020, 06:35 AM   #17
Mr. Miami
"TRF" Member
 
Join Date: Dec 2019
Location: United States
Posts: 881
Quote:
Originally Posted by cantdrive55 View Post
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”...
gotcha. wasn’t thinking about that. just doesn’t make sense to me when other places have it for less. unless they are trying to push the price up.
__________________
Time is Money.
Mr. Miami is offline   Reply With Quote
Old 11 October 2020, 09:46 AM   #18
GB-man
2024 Pledge Member
 
GB-man's Avatar
 
Join Date: Nov 2012
Location: USA
Watch: addiction issues
Posts: 36,815
Quote:
Originally Posted by cantdrive55 View Post
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”...

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:
Originally Posted by qrc36 View Post
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.

Why haven’t you worn any of them!? I’ll give you 150k for the set
__________________
GB-man is offline   Reply With Quote
Old 11 October 2020, 01:47 PM   #19
conkers
"TRF" Member
 
conkers's Avatar
 
Join Date: Feb 2013
Real Name: Roger
Location: Hong Kong
Watch: Too many!
Posts: 5,984
Quote:
Originally Posted by qrc36 View Post
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)?
They might suggest the private sale route. Could be an option.
__________________
IG: @conkers1971
Revolution Video Feature: https://www.revolution.watch/collect...f-conkers1971/
conkers is offline   Reply With Quote
Old 11 October 2020, 04:29 PM   #20
qrc36
"TRF" Member
 
Join Date: Nov 2016
Location: HKG
Posts: 275
Quote:
Originally Posted by GB-man View Post
Why haven’t you worn any of them!? I’ll give you 150k for the set
I never felt comfortable with really expensive watches on my wrist. Much prefer wearing my 10-year old Rolex GMT or a JLC.

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.
qrc36 is offline   Reply With Quote
Old 11 October 2020, 04:45 PM   #21
ragsk
Banned
 
Join Date: Jun 2018
Location: USA
Posts: 1,505
Quote:
Originally Posted by qrc36 View Post
I never felt comfortable with really expensive watches on my wrist. Much prefer wearing my 10-year old Rolex GMT or a JLC.

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.
Why are you buying them then? To store away?
ragsk is offline   Reply With Quote
Old 11 October 2020, 06:01 PM   #22
Gasoil4ever
"TRF" Member
 
Gasoil4ever's Avatar
 
Join Date: Oct 2008
Location: Cameroun
Watch: GS Snowflake
Posts: 1,534
Quote:
Originally Posted by ragsk View Post
Why are you buying them then? To store away?

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.
__________________
16710 GMT Master II "M" , SD4000, GS Snowflake, Stowa Marine Original.
Gasoil4ever is offline   Reply With Quote
Old 11 October 2020, 11:29 PM   #23
GB-man
2024 Pledge Member
 
GB-man's Avatar
 
Join Date: Nov 2012
Location: USA
Watch: addiction issues
Posts: 36,815
Quote:
Originally Posted by qrc36 View Post
I never felt comfortable with really expensive watches on my wrist. Much prefer wearing my 10-year old Rolex GMT or a JLC.

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.


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.
__________________
GB-man is offline   Reply With Quote
Old 11 October 2020, 11:53 PM   #24
guffyboy92
"TRF" Member
 
guffyboy92's Avatar
 
Join Date: Mar 2017
Real Name: Enrique
Location: MNL x FFM x YVR
Watch: All that I own
Posts: 81
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.
guffyboy92 is offline   Reply With Quote
Old 12 October 2020, 12:36 AM   #25
cantdrive55
2024 Pledge Member
 
Join Date: Nov 2018
Location: Just up the road
Watch: Hmmm…
Posts: 105
Quote:
Originally Posted by Gasoil4ever View Post
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.
true, but there are also many car collectors who drive and track their collector cars like they stole them, which, i think is more fun than just looking at them...

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.”...
cantdrive55 is offline   Reply With Quote
Old 12 October 2020, 03:33 AM   #26
ragsk
Banned
 
Join Date: Jun 2018
Location: USA
Posts: 1,505
Quote:
Originally Posted by cantdrive55 View Post
true, but there are also many car collectors who drive and track their collector cars like they stole them, which, i think is more fun than just looking at them...

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.”...
Agree totally.
ragsk is offline   Reply With Quote
Old 12 October 2020, 03:43 AM   #27
enjoythemusic
2024 Pledge Member
 
enjoythemusic's Avatar
 
Join Date: Nov 2012
Real Name: Steven
Location: Glocal
Posts: 19,265
Laundering, or perhaps anyway to bribe the seller.
__________________
__________________
“Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming 'Wow! What a Ride!'” -- Hunter S. Thompson

Sent from my Etch A Sketch using String Theory.
enjoythemusic is offline   Reply With Quote
Old 12 October 2020, 01:23 PM   #28
kneedeep
"TRF" Member
 
Join Date: May 2014
Location: Not 2 far from u
Posts: 3,457
Fool and his money......
__________________
Official Member "WIS-CON" Las Vegas International GTG 2017
Official Member "WIS-CON" Las Vegas International GTG 2018
kneedeep is offline   Reply With Quote
Old 12 October 2020, 01:35 PM   #29
qrc36
"TRF" Member
 
Join Date: Nov 2016
Location: HKG
Posts: 275
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!
qrc36 is offline   Reply With Quote
Old 14 October 2020, 11:32 AM   #30
GreenLantern
"TRF" Member
 
Join Date: Oct 2016
Location: Montana
Posts: 3,222
Who's going to come out and claim this isn't a bubble now?

Huh?

Where you at? :)
GreenLantern is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Takuya Watches

Bobs Watches

My Watch LLC

OCWatches

DavidSW Watches

Coronet


*Banners Of The Month*
This space is provided to horological resources.





Copyright ©2004-2024, The Rolex Forums. All Rights Reserved.

ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX

Rolex is a registered trademark of ROLEX USA. The Rolex Forums is not affiliated with ROLEX USA in any way.