Does Patek Philippe Care About New Customers?

[tryptobphan]

I’m considering adding a PP into my collection but I’m torn between buying a used model vs. new model at an AD.

Does PP keep track of only new and original owners? Do they keep track/record of owners of used models when the watches are sent in for maintenance?

Is there any benefit to buying from an AD rather than used market?

Thanks all!

[Neom]

I always prefer AD experience. If you can accept purchasing a watch without necessarily caring about total value retention, then that's the best route of course, plus it's always added value to have your name registered with a brand / AD.

Patek used to want to diversify their clientele back in 2017 - one of the SA literally told me they are offering some hard to get watches to get new customers / enthusiasts of the brand in, but this might have changed with the current climate.

[Moondoggy]

Not at the moment no, maybe one day though.

[Mini2]

Originally Posted by Moondoggy

Not at the moment no, maybe one day though.

But then people might not want them

[bonsai-man]

I think you can still register used watches with Patek, you fill in the form on the website. I think you’ll also get the membership magazine each year. I am sure someone will be along with more knowledge soon and can confirm.

[ts3]

Key difference is that buying from an AD should improve the odds of getting some hard-to-get pieces in the long run. It is obviously the only way to go if you have to have your name in the papers and you'd also avoid any concerns with respect to buying a fake watch.

You can register any Patek online, new or used. But I don't know if registering a preowned watch has any benefits beyond getting the magazine. Possibly they'll look at all your watches no matter if purchased new or used when deciding upon application pieces in Geneva but I am not sure.

[cascavel]

If you can source the model you want from an AD, you should buy from them to establish or improve your relationship. it's possible that at some future date the AD will be able to get you something which is difficult to get at MSRP.

[Pw92676]

I think which route to get a Patek largely depends on the piece and your ultimate collection aspiration.

Do they care about new customers? Yes and no. Sales and relationship do not come at the expense of exclusivity and craftsmanship.

[Rollieo]

You get the Patek magazine subscription when you buy from an AD.


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[ts3]

Originally Posted by Rollieo

You get the Patek magazine subscription when you buy from an AD.


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You get the magazine when you register any Patek watch. AD doesn't matter.

[S``]

Originally Posted by Rollieo

You get the Patek magazine subscription when you buy from an AD.


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Wrong, I got my 5711 from DavidSW in 2012. Wasn't interested in registering till I got bored in late 2019. Got those magazines sent to me every year

[scurfa]

New customers? My AD says everyone that comes in asks for a Nautilus then an Aquanaut and when they are told they cannot have one they walk out the door!


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[uniqueMR]

AD only

[Petroc Tremaine]

So when do these magazines arrive?

[szabo_martin]

They track their watches the best they can, obviously if you sell it out the back door they don't know. If it goes in for service to an authorized service center I'm sure they will note the new ownership. There seems to be mixed meanings with "care" as in know who they are or actually care about their feelings. I think they care as much as any other luxury brand. It comes mostly down to your AD as they are the brand ambassadors. My AD has been awesome so no complaints here.

[jon_jon]

It really depends on what type of watch buyer/owner you are. If you are a "flipper", then Patek doesn't care.

However an AD may like you if you buy a lot from them and care less if you flip them or not, as long as the watches are not high demand watches. ADs want and need a way to sell low demand inventory (new or used). If you are willing to help unload their slow watches, ADs will love you. This is what resellers often do. They buy slow movers from ADs and they also get "hot" watches from ADs. They flip these watches and make a profit. They lose on some and make some on others.

Now if you are a true collector and collect and add watches over time, Patek will recognize this as long as you register your watches (whether new or pre-owned) and get to know an AD or two or more on your journey. If you buy all your Patek watches from the pre-owned market and not from an AD, when you want to get a high demand watch, you will not be given any preference as most of the time the AD allocate these watches. If an AD sells both new and used, they will give you credit for buying pre-owned Patek from them though.

[fsprow]

After almost 300 years in business, it’s a pretty good bet that Patek Philippe does indeed care about its customers.

[2nastie]

In theory they do... of course companies do, but Patek themselves don't control who buy their watches. ADs do that.

But in reality, not one bit as long as their product sells. Watches inevitably changes hand so there will always be "new" customers owning a piece.

ADs don't care at all as long as the watch is sold and they don't get called out by Patek if their watches hit the secondary market.


As a consumer, unless you want your name on the watch or want to play the game to get a desired piece, I'll look for the best service, best example, and best deal (be it from an AD or secondary).

[GreenLantern]

How do we differentiate new customers who want to wear/collect vs. new customers who want to treat these timepieces as the latest cryptocurrency investment because everyone else is?

That's the tricky part.

Thanks, everyone, for ruining it for the rest of us.

[chiscott_29]

If you care about money, for God’s sake if you are looking at a Complication model buy it secondary. There are many beautiful Complication watches out there at much better pricing, although the rising tide has lifted all boats and the price gap is diminishing.

I’d say the same thing for Rolex and AP as well…Unfortunately now is not a good time to attempt to start a relationship unless you genuinely want the pieces you are buying. You have to be realistic with yourself and you will absolutely need to exercise patience.

The reality is this: There simply isn’t enough supply to warrant the risk that you won’t get any in-demand sports model to compensate you for the hit you’ll take buying at MSRP.


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[HMHM]

Of course they want to bring in new customers to the fold, but if everyone is asking for the same few models like Nautilus and Aquanaut, there won't be enough pie for everyone. Buying from AD is always worth it in the long run, as long as you are buying a piece you genuinely like. A walk in first time customer cannot expect to be treated the same as another who has been customer for 10 years right? Relationship is a two way thing after all.

[GoingPlaces]

Not qualified to say if they care or not, but money is flying these days. Not sure how much anyone cares.

[Mini2]

Originally Posted by HMHM

Of course they want to bring in new customers to the fold, but if everyone is asking for the same few models like Nautilus and Aquanaut, there won't be enough pie for everyone. Buying from AD is always worth it in the long run, as long as you are buying a piece you genuinely like. A walk in first time customer cannot expect to be treated the same as another who has been customer for 10 years right? Relationship is a two way thing after all.

I agree somewhat
But you have a case like this, a customer of 10 years who has bought 2 watches
you have a new .com billionaire who can buy 10 watches in a day.
Who do you regard as a better customer
The customer who took on the brand at 10 years ago or the .com guy who has more money and don't care if it goes up or down he just wants what is HOT

[HMHM]

Originally Posted by Mini2

I agree somewhat
But you have a case like this, a customer of 10 years who has bought 2 watches
you have a new .com billionaire who can buy 10 watches in a day.
Who do you regard as a better customer
The customer who took on the brand at 10 years ago or the .com guy who has more money and don't care if it goes up or down he just wants what is HOT

What my AD does is that they try to spread the love among customers. So if one has gotten a hot reference recently, then they will have to wait a little to get another one. Of course one can always try to sweeten the deal by buying more watches in the mean time, but generally they avoid putting all eggs in one basket. It can be a little frustrating as well because the one who buys 10 expects to get anything that comes in, but at the same time I can see the reasoning behind doing so. There are a few big spenders who spends huge amounts and over many year, then they have got bargaining power. I know of one who specifically buys only PM sports model, none in stainless steel. So the SA said that should he wants to use his credit for SS sports, he would get priority.

[Lemarp]

I'm inclined to say no given the AD option in Toronto.

[GoingPlaces]

Originally Posted by Mini2

I agree somewhat
But you have a case like this, a customer of 10 years who has bought 2 watches
you have a new .com billionaire who can buy 10 watches in a day.
Who do you regard as a better customer
The customer who took on the brand at 10 years ago or the .com guy who has more money and don't care if it goes up or down he just wants what is HOT

I agree, today money talks. Everything has a price, even brand/AD loyalty. It's unfortunate but true.

[Mini2]

Originally Posted by GoingPlaces

I agree, today money talks. Everything has a price, even brand/AD loyalty. It's unfortunate but true.

So money is worth more.
This is the problem with AP
They have gone down the route of getting rid of a lot of there authorised dealer network so they can have the lion share of the profits but this is great when the market is like what we are in which has never been seen before.
I would rather have a contractual agreement in place weather times are good retailer X has to buy X amount of units.
But again they are a privately owned business and don't owe nothing to share holders so as long as the business is making money it probably don't even need times like this

[Mini2]

Originally Posted by HMHM

What my AD does is that they try to spread the love among customers. So if one has gotten a hot reference recently, then they will have to wait a little to get another one. Of course one can always try to sweeten the deal by buying more watches in the mean time, but generally they avoid putting all eggs in one basket. It can be a little frustrating as well because the one who buys 10 expects to get anything that comes in, but at the same time I can see the reasoning behind doing so. There are a few big spenders who spends huge amounts and over many year, then they have got bargaining power. I know of one who specifically buys only PM sports model, none in stainless steel. So the SA said that should he wants to use his credit for SS sports, he would get priority.

Its trying to find that right balance
Loyalty is worth more than money in my opinion nd if you hold a pp AD you cant be that hard up for a few pound

[dauster]

Originally Posted by Mini2

I agree somewhat
But you have a case like this, a customer of 10 years who has bought 2 watches
you have a new .com billionaire who can buy 10 watches in a day.
Who do you regard as a better customer
The customer who took on the brand at 10 years ago or the .com guy who has more money and don't care if it goes up or down he just wants what is HOT

I get your point but lets be honest this scenario doesn't really apply that much - I'd say you are competing with people that spend a couple hundred k a year of course they have priority but how many of them are there actually I am beginning to think not that many.

I think it's a mix of everything. these days it's just tough to build a relationship given the low supply of pretty much any watches at all from PP but also the huge price increases on the secondary market for "hot models". hard to justify getting an aquanaut that instantly triples/ doubles in value when you "only: bought a few SS Rolexes and an IWC.

I think the hardest part for me is to find an AD that will actually care about you and even more so is not shady. Unfortunately, I found that out after already spending a bunch of money here and there.

[rolexperfect]

After the Tiffany 5711 I just think they don’t.


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