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Old 12 August 2017, 10:10 AM   #1
ILikeTacos
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First Patek - grey a good option?

Hello all, long time lurker but recently became a member. Ever since I saw the 5524 online a couple years ago, I was really drawn to the watch. Patek has never really appealed to me (mostly Rolex guy) but something about the size and case shape and design of this model just really struck me. A few weeks ago, I was able to handle and try one on with a colleague who received his (has a handful of Patek and still waited over 3 years to get it).

Decided that I'm ready to buy it and called just about every US AD - only to be told that they have long waiting lists and would take a couple years at the minimum but would still be bumped if an existing client wanted it first. Have realized that grey dealer is probably the only way to get it relatively soon. I reached out to a couple TS on here and they are asking 55/56 for the piece (think it retails at 47). I've come to terms with having to pay a premium to get it soon but is that the right price to be buying? I'm not so much worried about resale as much as overpaying for a limited piece from a brand whose market I don't know well.

Would appreciate any advice and if anyone has any suggestions on the possibility of buying it from an AD.
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Old 12 August 2017, 10:31 AM   #2
Hramez
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I will never pay above retail for a watch , as for the 5524 in my view is not a great choice , if u are looking for patek dual time , have a look at the 5164 or the 5990 ( dual time & chronograph) ..


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Old 12 August 2017, 02:22 PM   #3
jon_jon
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The 5524G was released at Basel 2015 and started delivery later that year. Patek has limited its production, so many ADs have a wait list.

I have tried the watch on my wrist several times and it is a nice watch. If you do not have a pre-existing relationship with a Patek AD and you are willing to pay the market rate, which currently is higher than the retail price, I say why not?

Some people pay way over retail price for watches like the 5131. So if someone really likes a watch and want to pay the market rate, there is nothing wrong with it.
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Old 12 August 2017, 02:29 PM   #4
KarlS
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It's better value than the 5164R. If it's only 20% over retail and you can get it go for it otherwise get in a list and wait a few years. I believe in enjoying something now versus possibly never....
Lastly if you liked the 5164R you would have gotten it...they a dime a dozen and if you need a 5164R immediately let me know
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Old 12 August 2017, 02:37 PM   #5
nyc2la
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First Patek - grey a good option?

Personally, I'd wait. If you have an AD close to you, go in, get to know them, build a relationship, and explain what you want. The reality is that once you buy one Patek, you very well may buy several, which could lead to a mutually beneficial relationship with said local AD. If you're in IL, check out Razny. They were very helpful with me.
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Old 12 August 2017, 09:58 PM   #6
lapince
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If the premium is not crazy like on some PP go grey
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Old 13 August 2017, 05:42 AM   #7
Sam Philip
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5524 is a very nice watch. I would wait and get it from an AD by doing that you can build a relationship with them and that would be helpful when you want to get other sought after Pateks. I have found out it is easy to get on to waiting lists by visiting the store and talking to the store manager directly rather than making a phone call.
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Old 13 August 2017, 08:21 AM   #8
alexlt730512
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If the price is above retail, but you could still accept it, then go with grey since waiting could take forever. good luck on hunting one
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Old 13 August 2017, 09:22 AM   #9
AK797
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Life is too short to wait years imho, but then I hate paying premiums, so your call. I'd probably pay a bit over to get one now if I really loved it but not more than 10% over.
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Old 13 August 2017, 05:54 PM   #10
MrBenF
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I was in one of my local ADs last month. The salesperson said they've a 5524 due Sep. Sounded like it hasn't been accounted but then he said it's an application piece. So it may be worth calling around.
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Old 13 August 2017, 07:03 PM   #11
KarlS
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I was in one of my local ADs last month. The salesperson said they've a 5524 due Sep. Sounded like it hasn't been accounted but then he said it's an application piece. So it may be worth calling around.
How does that work? If its an aplication piece in theory it shouldnt be due to a AD unless for someone who applied for it?
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Old 13 August 2017, 07:27 PM   #12
Russell996
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How does that work? If its an aplication piece in theory it shouldnt be due to a AD unless for someone who applied for it?
I don't believe it's an application piece.
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Old 13 August 2017, 08:22 PM   #13
KarlS
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I don't believe it's an application piece.
Never know in Australia but sure aint in UK or USA
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Old 13 August 2017, 08:44 PM   #14
MrBenF
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I also thought it's odd but 'application piece' was what he said.

The dealer is in Syd and with GST-refund pricing is competitive relative to US. If anyone is interested in a 5524 from an AD at MSRP, feel free to send me a PM and I can provide details.
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Old 14 August 2017, 01:10 AM   #15
DR.Golf
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It is not an application piece!

The reality is every AD has multiple calls weekly seeking the watch. When they get one, the clients who have made prior multiple purchases will be rewarded by being offered the piece first. For someone to get one who is on a wait list it will occur after their best clients have passed it by. These watches don't get passed by often yet it does happen, but not often.

Thierry Stern is attempting to prove a point with this watch. When introduced he was bashed by many who claimed the reference had no Patek pure DNA. He has taken the stance I will show you. Look at the price, how does it compare to a gold Aquanaut? Amazing value, right? Then he clamps supply right now and starves the market, not limit but starve. MANY AD's have not seen their third piece yet, some have seen only one and a few have yet to get even one. Many of the ones sold thus far are locked away in collections, further reducing the preowned inventory. This is done because Patek has told the dealers it will not be widely produced. Dealers know what this means.

If you want one from an AD, you likely need to begin purchasing other Pateks and/or other jewellery or watches from a AD, building your relationship and business case.

The watch is in high demand, will Patek ever increase the supply on this reference? I am betting no, Mr. Stern is proving a point and doing so quite successfully.

If you want one now, be prepared to buy preowned and pay a surcharge. BTW, wore mine yesterday. It's a great piece.
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Old 14 August 2017, 01:32 AM   #16
Passionata
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Quote:
Originally Posted by DR.Golf View Post
It is not an application piece!

The reality is every AD has multiple calls weekly seeking the watch. When they get one, the clients who have made prior multiple purchases will be rewarded by being offered the piece first. For someone to get one who is on a wait list it will occur after their best clients have passed it by. These watches don't get passed by often yet it does happen, but not often.

Thierry Stern is attempting to prove a point with this watch. When introduced he was bashed by many who claimed the reference had no Patek pure DNA. He has taken the stance I will show you. Look at the price, how does it compare to a gold Aquanaut? Amazing value, right? Then he clamps supply right now and starves the market, not limit but starve. MANY AD's have not seen their third piece yet, some have seen only one and a few have yet to get even one. Many of the ones sold thus far are locked away in collections, further reducing the preowned inventory. This is done because Patek has told the dealers it will not be widely produced. Dealers know what this means.

If you want one from an AD, you likely need to begin purchasing other Pateks and/or other jewellery or watches from a AD, building your relationship and business case.

The watch is in high demand, will Patek ever increase the supply on this reference? I am betting no, Mr. Stern is proving a point and doing so quite successfully.

If you want one now, be prepared to buy preowned and pay a surcharge. BTW, wore mine yesterday. It's a great piece.


It s not an application piece and neither an interesting piece at all IMHO ,every time I look at it whispering Zenith -to make it worse same feelings for the 5522.
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Old 14 August 2017, 01:50 AM   #17
texex91
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I tried on Martin's in LV this week. Think it would be a great Patek if you can find one at MSRP. Nice balance, heavy enough, sporty, nice metal...yes you get my vote.
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Old 14 August 2017, 04:01 AM   #18
AK797
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Quote:
Originally Posted by DR.Golf View Post
Thierry Stern is attempting to prove a point with this watch. When introduced he was bashed by many who claimed the reference had no Patek pure DNA. He has taken the stance I will show you. Look at the price, how does it compare to a gold Aquanaut? Amazing value, right? Then he clamps supply right now and starves the market, not limit but starve.
Empire Strikes Back.
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Old 14 August 2017, 07:56 AM   #19
RussW
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Firstly the 5524 is a fantastic watch, so great choice. If I were you I'd get on a few waiting lists, and as you're in the US I'd wait a few months as the 5522 roll out, as that may have an impact on the wait list. I'd assess the situation again in December.
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Old 14 August 2017, 07:58 AM   #20
codecow
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I wouldn't pay over MSRP. If you wait it out you'll get one. We even had a member wait 8 years for a 5131.
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