Patek CPO coming per Patekaholic

[LJubel328]

Originally Posted by Calatrava r

This if it is coming is really a shame. Many Patek models are soft on the used market and this may be a plan to boost prices. It’s a shame because many folks who love the watches can obtain the watches they want at market prices. Leave the used markets alone. Once the ADs get involved they will be allocating and bundling with new purchases.

I’m afraid this may be the road taken. An AD has tried pushing pre-owned inventory on me in the past. I inquired a couple of times and every time it was 30-40% higher than comps on C24 (which are usually already optimistic asking prices).


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[Armis]

Originally Posted by Ichiran

The CPO is just another sales outlet for consumers. Buyers who don't think the CPO make sense can simply buy from the traditional dealers. We do not know how the CPO will price their watches yet but some like the peace of mind, Patek servicing and new warranty on older discontinued complicated watches. This group will be the target.

For sure would prefer a CPO piece from an AD over a grey dealer. Discontinued pieces aside, it was more a question of pricing of current production pieces…but I understand better now what goes into that pricing.

[dauster]

Originally Posted by Armis

For sure would prefer a CPO piece from an AD over a grey dealer. Discontinued pieces aside, it was more a question of pricing of current production pieces…but I understand better now what goes into that pricing.

Watchbox charges a bit of a premium but often sends even modern watches to service before they sell them. I think that’s great and they also have excellent customer service aka they actually call you back etc. never bought from them but would definitely use them. That’s all the CPO program I need - my fear is that the pricing of the official program will be crazy just like Rolex.


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[Armis]

Originally Posted by dauster

Watchbox charges a bit of a premium but often sends even modern watches to service before they sell them. I think that’s great and they also have excellent customer service aka they actually call you back etc. never bought from them but would definitely use them. That’s all the CPO program I need - my fear is that the pricing of the official program will be crazy just like Rolex.
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Totally agree, only in the specific case of WatchBox. You’re correct in highlighting this point about WatchBox, because I was just speaking with them the other day as I’m considering a discontinued AP. Plus, I’ve purchased from them before and indeed I am most comfortable purchasing from them when I find what I want. Besides the assurance of properly serviced watches, their customer service has been personalized and on point.

As far as CPO programs, it will be interesting to see how it plays out in practice for ADs. As Ichiran had mentioned, for select discontinued or rare pieces, I can see the CPO value proposition. Time will tell (no pun intended).

[francoamerican]

Originally Posted by dauster

Watchbox charges a bit of a premium but often sends even modern watches to service before they sell them. I think that’s great and they also have excellent customer service aka they actually call you back etc. never bought from them but would definitely use them. That’s all the CPO program I need - my fear is that the pricing of the official program will be crazy just like Rolex.


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+1 watchbox is pretty reasonably priced and has too much to lose in not making you whole at this point if you were to get a counterfeit. I bought the original 1931 tribute jlc and they provided a small discount and discussed that it wasn’t polished. It also was a full set.

[HMHM]

All the CPO programmes by Rolex, PP and AP may try their best to prop up a falling market, but the reality is that a lot of it depends on the market environment and the ability of people to spend. The war does not seem to be ending anytime soon, China is still facing massive Covid cases and death since re-opening (unsure how long before they go back to strict lockdown as CNY will further worsen the spread of Covid) and the general consensus among most people, even those bullish about the market, is that 2023 will be a difficult year. Rolex CPO programme, while great in theory, is way too overpriced as per the Bucherer listing. I'm fine with a 20-25% markup over a standard grey dealer - in return for some servicing and authentication, but at >50% markup as seen by the Daytona listed? That's a different ball game altogether I am afraid.

I am sure Patek will be doing essentially the same thing - give customers a 2 year warranty for a pre-owned (might just even be 1 year since their BRAND NEW ones only have 2 years; Rolex give 5 years for Brand New and 2 years for CPO), and some documentation.Pricing will be over the top which will be difficult in a falling market.

[DonLee]

Originally Posted by HMHM

All the CPO programmes by Rolex, PP and AP may try their best to prop up a falling market, but the reality is that a lot of it depends on the market environment and the ability of people to spend. The war does not seem to be ending anytime soon, China is still facing massive Covid cases and death since re-opening (unsure how long before they go back to strict lockdown as CNY will further worsen the spread of Covid) and the general consensus among most people, even those bullish about the market, is that 2023 will be a difficult year. Rolex CPO programme, while great in theory, is way too overpriced as per the Bucherer listing. I'm fine with a 20-25% markup over a standard grey dealer - in return for some servicing and authentication, but at >50% markup as seen by the Daytona listed? That's a different ball game altogether I am afraid.

I am sure Patek will be doing essentially the same thing - give customers a 2 year warranty for a pre-owned (might just even be 1 year since their BRAND NEW ones only have 2 years; Rolex give 5 years for Brand New and 2 years for CPO), and some documentation.Pricing will be over the top which will be difficult in a falling market.

off topic, but China is NOT going to lockdown anymore. They don't even call it covid 19. It's been renamed, and officially, virtually nobody is dying from it in China ever since they rewrote the rules of how they count the deaths (how convenient?)

So China is officially open for business or at least, will be and not turning back

[Vasco]

Interesting Don thanks for the info.