Will Pateks keep dropping?

[zen watch]

Imo, the insane prices were partly caused by the buying spree of people who made a lot of profits from their crypto investments, especially last year. And now that the crypto market is tanking, these people have stopped buying and are now offloading their assets.

[huncho]

Originally Posted by zen watch

Imo, the insane prices were partly caused by the buying spree of people who made a lot of profits from their crypto investments, especially last year. And now that the crypto market is tanking, these people have stopped buying and are now offloading their assets.

yeah a big chunk of people paying for the super hyped watches like 5711s/jumbo or gold ROs/etc were people from crypto. when you wake up with free 6 figures from an overnight airdrop multiple times a year for doing nothing money becomes no object

if you owned ONE bored ape last year i believe you got around $600-800k worth of free crypto through airdrops just from 2021

[Incroyable12]

Originally Posted by huncho

yeah a big chunk of people paying for the super hyped watches like 5711s/jumbo or gold ROs/etc were people from crypto. when you wake up with free 6 figures from an overnight airdrop multiple times a year for doing nothing money becomes no object

if you owned ONE bored ape last year i believe you got around $600-800k worth of free crypto through airdrops just from 2021

If you watch those grey market Youtube channels all the guys shopping at places like CRM Jewelers Miami were young Crypto bros.

Art Basel Miami 2021 was full of crypto and NFT parties. Guess this year will be different.

[huncho]

Originally Posted by Incroyable12

If you watch those grey market Youtube channels all the guys shopping at places like CRM Jewelers Miami were young Crypto bros.

Art Basel Miami 2021 was full of crypto and NFT parties. Guess this year will be different.

same with time piece trading. people here really don't understand how much money was just falling out of the sky for those in the right place at the right time in crypto last year lol

[Incroyable12]

Originally Posted by huncho

same with time piece trading. people here really don't understand how much money was just falling out of the sky for those in the right place at the right time in crypto last year lol

Exactly those guys all had a certain look. Big logoed sportswear and hype Rolex/PP/AP/RM.

There was also the huge meme stock boom too. Now that the party's over the hangover is starting to kick in.

[macrowatch]

Originally Posted by Incroyable12

Exactly those guys all had a certain look. Big logoed sportswear and hype Rolex/PP/AP/RM.

There was also the huge meme stock boom too. Now that the party's over the hangover is starting to kick in.

Dude...I'm so hung over. Time to put away the aqua and sober up with a buttoned up dress calatrava. Does anyone remember how to tie a tie?

[joa]

Originally Posted by Incroyable12

Druckenmiller's wife is actually a highly esteemed vintage jewelry/watch dealer in NYC:

https://fd-gallery.com/

ha! that's interesting indeed, thanks for the link! i took a look, their watch prices look fairly reasonable.. :)

[Incroyable12]

Originally Posted by joa

ha! that's interesting indeed, thanks for the link! i took a look, their watch prices look fairly reasonable.. :)

She's primarily known for major vintage jewelry though.

[Nico81]

Originally Posted by huncho

true, but at the same time most of the people buying APs/pateks shouldn't be impacted by inflation too much. i imagine the people that will be offloading these are the ones who are getting (or got) wiped out by being over leveraged in markets and bought them at ridiculous prices, since that's the other side of who can afford them

rolexes should be most impacted because people were actually buying them on credit lol

Not many people will bring cash to buy rolex. In Mexico, it’s actually illegal due to money laundering


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[Incroyable12]

Originally Posted by Nico81

Not many people will bring cash to buy rolex. In Mexico, it’s actually illegal due to money laundering


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Aren't most expensive second hand watches bought by cash or at least money wires?

[huncho]

Originally Posted by Nico81

Not many people will bring cash to buy rolex. In Mexico, it’s actually illegal due to money laundering


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i didn't mean credit in that way. i would 100% always swipe a rolex and have in the past simply for the free points. i was referring to people swiping them then paying it off with interest, doing buy now pay later, or even taking loans out (because of the investment narrative) while not actually being able to afford them

[JasonBetts]

Originally Posted by rolexpatek363

Prices at auction seem to be holding up strongly.

Auction results can be one of a benchmark but be careful as auctions often involve emotions, pride, etc.


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[Incroyable12]

I've noticed that auction prices--particularly for vintage pieces--are still lower than what dealers are asking.

[Dr.Stu]

Originally Posted by huncho

yeah a big chunk of people paying for the super hyped watches like 5711s/jumbo or gold ROs/etc were people from crypto. when you wake up with free 6 figures from an overnight airdrop multiple times a year for doing nothing money becomes no object

if you owned ONE bored ape last year i believe you got around $600-800k worth of free crypto through airdrops just from 2021

But wait until the tax man comes calling. Almost no one I know who actually realized gains from crypto before the crash (which is nowhere near done) set $ aside for taxes. And, those that even thought about it said that they would just sell more crypto at tax time to pay the tax. At this point, they'll be selling to harvest losses to offset the gains. (Or maybe they'll hold onto the crypto & sell their watches!)

[Nico81]

Originally Posted by Incroyable12

Crypto and Reddit day traders I think. Both of those have tanked.

It's no coincidence there was a sudden influx of young guys who were also into trading cards and NFTs always talking about maximizing value and leveraging up. These guys were not true watch lovers but in it as a game to make money.

Everyone loves an idea to get rich quick


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[Chris]

Originally Posted by Incroyable12

I've noticed that auction prices--particularly for vintage pieces--are still lower than what dealers are asking.

Auction prices for whatever goods are normally lower than retail. Here in the UK auction prices seem to be holding up.

[DonLee]

Originally Posted by huncho

yeah a big chunk of people paying for the super hyped watches like 5711s/jumbo or gold ROs/etc were people from crypto. when you wake up with free 6 figures from an overnight airdrop multiple times a year for doing nothing money becomes no object

if you owned ONE bored ape last year i believe you got around $600-800k worth of free crypto through airdrops just from 2021

I thought the airdrops didn't start until this year. and No way would you have made $600k just from airdrops.

At the very height of value, a bored ape avged about 450k. If you could make $600k from just airdrops, each bored ape would be worth a lot more.

anyways, now they are worth less than 100k.

[beshannon]

It is cute that people keep commenting in this thread started by a banned member trying to pump their own sales

[Patekaholik]

5711/1R is now selling for around 180 USD, i believe this must be one of the most affected models in terms of drop. Beautiful watch hands down, but yet never actually worth 300-400-500 USD peak in march.

[Nico81]

Originally Posted by Incroyable12

Aren't most expensive second hand watches bought by cash or at least money wires?

Wires are traced. Cash is not
Assuming there is a watch in a case, you can’t just walk in w $40k and buy a rolex


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[huncho]

Originally Posted by DonLee

I thought the airdrops didn't start until this year. and No way would you have made $600k just from airdrops.

At the very height of value, a bored ape avged about 450k. If you could make $600k from just airdrops, each bored ape would be worth a lot more.

anyways, now they are worth less than 100k.

one bored ape got you 200 (minimum) - 400k within like 2? months just from ape coin and land. 10k ape coins were dropped at a value of 10 (peaked at 28) so thats 100-300k depending on when you sold and then the land was ~40 eth with eth somewhere near $3000 at the time. this was on top of the actual bored ape going up like 5x in a short time

correction on the 2021 part, it was 2022 and they also got 1 mutant ape which was 8 eth (~25k), peaked around 30 (~100k). so my number was a bit high based off just these 3 but not sure if they got more airdrops that i don't remember

[huncho]

Originally Posted by Dr.Stu

But wait until the tax man comes calling. Almost no one I know who actually realized gains from crypto before the crash (which is nowhere near done) set $ aside for taxes. And, those that even thought about it said that they would just sell more crypto at tax time to pay the tax. At this point, they'll be selling to harvest losses to offset the gains. (Or maybe they'll hold onto the crypto & sell their watches!)

yeah a lot of people are gonna have a very bad time when it comes to taxes lol

[GB-man]

Originally Posted by huncho

one bored ape got you 200 (minimum) - 400k within like 2? months just from ape coin and land. 10k ape coins were dropped at a value of 10 (peaked at 28) so thats 100-300k depending on when you sold and then the land was ~40 eth with eth somewhere near $3000 at the time. this was on top of the actual bored ape going up like 5x in a short time

correction on the 2021 part, it was 2022 and they also got 1 mutant ape which was 8 eth (~25k), peaked around 30 (~100k). so my number was a bit high based off just these 3 but not sure if they got more airdrops that i don't remember

This says it all doesn’t it lol

[DonLee]

Originally Posted by Patekaholik

5711/1R is now selling for around 180 USD, i believe this must be one of the most affected models in terms of drop. Beautiful watch hands down, but yet never actually worth 300-400-500 USD peak in march.

considering the watch was just ~53.5k
180k is still a very very nice premium over retail =/

I honestly don't think anyone ever bought one at 300k.

[DonLee]

Originally Posted by huncho

one bored ape got you 200 (minimum) - 400k within like 2? months just from ape coin and land. 10k ape coins were dropped at a value of 10 (peaked at 28) so thats 100-300k depending on when you sold and then the land was ~40 eth with eth somewhere near $3000 at the time. this was on top of the actual bored ape going up like 5x in a short time

correction on the 2021 part, it was 2022 and they also got 1 mutant ape which was 8 eth (~25k), peaked around 30 (~100k). so my number was a bit high based off just these 3 but not sure if they got more airdrops that i don't remember

So what you're saying, if you had gotten all the airdrops and sold them at the perfect timing, then you could have made a lot of money. well that's not how things work. at best you can say how much they were worth at the time of airdrop. Cuz if those people had kept their airdrops and their NFTs, they'd be worth much much less.

nonetheless. the whole thing was a farce. hype + getting transactions and money moved = more money for creators. It has zero true value to society =/

[huncho]

Originally Posted by DonLee

So what you're saying, if you had gotten all the airdrops and sold them at the perfect timing, then you could have made a lot of money. well that's not how things work. at best you can say how much they were worth at the time of airdrop. Cuz if those people had kept their airdrops and their NFTs, they'd be worth much much less.

nonetheless. the whole thing was a farce. hype + getting transactions and money moved = more money for creators. It has zero true value to society =/

i never said perfect timing, you would have at MINIMUM made 200k and upwards of 400k if sold at the perfect time. i provided the values for both at the time of drop and peak for both air drops in that post. ape coin was dropped at $10 and never went below it (as in, it went to 28 without dropping below air drop value and then crashed). that's 100k minimum. same for the land

ape coin dropped at $10 is $100k for free over night if you sell upon arrival. the peak for it was $28 which means you would've made near $300k if you sold the top. the land was air dropped at 40 eth, it went down shortly after. don't know the peak but if you immediately sold both you made $200k for free + 20k-30k for the mutant whenever it dropped, and mutants peaked at around $100k. between those 3, total of about 250k guaranteed at minimum and 500k if you somehow managed to time the top

i don't own any nfts and don't really understand them so that's a different conversation. my point was just that there were kids who made at least 200k for free through these air drops and there are tons more for other nfts. money was falling out of the sky for them as if the fed was printing it straight to their house. if you're in college and made 200k over night then buying a 5711 at grey market value is nothing because they have no value of money. on the time piece trading channel they had an episode where they had someone whos been in crypto since almost the beginning and he mentioned he bought a 41mm AP chrono from the ape coin air drop

[JWillard]

Originally Posted by huncho

i never said perfect timing, you would have at MINIMUM made 200k and upwards of 400k if sold at the perfect time. i provided the values for both at the time of drop and peak for both air drops in that post. ape coin was dropped at $10 and never went below it (as in, it went to 28 without dropping below air drop value and then crashed). that's 100k minimum. same for the land

ape coin dropped at $10 is $100k for free over night if you sell upon arrival. the peak for it was $28 which means you would've made near $300k if you sold the top. the land was air dropped at 40 eth, it went down shortly after. don't know the peak but if you immediately sold both you made $200k for free + 20k-30k for the mutant whenever it dropped, and mutants peaked at around $100k. between those 3, total of about 250k guaranteed at minimum and 500k if you somehow managed to time the top

i don't own any nfts and don't really understand them so that's a different conversation. my point was just that there were kids who made at least 200k for free through these air drops and there are tons more for other nfts. money was falling out of the sky for them as if the fed was printing it straight to their house. if you're in college and made 200k over night then buying a 5711 at grey market value is nothing because they have no value of money. on the time piece trading channel they had an episode where they had someone whos been in crypto since almost the beginning and he mentioned he bought a 41mm AP chrono from the ape coin air drop

never understood nfts myself

[ChetBaker]

Gents - can we get back on topic please. No one here is interested in monkeys falling from the skies, or whatever it is you’re talking about.

[Uros]

To put sources of income on the side there are so many bad news across all developed economies that people are sensing everything will go down. No one will buy watch now from grey expecting now expecting prices will go further down. Think the minimum where market may stabilise is return to late 2020 level ie hot models at 2x retail everything else close to retail or small discount


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[huncho]

Originally Posted by ChetBaker

Gents - can we get back on topic please. No one here is interested in monkeys falling from the skies, or whatever it is you’re talking about.

how is that off topic? did you bother reading the posts or just skimmed them and decided to make a snobbish comment? the point was a lot of the people spending 6 figures on steel models off grey dealers were young kids coming from crypto (as proven on a bunch of youtube channels), and the reasoning was explained. now everything in that world crashed and so did watch prices. i guess it's a coincidence and we went off topic by talking about investments in a thread about watch prices dropping, you can only post so many times about price speculation

ironically you made 0 posts in this thread when it was "on topic"