First Patek Purchase Advice - 5270p

[LJubel328]

Hey guys, long time lurker on here and may finally dive in to the Patek world as an AD just called (one I’ve never purchased from) and notified me a 5270p came in. While I know there are many members here who are partial to this model it is one I have been eyeing for some time now. As I mentioned this will be my first Patek purchase, and clearly it would be a significant one, so I hope you all will provide guidance to a future Patek collector.

In the event I like how it wears on my wrist and how the salmon dial looks irl I may very well pull the trigger, however, I’ve read many posts here that say they trade at a significant discount. At this price point I’d like to have some assurance I will not essentially be throwing money away. With that said is it customary to ask for a discount on this mod, and if so, by how much?

Ideally, I would like to bundle it with a sports model such as the 5168G or 5726/1A. If the AD is open to this how long would one have to wait? I’d hope not long given it would be nearly $250k in one go.

Any insight is appreciated, thank you.

[martinr]

I’m not trying to be a dick but why don’t you just ask the AD instead of a bunch of strangers?

[LJubel328]

Originally Posted by martinr

I’m not trying to be a dick but why don’t you just ask the AD instead of a bunch of strangers?

Because I would like to go in there knowing, or at the least to have a general idea, of what to ask for and what I can expect.

[martinr]

Well, my AD told me the 5270 is a full price watch. But it isn’t. You can get one for 165K if you shop around. But if he’s got a 5968 or a 5726 in his safe and you’re ok paying full price a bird in the hand is worth two in the bush. It really depends on the AD. Personally I’d be looking for a truly mint 5970P for that kind of money.

[BigAppleBill]

Having $250K to throw at a couple watches, especially in a time of what looks to be a tightening economic environment, should put you high on this AD’s list. I also seem to recall at least one other recent thread where there was a 5270P just sitting in the AD’s case, which suggests they’re not flying out the door.

I would politely ask for a discount and for the AD’s assurance to get you the 5168 or whatever hot model you want. You’re the customer and you’ve got the cash to make it rain. If the AD isn’t interested in making a deal and making you happy, be prepared to walk. At this rate the economy isn’t getting better and your AD would be foolish not to try to accommodate you. Just my

[johnnytx]

I would advise taking a second and assessing where you ultimately want your collection to be. Meaning that if you are dead certain you want to start out Patek heavy, then this is a fine way to go.

That’s a bunch of money wrapped up in 2 pieces. You can get some insane stuff at the price point you’re considering. What if you spent that on a Journe, Gronefeld, and Kari V? Also Lange is a real consideration. DeBethune, Akrivia, MB&F, the list goes on.

I do have a Patek, but I’m not a fan relative to some of the independents and Lange...at least 9 out of ten times. Can’t go wrong a Patek, but there is sure a lot of good stuff out there right now.

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[spoon-turbo]

I also saw a 5270 salmon displayed at an AD here in Far East. It seems the watch is not too easy to move at this climate. It is also probably the reason why AD tried to give you a call.

I personally would offer a bundle. Just be firm if they don’t bite. If you give in, you might not have any leverage later on at this AD.

[GB-man]

250 can buy a lot on the secondary market so keep that in mind when making a deal. Shit 160 for a 5270P and you have 90k more to add something like a 5711/1r or 5712 + 5167A etc.

[Calatrava r]

5270P is soft at the moment. Mint complete used they sell in the 160s by dealers. That is a big number so the margin is at least is 20K. This means a 5270P has a hard street value in the 140s if it could not be sold through a private sale and you wanted to move it in a reasonable time period.
All of that is meaningless if you love the watch and will wear it a long time. But, I would take a look at the used market. European Watch has one for sale now. Great firm to deal with.
I have a 5270G, I wind it everyday and wear it most days for a few hours. That can become a chore for some and that is why so many cannot understand the notion of a PC in a manual wind watch. Its a throwback to times of yore and fine watch making but is tiresome for some folks and that puts product back on the market.

[Calatrava r]

Originally Posted by johnnytx

I would advise taking a second and assessing where you ultimately want your collection to be. Meaning that if you are dead certain you want to start out Patek heavy, then this is a fine way to go.

That’s a bunch of money wrapped up in 2 pieces. You can get some insane stuff at the price point you’re considering. What if you spent that on a Journe, Gronefeld, and Kari V? Also Lange is a real consideration. DeBethune, Akrivia, MB&F, the list goes on.

I do have a Patek, but I’m not a fan relative to some of the independents and Lange...at least 9 out of ten times. Can’t go wrong a Patek, but there is sure a lot of good stuff out there right now.

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I agree. Gronefeld really has my attention. Some really cool stuff. Patek has real competition at their price point from the independents.

[jon_jon]

With collecting Patek watches, I would go slow. Research the brand, try on as many as you can at ADs and at pre-owned stores and start to understand your likes and dislikes. Are you a trend follower and want to get what everyone else thinks is hot? Or do you have your own preference for watches and will choose ones you like?

Are you worried about value retention or are you about to collect watches that appeal to you for various reasons? Do you like salmon dial watches? It is an unusual dial color and you either like it or not. At least go into your AD and ask to try on the 5270P, if they are willing to open it up. Some ADs will keep it sealed until they meet someone with a high interest. It depends on the AD and where they are located.

[Humble michael]

I was offered a5270 P by an AD for $160 k USD last month brand new w my name on it. -
I would not pay more than that. Dealer’s cost is around $120 k. Regards

[martinr]

Originally Posted by james272

I was offered a5270 P by an AD for $160 k USD last month brand new w my name on it. -
I would not pay more than that. Dealer’s cost is around $120 k. Regards

Exactly. I always look at AD cost. If they aren’t happy making approximately 40K plus look elsewhere some other AD will do it.

[conkers]

5270p only going one way as production ramps up further. Overproduction is rife. They will be at 140 soon enough, Swiss tax free price is 155 without any discount. I would take a 5970p instead.

Don't get me wrong, I love the watch and I congratulate many of the existing owners of the piece on here, most of whom are long term owners so resale is irrelevant - my annoyance is solely with Patek for production levels of the new in house calibers.

[Fat_ninja]

Just come in? It’s been sitting at like a lot of AD’s in cases...

[Calatrava r]

Originally Posted by james272

I was offered a5270 P by an AD for $160 k USD last month brand new w my name on it. -
I would not pay more than that. Dealer’s cost is around $120 k. Regards

Wow. 160 from an AD is incredible. Really a good deal for someone who really loves and wants the watch.

[LJubel328]

Thank you everyone for their inputs. I wanted to hold off until after I visited the AD and yesterday evening I had chance. Boy the watch is stunning, people are correct when they say you have to see it in-person. After talking with the associate for awhile they manager also came over and we started to chat. I asked to bundle and he guaranteed if I gave him a list of 2-3 models I would have one of them within the next few months.

Though as you other have chimed in it seems paying full list would be absurd, regardless of whether I am pushed to the top of the waitlist for another model. I also looked at grey prices and it seems I could get both the 5270p and a 5726 (assuming a 15% discount from prices listed on Chrono) for less than what I would pay for both at full retail with the AD.

Given the political climate in HK last year, the unfortunate events in Asia this year, and it being an election year here in the US I hope the market will slow and the US will see allocation of more "hot" watches in the coming months. I think I will wait and see how things play out.

[Bearxj86]

Do not pay full retail for this unless you get something really cool.

[Hermann]

Yes the 5270P is very cool, you have to see it in person.... with different lights.
It’s no grandfather watch !!

[V25V]

Just got buy both on the secondary market and you will be south of 250k if you bought both together. AD will probably discount the 5270P but it's still going to be a bath when/if you go to sell it. And you likely will not move it quickly.


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[GB-man]

Noticed k2 has a BNIB example for 145

[conkers]

Originally Posted by GB-man

Noticed k2 has a BNIB example for 145

I think Shahz is a member here. Sure he can confirm. Lovely guys with which to deal. Hell I am tempted at that price!

[Murcielagoboy2]

Originally Posted by conkers

5270p only going one way as production ramps up further. Overproduction is rife. They will be at 140 soon enough, Swiss tax free price is 155 without any discount. I would take a 5970p instead.

Don't get me wrong, I love the watch and I congratulate many of the existing owners of the piece on here, most of whom are long term owners so resale is irrelevant - my annoyance is solely with Patek for production levels of the new in house calibers.

Agreed.
It’s as if they don’t care about their own brand equity which they worked so hard to create.

[Jamesd20]

Which 160k watch don’t you lose money on straight away? Even if you get a 5970P you are losing money straight away if you sell to a dealer.

If you are. Asking Will I make or not lose money on this watch - answer if you use it for its purpose you won’t make or lose on it as you using it not selling it. If you want to spend this amount of money on a watch and you like the look and feel of it then negotiate well and get it.

With respect to a bundle, if you want both watches then your getting what you want for a Bundle deal so your a win win. It’s definitely a buyers market at present as Many ADs are closed so don’t get pushed over and politely do the deal but wait until both your choices are in until you pay

[GB-man]

Originally Posted by conkers

I think Shahz is a member here. Sure he can confirm. Lovely guys with which to deal. Hell I am tempted at that price!

Listed on their chrono24 store as fixed price so I assume that’s his way of saying he is not going lower. I didn’t reach out because I am not a buyer and don’t want to waste his time.

[conkers]

Originally Posted by GB-man

Listed on their chrono24 store as fixed price so I assume that’s his way of saying he is not going lower. I didn’t reach out because I am not a buyer and don’t want to waste his time.

Fair enough!

[Kittayos]

Just so you know about the grey price. My cost for a brand new 5270p is $123,000 USD (today’s exchange rate) in Europe dated April 2020. I can flip for $130k or $135k if not in a rush.

Initially, the piece is widely popular when it came out due to a rare color dial normally only available in limited references. Unfortunately, the piece runs high in production as the price reflects itself and many ADs still carry it. Some even show this in their windows nowadays. Price keeps dropping gradually, but it will be stable at some point. For those who were fascinated about 5270p back then, they all bought it including me. If Patek discontinued it early this year, things would be different. Sadly no. Now it’s just the remaining stock with lesser demand overall. Patek again fails to observe or monitor the actual supply vs demand and the incident occurs repeatedly which at the end, they screw it. 5270p should be a holy grail watch imo.

I bought one for around $145 or so. Wore it for 6 months and sold it weeks ago for a few grand loss. Guess I made the right decision now. If you got the right price, you can’t go wrong with it. The piece is super classic. Occasionally, I find the dial color a bit pale but then the more you look at it, the better it gets.

[dauster]

Originally Posted by Kittayos

Just so you know about the grey price. My cost for a brand new 5270p is $123,000 USD (today’s exchange rate) in Europe dated April 2020. I can flip for $130k or $135k if not in a rush.

Initially, the piece is widely popular when it came out due to a rare color dial normally only available in limited references. Unfortunately, the piece runs high in production as the price reflects itself and many ADs still carry it. Some even show this in their windows nowadays. Price keeps dropping gradually, but it will be stable at some point. For those who were fascinated about 5270p back then, they all bought it including me. If Patek discontinued it early this year, things would be different. Sadly no. Now it’s just the remaining stock with lesser demand overall. Patek again fails to observe or monitor the actual supply vs demand and the incident occurs repeatedly which at the end, they screw it. 5270p should be a holy grail watch imo.

I bought one for around $145 or so. Wore it for 6 months and sold it weeks ago for a few grand loss. Guess I made the right decision now. If you got the right price, you can’t go wrong with it. The piece is super classic. Occasionally, I find the dial color a bit pale but then the more you look at it, the better it gets.

holy moly PP really did drop the ball on this one... Like you said it should be an absolute grail watch and I can't believe if I were to buy this at my AD I would loose money immediately... I just found one for $145k on chrono24 which means there is probably some room for negotiations.

Also another thought - the more I read and learn on TRF the more I get the feel that going grey is the way to go. But I am really having trouble with the idea to spend between 20-50k (realistically for me) and just order something over the internet. Call me a romantic but I feel like spending that kind of money should be celebrated in a nice environment while talking and trying on different watches. Just ordering online like my toilet paper from Amazon makes me want the watches less and also I do like the idea of building a relationship with the company/ AD but feel like their actions don't tell me they really want new younger people to buy their product (I am 31). Nothing is available that I want, beautiful complications immediately drop in value etc.

[Kittayos]

Same thing happens to 5370p. A few ADs offered me 180k USD and price is going nowhere. I had a talk with one AD yesterday and he said a let go price should be around 170k, or else no one is taking it. He’s expecting one more 5370p when the factory is back to work again. I bet when he has two 5370p’s in his shop, he gotta find a way to get rid of one of them quickly. Not to mention the economic condition which is worsening everyday now.

[conkers]

Thank you for the post Kittayos. Are you saying that you originally bought yours at 145 but it is now available for 123 from Europe from a grey dealer with someone else’s name on the papers?