Pricing rumour

[goog53]

Originally Posted by iazrollie

This has to be a joke. I have an incoming on the fed ex truck right now.

It sucks Ian! The piece you are getting is not readily available and is definitely sought after regardless of the price decrease so think of it that way. Wear in good health and enjoy her

[GB-man]

Cows are flying. Glad I didn't pay msrp or I'd be pissed. Anyone have any info on Canada?

[watch1907]

Just got of the phone with the Boutique in İstanbul (who sells based on a CHF price list)
After talking with the HQ, they confirmed that USD based list prices are +7%, EUR based list prices are +3%, HKD/Most Asia price lists -3%

Please shout if you hear anything different. It is strange that USD prices are increasing less than EUR, given EUR depreciated more against the CHF

[exxondus]

I am pissed. I jus got a 5711 not too long ago

[watch1907]

Originally Posted by exxondus

I am pissed. I jus got a 5711 not too long ago

I got one 3 days ago

[texex91]

No joke.

Just got off the phone with my Patek AD--this is all true.

Should have NEW price sheet in the next day or so and will post.

[de66]

Originally Posted by watch1907

Just got of the phone with the Boutique in İstanbul (who sells based on a CHF price list)
After talking with the HQ, they confirmed that USD based list prices are +7%, EUR based list prices are +3%, HKD/Most Asia price lists -3%

Please shout if you hear anything different. It is strange that USD prices are increasing less than EUR, given EUR depreciated more against the CHF

Patek Salon Paris has 7% increase, Patek AD Zurich mentioned the same increase for Europe.

[bombardior]

What! That 5711 is only 22.3k usd :O msrp here is 26k last month!

Originally Posted by de66

Got additional HKD prices for the following
5712/1A-001 231200
5712G-001 30300
5712GR-001 314000
5712R-001 30300

5711/1A-010/011 172800
5726/1A-001 274800
5726/1A-010/001 307700
5960/1A-001 355100


Still, taking the 5167 as an example:
131800HKD = 15698CHF at rate 0.1191
Swiss list price has dropped from 16700CHF by 5%, minus 8% VAT and Swiss prices are still lower than the lowered Hong Kong prices. Of course this is not factoring any discounts

[subtona]

Originally Posted by bombardior

What! That 5711 is only 22.3k usd :O msrp here is 26k last month!

Ouch!

Still a bit of a challenge to find 5711 here in the US.

[bombardior]

Originally Posted by subtona

Ouch!

Still a bit of a challenge to find here in the US.

Yea. I wonder if it's easier to find in hk

[GB-man]

Originally Posted by bombardior

Yea. I wonder if it's easier to find in hk

As a general rule, all watches are easier to find in HK it seems. Many posters have said 5711s were available in windows even.

[AMCK87]

Just got off the phone with Bettridge in Greenwich, heard the same. ~7% across the board

[HL65]

Swiss 5% decrease
US 7% decrease
Asia 3% decrease
Hong Kong 7% decrease
Japan 5% increase

Letter also states done in order to control all flow into grey market to grey dealers. They also state they will review this in June 2015 and this is temporary fix.

[lipjin]

I can see why they want to crimp grey dealers for Patek watches. Maybe HK PP watches will finally be sold out - I was wondering what all the fuss was with all the waits for watches when I see 3 5711s in a block and a bunch of hard to find pieces according to his forum. Guess HK was just overpriced!

[el1125]

luckily only 3 of my PP watches are currently being produced which are affected. However, it still is a sore point. Nobody likes to lose 7% in value in one day. My question is what do they do with their customers that payed recently 7% more? Now their product, which is not cheap, is worth 7% less. As others have mentioned, AP did this a few years ago as well. From what I recall, if purchased at an AD, the AD refunded the difference.

[GB-man]

I feel they are throwing their ADs under the bus at least in the short term. How many pissed off customers bought into a potential increase, and possibly accepted a less aggressive price in the past month.

Not to mention US ADs aren't stocked to the gills like some in Asia etc. And from here we have an admission of further pricing changes in the short term. Removes a touch of that trademark solidarity one feels when putting money into a new patek.

Of course just my pondering thoughts. Certainly they know the details on how grey is effecting their supply chain.

[Oboema Sesetokoe]

The Netherlands confirms +7% for europe/Euro countries.

[SigloII]

5711 for $22K almost makes it worthwhile to make a trip to HK... almost.

I don't see how this would REALLY affect grey market dealers, like the ones popular on these very forums.

Wouldn't they just buy more and the MSRP / grey market price spread be even greater?

I do see this killing resale values though. Sorry for you guys who purchased recently.

[AS1]

Originally Posted by HL65

Swiss 5% decrease
US 7% decrease
Asia 3% decrease
Hong Kong 7% decrease
Japan 5% increase

Letter also states done in order to control all flow into grey market to grey dealers. They also state they will review this in June 2015 and this is temporary fix.

Very helpful, thanks Ken.

[nycpassat]

i just placed an order last week with my AD. I am hoping there will be a price adjustment when it arrives next month.

[Duey]

Thanks Ken - It looks like it's time to add a PP to the collection pot

[FlatlineEF9]

This sucks...I just bought my PP in july and now this.... :(

[exxondus]

i kinda lost respect for the company. esp since I got my 5711 a few days back only and now this.

i tht the least they could do is remain status quo and not increase price like the other brands. This will just drive their prdouct's value down. Is PP really that hard up with sales?

[subtona]

Lots of sour grapes

[bombardior]

Originally Posted by exxondus

i kinda lost respect for the company. esp since I got my 5711 a few days back only and now this.

i tht the least they could do is remain status quo and not increase price like the other brands. This will just drive their prdouct's value down. Is PP really that hard up with sales?

i am in the the same boat as you... it's a little heartbreaking to see the value of our recent purchase drop $4k essentially overnight. what's wrong with keeping prices the same and just increasing euro prices to match everywhere else (since everyone seems to be going to europe buy).
i think price decreases hurt a brand's image pretty badly. i'm not aware of other luxury brands doing this (in fact, my gf who has been eyeing a chanel bag, just observed another price increase. for like the 5th year in a row now).
anyway PP probably has their reasons but doesn't make us feel better for recent purchasers.

[el1125]

Originally Posted by nycpassat

i just placed an order last week with my AD. I am hoping there will be a price adjustment when it arrives next month.

I would demand this

[autohorology]

Personally I think they're losing their sense of direction, and/or they realize in certain markets they were already too overpriced. My fear is that the price reductions may continue. Problem for me is...why 7% across the board in the U.S.? The same guy that can afford 46k for an annual calendar can afford 50k for an annual calendar. Does it really do anything at all except agitate current owners? Except for what Ken says, and that's to tighten the noose on the grey market. Understandable, but maybe tighten the supply chain and choke the AD's about where they're selling them off to instead of changing prices would have been a better way to do it.

I think Patek is way too behind technologically and perhaps doesn't realize the sensational power of the Internet over their pricing model and how quickly the grey market has access to the entire World through Instagram, Facebook, Google, etc.

Originally Posted by exxondus

i kinda lost respect for the company. esp since I got my 5711 a few days back only and now this.

i tht the least they could do is remain status quo and not increase price like the other brands. This will just drive their prdouct's value down. Is PP really that hard up with sales?

[ezinhk]

Seems like PP is raising price globally except HK going opposite direction. Any adjustments in Macau I wonder?

[exxondus]

Originally Posted by subtona

Lots of sour grapes

I feel its justified. Jus a few days ago, i was negotiating with the AD for a 1-5% discount and was told that pp never lowers its prices and they are controlled. about how prestigious they are and hence their pricing blah blah b
Ah

I guess its all sales talk. Pp does indeed give discounts!

[autohorology]

So I wonder then if they're lowering the AD profit margin? Meaning they're reducing MSRP 7% in the U.S., but keeping the dealer invoice the same? That would really curb dealer discounts actually...

Originally Posted by exxondus

I feel its justified. Jus a few days ago, i was negotiating with the AD for a 1-5% discount and was told that pp never lowers its prices and they are controlled. about how prestigious they are and hence their pricing blah blah b
Ah

I guess its all sales talk. Pp does indeed give discounts!