Only Watch 5208T just hammered

[The B]

Not quite the PN but still....

6.2mm about 7.3 closed.

[Jay (Eire)]

Originally Posted by The B

Not quite the PN but still....

6.2mm about 7.3 closed.

No Premium at Only Watch I believe so "just" the straight 6.2m in USD and CHF.

[The B]

Right. Thank you.

[GB-man]

What a beauty. Doesn’t get much better in terms of a modern Patek.

[Defiancekofb]

Just for curiosity, if you win an auction like this, is this tax deductible?

[tyler1980]

Originally Posted by Defiancekofb

Just for curiosity, if you win an auction like this, is this tax deductible?

since its for charity you could probably count it as a charitable contribution. Im not a tax expert though.

The guys who are in this league probably are not paying taxes anyway though. Shell corporations, offshore accounts, and tax havens.

[Defiancekofb]

Originally Posted by tyler1980

The guys who are in this league probably are not paying taxes anyway though. Shell corporations, offshore accounts, and tax havens.

Very True.

[Jay (Eire)]

Originally Posted by tyler1980

since its for charity you could probably count it as a charitable contribution. Im not a tax expert though.

The guys who are in this league probably are not paying taxes anyway though. Shell corporations, offshore accounts, and tax havens.

Right, but I wonder how much of the CHF75k paid for the Titanium Kari is deductable. If it's the excess over the cost of production of the watch then someone just got themselves a pretty decent price on a Kari (albeit one with the dullest Kari dial ever!).

[Passionata]

Originally Posted by The B

Not quite the PN but still....



6.2mm about 7.3 closed.

Adding that this particular piece with the best complications ever and the other with a plain Valjoux

[KarlS]

Originally Posted by Jay (Eire)

Right, but I wonder how much of the CHF75k paid for the Titanium Kari is deductable. If it's the excess over the cost of production of the watch then someone just got themselves a pretty decent price on a Kari (albeit one with the dullest Kari dial ever!).

Agree on the KV although I was a bidder....as a side issue it is a sandwich dial which has a novelty factor. When u also make 40 watches a year the case material is fairly irrelevant as it still takes the same amount of time and in theory a more expensive watch could have been made but wasn’t as production taken up by a titanium. I think he did a limited run of 10 titanium last year that were about thus price anyway.

[AK797]

Originally Posted by tyler1980

since its for charity you could probably count it as a charitable contribution. Im not a tax expert though.

The guys who are in this league probably are not paying taxes anyway though. Shell corporations, offshore accounts, and tax havens.

You think it was the Queen or Charles?

Looks a stunning piece.

[Defiancekofb]

Originally Posted by AK797

You think it was the Queen or Charles?

Looks a stunning piece.

I would gander it's either middle east or far east bidder. But who know's? Time will tell. Or maybe not..... It was a middle east buyer who bought the 6000T for charity a few years back no?

[AK797]

Originally Posted by Defiancekofb

I would gander it's either middle east or far east bidder. But who know's? Time will tell. Or maybe not..... It was a middle east buyer who bought the 6000T for charity a few years back no?

I've no idea just alluding to the fact that the Queen and Charles have been outed as tax dodgers ... as well as income dodgers.

[Defiancekofb]

Originally Posted by AK797

I've no idea just alluding to the fact that the Queen and Charles have been outed as tax dodgers.

Ahhhh I have missed the joke.


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[MILGAUSS88]

Originally Posted by Defiancekofb

Just for curiosity, if you win an auction like this, is this tax deductible?

In the USA

NO

.
Although many people mistakingly think they can.

[Jay (Eire)]

Originally Posted by MILGAUSS88

In the USA

NO

.
Although many people mistakingly think they can.

I guess here in the Great US of A the beneficiary is not a qualified organization and so no deduction. Stupid tax code, a charitable donation should be a charitable donation.

[Jay (Eire)]

Originally Posted by AK797

I've no idea just alluding to the fact that the Queen and Charles have been outed as tax dodgers ... as well as income dodgers.

Tax Dodgers or Tax Planners? I thought those stories just highlighted the benefits of smart tax planning and that all was actually above board and legal?

[thomaspp]

Congrats to the 5208 owners ;)


4th most expensive wristwatch?

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[GB-man]

Originally Posted by Jay (Eire)

I guess here in the Great US of A the beneficiary is not a qualified organization and so no deduction. Stupid tax code, a charitable donation should be a charitable donation.

Not exactly a donation when you receive one of the most valuable pateks in the world in return lol

[SC11]

Originally Posted by AK797

I've no idea just alluding to the fact that the Queen and Charles have been outed as tax dodgers ... as well as income dodgers.

No excuse for Charles but I thought the Queen had no tax responsibilities and only makes a voluntary contribution?

I liked LH VAT free plane, want to know how he sneaked that through, hardly wearing on your wrist and posting the box back

[tyler1980]

Originally Posted by Jay (Eire)

Tax Dodgers or Tax Planners? I thought those stories just highlighted the benefits of smart tax planning and that all was actually above board and legal?

in the UK its a bit different. Both tax evasion and tax avoidance are not allowed.

Tax avoidance is basically lowering taxes creatively in a way that isnt in the spirit of the law and is different from evasion. In the US tax avoidance is fair game. Both the UK and the US are similar on tax evasion though.

[Passionata]

Originally Posted by GB-man

Not exactly a donation when you receive one of the most valuable pateks in the world in return lol

Some ppl just don t care with minor details;-)

[The B]

Originally Posted by Defiancekofb

I would gander it's either middle east or far east bidder. But who know's? Time will tell. Or maybe not..... It was a middle east buyer who bought the 6000T for charity a few years back no?

It's challenging to compete on the world stage in this way. I contacts that are watch collectors in the Middle East and Inda who maybe about my age with about my disposable income level and they enjoy about 45% more cash for these type of events:)

Originally Posted by Passionata

Adding that this particular piece with the best complications ever and the other with a plain Valjoux

I agree, also I think the fact that these are automatic is fantastic in that size case - although the die hard collectors seem to feel differently and require that all "meaningful Pateks" be manual.

[MILGAUSS88]

If you receive an item of value, it is not considered a true donation.

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[Jay (Eire)]

Originally Posted by MILGAUSS88

If you receive an item of value, it is not considered a true donation.

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The excess over the value of the item, in this case millions of dollars, is the amount which could potentially be deducted from tax as a charitable donation. At least that's how it works in the US but only if the organization you are donating too is approved. From what I gather in the case of Only Watch the underlying charity, Monaco Association against Duchenne Muscular Dystrophy, might not be approved by the IRS. So at least in the US there's no tax angle.

[Jay (Eire)]

Originally Posted by tyler1980

in the UK its a bit different. Both tax evasion and tax avoidance are not allowed.

Tax avoidance is basically lowering taxes creatively in a way that isnt in the spirit of the law and is different from evasion. In the US tax avoidance is fair game. Both the UK and the US are similar on tax evasion though.

Hmm, I'm not sure. At the beginning of my career I was involved in structuring a number of transactions at a corporate level which were 100% legal and within all the rules but which were efficient from a tax management perspective. The jurisdictions included the U.K. and a number of other European countries. No question about their validity.

My question was more about me not being up to date on the most recent disclosures in the press. I had thought all of what was seen so far was legal, albeit something that doesn't sit well with many people because it's always spun as "some rich guy can do this but regular Joe can't". I need to catch up!

Back on topic, the most important question here is "as Watch guys, is it possible to participate in Onlywatch and purchase something interesting at an attractive price because there's a tax deduction on part of the purchase price. Oh, and we don't have to pay 25% buyers premium on the hammer price."

[KarlS]

Originally Posted by tyler1980

in the UK its a bit different. Both tax evasion and tax avoidance are not allowed.

Tax avoidance is basically lowering taxes creatively in a way that isnt in the spirit of the law and is different from evasion. In the US tax avoidance is fair game. Both the UK and the US are similar on tax evasion though.

That must have changed since my days of structuring. I remember tax avoidance being the legal form of tax planning with evasion being criminal. In the UK the "agressiveness" of the structure was the litmus test. Many company (Apple/ Amazon at) use Irish based companies to lower their tax liability. That's not illegal...morally there is some backlash...as for the watch?

I would ask PP to do me 1 in Platinum and give them CHF 1 mio.