50 Patek ADs cut!

[SMD]

Originally Posted by Fleetlord

Good move. The best brands cull their channel periodically.

Patek is creating more exclusivity and feasting from the FOMO it generates....

Patek has 79 ADs in the US alone. Exclusive (outside of a couple of models) it is not.

[tng11]

Originally Posted by turborolex

Did you get your deposit back?


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The waiting begins...

[Fat_ninja]

Originally Posted by tng11

The waiting begins...

I feel for you bro.


Wait list for your deposit is another level

[Fleetlord]

Originally Posted by SMD

Patek has 79 ADs in the US alone. Exclusive (outside of a couple of models) it is not.

Why do you think they are cutting doors?

[SMD]

Originally Posted by Fleetlord

Why do you think they are cutting doors?

For many of the reasons speculated on here. But a net reduction worldwide of a handful of ADs does not make them exclusive now or represent a fundamental change in their strategy.

[Burdeens Jewelry]

https://web.archive.org/web/20181207...ized-retailers

feel free to compare.

[PJ S]

Originally Posted by danestaff

But how

They’ll be more worried if you’re wearing your welly boots!

[GreenLantern]

Perhaps some were underperforming.

[tbc417]

Bahamas is gone :(

[Ahfe]

Not sure of under-performing or taking deposits that ticked off Patek.. I say the latter!

[AK797]

Originally Posted by Fat_ninja

I feel for you bro.


Wait list for your deposit is another level

Damn, Churchill's riddles inside enigmas spring to mind, sad situation for those on lists and patiently waiting and building loyalty.

[conkers]

I am waiting for a deposit back but have no concerns about actually receiving it. I was happy to pay a deposit.

[Kittayos]

I think I did count the number of ADs some time last year and got 442. They can't really keep opening new ADs when their production number is estimated at 55k per annum. Each AD only receives an avg like 10 pieces per month, which imo is insufficient. 400 ADs sound just reasonable more or less.

[Ichiran]

It's puzzling why there are only 2 ADs in China (14 if we include HK, and 15 if we include Macau+HK). I have visited the Shanghai Patek Maison a couple of years ago and there weren't much to try on. Lovely building though.

With the new CHF450m factory completing, I expect the production volume and AD number to go up though. Does it really make sense to cut the number of ADs (sales point) with the incoming factory?

[WatchLurv]

My "local" AD takes deposits. Due to pick up another one in 2 weeks. And another one around May/June.

Hopefully that won't stop there and more will be flying my way.

[tyler1980]

Originally Posted by Ichiran

It's puzzling why there are only 2 ADs in China (14 if we include HK, and 15 if we include Macau+HK). I have visited the Shanghai Patek Maison a couple of years ago and there weren't much to try on. Lovely building though.

With the new CHF450m factory completing, I expect the production volume and AD number to go up though. Does it really make sense to cut the number of ADs (sales point) with the incoming factory?

i suspect chinese byers are buying watches outside of mainland china. Probably a sizable source of purchases, just not locally. They buy a ton in London AD's so i suspect in HK its probably even more.

[Ichiran]

Originally Posted by tyler1980

i suspect chinese byers are buying watches outside of mainland china. Probably a sizable source of purchases, just not locally. They buy a ton in London AD's so i suspect in HK its probably even more.

Probably. And since these AD only sells the popular Aquanaut and Nautilus locally, the Chinese buyers are left with no choice but to buy outside China, driving the secondary prices of these models even higher.

[Token74]

Originally Posted by Fat_ninja

Ive never heard of one neither

I had to leave a non-refundable deposit. It was a bit of a gamble as the rules of the deposit states that you had to buy the watch when it arrived, or lost the deposit. And with the wait times for a Nautilus, and recent history of big sudden price hikes, it could have gone badly for me! Luckily it worked out.


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[Passionata]

Originally Posted by Ichiran

It's puzzling why there are only 2 ADs in China (14 if we include HK, and 15 if we include Macau+HK). I have visited the Shanghai Patek Maison a couple of years ago and there weren't much to try on. Lovely building though.

With the new CHF450m factory completing, I expect the production volume and AD number to go up though. Does it really make sense to cut the number of ADs (sales point) with the incoming factory?

any chance that those 50 were blamed for some grey market activity ?
you can c so many double sealed hard to get pieces where obvious the AD didn t followed PPs guidelines .

[robain]

Aruba Gandelman is gone:(

[tom2517]

Originally Posted by Ichiran

It's puzzling why there are only 2 ADs in China (14 if we include HK, and 15 if we include Macau+HK). I have visited the Shanghai Patek Maison a couple of years ago and there weren't much to try on. Lovely building though.

With the new CHF450m factory completing, I expect the production volume and AD number to go up though. Does it really make sense to cut the number of ADs (sales point) with the incoming factory?

I read (forgot where) the Chinese accounts for 40% of Patek sales, although most are overseas purchases because of domestic market’s high taxes.

And the planned production volume for 2018 was 60,000 pieces, with perhaps 1-3% increase per year.

https://www.scmp.com/magazines/style...patek-philippe

[Ichiran]

Originally Posted by Passionata

any chance that those 50 were blamed for some grey market activity ?
you can c so many double sealed hard to get pieces where obvious the AD didn t followed PPs guidelines .

That's a plausible explanation. And it is consistent with what my 2 local ADs said about how strict Patek is, in terms of playing by their rules.

Originally Posted by tom2517

I read (forgot where) the Chinese accounts for 40% of Patek sales, although most are overseas purchases because of domestic market’s high taxes.

And the planned production volume for 2018 was 60,000 pieces, with perhaps 1-3% increase per year.

https://www.scmp.com/magazines/style...patek-philippe

Anecdotally, I was recently in Tokyo, Osaka and Hokkaido (Japan has 30+ ADs btw) and I saw quite a number of them buying Rolex, Patek and AP in both ADs and greys. The secondary market prices for those watches in Japan are fairly high, and yet they were buying as if those were groceries. It was quite the sight.

[brandrea]

Originally Posted by tng11

Shit. Just decided to check an AD I have a deposit with. No longer on that list.

I hope you receive the deposit back my friend

[tyler1980]

Originally Posted by tom2517

I read (forgot where) the Chinese accounts for 40% of Patek sales, although most are overseas purchases because of domestic market’s high taxes.

I've read something similar about India... they have more multimillionaires than Russia and France for example but hardly any AD's generally and i think 0 Patek AD's. They buy overseas.

[CamSLC]

Originally Posted by Token74

I had to leave a non-refundable deposit. It was a bit of a gamble as the rules of the deposit states that you had to buy the watch when it arrived, or lost the deposit. And with the wait times for a Nautilus, and recent history of big sudden price hikes, it could have gone badly for me! Luckily it worked out.


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That seems ridiculously unreasonable for a product that would sell within an hour after you possibly declining to purchase it.

Using a deposit to gauge how serious a buyer is one thing. Profiting off people who pass is another.

[kingofthehill]

All of this serving to highlight whom Patek Philippe consider to be their clients; not end users, but authorised dealers (which is objectively correct in their case).

[Token74]

Originally Posted by CamSLC

That seems ridiculously unreasonable for a product that would sell within an hour after you possibly declining to purchase it.



Using a deposit to gauge how serious a buyer is one thing. Profiting off people who pass is another.

Arguably true, but my mindset was that if I wasn’t in a position to buy when it arrived, I’d simply ask for the deposit back (which they may we’ll have agreed to despite me breaking my commitment) or if they had insisted I buy it, I would have just flipped it, probably for a tidy profit.

As it was, all worked out well, and they were great to deal with.

And in defence of the AD’s in this situation, there are lots of folk who put their names down at multiple AD’s, and whilst it’s true that an AD can move these pieces quickly, if an AD is telling a great customer that they have a long wait because I’m next in line, and that great customer goes elsewhere, and then I don’t buy, they’ve lost a great customer for nothing. So I do have some sympathy.


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[pam66]

Originally Posted by Ichiran

It's puzzling why there are only 2 ADs in China (14 if we include HK, and 15 if we include Macau+HK). I have visited the Shanghai Patek Maison a couple of years ago and there weren't much to try on. Lovely building though.

With the new CHF450m factory completing, I expect the production volume and AD number to go up though. Does it really make sense to cut the number of ADs (sales point) with the incoming factory?

yes great building in a nice garden. when i visited the only nautilus there was mine....

[CamSLC]

Originally Posted by Token74

And in defence of the AD’s in this situation, there are lots of folk who put their names down at multiple AD’s, and whilst it’s true that an AD can move these pieces quickly, if an AD is telling a great customer that they have a long wait because I’m next in line, and that great customer goes elsewhere, and then I don’t buy, they’ve lost a great customer for nothing. So I do have some sympathy.
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Understandable.

[danestaff]

I heard today from someone in the aurum group, that the reason mappin and webb at bond St lost there patek status was because the pp salon thought it was too close to their store, which in fact is true, which leads into the next rumour that all Ads around that area will lose their status apart from 155 regents St

Only what I was told from someone so don't shoot the messenger

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