Tiffany/Patek 5712

[cascavel]

Did anyone notice the Tiffany signed 5712 which sold on Therealreal recently? Seems like a bargain price for this watch. Am I missing something? I wonder who does their cataloging?

[WatchLurv]

How much was it sold for?

[Fat_ninja]

Selling on therealreal...desperate times I guess.

[cascavel]

Originally Posted by WatchLurv

How much was it sold for?

Sold for $56,995 with box and papers. And it's not an auction, it was listed for that and must have been picked off pretty quickly.

[1688]

That is a bargain on a 5712 Tiffany stamped. Non-stamped are going for over $80-85k already. Whomever lucky enough to buy that can easily re-sell at 2x the price paid. Feel sorry for the seller who didn’t know what they were doing or was too desperate to unload the watch

https://www.watchpricetrend.com/Pate...1A-001-42.html

[WatchLurv]

Originally Posted by cascavel

Sold for $56,995 with box and papers. And it's not an auction, it was listed for that and must have been picked off pretty quickly.

I would have bought hah. Damn some missed opportunities


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[1688]

By the way, here's the link to the sold watch

https://www.therealreal.com/products...tch?position=0

[cascavel]

Originally Posted by 1688

By the way, here's the link to the sold watch

https://www.therealreal.com/products...tch?position=0

Thanks for adding that. I am too technologically illiterate to do it myself. Much appreciated.

[Ahfe]

I wonder when it sold, my guess it would be an old sale, probably 2017 or 16 before all this hype happened..

[rolexpatek363]

Bit of a bargain, as the top-priced 5712 on C24 is now £88k. (GBP).

[1688]

Originally Posted by Ahfe

I wonder when it sold, my guess it would be an old sale, probably 2017 or 16 before all this hype happened..

Was a recent sale...look at the OP. Couldn’t have been more than one month ago..

[dannyp]

My guess was that it was a gift to some WIS (strike the "S") from his wife's parents or something, he decided to make a quick buck and get a diamond dial TAG Heuer instead, so he sold it on the site where his wife goes to trade in expensive handbags.

Or after the divorce he decided he didn't want the watch his former in-laws had given him for the wedding two years earlier, remembered that his now-ex used to sell bags on there, so went to sell the watch in the same place hoping to simply get enough to get a new apartment and lease on a BMW 2 Series convertible for a few months.

[Micro Wrist]

it is grade 2 condition, I think it was reasonable price couple months ago

[Ahfe]

But real real is not stupid themselves, why didn’t they sell it for more?!

[Mbbgysam]

Originally Posted by Ahfe

But real real is not stupid themselves, why didn’t they sell it for more?!

That’s what I was thinking. They had a 3712 recently and had it priced much more appropriately.

[Ichiran]

That was indeed the real deal. Congrats to that person who bought it.

[cascavel]

Originally Posted by 1688

Was a recent sale...look at the OP. Couldn’t have been more than one month ago..

The sale took place within the last two weeks. Am I wrong or did the seller leave around $80K on the table?
What I don't understand is how the watch cataloger could underprice the watch so badly. I guess realreal has no fiduciary duty to sellers on their site even though they pass themselves off as experts in these categories. This seems rather egregious.

[cascavel]

Originally Posted by Mbbgysam

That’s what I was thinking. They had a 3712 recently and had it priced much more appropriately.

Correct, that was priced around $95K.

[GB-man]

What a steal. Wake up go online and find a new porsche for free basically lol Thank you very much.

[Ahfe]

Originally Posted by cascavel

Correct, that was priced around $95K.

Only 85, which is cheap as well, I feel like the prices are all old for 3712 and 5712

[CoveWatch]

Definitely a steal.. what a come up! I wonder if RealReal got a sudden surge in watch searches recently because of this thread... I know I went on

[dannyp]

Ok, here's an even simpler explanation; it's a combination of two things:

1. Principal-Agent Problem. RR's commission is only a fraction of the price, and they don't have to hold inventory, so they just want to get items sold quickly.

2. Quite possible that nobody involved knew the significance of the Tiffany insignia.

[Fat_ninja]

Originally Posted by dannyp

Ok, here's an even simpler explanation; it's a combination of two things:

1. Principal-Agent Problem. RR's commission is only a fraction of the price, and they don't have to hold inventory, so they just want to get items sold quickly.

2. Quite possible that nobody involved knew the significance of the Tiffany insignia.

We thought about selling a bag on there once.

1) they get like 30% or something so it want fraction of the price...I think you have a choice to keep the inventory at a certain price

2) the people authenticating the item are suppose to be experts at valuing stuff

We never ended up selling my wife’s bag there... but it’s a very expensive consignment shop. You are better selling it to the grey market.

[dannyp]

Originally Posted by Fat_ninja

We thought about selling a bag on there once.

1) they get like 30% or something so it want fraction of the price...I think you have a choice to keep the inventory at a certain price

2) the people authenticating the item are suppose to be experts at valuing stuff

We never ended up selling my wife’s bag there... but it’s a very expensive consignment shop. You are better selling it to the grey market.

I meant they don't hold inventory, meaning they don't really care if something is underpriced, seeing as they didn't have to pay a "wholesale" cost to obtain it in the first place. And even at 30%, the difference between a $50k sale and a $100k sale is $15k, not the $35k it would be for the seller, so the incentive is still to just get the deal done.

[cascavel]

Originally Posted by dannyp

I meant they don't hold inventory, meaning they don't really care if something is underpriced, seeing as they didn't have to pay a "wholesale" cost to obtain it in the first place. And even at 30%, the difference between a $50k sale and a $100k sale is $15k, not the $35k it would be for the seller, so the incentive is still to just get the deal done.

Granted, it's a conspiracy theory, but how about this: you're the watch expert for TRR and you get this watch, agree with the consignor on a price above retail so he's thrilled, call your friend in the watch biz and tell him the exact time you are going to post the watch, he buys it and you split the $80K vig once you resell it.
Call me paranoid, but that is the best explanation I can find for such a monumental FU. And I have difficulty believing that the watch evaluator for TRR has never heard of Chrono24 and couldn't look up the current price for a 5712 in pre-owned condition.

[dannyp]

Originally Posted by cascavel

Granted, it's a conspiracy theory, but how about this: you're the watch expert for TRR and you get this watch, agree with the consignor on a price above retail so he's thrilled, call your friend in the watch biz and tell him the exact time you are going to post the watch, he buys it and you split the $80K vig once you resell it.
Call me paranoid, but that is the best explanation I can find for such a monumental FU. And I have difficulty believing that the watch evaluator for TRR has never heard of Chrono24 and couldn't look up the current price for a 5712 in pre-owned condition.

My favorite so far!

[kultschar]

Wonder if the permanent 20% code worked on this lol

[WatchYouGonnaDo]

The whole thing sounds shady

[ragsk]

This Tiffany thing is totally insane. You stamp an ADs brand name on a watch and it suddenly becomes more sought after and valued a lot higher. Its the same watch - only difference being an ugly stamp on a beautiful dial that Patek created.

Why?

[cascavel]

Originally Posted by ragsk

This Tiffany thing is totally insane. You stamp an ADs brand name on a watch and it suddenly becomes more sought after and valued a lot higher. Its the same watch - only difference being an ugly stamp on a beautiful dial that Patek created.

Why?

One of the things that makes collecting fun is the search for rarity and differentiation. A consequence of rarity is, often, higher price.