PP asking for business cards now?

[pereiraex]

Not sure what is going on regarding PP. Just moved to Hong Kong and was looking to get my first Patek piece, went to about 6 ADs asking for a 5711/5712 with the understanding that I would be happy to pay any deposit and wait 2-3 years for the watch, the 3 ADs who were happy to talk to me told me I had to leave a local business card to get on the waitlist?

Is this a 'Patek' thing to leave business cards? I haven't had this when buying at Rolex ADs over the years. What does the business card signify other than the fact that you are a local and not just visiting to make a quick buck off popular models?

[A3MED]

I dont think its a patek thing but its not the first time I hear about it especially in HK. I think its just to prove that ur local like u said


Sent from my iPhone using Tapatalk

[grimani]

AD that eventually sold me a 5712 asked for a business card and then my full address to “apply” for the right to buy the watch when it came in stock.

[AK797]

We've heard this before, seems just another way of vetting candidates, might as well hand your CV in now and a handwritten letter outlining your hopes and dreams.

[psv]

That's an AD thing, not a Patek thing. They want serious local repeat customers.

[qrc36]

It's been going on for the last few years in HK. It's a requirement by Patek. They want people who (appear) to be real buyers and not reselling for profit.

The AD collects the cards, chooses the "best" buyer, and hands the information to Patek.

Patek then chooses the buyer they like, and then when a watch is available, Patek calls the number on the business card to verify that this person exists.
They really do the due diligence, making the call to the workplace and verifying the information.

Once Patek gives the green light, the AD receives the watch and then the watch is sold. The person who gave the card must be there to purchase it. The name on the papers must also match the card.

With the right card, getting a 5711 or 5712 should take less than 3 months. I got my 5711 white that way, and I have helped friends get their 5711 blue and 5712 within 1-2 months of the request.

All 3 of us are (medical) doctors and one of them is a professor at the local university. The other is head of a medical department at the most expensive private hospital here. The AD basically quoted me "3 months" as soon as I told them about my friends' job titles.

My AD keeps telling me to put my name down for a 5711 blue (I already have the white) - she says it's good value and only a 3 month wait - but with the price hike it's not really worth it anymore. I'm saving for the 5740!

[tng11]

I reported on my experience in Hong Kong a few months back:

https://www.rolexforums.com/showthread.php?t=577951

As the poster above has said, certain professions get moved to the front of the line and you can get certain references very quickly.

[kearez]

I guess knowing the right people does pay off then!

[Codik]

Wait - I can get a 5711 fast with the right job title? Could you please let me know how this works?

[Ichiran]

There are 13 distributors gobally, I believe each of them does things differently when it comes to watch allocation. Some trust the AD to do the due diligence themselves, and let the AD select the customers to sell the watches to.

[quattro100]

Market too liquid here. Basically you can walk out of the shop with 5711/12 and go across the street and sell to any of the reseller with a 15k profit without any work. Hence the distributor here tried to find 'real' local customer for repeated business via this method. Not perfect but it works well for SS sport watches if you are local and employed with a good Job title @ a good place. AC/PC you can walk in.

[qrc36]

Originally Posted by Codik

Wait - I can get a 5711 fast with the right job title? Could you please let me know how this works?

ADs have the power to pick and choose clients. Or to let certain customers cut queues. Knowing a regular client of course helps make the introduction.

It's not just Hong Kong - apparently this applies to London too. That's how I got my 5712 from London (in 2017) - a good friend is a regular PP customer. She introduced me to her sales associate, and I sent her my card (by WhatsApp) and told her to Google me.

5712 appeared within a few months. Definitely less than 6 months. At that time the GBP was lower than the HK dollar and so I benefitted from the price difference and also more credit card reward points for overseas purchase!

But I got a stern reminder by the London AD not to resell or do anything that would get them into trouble.

[pereiraex]

Originally Posted by qrc36

It's been going on for the last few years in HK. It's a requirement by Patek. They want people who (appear) to be real buyers and not reselling for profit.

The AD collects the cards, chooses the "best" buyer, and hands the information to Patek.

Patek then chooses the buyer they like, and then when a watch is available, Patek calls the number on the business card to verify that this person exists.
They really do the due diligence, making the call to the workplace and verifying the information.

Once Patek gives the green light, the AD receives the watch and then the watch is sold. The person who gave the card must be there to purchase it. The name on the papers must also match the card.

With the right card, getting a 5711 or 5712 should take less than 3 months. I got my 5711 white that way, and I have helped friends get their 5711 blue and 5712 within 1-2 months of the request.

All 3 of us are (medical) doctors and one of them is a professor at the local university. The other is head of a medical department at the most expensive private hospital here. The AD basically quoted me "3 months" as soon as I told them about my friends' job titles.

My AD keeps telling me to put my name down for a 5711 blue (I already have the white) - she says it's good value and only a 3 month wait - but with the price hike it's not really worth it anymore. I'm saving for the 5740!

Thanks.. I'm guessing an investment banker at a bulge bracket is not exactly held in the same regard as you doctors...

Any chance you could point me to the right salespeople whom you've had good service with in HK? I actually lost my relationships with dealers after moving over to HK so basically am starting anew here. No need for anything too serious, just a name or two would be immensely helpful.

[qrc36]

Originally Posted by pereiraex

Thanks.. I'm guessing an investment banker at a bulge bracket is not exactly held in the same regard as you doctors...

Any chance you could point me to the right salespeople whom you've had good service with in HK? I actually lost my relationships with dealers after moving over to HK so basically am starting anew here. No need for anything too serious, just a name or two would be immensely helpful.

Investment bankers and lawyers and doctors make up a big part of the clientele here ... but there's this strange respect for doctors here in Hong Kong ... which I often don't comprehend ...

I find the ADs on Kowloon side to be nicer ... just my personal experience. Can't give you specific names but I guess that narrows the list down to 4, when you exclude ones on Hong Kong island.

Good luck!

[pereiraex]

Originally Posted by qrc36

Investment bankers and lawyers and doctors make up a big part of the clientele here ... but there's this strange respect for doctors here in Hong Kong ... which I often don't comprehend ...

I find the ADs on Kowloon side to be nicer ... just my personal experience. Can't give you specific names but I guess that narrows the list down to 4, when you exclude ones on Hong Kong island.

Good luck!

Great, thanks! I actually visited about 6 ADs across both Hong Kong island and Kowloon, I get the feeling that your experience really depends on who's working at the time and who happens to speak to you in the boutique. I'll probably head out again next weekend to speak to several more dealers, stuck in the hotel while the typhoon is out!

[Sam Philip]

Originally Posted by qrc36

ADs have the power to pick and choose clients. Or to let certain customers cut queues. Knowing a regular client of course helps make the introduction.

It's not just Hong Kong - apparently this applies to London too. That's how I got my 5712 from London (in 2017) - a good friend is a regular PP customer. She introduced me to her sales associate, and I sent her my card (by WhatsApp) and told her to Google me.

5712 appeared within a few months. Definitely less than 6 months. At that time the GBP was lower than the HK dollar and so I benefitted from the price difference and also more credit card reward points for overseas purchase!

But I got a stern reminder by the London AD not to resell or do anything that would get them into trouble.

London salon? I had a similar experience there

[Passionata]

Originally Posted by AK797

We've heard this before, seems just another way of vetting candidates, might as well hand your CV in now and a handwritten letter outlining your hopes and dreams.

And pics of your parents or the former mates in the orphanage

[AK797]

Originally Posted by qrc36

Investment bankers and lawyers and doctors make up a big part of the clientele here ... but there's this strange respect for doctors here in Hong Kong ... which I often don't comprehend ...

I find the ADs on Kowloon side to be nicer ... just my personal experience. Can't give you specific names but I guess that narrows the list down to 4, when you exclude ones on Hong Kong island.

Good luck!

You think doctors being respected is strange? Investment bankers caused the last financial crisis and depression so they shouldn't be regarded as in the same league, and they certainly aren't in the UK, they are looked at like diving footballers, depraved and soulless but we all respect their ability to make money.

[AK797]

Originally Posted by Passionata

And pics of your parents or the former mates in the orphanage

I know, they take the living p1ss, next they will want to see my criminal record.

[tyler1980]

sounds like a great opportunity to make up a fancy title, print a business card and pay for an extra phone line or get an answering service.


"Hedge Fund Manager" is a good choice

[tyler1980]

Originally Posted by qrc36

Investment bankers and lawyers and doctors make up a big part of the clientele here ... but there's this strange respect for doctors here in Hong Kong ... which I often don't comprehend ...

doctors should be respected. If anything you should say something like there is a strange lack of respect for teachers. They get paid peanuts

Bankers are rich, but their profession doesnt deserve respect like a doctor, nurse, teacher, etc. Their profession is about helping people.

[Codik]

What about lawyer? Does that help people sufficiently?

[tyler1980]

Originally Posted by Codik

What about lawyer? Does that help people sufficiently?

the wealthy kind, probably not. Nothing against lawyers at all, but IMO its a profession that the true advocates of people are not the highly compensated ones.

[Passionata]

Originally Posted by tyler1980

sounds like a great opportunity to make up a fancy title, print a business card and pay for an extra phone line or get an answering service.


"Hedge Fund Manager" is a good choice

or “watchjunkie” not sounds very noble but at least true

[Sam Philip]

Originally Posted by AK797

You think doctors being respected is strange? Investment bankers caused the last financial crisis and depression so they shouldn't be regarded as in the same league, and they certainly aren't in the UK, they are looked at like diving footballers, depraved and soulless but we all respect their ability to make money.

Investment bakers form a big part of the clientele. I personally don't know many doctors in the UK who own Pateks

[tyler1980]

Originally Posted by Sam Philip

Investment bakers form a big part of the clientele. I personally don't know many doctors in the UK who own Pateks

Harley St

My wife's OB has several Cartier watches for sure as i always notice, but thats where the posh doctors are generally. Its a great area for watch spotting as waiting rooms there is the only time i see RM watches in the wild excluding going into and out of Harrods.

[pereiraex]

Thanks guys, I think I've got what I needed from this thread so I'm just going to let it die down now.

For what it's worth - I'm an investment banker advising on mergers & acquisitions and corporate finance - far removed from the 'investment bankers aka sales and traders' packaging CDOs, taking excessive leverage and selling the junk on to retail investors. My work only affects the guys in the boardroom, not next door Joe who bought Lehman bonds after hearing the latest hot stock tip. I go to work everyday in the belief that I'm helping companies grow and create jobs. So please, do give a tiny break to the next investment banker you meet

[Valedictorian]

Meanwhile, I’m a junior partner in a strategy consulting firm. People usually think we’re highly overrated (some like our pptx though). Nevertheless, since I don’t live in HK, that shouldn’t even matter as far as getting a 5711 at retail is concerned.

On a different note: I’m surprised the waiting time can be only around 3 months in this era of 100% mark-up. I haven’t seen a blue dial 5711 in the flesh in years.

[AK797]

Originally Posted by pereiraex

Thanks guys, I think I've got what I needed from this thread so I'm just going to let it die down now.

For what it's worth - I'm an investment banker advising on mergers & acquisitions and corporate finance - far removed from the 'investment bankers aka sales and traders' packaging CDOs, taking excessive leverage and selling the junk on to retail investors. My work only affects the guys in the boardroom, not next door Joe who bought Lehman bonds after hearing the latest hot stock tip. I go to work everyday in the belief that I'm helping companies grow and create jobs. So please, do give a tiny break to the next investment banker you meet

We're all investment bankers that's why we slam them so much.

[appa666]

I think people are not getting judged for qualification of getting a watch based on job title. But job title indeed gives dealer some basic evaluation on if buyer will flip the watch or not. So probably they think first you are local if you are a doctor, second doctors are too busy to flip watches for profit lol.

It might not be fair for other non-doctor local buyers, but I can see dealers are truly doing something to prevent from watch reselling which is a good thing. They could have sold them all backdoor for huge profit.