No such thing as Building a Patek AD relationship anymore, PATEK TARGETING ELITE

[TimepieceRPP]

it was after 2016 when I wanted to get 5712. First said I could get it after 6 months, then a year and then not hearing anything and then being ghosted after the hype! I have not asked for any Nautilus anymore since then.

[Nav01L]

The fact of the matter is that smaller more regional ADs probably have more intransparent relationships with the grey market than the big corporates and the ADs in big cities that have an ample number of uber HNWI clients to keep them afloat and cross finance the lesser sellers within the offering (be that other watch brands or jewelry). So of course those are the ones you’d allocate watches to in an overheated market, rather than the others.

[unotaz]

It now starts with a "3" as of 4 weeks ago.

Originally Posted by newonos

its been at 46 US ADs on the website for a few weeks. No new departures I'm aware of... yet

[JSCP]

Behaving with taste , one can’t buy. But if you got it, they know, regardless of bank $$$

[DonLee]

Originally Posted by ELLimon

At least worth 5 or 6mil. Tell me I’m wrong.

I wish lol. Nope

[Fleetlord]

Originally Posted by unotaz

Given what you written, this means your AD is either Chong Hing and Bucherer, with the Brequet bundle reference. One of these two dealers have already been informed they lost their Patek license.

My AD doesn't practice bundling thankfully.

Not Bucherer as they have a new Rolex/Patek boutique on Worth AVE in Palm Beach that they recently unveiled when they took over Tourneau.

Was there today. Lovely store. Patek and Rolex ONLY. Only watch to be had was a TT DJ YG with diamond dial. Just came in. Probably will be sold by tomorrow.

0.0 Pateks to buy. They have displays but they are sold watches waiting to be collected or so I was told. Still in plastic. In museum quality glass cases. No touching or handling allowed in any possible way.

Staff was friendly and showed me around the place. Very proud of it. I'm sure they will generate zillions of dollars out of that location...perhaps those customers would classify as "elite"...who knows anymore..

[77T]

For what it’s worth there will soon be a new Patek Boutique in the Atlanta area in Buckhead Village.

An AD is moving their existing shop there and it will include a Rolex Boutique inside that building. Their next step will be a separate freestanding shop as an exclusive Patek Boutique.

If typical brick & mortar marketing strategy is in play, to reward an AD who invests in an exclusive PP Boutique, there will be a reduction in channel noise. The Classic 4th P at work.


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[77T]

Originally Posted by Fleetlord

0.0 Pateks to buy.

I posted in a separate thread that one of these is sitting in a case in an Atlanta area AD.



Just as info. Tried it on but wasn’t a look I liked.


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[joa]

Originally Posted by 77T

I posted in a separate thread that one of these is sitting in a case in an Atlanta area AD.



Just as info. Tried it on but wasn’t a look I liked.


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no secondary market premium => no waiting list => suddenly no urge for "building AD relationship" => loudest complainers and self proclaimed horology lovers very silent...

[VogelPhoenix]

Originally Posted by Bearxj86

My experience was I was buying Patek for 5 years. I got my 5711s and 5167s. Life was good.

Then, hype happened and my AD in LA starting bundling more and more. A bruguet Torb or $150k in IwC was needed to purchase a 5712a.

At least AP still loves you

[Fleetlord]

Originally Posted by 77T

I posted in a separate thread that one of these is sitting in a case in an Atlanta area AD.



Just as info. Tried it on but wasn’t a look I liked.


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Thanks. They had one too but it was already sold and awaiting collection.

Not my cup of tea.

[77T]

Originally Posted by Fleetlord

Thanks. They had one too but it was already sold and awaiting collection.

Not my cup of tea.

Yep, a lot of folks agree with that.


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[Pfang56]

Originally Posted by V25V

Right but the AD's have been shut down for years now and the hot watches STILL end up at gray dealers. AP has a boutique only model and how is that you still see 16202's at grays everywhere? Thats a new reference and only been available since they made this move. C24 has 51 16202's listed for sale in the USA alone.

Patek has a much broader distribution and larger overall volumes - so it applies to all brands. In the end, there are 1500 or so jumbos made per year, so 51 is a little over 3pct of annual volume. Don't know how this compares to the 5711 but we should expect that for better or for worse, there will be bad actors out there.

In any case, whether it's Patek, AP, Ferrari, Screaming Eagle, or other collectible items, the wealthy always find a way to get wealthier...human behavior...

Cheers
Peter

[HorologicalGangster]

Originally Posted by 77T

Yep, a lot of folks agree with that.


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I for one really like it and will probably buy it as my next piece. However, I'll be going gray as I can buy it for roughly $20k less than MSRP. I refuse to pay MSRP for this for a slim chance to be on the "list" for a higher sought after piece.

[Cauhauna]

Originally Posted by unotaz

It now starts with a "3" as of 4 weeks ago.

i still see 46 in the USA as of 5/26/23

[Kreyzhorse]

Originally Posted by joa

you know the Irish man... ?

[Bearxj86]

Originally Posted by unotaz

Given what you written, this means your AD is either Chong Hing and Bucherer, with the Brequet bundle reference. One of these two dealers have already been informed they lost their Patek license.

My AD doesn't practice bundling thankfully.

I will or will not confirm this. However I did say "ni hao" when I saw them. I no longer buy from them.

[VogelPhoenix]

Originally Posted by Pfang56

Patek has a much broader distribution and larger overall volumes - so it applies to all brands. In the end, there are 1500 or so jumbos made per year, so 51 is a little over 3pct of annual volume. Don't know how this compares to the 5711 but we should expect that for better or for worse, there will be bad actors out there.

In any case, whether it's Patek, AP, Ferrari, Screaming Eagle, or other collectible items, the wealthy always find a way to get wealthier...human behavior...

Agree completely. Also, a good fraction of the C24 ads are just fishing expeditions with no actual watch in hand, so the absolute numbers are hard to evaluate.

[mobster600]

Ever see The Office episode when Dwight got snubbed at the collectible store? LOL BOYCOTT the SteamTown Mall. Then they back there dressed "ultra elite." Smoking a pipe, wearing a fancy jacket. Same treatment LOL. Its all about how you carry yourself. If you present yourself LIKE and ultra elite, then maybe you'll be treated like an ultra elite. Money doesnt buy class. Class comes from within.

[fsprow]

Originally Posted by mobster600

Ever see The Office episode when Dwight got snubbed at the collectible store? LOL BOYCOTT the SteamTown Mall. Then they back there dressed "ultra elite." Smoking a pipe, wearing a fancy jacket. Same treatment LOL. Its all about how you carry yourself. If you present yourself LIKE and ultra elite, then maybe you'll be treated like an ultra elite. Money doesnt buy class. Class comes from within.

These days, 10 minutes on the web will give you a good approximation of one’s net worth. Also, I was in a Patek (and jewelry) dealer when two young men in running gear walked in and spent well over a million dollars in half an hour. Said they were in a hurry.

[unotaz]

Some of the dealers on the website has already been notified of their termination of contract, but there is a grace period.

Originally Posted by Cauhauna

i still see 46 in the USA as of 5/26/23

[Jmaguire17]

Patek has officially pulled out of Hawaii...

[Henrimontgomery]

Patek is just using exec employees as fronts. They have the Salon sell them a watch double sealed, the employee then goes to Phillips and with his good friend Bacs, sells the watch with a few strategic bids. They might even buy it themselves. A few hundred k is nothing for the marketing department.

Yet the halo effect it has lifts the brand as a whole.

[V25V]

Originally Posted by Henrimontgomery

Patek is just using exec employees as fronts. They have the Salon sell them a watch double sealed, the employee then goes to Phillips and with his good friend Bacs, sells the watch with a few strategic bids. They might even buy it themselves. A few hundred k is nothing for the marketing department.

Yet the halo effect it has lifts the brand as a whole.

Now, I am a natural skeptic but this is some tin foil hat stuff. I am one who believes that all of these manufacturers do not care about any of what we as enthusiasts are dealing with, in fact likely the opposite. But, to think they are sending people to do this is a bit far fetched. My .02.

[dauster]

Originally Posted by Jmaguire17

Patek has officially pulled out of Hawaii...

True Ben bridge gone from the website (45 now) - damn not that I had a great relationship with them but I did buy some Rolex over the years - a Patek boutique right next to their Rolex only one would have made sense


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[codecow]

This is just getting abusive now. Hawaii gone? What’s next?

[GB-man]

Originally Posted by codecow

This is just getting abusive now. Hawaii gone? What’s next?

Too many poors there unfortunately.

[westoque]

I remember seeing a sealed green 5711 for auction. Apparently it came from a dealer that had their shop just closed down. I wonder if what we’re seeing with the double sealed ones similar?


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[LJubel328]

Originally Posted by westoque

I remember seeing a sealed green 5711 for auction. Apparently it came from a dealer that had their shop just closed down. I wonder if what we’re seeing with the double sealed ones similar?


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Does anyone know if anything happened to the UK AD who’s watches showed up at the recent Christie’s auction?

There were at least a dozen watches still double sealed, and some with papers dated just a few months ago. It’s stuff like this that really turns me off.


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[codecow]

Originally Posted by GB-man

Too many poors there unfortunately.

Good point!

My friend had a condo there for a while but she ended up selling it. Maybe too many poors!

Ow the shine from my 5522 just hurt my eyes.