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21 January 2023, 01:14 AM | #1 |
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Patek CPO coming per Patekaholic
Was looking for the run out (which isn’t out yet as far as I can tell) and he posted about this with “details to come”
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21 January 2023, 01:20 AM | #2 |
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Glad to know Patek now officially endorses a holding period (3 years?) for their watches before allowing to flip. This also means I can now buy discontinued pieces which come with Patek warranty and this is very attractive for buyers like me.
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21 January 2023, 01:48 AM | #3 | |
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Agreed but let’s hope it’s not similar to Rolex certified preowned program - I think they had a Daytona for like 60k lol Sent from my iPhone using Tapatalk |
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21 January 2023, 02:29 AM | #4 |
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Is this true? They are going to copy Rolex?
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21 January 2023, 03:05 AM | #5 | |
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Are you saying that in the case a new owner sells within 3 years to someone who tries to register it; they’ll add the original purchaser to a ban list across all ADs? That’s nearly impossible to enforce and easy to side step by having someone else put their name on the papers on a new purchase. |
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21 January 2023, 03:16 AM | #6 |
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It seems like all the brands are doing this to prop up the "value proposition" of their watches as the grey market is declining. It always make me feel "good" as I can justify a purchase at list when the resale is 2x list. :-) (Even though I never sold anything...)
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21 January 2023, 03:24 AM | #7 |
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I’ve personally bought pre owned Pateks from AD multiple times. Will follow the details as the information is made official but really not earth shaking news but could be wrong, eg ADs banned from reselling Patek trade ins. We’ll see.
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21 January 2023, 03:37 AM | #8 |
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21 January 2023, 03:42 AM | #9 | |
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Regarding what constitutes flipping, I buy from 2 AD and they couldn't answer what's the holding period of Patek watches when I asked. One said 5 years and the other said cannot sell until the piece becomes a vintage watch. Now with the CPO, we will know exactly what's Patek view on the holding period. I don't ever want to lose my relationship with my AD so I toe the line very very carefully. |
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21 January 2023, 03:52 AM | #10 | |
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21 January 2023, 04:33 AM | #11 |
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And me, very attractive.
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21 January 2023, 04:44 AM | #12 | |
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21 January 2023, 04:48 AM | #13 |
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Yes, it seems like all the brands which has risen in resale value for the past 2-3 years is doing similar things. But the reason I stated is probably the reason behind it. As Patek has pointed out repeatedly, it is their goal to preserve value for collector and provide CPOs at > retail price is a good way to make the collectors feel good. The real question now is: If I want to sell a watch back to Rolex or Patek for this CPO program, how much value can I get back?
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21 January 2023, 04:57 AM | #14 |
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I think it depends on the level of watch you are buying - if you are buying a green 5711 or a 5531R Patek Geneva actually cares. If you flip a 5226 Im sure only maybe the AD cares.
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21 January 2023, 05:00 AM | #15 |
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At the end of the day, it's all through the AD, but I know of a couple cases where Patek directly told my AD not to sell to certain clients. In one case, they had a pretty good idea of why, but in the other case they had no clue. When Patek says no you listen
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21 January 2023, 06:05 AM | #16 |
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To me, the CPO program is now the de facto method of creating "buying history", and will be the gateway for any chance to get a watch new at retail.
As people have said, it's kinda what certain Porsche and Ferrari dealers are doing anyway. Want a chance at the GT3 RS? Gotta buy that used Cayman from me first.....then maybe a used Porsche 911 Turbo......then maybe get to a used GT3....before, maybe, getting to a new model GT3 RS. |
21 January 2023, 06:22 AM | #17 | |
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Patek CPO coming per Patekaholic
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Your post reminded me of a Porsche experience in 1982 when 944 orders were backlogged. I had just one buying experience - a 911 Targa - used 1976 model. I was way down on the waitlist - $1K deposit. But in a few months, a call - would I like a new 1983 911 Carrera? Ummm, yesss more of that please! I literally rushed the 5 minutes to the dealer (we were only 3 miles away). The transporter driver unloaded it - the rep gave me the keys. I test drove it home. Never brought it back. The manager wrote up the contract using my Targa as a trade-in and I returned on a Saturday to unload my stuff from the Targa and run the Carrera through the cleanup bay to take all the plastics off. (Plus brought the many $$$KK in cash to finalize) Never got a 944 - somehow the gods smiles upon me. The path to nirvana was shorter in the ‘80’s Thanks for rekindling that memory via your post! Sent from my iPhone using Tapatalk Pro
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21 January 2023, 06:48 AM | #18 | |
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21 January 2023, 08:46 AM | #19 |
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This if it is coming is really a shame. Many Patek models are soft on the used market and this may be a plan to boost prices. It’s a shame because many folks who love the watches can obtain the watches they want at market prices. Leave the used markets alone. Once the ADs get involved they will be allocating and bundling with new purchases.
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21 January 2023, 10:13 AM | #20 | |
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The flipping is discovered by AD AD will first request the customer to delist the sales. If customer doesn't want to delist, the AD will cut him/her off. If customer delist, then business as usual although the AD will be more selective in selling Nautilus to said customer going forward. The flipping is discovered by Patek Patek will ask AD for explanation why the watch was flipped. Patek then advises the AD to stop selling Patek to concerned customer at this juncture. This stop-sales-order to customer is irrevocable. If AD doesn't like that advice and refuse to cooperate to stop sales to said customer, Patek can terminate the dealership. My AD toes the Patek line very carefully and is serious/committed to the brand. I'm 100% sure they will cut any errant VIP off to maintain the Patek dealership, hence to prevent that from happening, my AD always advise customers to not flip their Pateks because they also value their customers. |
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21 January 2023, 10:21 AM | #21 | |
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21 January 2023, 08:40 PM | #22 | |
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21 January 2023, 10:54 PM | #23 |
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I think the companies have been pushed into this and the reason is watch theft, stolen watches will find their way back on the market sometimes with new cards, papers and even fake shop receipts, you have no way of checking until the watch is sent for servicing, I think they are starting to see this happen more and more now.
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22 January 2023, 01:20 AM | #24 |
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What do you mean by “delist”?
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22 January 2023, 01:45 AM | #25 |
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I don’t think the goal is to boost used prices but to make selling a watch back to the AD easier. This will bring more liquidity to new watch buyers. Selling a watch is a pain and I’m sure we all have watches in our collections we would have sold if it were easier.
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22 January 2023, 02:19 AM | #26 |
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22 January 2023, 03:03 AM | #27 |
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But are you okay with PP (or other brands) charging many multiples above the original price? For select pieces I can understand, but as a general practice it is a turn off. But I guess there must be buyers at these levels.
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22 January 2023, 03:13 AM | #28 |
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I’d expect the price to be market price + in house service/CPO upcharge + brick and mortar upcharge. Otherwise they’re devaluing the brand. Same would go for any of the CPO with used trading above MSRP.
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22 January 2023, 03:20 AM | #29 |
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22 January 2023, 03:21 AM | #30 |
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The CPO is just another sales outlet for consumers. Buyers who don't think the CPO make sense can simply buy from the traditional dealers. We do not know how the CPO will price their watches yet but some like the peace of mind, Patek servicing and new warranty on older discontinued complicated watches. This group will be the target.
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