Starting over

[Dayhvac]

As my AD lost his Patek rights 3-4 years ago i struggled to make a new connection. This year i have the potential to start a relationship with 2 different ADs. With the way Patek is dropping them, it's hard to choose which one . One is in NC and one in St Maarten. Any thoughts on long term?

Thanks James

[Gandor]

Honestly at this point, unless they open a US salon, I have no interest in starting a relationship with a jeweler which is what all Patek AD's in the US are. Pretty much everything besides sports models are 20-40% off secondary.

[77T]

Wouldn't one in NY be more convenient?

But if you like to travel, St. Maarten sounds better.


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[V25V]

Im in the same boat and Im not doing it again. I got most of what I want and not willing to go through the nonsense these dealers are doing now. I have one local I keep in touch with but no expectations and haven't asked for much. Will wait for the market to keep cooling down (hopefully) and get back in when they actually want to sell me something. I am not begging or trying to buy things I do not want.

[Ubiquitous1984]

I’m not looking to get involved in the AD game again as unless you are lucky enough to be local to a Salon, no AD is truly ‘safe’.

I thought mine was safe long term so invested a lot into the relationship, and now they’ve lost their status I’m £x down compared to if I had gone grey.

[johnsonsxusfrt]

Originally Posted by Gandor

Honestly at this point, unless they open a US salon, I have no interest in starting a relationship with a jeweler which is what all Patek AD's in the US are. Pretty much everything besides sports models are 20-40% off secondary.

^^^This. My AD lost their license about 18 months ago and I'm struggling to decide if I should start a new relationship with 1 of the 2 other ADs in my area. Ironically there were 3 ADs and I almost started a relationship with 1 that lost their license last month!!

It's a risky game at this point because my gut tells me Patek is going to cut more ADs in the coming 18-24 months, and with my luck I'll end up spending $50K-$100K with the wrong one and get stuck again LOL!!

[ts3]

My AD got cut but there is no point in looking for a new one as I find myself increasingly drawn to discontinued refs (again). The one modern Patek I'd love to add is the 5740. Didn't happen with the old AD and will not happen with a new AD w/o substantial purchases unless the market cools a lot more.

[Dayhvac]

NY ad's left a bad taste , basically was ignored and given attitude

was just in saint martin and offered new 5905r sunburst blue within 2-3 months

we travel to NC a bit and have visited AD there , was pleasant.

[LJubel328]

Originally Posted by Gandor

Honestly at this point, unless they open a US salon, I have no interest in starting a relationship with a jeweler which is what all Patek AD's in the US are. Pretty much everything besides sports models are 20-40% off secondary.

I echo this as well. I had to start over in 2020 when my (hometown) AD was cut. Started over with an NYC AD who subsequently lost their AD status this year too.

Save your time and money and go grey. ADs are too much of a hassle at this point in time. As Gandor said, most models are selling significantly below MSRP, and even the ones advertised online, are moving at lower levels. I picked up a brand new 2024 5326g for MSRP earlier this month from a grey. Since it’s launch, I had been given the constant reply from my AD, “this model is difficult as we receive 1-2 a year.” I had patience and finally secured one. I’ll continue going the grey route at this point.

Best of luck


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[srvrf]

It is so hard to tell the next wave of cuts. There's no harm in starting over until they want you to buy a Calatrava, then you have to decide. Personally, I'm not starting over (have AD-purchased 5167R and 5712/1A), so if I want another Patek, it will have to be grey market. I now have a great Patek SA in Chicago but I'm a nobody so he can't do anything for me. So I'm more into other brands like AP these days.

[dauster]

St Maarten sounds like a remote enough AD to be cut soon tbh - lack of truly rich people as they are all flying direct into St Barths :)

[Dayhvac]

Thats my concern. Which one is less likely to lose AD status faster lol.

[GGGMT]

I have developed an amazing, fruitful relationship with an outstanding PP dealer, takuya. And one or two others, EWC. Key models way below retail. Others are over. But no nonsense and games, nor waiting for years.


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[dauster]

Originally Posted by Dayhvac

Thats my concern. Which one is less likely to lose AD status faster lol.

just checked and there are 4 in the caribbean - imo pretty high chance all of them or majority will be gone soon. Most VIPs that travel there are either in Europe or NYC/ Miami anyway.

[mickyd329]

Definitely a fear in the back of my mind. What if my AD loses status? I'm only 2 watches in, but I don't think I would try to start over with another AD. I would bite the bullet and buy what I'm after in the grey market and move on with life.

[JettyOne]

Even Tiffany’s got the ax. No one is safe.


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[smallcollector]

go grey

[1William]

The AD in North Carolina, Windsor Jewelers in Charlotte, is great. Why not do both AD and see where it goes. Only thing to send is time.

[LJubel328]

Originally Posted by 1William

The AD in North Carolina, Windsor Jewelers in Charlotte, is great. Why not do both AD and see where it goes. Only thing to send is time.

What if both ADs get cut? He’s still starting all over at that point.


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[johnsonsxusfrt]

Until Patek is truly done cutting ADs, and actually comes out and says so, it's a complete gamble and not worth starting a new relationship. I'd give it 2 years, let the dust, demand and delusion settle then decide.

[Calatrava r]

Originally Posted by johnsonsxusfrt

Until Patek is truly done cutting ADs, and actually comes out and says so, it's a complete gamble and not worth starting a new relationship. I'd give it 2 years, let the dust, demand and delusion settle then decide.

This makes the most sense. Word is more are to be cut.

[ChetBaker]

Patek is really shooting themselves in the foot with this move creating so much unrest in the collector community.

[1William]

Originally Posted by LJubel328

What if both ADs get cut? He’s still starting all over at that point.


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So the answer is just to set aside any AD route? I would just do my best with the AD's and a Boutique if it is close by.

[LJubel328]

Originally Posted by 1William

So the answer is just to set aside any AD route? I would just do my best with the AD's and a Boutique if it is close by.

I was simply posing the question. Suppose that the OP started building a relationship with one AD whose status was then terminated, and then had to start another relationship with a new AD, only to find that the new AD's status is also terminated shortly thereafter (which is what happened to me).

In my opinion, this outcome is fairly likely, which is why I posed the question. Unless an individual's end goal is to acquire MRs, multiple aquanauts/nautiluses, etc., I see little reasoning for going the AD route. Unless, of course, someone is hellbent on having their name on the papers (I used to be one such individual). For others who still have their AD relationships intact, that is perfectly fine to continue the AD route. However, for many long-term collectors and newly emerging collectors, who are in my situation, I fail to see why purchasing from an AD makes sense in this climate.

My experiences are clearly biasing my opinion, and in no way am I suggesting my way is correct.

[Policylimits_]

[/U] jewels by love wants people to buy models they can’t sell.

[Dayhvac]

Had a nice experience there. Staff was super friendly and not pushy. Interested in the 5905r . Had one there i could try on that was reserved. Said could have for me in a few months

[johnsonsxusfrt]

Originally Posted by 1William

So the answer is just to set aside any AD route? I would just do my best with the AD's and a Boutique if it is close by.

I was honest with one of the local ADs in my area and pointed out that Patek has aggressively cut ADs across the country including a local one just this past month. I mentioned that I had reservations about starting a new (expensive) relationship that would end in kind in the coming 18-24 months. The SA was back on her heels as she tried to talk down my concern, but I could tell they're all very aware of the AD slaughter LOL!

One option is to be direct with the AD, offer to buy a bundle (one dog, one desirable piece, and maybe a bracelet for the wife), but just make sure the dog is one you actually like LOL!! They won't agree to it now, but times are changing.