Patek changes Archive Extract policy

[alpharulez]

Just saw this article. Shocker price of CHF 500 to provide an extract from the archives.

Business News: Patek Philippe Is Changing The Way It Issues Extracts From The Archives

https://www.hodinkee.com/articles/pa...m-the-archives

Damn!


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[Russell996]

Originally Posted by alpharulez

Just saw this article. Shocker price of CHF 500 to provide an extract from the archives.

Business News: Patek Philippe Is Changing The Way It Issues Extracts From The Archives

https://www.hodinkee.com/articles/pa...m-the-archives

Damn!


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I’m sure this is as a result of a huge increase in demand from grey dealers.

[HMHM]

This is the first change I see from a watch manufacturer that is actually anti-flipping. I don’t see why a new watch with box and papers need an extract from the archive. For older watches yes. Compared to the BS that Rolex did by removing the name of the buyer on their new style warranty card....

[jon_jon]

Interested to see how the pre-owned watch market will be affected. Will resellers try to get an Extract on all the watches in their inventory without papers before the change deadline?

[scurfa]

Disappointing, CHF 500! Just keep banging them nails in!


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[Dan Pierce]

Wow, I spent $100.00US back in 2006. That and the quote of $1800.00 & 2 years turnaround to clean/ service a working non-complicated [hour & minute hands only] movement, quickly proved I out of my league.
dP

[alpharulez]

If the process involved an actual authenticity check on the watch in your local PP boutique before issue of papers then sign me up... otherwise such actions under the guise of ‘brand protection’ count against the brand in my book - just a money grab all the same!


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[martinr]

Can you get archive papers on a new or newer watch? I don’t think so. How can a grey get a new watch without papers and get archive papers?

[Billfav]

Originally Posted by martinr

Can you get archive papers on a new or newer watch? I don’t think so. How can a grey get a new watch without papers and get archive papers?

It has to be older than 5 years according to the article.

[Billfav]

Just ordered for my Ref 3940 two weeks ago. Interestingly they said to allow 12 weeks for it but I just received an email yesterday that I will have it on Monday. Just a click over a 3 week turnaround. Impressive.

[Bladeshot]

Wow. I just ordered papers for a 1963’ish Ref 3466 Stainless, yesterday. Had no idea about this article. Seems nice to be able to marry a vintage piece with archive papers. Certainly not necessary for anything newer. I like their revised 1989 and older policy. Makes sense. 500CHF sure seems like a lot. But, it’s a Patek.

And the service turnaround is what prevents me from getting a complicated one. I’ll have no desire for a perpetual calendar, if it takes years to get it serviced. I was considering one, but that’s hard to imagine.

This just in from an estate. Being serviced. Needs a rotor bearing and crown. I’ve always wanted one. We shall see if it sticks. I’m such a sports Rolex nut; that seems to be my sweet spot.

[enjoythemusic]

For that price am sure PP will demand you send it in for full verification that includes PP guaranteeing that ALL parts are 100% original. Is this something PP does now?

[watch-guy.com]

And proper hands !

Julian


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[Billfav]

Originally Posted by Bladeshot

Wow. I just ordered papers for a 1963’ish Ref 3466 Stainless, yesterday. Had no idea about this article. Seems nice to be able to marry a vintage piece with archive papers. Certainly not necessary for anything newer. I like their revised 1989 and older policy. Makes sense. 500CHF sure seems like a lot. But, it’s a Patek.

And the service turnaround is what prevents me from getting a complicated one. I’ll have no desire for a perpetual calendar, if it takes years to get it serviced. I was considering one, but that’s hard to imagine.

This just in from an estate. Being serviced. Needs a rotor bearing and crown. I’ve always wanted one. We shall see if it sticks. I’m such a sports Rolex nut; that seems to be my sweet spot.

My perpetual calendar, the same timepiece I was referencing in this thread that I got the extract on, was about 3 months for a complete service when sent in last summer and arrived end of October. Nice stainless steel PP find by the way...

[Bladeshot]

Originally Posted by Billfav

My perpetual calendar, the same timepiece I was referencing in this thread that I got the extract on, was about 3 months for a complete service when sent in last summer and arrived end of October. Nice stainless steel PP find by the way...

That’s great to hear! This was a lucky find. It will be fun to get correct. I like doing that!

[azizu]

This is another step from Patek Philippe to protect its collectors. i am happy for that step

[Humble michael]

Ha! It’s called greed !! Very sad this is the way PP treats enthusiasts. James in San Antonio Tx:-(

[alpharulez]

Originally Posted by azizu

This is another step from Patek Philippe to protect its collectors. i am happy for that step

In my view, If the cost included authenticating the product before providing extract then yes. That would be a step to protect collectors and customers whether new or old.

How would you explain this from your viewpoint?


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[Berettameier]

This Hodinkee message is fake! April fool!

There are too many points in it which make no sense.

[azizu]

Originally Posted by alpharulez

In my view, If the cost included authenticating the product before providing extract then yes. That would be a step to protect collectors and customers whether new or old.

How would you explain this from your viewpoint?

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what i meant is patek or the ADs have taken many steps to slow down the flippers here are some:
1- the watch seal must be broken before the watch leaves the AD
2- if you get caught flipping you are black listed
3- patek now keeps track of who buys there pieces through the registration process which the AD must complete
4- it is difficult to get a ss piece if you have no history with the brand or the AD
etc etc
one of the very obvious things i could notice is that there were considerable amount of relatively new pieces that were sold without original certificate of origin (mostly to protect seller identity) and instead an extract from the archive would accompany the watch.
with limiting the extract from archives to only vintage pieces i believe they are trying to reduce the flipping

[alpharulez]

Originally Posted by azizu

what i meant is patek or the ADs have taken many steps to slow down the flippers here are some:
1- the watch seal must be broken before the watch leaves the AD
2- if you get caught flipping you are black listed
3- patek now keeps track of who buys there pieces through the registration process which the AD must complete
4- it is difficult to get a ss piece if you have no history with the brand or the AD
etc etc
one of the very obvious things i could notice is that there were considerable amount of relatively new pieces that were sold without original certificate of origin (mostly to protect seller identity) and instead an extract from the archive would accompany the watch.
with limiting the extract from archives to only vintage pieces i believe they are trying to reduce the flipping

Thanks for the clarification


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[GGGMT]

Originally Posted by Dan Pierce

Wow, I spent $100.00US back in 2006. That and the quote of $1800.00 & 2 years turnaround to clean/ service a working non-complicated [hour & minute hands only] movement, quickly proved I out of my league.
dP

I just got an $11k quote to repair clean my pocket watch. Tad excessive for a watch worth $5k




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[GGGMT]

Originally Posted by Berettameier

This Hodinkee message is fake! April fool!

There are too many points in it which make no sense.

Oh yeah, ‘March Fools’ day on 3/28. I fall for that one every year.


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[Berettameier]

Originally Posted by GGGMT

Oh yeah, ‘March Fools’ day on 3/28. I fall for that one every year.

Ok, however, the new regulation starts on April 1st. And I have massive doubts about the Hodinkee information as follows:

- Why do they address "Dear Customers"? They should address partners, dealers, whatever?!
- Date of first sale makes no sense. Date of production would be much more reasonable.
- 1989 makes no sense. Why 1989? It would be much more logical to have a "30 years and older" arrangement.
- Multiple requests for same timepiece: This paragraph is nonsense, since there is a "one extract in five years" regulation. There will never be multiple requests at the exact same point in time.
- Price increase: This is too much. We know Patek increasing prices dramatically. But that is way too much.
- I do not trust the last passage in Hondinkee's introduction: "The move seems like an effort to protect the brand, just like the discontinuation of the 5711. Thierry Stern is stubborn about steel, – and it turns out, Extracts from the Archives, too."
- Hodinkee likes to play with April fools.

Most important:
Why do we all have this information from Hodinkee only? Up to now, there are abolutely no other sources?! Does anybody have other information, please feel free to let us know.

[scurfa]

Originally Posted by GGGMT

I just got an $11k quote to repair clean my pocket watch. Tad excessive for a watch worth $5k




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Hi I thought £3800 was high 8 years ago for a restoration of a stainless steel pocket watch I paid £1800 for, I have just seen an exact one listed with 2 numbers away from the serial number at £16000.


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[GGGMT]

Originally Posted by Berettameier

Ok, however, the new regulation starts on April 1st. And I have massive doubts about the Hodinkee information as follows:

- Why do they address "Dear Customers"? They should address partners, dealers, whatever?!
- Date of first sale makes no sense. Date of production would be much more reasonable.
- 1989 makes no sense. Why 1989? It would be much more logical to have a "30 years and older" arrangement.
- Multiple requests for same timepiece: This paragraph is nonsense, since there is a "one extract in five years" regulation. There will never be multiple requests at the exact same point in time.
- Price increase: This is too much. We know Patek increasing prices dramatically. But that is way too much.
- I do not trust the last passage in Hondinkee's introduction: "The move seems like an effort to protect the brand, just like the discontinuation of the 5711. Thierry Stern is stubborn about steel, – and it turns out, Extracts from the Archives, too."
- Hodinkee likes to play with April fools.

Most important:
Why do we all have this information from Hodinkee only? Up to now, there are abolutely no other sources?! Does anybody have other information, please feel free to let us know.

Good points, all! We’ll find out!


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[77T]

Glad I did my request last December. Got the extract in February (about 8 weeks - quicker than promised).

Maybe due to my registering the watch at same time.


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[ts3]

Originally Posted by gggmt

good points, all! We’ll find out!


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+1

[GGGMT]

Originally Posted by Berettameier

Ok, however, the new regulation starts on April 1st. And I have massive doubts about the Hodinkee information as follows:

- Why do they address "Dear Customers"? They should address partners, dealers, whatever?!
- Date of first sale makes no sense. Date of production would be much more reasonable.
- 1989 makes no sense. Why 1989? It would be much more logical to have a "30 years and older" arrangement.
- Multiple requests for same timepiece: This paragraph is nonsense, since there is a "one extract in five years" regulation. There will never be multiple requests at the exact same point in time.
- Price increase: This is too much. We know Patek increasing prices dramatically. But that is way too much.
- I do not trust the last passage in Hondinkee's introduction: "The move seems like an effort to protect the brand, just like the discontinuation of the 5711. Thierry Stern is stubborn about steel, – and it turns out, Extracts from the Archives, too."
- Hodinkee likes to play with April fools.

Most important:
Why do we all have this information from Hodinkee only? Up to now, there are abolutely no other sources?! Does anybody have other information, please feel free to let us know.

I do wonder if HODINKEE would mess around with an April fools relating to Patek Philippe. Particularly on pricing. That would take some ... uh ... well.


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[Billfav]

So you guys are serious about Hodinkee doing this as a joke? I don't know them that well other then reading a article here or there but I would be shocked.

I can say sometime last year I heard from my AD that PP does not offer this service for newer timepieces.