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dauster · 10 July 2021, 02:01 AM

Quote:

Originally Posted by TimepieceRPP

https://hypebeast.com/2021/7/thierry...elling-comment

Interesting response ��

honestly, this is just like the Japanese CEO that cleans his own toilet in the office to remind himself that he started from the bottom. good for Mr stern that he doesnt spoil his kids but lets be honest if he wanted one he could get it. Im getting annoyed by this non-sense.

IBDOC · 10 July 2021, 02:10 AM

Responses in here makes me wonder if you’re serious about thinking that PP sees this as some kind of serious infraction? Let’s be clear, PP doesn’t care if one buyer manages to snag a huge premium by being the first one to flip a sealed watch. They might care a bit about the AD selling it sealed, but that’s a small loss compared to the upside.

I’m guessing that Stern is literally salivating over the buzz and press generated by a in-production simple time and date watch fetching 10x retail value at an auction.

Mbbgysam · 10 July 2021, 02:57 AM

I imagine this is a far worse headache for Stern than any potential upside could offer... I doubt he's salivating over all the collectors who didn't get an allocation, and are reaching out in frustration.

I think there's plenty of evidence to suggest that Patek cares. For example, another location of my AD recently got in trouble because a customer listed a watch on Chrono24 the same day they bought it with the company logo visible on the receipt. Guess how they found out? Patek saw it and called them. Who knows if Patek considers it an "infraction" per se, but they clearly care enough to monitor the market and reprimand ADs. I really can't imagine this sealed green 5711 -- with the serial # visible and easily traceable back to the buyer and AD -- won't result in consequences for both... just my 2c

mjm700 · 10 July 2021, 03:11 AM

Quote:

Originally Posted by martinr

I used to get them sealed all the time.

Why?

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szabo_martin · 10 July 2021, 04:17 AM

Quote:

Originally Posted by Mbbgysam

I imagine this is a far worse headache for Stern than any potential upside could offer... I doubt he's salivating over all the collectors who didn't get an allocation, and are reaching out in frustration.

I think there's plenty of evidence to suggest that Patek cares. For example, another location of my AD recently got in trouble because a customer listed a watch on Chrono24 the same day they bought it with the company logo visible on the receipt. Guess how they found out? Patek saw it and called them. Who knows if Patek considers it an "infraction" per se, but they clearly care enough to monitor the market and reprimand ADs. I really can't imagine this sealed green 5711 -- with the serial # visible and easily traceable back to the buyer and AD -- won't result in consequences for both... just my 2c

Agreed, Patek most certainly care and monitor the movement of their watches. They need Patek approval of customers for certain models and if you flipped the green dial it would be your last allocation of a hard to get Patek... someone maybe saw the upside $$$ and figured they don't care if they get anymore Pateks.

HMHM · 10 July 2021, 04:58 AM

Quote:

Originally Posted by szabo_martin

Agreed, Patek most certainly care and monitor the movement of their watches. They need Patek approval of customers for certain models and if you flipped the green dial it would be your last allocation of a hard to get Patek... someone maybe saw the upside $$$ and figured they don't care if they get anymore Pateks.

Honestly though, what can Patek do?
Will the AD get suspended? I certainly hope so just to give a warning to other ADs to not sell hot pieces via the back door to greys and share the profits.
But realistically all they gonna get is a slap on the wrist and a letter saying ‘how Patek Philippe is disappointed with the AD and hope not to repeat such incident again’ bla bla bla. Case closed.

Personally I feel that the AD which this piece originated from did not do their due diligence prior to allocating the watch. Most of the green 5711 owners are serious collectors with a stunning collection hence they get the allocation and usually they will enjoy it a few months to years before selling it on. Some never even considered selling theirs. The second scenario is that the AD got a proxy to sell the watch and together they split the profit. Hence why it’s sealed because ADs have been specifically instructed to take remove the seal upon purchase of the watch.

martinr · 10 July 2021, 05:46 AM

Quote:

Originally Posted by mjm700

Why?

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Because that way I knew they hadn’t been in the display case getting scratched.

martinr · 10 July 2021, 05:52 AM

Patek does care about stuff like that green 5711 being sold right away. They read this forum and other forums and they don’t like posts about flippers and also about things like factory tours and who goes on them. Big brother is watching.

Wahlberg · 10 July 2021, 06:01 AM

Quote:

Originally Posted by martinr

and also about things like factory tours and who goes on them

They don't like this or?

martinr · 10 July 2021, 06:26 AM

Quote:

Originally Posted by Wahlberg

They don't like this or?

They want it kept quiet. I got a call from my AD about a post I made about an upcoming tour. They wanted it taken down so I did. But they do pay attention. Not Thierry himself but the territory sales guys. And my AD told me about a customer that flipped an application piece right away. He was told not to sell anymore to that person. And he’d spent millions. I have no way to verify that but I trust my AD.

GreenLantern · 10 July 2021, 06:34 AM

Quote:

Originally Posted by martinr

They want it kept quiet. I got a call from my AD about a post I made about an upcoming tour. They wanted it taken down so I did. But they do pay attention. Not Thierry himself but the territory sales guys. And my AD told me about a customer that flipped an application piece right away. He was told not to sell anymore to that person. And he’d spent millions. I have no way to verify that but I trust my AD.

This matches my experience, as well.

Mbbgysam · 10 July 2021, 07:24 AM

Quote:

Originally Posted by martinr

They want it kept quiet. I got a call from my AD about a post I made about an upcoming tour. They wanted it taken down so I did. But they do pay attention. Not Thierry himself but the territory sales guys. And my AD told me about a customer that flipped an application piece right away. He was told not to sell anymore to that person. And he’d spent millions. I have no way to verify that but I trust my AD.

Quote:

Originally Posted by GreenLantern

This matches my experience, as well.

Good to know

pav333hp · 10 July 2021, 04:26 PM

So I don't know how much of this is true, but I have heard at least two ADs who were allocated the green 5711 and the owners chose not to sell to any customers, but keep to themselves. I'm guessing this could be one way a sealed 5711 ends up on auction.

Patek_collector · 10 July 2021, 05:00 PM

the 5711 continues, now with the green selling at 10X and the blue selling at 4-5X... it seems this movie will continue and i think Mr. Stern is happy about it. it is helping him drive secondary market price for Patek up... and brand value up. that is my view. Green at $300K and blue at $130K... this madness seems only continuing without any signs of slow down.

cascavel · 10 July 2021, 07:45 PM

Quote:

Originally Posted by pav333hp

So I don't know how much of this is true, but I have heard at least two ADs who were allocated the green 5711 and the owners chose not to sell to any customers, but keep to themselves. I'm guessing this could be one way a sealed 5711 ends up on auction.

The real question is, why would any non-corporate owner of an AD sell a green dial 5711 to any client? By keeping them in your safe, forever, you avoid the issues of 1) a buyer who flips it 2) a buyer who boasts about getting it, thereby pissing off all your other clients who didn't.
By hanging on to your allocation of these you can, eventually, fund your grandchildren's Ivy League college education.

AK797 · 10 July 2021, 11:34 PM

Must be Stevensonian for him, Dr Thierry probably likes the buzz it creates, but Mr Stern does not like the tradeable commodity Pateks have become.

GoingPlaces · 10 July 2021, 11:41 PM

Quote:

Originally Posted by cascavel

The real question is, why would any non-corporate owner of an AD sell a green dial 5711 to any client? By keeping them in your safe, forever, you avoid the issues of 1) a buyer who flips it 2) a buyer who boasts about getting it, thereby pissing off all your other clients who didn't.
By hanging on to your allocation of these you can, eventually, fund your grandchildren's Ivy League college education.

If you have a big spender client and don't want to lose them, you sell them the watch. That's why. That's the business you're in.

Trainedmonkey · 11 July 2021, 03:00 AM

My 5711-1A1 came sealed last year.

321Forever · 11 July 2021, 06:43 AM

It’s hype. It’s BS. PP thrives on it. Such is their lux biz model. Taking care of the upper 99.9 percentile customers.

itspapi · 11 July 2021, 07:07 AM

It'll be interesting to follow though.. you have everything posted. Serials etc.. IF PP wanted to trace this, they could.

watch-guy.com · 21 July 2021, 09:40 PM

Sold for E320k plus commission

Absolutely nuts

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321Forever · 21 July 2021, 10:57 PM

Looking forward to the “Incoming” thread lol.

Longhorn · 22 July 2021, 12:23 AM

Antiquorum accidentally showing the client’s name is hilarious and infuriating. If that guy wasnt in the dog house with Patek already, he’s going to be for sure.