First Green-Dialed Patek Philippe Nautilus Appears at Auction - Still Sealed

[Russell996]

Originally Posted by scurfa

He will be such a big hitter they will not care at all


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Not so, my AD has reported the offending AD has already had it’s Patek dealership terminated for selling boxed, buyer is blacklisted I guess.

[Russell996]

Originally Posted by Tinka2020

That sale was today wasn’t it, anyone know what it went for?


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$490k!

[Keldw]

Originally Posted by watch-guy.com

Sold for E320k plus commission

Absolutely nuts


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Originally Posted by Tinka2020

That sale was today wasn’t it, anyone know what it went for?

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[TimepieceRPP]

Completely insane!!! 490K

[HMHM]

Originally Posted by Russell996

Not so, my AD has reported the offending AD has already had it’s Patek dealership terminated for selling boxed, buyer is blacklisted I guess.

I hope you are serious and not just hearsay from AD. If it’s real then I’m glad that Patek takes this seriously and in the future ADs will be more transparent in their dealings, particularly with a certain Gregory

[GreenLantern]

Hate flippers.

Hate.

[GreenLantern]

Originally Posted by HMHM

I hope you are serious and not just hearsay from AD. If it’s real then I’m glad that Patek takes this seriously and in the future ADs will be more transparent in their dealings, particularly with a certain Gregory

Patek does take these things seriously.

The question is how much they're willing to rock the boat.

[Everbillz]

Curious to know how much it went for

[dannyp]

Originally Posted by PPcollector

Hmm…wouldn’t it be easier to just ask to see the Certificate of Origin prior to auction for discovery purposes in making sure the watch is what it says it is? Having to purchase the watch to see the name of the AD on the certificate seems like excessive unnecessary spending…JMHO

Isn’t the movement number the serial number? It’s visible in photo and I’m sure PP can figure out what dealer it came from, no?

Also, do owners register with PP (if that’s even a thing…)? Given the small number in circulation, perhaps that’s another way to at least narrow it down.

[sxdcfv]

I think whoever flipped was 'happy to be' blacklisted for $490K.

[dannyp]

Originally Posted by Russell996

Not so, my AD has reported the offending AD has already had it’s Patek dealership terminated for selling boxed, buyer is blacklisted I guess.

Well then I guess we’ll see what dealer is no longer listed online…

[cbalster]

There is an end user with $500k+ of spending power on timepieces that Patek is not able to connect with directly through their worldwide sales network. I view this as a business failure.

The buyer spent $500k on the watch and Patek realized $20k or so of revenue on this timepiece. I know marketing and hype has value but this is a failure of the Patek sales model to not reach this end user directly and sell him 10 watches including the green dial 5711 instead of him resorting to buying the 5711 at Antiquorum.

[dannyp]

Originally Posted by sxdcfv

I think whoever flipped was 'happy to be' blacklisted for $490K.

Unless they were a serious collector, who also had an eye for a "deal" and therefore accepted their dealer's "invite" to purchase a watch they felt was "beneath" them...

I also wonder what, if any, recourse they would have against the auction house for posting pictures including the serial number which will ultimately lead to PP learning their identity?

[scurfa]

Originally Posted by Russell996

Not so, my AD has reported the offending AD has already had it’s Patek dealership terminated for selling boxed, buyer is blacklisted I guess.

Who was the AD?


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[fsprow]

Originally Posted by cbalster

There is an end user with $500k+ of spending power on timepieces that Patek is not able to connect with directly through their worldwide sales network. I view this as a business failure.

The buyer spent $500k on the watch and Patek realized $20k or so of revenue on this timepiece. I know marketing and hype has value but this is a failure of the Patek sales model to not reach this end user directly and sell him 10 watches including the green dial 5711 instead of him resorting to buying the 5711 at Antiquorum.

Perhaps he would not have wanted the green dial if it sold at retail, nor 10 retail price watches. I expect the buyer expects to resell at a profit. Good for him if he makes money. Markets at work.

[HMHM]

Originally Posted by GreenLantern

Patek does take these things seriously.

The question is how much they're willing to rock the boat.

From what I 'heard from my AD', Patek's punishment to ADs whose watches are found on the grey market shortly after release is that they will not get any sports models for 3 years. I was told that when I bought my watch recently and they advised to keep the watch at least for 2 years until the warranty expires but no way am I selling the watch.

[dannyp]

Originally Posted by HMHM

From what I 'heard from my AD', Patek's punishment to ADs whose watches are found on the grey market shortly after release is that they will not get any sports models for 3 years. I was told that when I bought my watch recently and they advised to keep the watch at least for 2 years until the warranty expires but no way am I selling the watch.

But that’s the penalty for “not properly vetting” buyers. Here we also have a very significant violation of terms with the selling of sealed units.

[jamestucker]

Originally Posted by Russell996

Not so, my AD has reported the offending AD has already had it’s Patek dealership terminated for selling boxed, buyer is blacklisted I guess.

I heard the same, the AD was in Spain

[GreenLantern]

Originally Posted by dannyp

But that’s the penalty for “not properly vetting” buyers. Here we also have a very significant violation of terms with the selling of sealed units.

[cascavel]

How many "other" Pateks do you now have to buy to promised a green dial 5711 from your AD? Since this 5711 isn't a Limited Edition it seems like Patek ought to be able to produce an extra 500 of them in order to ensure that their entire watch production for 2022 is sold out.

[Vince_76]

So what’s the story? Was this from an AD from Spain? Saw Patekaholic’s IG story.

[scurfa]

Originally Posted by cascavel

How many "other" Pateks do you now have to buy to promised a green dial 5711 from your AD? Since this 5711 isn't a Limited Edition it seems like Patek ought to be able to produce an extra 500 of them in order to ensure that their entire watch production for 2022 is sold out.

I was told I needed an extensive Patek collection including at least one grand complication to qualify for the green

[tfjordan]

I love it when the auction houses provide such a wide range in value (+- 100%), AND, both ends of the range are ridiculous. If anyone could get a sealed Nautilus for $60K, they'd buy ten. Why bother with value estimates if you have not a clue.

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[dannyp]

Originally Posted by tfjordan

I love it when the auction houses provide such a wide range in value (+- 100%), AND, both ends of the range are ridiculous. If anyone could get a sealed Nautilus for $60K, they'd buy ten. Why bother with value estimates if you have not a clue.

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Even more laughable when a double sealed 5065 sold for “only” ~$75,000 a few months ago.

[V25V]

Originally Posted by sxdcfv

I think whoever flipped was 'happy to be' blacklisted for $490K.

+1.

This is all hysterical, I cannot believe someone paid that for this watch. I lose a bit of passion for the hobby when I see things like this. And honestly, green? Why are people obsessing over a green dial? Yuck.

[B-T]

Originally Posted by Julian

Sold for E320k plus commission

Absolutely nuts


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I think a scammer may have gotten your account access because I received an offer to buy a watch from you but it came with pictures from an ad from 2018 and a really low price for the watch being discussed. The offer was in response to a WTB ad I put up a few days ago.

[Russell996]

Originally Posted by V25V

+1.

This is all hysterical, I cannot believe someone paid that for this watch. I lose a bit of passion for the hobby when I see things like this. And honestly, green? Why are people obsessing over a green dial? Yuck.

Interestingly I was in a Clubhouse chat today where it was stated this is the third piece to sell at around this price, the other 2 were just much more private and not still boxed.

[dannyp]

Originally Posted by Russell996

Interestingly I was in a Clubhouse chat today where it was stated this is the third piece to sell at around this price, the other 2 were just much more private and not still boxed.

So watch world is mimicking the fine art world more and more…

[scurfa]

Originally Posted by dannyp

So watch world is mimicking the fine art world more and more…

Watches are the new Art, far more portable and more movement for profit.

[GreenLantern]

What a joke. It's really all a joke.