Patek price increase and store closures

[RKunz]

https://italianwatchspotter.com/pate...rices/?lang=en
Anyone know who was closed in the USA?

[whats_shakin]

Shreve was closed last year (while Kerns is opening a PP salon in SF by Shreve - ouch!), and it looks like all non-NYC Tiffany locations lost it as well; but those seem to be the only updates showing on the PP site currently.

[dauster]

I think also morretti in San Antonio and one AD in socal lost Patek


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[daveo5]

You do realize that Tiffany was finally sold. So some readjustment will be taking place.


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[raclaims]

Thierry Stern was literally outside of the Tiffany store in Nyc this week - we see all we crazy WIS!!

[Mini2]

Boodles in ireland gone

[Tachycardia]

Hyde park jeweler in Newport Beach California also gone.

I am curious. For those that have established with dealers for many years that were recently axed. Do you guys plan to start over with new AD or just go grey or wait a couple years before getting back into it (assuming demand decreases). I sense many collectors have been turned off by these games (esp if “their AD” was cut) for many years and may look into other brands for next few years. As there are obv many interesting brands/pieces outside of PP. Thoughts?

[LJubel328]

Originally Posted by Tachycardia

Hyde park jeweler in Newport Beach California also gone.

I am curious. For those that have established with dealers for many years that were recently axed. Do you guys plan to start over with new AD or just go grey or wait a couple years before getting back into it (assuming demand decreases). I sense many collectors have been turned off by these games (esp if “their AD” was cut) for many years and may look into other brands for next few years. As there are obv many interesting brands/pieces outside of PP. Thoughts?

The original AD I worked with lost its status in 2020. I have tried building the so-called "relationship" with an AD in New York and have felt taken advantage of. It was, and has been, a complete turnoff; and wish Patek would fix their distribution channels. Until then, or until I am no longer told "buy X and Y then we can talk about building your Patek collection," I will spend my money elsewhere.

This is just one data point of many, and my guess is there are others that feel the same, as well as some who have made a less arduous transition.

[Tachycardia]

Completely agree with above. Many friends have felt the same esp ones that had their AD close on them… I think the takeaway is not all AD are ever truly “safe”. Unless they go like what AP and ALS has done and primarily gone corporate owned boutique. Seems better to only build a “relationship” if you actually like the sales person you work with and that you wouldn’t mind working with (on purchases pieces from other brands) if the company doesn’t have PP anymore.

[thecrownprince]

I would hate to be with one patek AD and spent hundreds of thousands just to have their AD status pulled before getting the grail pieces (5990, 5740, etc)

[dchang81]

Originally Posted by LJubel328

The original AD I worked with lost its status in 2020. I have tried building the so-called "relationship" with an AD in New York and have felt taken advantage of. It was, and has been, a complete turnoff; and wish Patek would fix their distribution channels. Until then, or until I am no longer told "buy X and Y then we can talk about building your Patek collection," I will spend my money elsewhere.

This is just one data point of many, and my guess is there are others that feel the same, as well as some who have made a less arduous transition.

I tend to scoff when starting over at a new AD, discussing building your collection. already have a collection....

[dauster]

As much as I wish Patek had a mechanism in place to transfer an AD relationship once a dealer loses its license I don’t see that happening unless they go to straight boutiques only sales.

If you don’t control the sale to the end consumer how can you dictate what an independent retailer that has to buy the watches from you should do and who he should sell to?


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[HMHM]

At this point, I don’t think any AD is safe except for the 3 salons. It’s really a lucky draw nowadays. From allocation to AD losing their AD status, no one can really guarantee what’s going to happen over the next few years

[LJubel328]

Originally Posted by HMHM

At this point, I don’t think any AD is safe except for the 3 salons. It’s really a lucky draw nowadays. From allocation to AD losing their AD status, no one can really guarantee what’s going to happen over the next few years

+1

In my opinion, it defeats the purpose of building a relationship with an AD unless you are highly certain that AD will not lose their status.

[JR16]

Originally Posted by LJubel328

+1

In my opinion, it defeats the purpose of building a relationship with an AD unless you are highly certain that AD will not lose their status.

My AD just finished building out a separate/dedicated PP section/area of their store. I can’t imagine they spent this $$ without some guarantees from PP. With that said, does, does anyone know of an AD that built out a dedicated Patek space within the last 3 years, only to have their status pulled?


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[LJubel328]

Originally Posted by JR16

My AD just finished building out a separate/dedicated PP section/area of their store. I can’t imagine they spent this $$ without some guarantees from PP. With that said, does, does anyone know of an AD that built out a dedicated Patek space within the last 3 years, only to have their status pulled?


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True, I have a vacation home near an AD that just did a renovation as well. I have stayed in touch with them and they seem more honest and open to working with new clients.

[Mini2]

Apparently 100 stores will be gone in the next 12 months

[dchang81]

Originally Posted by JR16

My AD just finished building out a separate/dedicated PP section/area of their store. I can’t imagine they spent this $$ without some guarantees from PP. With that said, does, does anyone know of an AD that built out a dedicated Patek space within the last 3 years, only to have their status pulled?


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see govberg re:journe. id say they had a pretty big hand in building up the brand too....

[thecrownprince]

Originally Posted by Mini2

Apparently 100 stores will be gone in the next 12 months

Seems like a move to boutiques & salons only. AP did the same thing before they went to boutique / house model

[LJubel328]

I’d much prefer the salon route. I’d rather have to start from scratch with a salon than another AD


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[dauster]

Originally Posted by LJubel328

I’d much prefer the salon route. I’d rather have to start from scratch with a salon than another AD


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Kinda hard if not in London, Paris or Geneva area maybe NYC Tiffany as well but who knows if that’s a safe bet for the future


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[Mini2]

Originally Posted by dauster

Kinda hard if not in London, Paris or Geneva area maybe NYC Tiffany as well but who knows if that’s a safe bet for the future


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Time to relocate

[codecow]

Originally Posted by LJubel328

+1

In my opinion, it defeats the purpose of building a relationship with an AD unless you are highly certain that AD will not lose their status.

How can you be certain though when one of the oldest ADs in the US with their prime location open in the 19th century loses status?

It seems the way the industry is going is towards boutiques. They get better margins on the watches that way as long as they don’t have many stores.

[np2016]

Hopefully Patek doesn't go the boutique only route like AP did. I'm in Ohio and we don't have any AP boutiques in the state so getting an in demand AP timepiece is near 0%. Chicago is the closest AP boutique to me and I am not driving that far for a meet and greet with nothing to buy and compete against all the locals in that area.

[rolexandlange]

Originally Posted by np2016

Hopefully Patek doesn't go the boutique only route like AP did. I'm in Ohio and we don't have any AP boutiques in the state so getting an in demand AP timepiece is near 0%. Chicago is the closest AP boutique to me and I am not driving that far for a meet and greet with nothing to buy and compete against all the locals in that area.

I see so many hot AP's flipped for immediate profit. It is as if their control of the distribution process has actually made the right watches reaching the right people even less likely. 15202s and 16202s go to the best customers, and the best customers are flippers, which is sad for the brand that they actually don't know who their real customers are.

[newonos]

My .02, based on intuition and anecdote:
PP is trying to streamline its distribution chain. That's clear with the closures and pickups in US. Its less expensive to deal with one buyer across an entire region, than ten. The brand is too large for PP captive salon/boutique only model. That's WAY more work and expense... PP wants to focus on making good watches and branding.
So who's vulnerable? Small guys who share a market with bigger guys. I notice Ben Bridge is ubiquitous... but only has one PP location (HI)... And Tiffany in HI is no longer PP... My bet is BB will pick up locations, perhaps PDX (no PP there now) and SEA (small guy).

Always thought PP dropping Betteridge in Vail a curious occurrence... cant explain that one other than perhaps the Vail folks were difficult.

[PatexRhilippe]

Was talking to a friend who works at Patek. Word is that a Tiffany store that is not NYC was allocated a Tiffany Dial 5711 and was misallocated. The SA that was given this watch apparently was on the way out and bargained to sell the watch and take a percentage of the profit. I would assume that they wanted to control all allocations now, thus closing of other stores besides NYC.

[dauster]

Originally Posted by PatexRhilippe

Was talking to a friend who works at Patek. Word is that a Tiffany store that is not NYC was allocated a Tiffany Dial 5711 and was misallocated. The SA that was given this watch apparently was on the way out and bargained to sell the watch and take a percentage of the profit. I would assume that they wanted to control all allocations now, thus closing of other stores besides NYC.

Interesting but I thought NYC tiffany controls allocations of ALL watches anyway and its hard for to imagine how anyone could missallocate any of these super rare 5711s without management being aware ?!?!

So SA grapped from the back and sold to Mr X?


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[HMHM]

When high level management staff gets caught doing naughty things, it’s always SAs that take the fall unfortunately. Highly doubt a 5711 Tiffany gets allocated to an SA who then gets a free choice of who to sell to. 170 pieces, so far most of them have gone to really prominent people.

[shafran]

Govberg opened the new patek salon in the miami design district