New Hong Kong Member Looking for first Sub

[ben_hong_kong]

Hello All,

I'm a new member of the forum based here in Hong Kong. I've got some experience of watches, having owned and daily worn an IWC 371701 pilot chrono for the last 9 years.




I've been keen on owning a Submariner since I first saw one up close ~12 years ago. I've toyed with the idea or other dive watches and really like the Tudor Pelagos. However, I've never been able to look past the sub and now find myself in a position to actually purchase one.

I'm now in the market for a 116610LN. Perhaps not the most original choice but I really like the updated case shape and the ceramic bezel.

I've been talking to a number of AD's here in Hong Kong. Stock is predictably very tight but it seems they can be found if you're willing to pay a premium. The list price here in HK is 63,900 HKD but all the ADs want $72,000 HDK. That's a mark-up of 12.6%. At current FX the marked up price is $9205 USD.

Keen to hear from other members whether I should really be able to pay list price which I understand is ~8,550 USD. Or is it inevitable having to pay a premium on a popular model?

Many thanks in advance.

[Old Expat Beast]

Welcome to the forum.
It's sad that HK ADs are now over charging. This time last year they would have given you a 5% discount. It's getting crazy out there. There's more than 60 ADs in HK, though. Maybe try some more?

[Urosfan]

Welcome

[yannis]

Welcome!

[Allanmodel]

Welcome~~

[ben_hong_kong]

Originally Posted by Old Expat Beast

Welcome to the forum.
It's sad that HK ADs are now over charging. This time last year they would have given you a 5% discount. It's getting crazy out there. There's more than 60 ADs in HK, though. Maybe try some more?

Thanks all for the welcome,

I've spoken to 6 ADs myself and some friends, well connected with the local watch scene have also made some calls on my behalf. Unfortunately, the price keeps coming back the same, $72,000 HKD. I don't know if there is cross ownership amongst the ADs but certainly looks like there is price setting in place.

I suppose I should be thankful I'm not looking for a Daytona. Those are selling at a premium of 35%.

[MonBK]

Welcome

[Twisted Vicar]

Give Albert at MoiboTime a call. He can source some great pieces.

18 Java Road, North Point.

I'm not sure if I'm permitted to add a phone number, but it's easy to find using a search engine.

[Old Expat Beast]

Originally Posted by ben_hong_kong

Thanks all for the welcome,

I've spoken to 6 ADs myself and some friends, well connected with the local watch scene have also made some calls on my behalf. Unfortunately, the price keeps coming back the same, $72,000 HKD. I don't know if there is cross ownership amongst the ADs but certainly looks like there is price setting in place.

I suppose I should be thankful I'm not looking for a Daytona. Those are selling at a premium of 35%.

See the list of ADs at rolex.com and check some of the smaller ones, and not Emperor or Oriental, etc. Good luck

[HL65]

Welcome

[SearChart]

Welcome!

[ben_hong_kong]

Old Expat Beast - thanks for the tip. I guess everyone is typically drawn to the larger ADs at first. I'll start calling the smaller ones tomorrow.

Twisted Vicar - cheers for the recommendation, will also give Albert a call.

[cop414]

Welcome, good luck in your hunt

[Ripcode]

Welcome!

[Art 1]

Welcome

[BNA/LION]

Welcome to TRF!

[Hairdude1]

Welcome

[KRC6987]

Welcome! I am from Hong Kong too. Hard to get any ss sport model, particular Submariner, Sea Dweller, GMT and Submariner in Australia and Hong Kong either. Some posts mentioned there will be more SS models back in stock recently. Try your luck and hoping you get the watch before Chinese New Year!

[dot42]

welcome.

[Audemars Piguet]

Welcome

[brandrea]

Welcome, any luck yet?

[ben_hong_kong]

Hi All - just a quick update. After spending a solid two months of looking for my Sub at list price, I still came up blank. The watch is in such high demand that almost 12 months later it's still commanding the same premium. The ceramic sub not date, can be found more easily at list price. I got really busy at work and have had to put this purchase on the back burner until now.

Just some colour on the market here - in case anyone is interested. Most of the AD's in HK are making buyers leave the box and papers with them for a minimum of 9 months on all new purchases. A work colleague of mine who has VIP status with one of the AD's was called and offered the new Pepsi GMT at list price just before Christmas. Despite his status with this AD, he's still waiting for them to get the 116610LN in stock on my behalf.

I've started to consider purchasing an older sub, something from the late 90's early 00's if I don't have any luck getting the newer model in the next month or so.

[Old Expat Beast]

Thanks for the update. Sad situation for HK Rolex enthusiasts.

[benouah]

Being based out of HK, it is also super tough lately.
Most likely ADs working with greys to sell their tiny stocks at premium.
If you had build relationship with one specific SA, it might help.
I was lucky to pick up a Sub ND from an AD on HK Island a RSP last feb.
Since then it has been tough and even if you know a VIP, HK is just full of VIPs!

[ben_hong_kong]

Originally Posted by benouah

Being based out of HK, it is also super tough lately.
Most likely ADs working with greys to sell their tiny stocks at premium.
If you had build relationship with one specific SA, it might help.
I was lucky to pick up a Sub ND from an AD on HK Island a RSP last feb.
Since then it has been tough and even if you know a VIP, HK is just full of VIPs!

Haha yeah you're not wrong about the VIPs. I've never seen such a big collection of watches and exotic cars as you'll find in HK. If the situation is going to remain the same with supply and demand in the coming years then I'm going to need to start building a relationship with an AD at some point...

[chipmunk604]

welcome! i am also in the same boat

[Jimmy Jam Jam]

i have a bit of spare time at workk so i just had a little dabble and just looked at kwai yan, theres 2 there going for around 69k (not sure if they're pre-owned) but it comes with paper.

Watchbox HK is also asking for 69800 hkd pre owned though.

and kens watches there is one brand new box and paper but the price isnt listed, i can help in whatsapping them though if it helps,

but it they're all going to be around that 69-70+ margin :(

Hope you get some goood news soon !

[uniqueMR]

Welcome to Rolex World and never pay premium at ADs

[ben_hong_kong]

I did the rounds again last week with 7-8 ADs, visiting them in person. I basically got laughed at by the majority of them. The sales person at the IFC AD basically rolled his eyes at me when I mentioned the words SS Sub. A few of them denied they had a waiting list, despite the fact they had apparently put me on their list 12 months ago.

Anyway, I was browsing David SWs website, saw a Sub C (no date) very nice condition, fairly priced and have pulled the trigger. Hopefully the watch arrives by the end of the week.

The whole process of trying to buy my first Rolex over the last 12 months has left me rather flat. I'm sure when that green box arrives I'll remember why I've been trying to get one for so long!

[Comex5514_]

Welcome to TRF :)