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23 April 2021, 06:53 AM | #1 |
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Platinum Daytona - Unsuccessful Search + Conclusions
Hi all:
I have wanted a platinum Daytona since they first came out, and was hoping to pick up a BNIB or LNIB on the secondary market in the sub $50k area, but never did. However, as we all know, rather than staying at that price point, they went in the extreme opposite direction. With all the rumors of being soon discontinued, I once again re-launched my search a few weeks ago (although I really hated finding myself in a position of having to chase the momentum). In the current market, I cannot really find a great condition Platona at a price that feels like a comfortable entry point. Over the last week, from dealers across the U.S., I have been offered 5 years old with some dings for $100k, 3 years old unpolished (but in need of refinishing) for $110k, and BNIB for an average price of about $130k (prices rounded, not exact). Thank you to the very kind TRF members who provided me with insight over the last few days. My concerns on a purchase like this, right now, are numerous, obviously. But a primary concern is that I would buy it BNIB for call it $130k, remove the stickers and wear it, and (although I'm extremely careful with my watches) then require the worn market on this watch to appreciate another $15k or so to allow me to exit the watch for what I paid (if I ever wanted or needed to sell it). I don't know that I see another +$15k in this market with relative confidence. When I spoke to a few non-ADs about this, they told me they won't stock this piece (or probably even buy it from me) because they wouldn't commit the capital to buy the watch for inventory (not many people walk in ready to spend $100k for a watch at a neighborhood shop) and it's just a lot of work to resell in general. As I've thought about it over the last few hours, I have decided to suspend my fervent search and just see if anything comes around. While I own far too many watches (like many of you) to wish for the market to "come back down," I would like to see where this Platona market in particular goes. It's already traded to +60% of retail - does it have another 60% of upside? Not sure I see this as a $200k watch, but hard to say! Unfortunately it feels like it's become such a hype piece over a very short time period, that perhaps the supply has been hoarded by speculators hoping for its discontinuation. I suppose only time will tell where this supply goes, and when. In the meantime, I will enjoy my other watches (such as my black DaytonaC acquired last week) and continue a passive search. Maybe one day I will be fortunate enough to post an incoming on the official Platona owners thread! Best wishes to all. Thanks for reading. |
23 April 2021, 06:57 AM | #2 |
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The more expensive they are, the harder they fall
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23 April 2021, 07:20 AM | #3 |
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I’m not sure it’s realistic to buy a $100k+ watch, BNIB, at gray market prices, and expect to be able to wear it and then sell it with no financial loss.
FWIW, I bought a used one back when they were mid-40s and kinda figured there was another $10k of downside in it. But I bought it to wear, not to make money, and that’s what I’ve been doing virtually every day since. That it’s gotten caught up in the Daytona hype is surprising, as they were readily available at ADs and gray’s for a long time. Crazy market for many watches these days!
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23 April 2021, 07:23 AM | #4 | |
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23 April 2021, 07:36 AM | #5 |
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Call me one of the fools that paid 52.5 for one from AD few years ago, then “gave” it to DSW for 45. Omg.
Of course I looked into another one recently and there is zero supply at all the ADs I tried. That diamond dial is the one I’m fixated on. No way is that a 2x watch |
28 April 2021, 09:12 AM | #6 | |
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23 April 2021, 07:43 AM | #7 |
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It’s not a $100,000 + dollar watch IMHO, but I get it ... that’s what they’re going for.
Only you can know whether it’s worth paying the price. At these prices it’s hard to imagine they will continue to go up, but who knows. |
23 April 2021, 07:50 AM | #8 |
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I am really wanting to add this reference. Hopefully, I can get one from my AD but who knows. Not the end of the world if I don't get it.
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23 April 2021, 08:07 AM | #9 |
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A few years ago, I would see the platona in the display case at most ADs. Now no supply and ADs can’t order and don’t know if they will get one. Crazy times. Maybe when Rolex recovers from COVID shutdown, supply will be better.
I want a platona too but will wait it out. If prices stay crazy, I will just enjoy my SS Daytonas. |
23 April 2021, 09:19 AM | #10 |
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Yes the price is crazy. BUT it is the watch to own, it truly is special. That ice blue dial
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23 April 2021, 09:30 AM | #11 | |
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It’s not that special in my opinion, I think it became very hyped lately and not worth the money but this on the other hand this is special . Sent from my iPhone using Tapatalk |
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24 April 2021, 02:37 AM | #12 |
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Plus one. But to OP’s point, i also lusted for a Platona. Actually had one on my wrist a couple of years ago when it was still being sold at a discount. But i chose the WG Daytona over it. I just preferred the blue dial of the WG. I regretted that decision and couldnt come to grips with paying MSRP, much less at a premium. And ive always wanted a Pt Rolex. The heft is just nice. Fortunately i was able to fill that need with a Pt DD40. No need for another daytona. You have a nice one already. Try a DD40. Theyre still sold at MSRP.
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24 April 2021, 03:21 AM | #13 | |
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I always liked the white dial 5711 and thought it was under appreciated compared to the classic blue. At secondary market pricing though, I'd find it crazy to spend that kind of money on a 5711 over a 5170g currently. The 5170 is too good at lower entry level and far far from an entry level watch. The 5146 is amazing too at a normal price. AL&S does some sportier watches too at normal pricing. The Datograph Up/Down, Zeitwerk, among others. |
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24 April 2021, 06:46 AM | #14 | |
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Platinum Daytona - Unsuccessful Search + Conclusions
Quote:
To be 100% brutally honest, I would take a platinum Daytona over that ANY and EVERY day of the week! Sent from my iPhone using Tapatalk |
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24 April 2021, 06:57 AM | #15 |
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26 April 2021, 12:51 PM | #16 | |
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If that didn’t say PP on it, it wouldn’t be special, IMHO. I am not defending the Platona at all as I am not a Daytona fan, but come on. SS (v platinum), Dainty, a scratch magnet, and just as unnecessarily hyped Sent from my iPhone using Tapatalk |
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26 April 2021, 03:00 PM | #17 |
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In all honesty the 5711 PP does nothing for me. A Platona 100x out of a 100 over the Patek. A steel Daytona is a far more attractive watch as well. My opinion ofcourse.
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28 April 2021, 02:36 PM | #18 |
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I'm confused by that PP. I appreciate the subtlety but what is the feature that makes it special? Personally, if I had the funds for a PP, I'd much rather have the 5231J World Time.
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23 April 2021, 09:21 AM | #19 |
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I was offered one a couple of years back for around 43k Bnib back when no one wanted them .
Sent from my iPhone using Tapatalk |
23 April 2021, 09:29 AM | #20 |
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No offense but it seems like the Platinum Daytona isn't right for you.... this is an extremely expensive watch. At this price range your in the AP and PP leagues.
If your net worth is < 10M I wouldn't even consider it. If its above that then buy the watch to keep it (wear and enjoy) and then who cares what resale value is. It's like buying a 130k Porsche that is worth 40k after 6-8 years - though I bet the Daytona will do much, much better.
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23 April 2021, 10:18 AM | #21 | |
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I've always done well by entering into purchases at the right price point, no matter what it is. Makes no sense to me to blindly spend money without regard to market for obvious reasons. Price may increase or decrease, but this latest craziness is without compare. Even dealers themselves are scratching their heads. A very nice dealer told me this morning that he was offered a BNIB 116506 at such a high price that even he said no, as he could never resell it and make anything, so that to me says the market is starting to push back a little. |
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23 April 2021, 11:33 PM | #22 | |
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No doubt! We discuss first world problems on this forum for sure. I would like to actually feel and see the Platona in person. Never seen one. Sent from my iPhone using Tapatalk
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24 April 2021, 06:51 AM | #23 | |
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Thanks for your posts! I love TRF as a great escape from the real world. |
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26 April 2021, 10:07 AM | #24 | |
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26 April 2021, 01:31 PM | #25 | |
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24 April 2021, 03:41 AM | #26 |
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Assuming we're talking about 911s, $40k for a 6-year old S or GTS ($130k new) is about as likely as a $40k Platona these days. But I agree with the general point, if a 10% loss for actually wearing it is a concern, $130k jewelry may not be the right purchase.
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26 April 2021, 10:54 AM | #27 | |
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I tend to agree with this. @OP if you’re really concerned about what the market will do I don’t know if you would be able to really enjoy this watch. Using Birch’s logic i would like to use this example. Would you ever buy a Porsche and not really drive it? It would be crazy to own a fast car and never really get to drive it hard. To each their own, but for me personally this would not make me happy. If I have something I want to be able to use it and not worry. Sent from my iPhone using Tapatalk |
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23 April 2021, 09:31 AM | #28 | |
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I think you make some great points. Youre clearly a sophisticated watch owner and a successful guy, cheers to that. I think the hype has taken this reference to unrealistic levels. It is THE Daytona, but Im' not sure I love it at $130k, but I'm not sure I would ever go $130k on a single watch. Certainly my collection is worth more than $130k, but to me thats a lot of a single Rolex. Obviously your collection far exceeds $130k. I don't think the luxury watch market will ever go back down. I think the luxury market, like real estate, has entered another level and there is no ceiling. Demand far exceeds supply and the only that will it cool it off in my opinion is a rise in interest rates. And, a "pullback" nowadays might just be considered a cooling off period, not a crash like before. So I think the luxury watch market has parallels to real estate. Lastly, have you tried the platinum Day Date? May scratch your platinum itch at a much lower price point, and an absolutely stunning reference on the wrist. I have come very close a few times, but always seem to be able to talk myself out of it. Cheers on your 116500, i too received mine from my AD last week, and it was monumental.
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23 April 2021, 10:26 AM | #29 | |
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I actually already have a few DDs, including platinum, and really coming to the end of my Rolex pursuits which is sad in a way. I grew up very modestly near a flashy city, and that Rolex crown captivated me from an early age. Back then, the two tone DJ was the rage, and I used to find such delight in studying people's watches from across the room to see if they were a Seiko/Citizen/Pulsar/Bulova or the real deal. When I saw the wrist turn just enough to see the that fat DJ case, the raised acrylic crystal (or sapphire catch the light), or the thicker clasp with embossed crown, it was like bagging a trophy in the wild. So thankful to have had those formative experiences! For me, the platinum Daytona would just be one of the cherries on top of a wonderful journey. |
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23 April 2021, 10:57 AM | #30 | |
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That’s a very cool intro to what I imagine is a captivating story! If you’ve care to DM, I would love to hear it sometime. I too grew up modestly, and I remember serving tables at a fine dining restaurant and always looking for cyclops, and if I was lucky, a Presidential bracelet. Now I have both (but not like you!!) God is good. JB
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