Platinum Daytona - Unsuccessful Search + Conclusions

[CHRONOLEX]

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.