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#61 |
"TRF" Member
Join Date: Feb 2021
Location: USA
Posts: 2,548
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I am okay as my AD had been good to me and I got most of the pieces I wanted. And my taste have changed and moved onto greener pastures already. This is going to be quite a blow to him as Patek is the major revenue source for his place. Which is the really sad part...
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#62 | |
2024 ROLEX SUBMARINER 41 Pledge Member
Join Date: Mar 2017
Location: United States
Watch: Rolex and Patek
Posts: 11,045
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#63 |
2024 Pledge Member
Join Date: Dec 2013
Real Name: Steve
Location: Indiana
Watch: PP/AP/VC
Posts: 2,124
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I lost my Patek AD last year, but thankfully I have a decent relationship with the Chicago AP Boutique since I am dead to PP. Patek makes 60,000 watches a year. According to Google, there are about 5 million people with net worths over $5 million USD. So if just 1% of those people want Pateks they'll sell everything they make. So I don't think they care if they piss off previous buyers because there are simply way more potential customers out there to whom they can sell. It is just a number game.
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#64 | |
"TRF" Member
Join Date: Jul 2007
Location: Sunderland
Posts: 1,285
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Quote:
The 1% wear Apple it’s an own goal. Sent from my iPhone using Tapatalk
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#65 |
2024 Pledge Member
Join Date: Dec 2013
Real Name: Steve
Location: Indiana
Watch: PP/AP/VC
Posts: 2,124
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There is no question that many of the world's wealthy don't spend money on cars, watches, etc. That's a big reason how they get wealthy in the first place. However, my point was that there is such a large number of people who can afford a Patek that they simply don't care about losing some of the customers (like me) who have bought from them before. On my end, I wish it were different, but that's life and it is time to move on to AP and other brands.
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#66 | |
"TRF" Member
Join Date: Feb 2021
Location: USA
Posts: 2,548
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Quote:
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#67 |
2024 Pledge Member
Join Date: Dec 2013
Real Name: Steve
Location: Indiana
Watch: PP/AP/VC
Posts: 2,124
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I'm just saying that I don't think Patek cares about dropping ADs because there are a lot of bigger fish out there and they don't make a lot of watches compared to a company like Rolex who makes about 1 million watches.
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#68 | |
"TRF" Member
Join Date: Feb 2021
Location: USA
Posts: 2,548
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Quote:
It probably forgets that not too long ago most of the watches were discounted. |
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#69 | |
"TRF" Member
Join Date: Sep 2015
Real Name: Mike
Location: Socal
Watch: AP/PP/Rolex
Posts: 1,990
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Quote:
Unfortunately, I think what you are saying has some truth to it. The pendulum swings both ways though and they might regret some of these moves when the momentum swings against them. This is just not Patek, but some other hot brands as well. Those of us who have been collecting a long time remember the days when anything was readily available with discounts. If those market conditions come back, these decisions won't bode well. I'm not hating on Patek or anyone else, but it's just sad to see long time collectors get kicked to the curb this way. To llngoc's point, it's sad for those AD's that are losing a significant amount of their revenue as well.
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#70 | |
"TRF" Member
Join Date: Jul 2007
Location: Sunderland
Posts: 1,285
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Quote:
I feel the same I find it shocking that Patek are shedding dealers and loyal customers, I have collected watches for 38 years and only started buying Patek when I handled one, if I never had a good local dealer I never would of bought as many as I did, I’ve been a huge fan buying up brochures and books but now my interest is near to zero. Sent from my iPhone using Tapatalk
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#71 | |
"TRF" Member
Join Date: Nov 2018
Location: Europe
Posts: 3,375
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Quote:
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#72 | |
2024 Pledge Member
Join Date: May 2016
Location: UK
Posts: 4,209
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#73 | |
2024 Pledge Member
Join Date: Dec 2013
Real Name: Steve
Location: Indiana
Watch: PP/AP/VC
Posts: 2,124
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Quote:
I thought one of the purposes behind a boutique model was to control and unify quality of customer care. It is one thing that I think Omega gets more than anyone as I have always had excellent service in their boutiques even while browsing. My experience with AP in the US has been very inconsistent and unfortunately very dependent on the SA. But fortunately my “local” boutique experiences have always been excellent. So after losing Patek, AP is the only major brand with which I have a history. Like many of us who lost their PP ADs, I’m not willing to “start over” and will probably just look into other brands and the secondary market. Sent from my iPhone using Tapatalk |
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#74 | |
"TRF" Member
Join Date: Feb 2021
Location: USA
Posts: 2,548
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Quote:
As the others have posted, Patek will always have new clients and some of them will probably bend over backward to get one Nautilius. And hopefully some of them will stay as long term collectors for the brand’s sake as all these AD closing would definitely have some of the old folks leaving the brand for good. |
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#75 |
"TRF" Member
Join Date: Aug 2018
Location: Orange
Posts: 249
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I think the price increases and consolidation of ADs will come back to bite Patek in time. Fewer people want to shell out high 50k+ for watches that are already cheaper on secondary especially as hype dies down
Would not shock me in the least to see discounts on complications in the future. |
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#76 | |
"TRF" Member
Join Date: Jul 2007
Location: Sunderland
Posts: 1,285
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Quote:
I think discounts on all models, in 2013 I got 20% off a 5711, these times will come back. Sent from my iPhone using Tapatalk
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#77 | |
"TRF" Member
Join Date: Sep 2015
Real Name: Mike
Location: Socal
Watch: AP/PP/Rolex
Posts: 1,990
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Quote:
I agree. This strategy will more than likely hurt them in the future.
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PP 5205G-013/ PP 5212A / AP 15416CE /26574 st QP/ AP 50th 16202st /AP 15500st Black / AP 26405CE / AP 77350CE / AP 15551st / AP 67540sk / Rolex 116500 Panda / Rolex 126710 BLRO / Rolex 126610LV Green / Rolex 16570 Black/ Rolex 116300 Blue / Rolex 126710 BLNR |
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#78 | |
"TRF" Member
Join Date: Feb 2021
Location: USA
Posts: 2,548
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Quote:
A lot of the non sports models are deep discounted in secondary market. A lot of these are mint, probably bought as bundles. This will definitely hurt the brand equity. |
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#79 |
"TRF" Member
Join Date: Apr 2014
Location: usa
Watch: PP
Posts: 49
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I to feel sorry for AD's that are loosing Patek along with the individuals who've built relationships with these AD's, but I agree with Patek.
I want an "experience", and I want selection, not just a sales counter with a handful of watches. On a related topic in the thread is the ability to purchase at the Salon's. I have a significant collection (rare handcrafts, GC's, etc) and have purchased some in Paris and Geneva. I reside in the USA. A few months ago I had a pre-arranged tour and appointment in Geneva and hoped to add a piece. I was politely told no, local residents only. |
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#80 |
"TRF" Member
Join Date: May 2022
Location: USA
Posts: 252
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There's not a single Patek AD in the US that can offer a good watch experience, they're all sleazy jewelers.
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#81 |
"TRF" Member
Join Date: Jun 2022
Location: US
Posts: 680
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Watches have always traded at less than retail at greys for the most part - this is not something new. Patek has been there before. I don't understand why people keep saying Patek will pay for what they are doing.
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#82 | |
"TRF" Member
Join Date: Dec 2021
Location: Asia
Posts: 810
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Quote:
I asked my AD for the 5326G the moment it was released. It's coming up on 2 years soon and I haven't heard a thing. I keep in touch semi-regularly and always get the same reply that they will let me know if one is available. I can only speak for myself but with all the price increases and waiting/lack of communication I'm starting to lose interest. I get it's a business and I'm probably not their ideal customer so it is what it is. I guess the good thing about this hobby is that we are all spoiled for choice. ![]() |
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