Patek AD historical trend

[llngoc]

Originally Posted by mickyd329

That's just terrible! Sorry to hear.

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...

[Calatrava r]

Originally Posted by mpytel

I bought my first Patek from Betterridge in Aspen in 2023 (I live in Denver.) Received an email today that Betteridge is no longer a Patek AD as of Jan 7th. Super sad. Spent two years farming relationship to get Calatrava Travel Time Pilot with hopes of something that had a complication around the corner.

They still have the brand in Greenwich, Ct. You may be able to carry on with the Ct. store.

[srvrf]

Originally Posted by llngoc

Just got the sad news that my AD is no longer. And now only 296 ADs are left globally. Well, time to move on and say bye to the brand…

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.

[scurfa]

Originally Posted by srvrf

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.

The 1% wear Apple it’s an own goal.


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[srvrf]

Originally Posted by scurfa

The 1% wear Apple it’s an own goal.


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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.

[llngoc]

Originally Posted by srvrf

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.

60000 pieces per year is still a lot of watches. The 1% of 5 million people with net worth of 5+ million most likely are not going to buy one Patek per year. (Or they will not be having 5 million net worth for long )

[srvrf]

Originally Posted by llngoc

60000 pieces per year is still a lot of watches. The 1% of 5 million people with net worth of 5+ million most likely are not going to buy one Patek per year. (Or they will not be having 5 million net worth for long )

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.

[llngoc]

Originally Posted by srvrf

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.

It probably forgets that not too long ago most of the watches were discounted.

[mickyd329]

Originally Posted by srvrf

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.

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.

[scurfa]

Originally Posted by srvrf

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.

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.


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[ts3]

Originally Posted by llngoc

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...

My family-owned AD has been cut too after selling Patek for generations and having lost Rolex not long ago. No big deal for me but sorry for them. A few years ago the owners employed around 10 sales people and now they are down to 2.5 with only 1 for watches and 1.5 for jewelry.

[Russell996]

Originally Posted by srvrf

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.

AP is a terrible brand to deal with. Never had such bad experiences as a visit to an AP boutique, the ones I have visited don’t deserve to sell another Watch.

[srvrf]

Originally Posted by Russell996

AP is a terrible brand to deal with. Never had such bad experiences as a visit to an AP boutique, the ones I have visited don’t deserve to sell another Watch.

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.


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[llngoc]

Originally Posted by srvrf

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.


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Patek’s reasoning for asking ADs to invest in standalone boutique is the usual better customer experience control and an image of exclusivity. But I feel that unless the brand owns their own boutiques like most of the AP, VC or FPJ. The control of the “experience” is still completely out of PP’s hand. Since most of these boutiques are still own by a multi brand jewelry stores, the customers are still being asked to bundle/build purchase history. Upon learning that my AD may lose his dealership, I tested the water and stopped by my local store. The SA is only interested to sell ladies jewelry piece but not very interested in my watch interest. This store’s mini boutique is scheduled to be opening soon and I don’t see how just by setting up a boutique can help with my experience.

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.

[norcalgt3]

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.

[scurfa]

Originally Posted by norcalgt3

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.

I think discounts on all models, in 2013 I got 20% off a 5711, these times will come back.


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[mickyd329]

Originally Posted by norcalgt3

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.

I agree. This strategy will more than likely hurt them in the future.

[llngoc]

Originally Posted by norcalgt3

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.

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.

[santiago]

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.

[Gandor]

Originally Posted by santiago

I want an "experience", and I want selection, not just a sales counter with a handful of watches.

There's not a single Patek AD in the US that can offer a good watch experience, they're all sleazy jewelers.

[John Doyle]

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.

[ButtButt]

Originally Posted by llngoc

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.

It really is sad and I can't imagine how I'd feel if I were a long term client and then suddenly got dropped. There are so many Pateks I would gladly take over any Nautilus or Aquanaut but it doesn't seem like it's going to happen anytime soon.

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.