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3 February 2024, 09:01 AM | #61 |
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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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3 February 2024, 09:02 AM | #62 | |
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3 February 2024, 09:15 AM | #63 |
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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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3 February 2024, 09:37 AM | #64 | |
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The 1% wear Apple it’s an own goal. Sent from my iPhone using Tapatalk
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3 February 2024, 09:56 AM | #65 |
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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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3 February 2024, 10:26 AM | #66 | |
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3 February 2024, 10:49 AM | #67 |
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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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3 February 2024, 10:50 AM | #68 | |
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It probably forgets that not too long ago most of the watches were discounted. |
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3 February 2024, 11:08 AM | #69 | |
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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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3 February 2024, 06:36 PM | #70 | |
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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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3 February 2024, 07:36 PM | #71 | |
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3 February 2024, 08:12 PM | #72 | |
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3 February 2024, 11:51 PM | #73 | |
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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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4 February 2024, 01:02 AM | #74 | |
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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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4 February 2024, 05:46 AM | #75 |
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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. |
4 February 2024, 05:54 AM | #76 | |
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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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4 February 2024, 06:40 AM | #77 | |
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I agree. This strategy will more than likely hurt them in the future.
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4 February 2024, 06:45 AM | #78 | |
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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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4 February 2024, 02:01 PM | #79 |
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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. |
4 February 2024, 03:24 PM | #80 |
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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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4 February 2024, 04:25 PM | #81 |
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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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4 February 2024, 04:29 PM | #82 | |
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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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