Incoming Patek 5980 1/R 001

[gummy]

I love it...Congrats

[Watchdoyouwant?]

It is absolutely a statement watch. I think you did well.

No sense in hoarding pieces you aren't enjoying wearing.

[inadeje]

Originally Posted by Watchdoyouwant?

It is absolutely a statement watch. I think you did well.

No sense in hoarding pieces you aren't enjoying wearing.

Exactly my thoughts. My tastes have certainly changed and my collection became bloated. The two most recent consolidations (both posted here) plus the other big one I did in early 2020 (also posted here) have served to hone my collection to my shifting tastes

[Little machines]

Congratulations!!! Amazing time piece !Enjoy!!

[inadeje]

Originally Posted by Little machines

Congratulations!!! Amazing time piece !Enjoy!!

Thanks

[DeeTee]

OP that deal doesn’t even make sense, you made off like a bandit.
A dealer cannot buy a 5980 at 130k, something doesn’t add up.

[inadeje]

Originally Posted by DeeTee

OP that deal doesn’t even make sense, you made off like a bandit.
A dealer cannot buy a 5980 at 130k, something doesn’t add up.

Thanks for your feedback on the thread. Just so I can understand how to interpret your comment, where have you read that valuation on that particular watch?

[77T]

Originally Posted by DeeTee;

OP that deal doesn’t even make sense, you made off like a bandit.
A dealer cannot buy a 5980 at 130k, something doesn’t add up.

I think you're confusing the out of pocket value the OP had in those pieces versus what they are now worth. Which, of course is more than his initial cost.

Therefore, the straight trade had a higher street value.


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[77T]

That is one great looking watch.

Also the view of SoBe's backside and Fisher Island is wonderful.


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[inadeje]

Originally Posted by 77T

I think you're confusing the out of pocket value the OP had in those pieces versus what they are now worth. Which, of course is more than his initial cost.

Therefore, the straight trade had a higher street value.


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Yes, you’re correct. Basically the 5980 rose cost me 131k since that’s the entire investment I had in those traded pieces. So, I pretty much got the patek close to retail. The hypothetical street value of my trades would technically be higher but my experience tells me that unless you’re willing to enter the risky labyrinth of private sales then dealers need to make a living and pay their staff/utilities too. But, even if I had sold privately, what would I have netted in reality? 160k perhaps? Find me a 5980 rose unworn since service, full links, with full cert origin papers, box and service receipt from patek new york 18 months ago all for 160k. It will be tough so to me I couldn’t beat that deal even if I did sell my pieces privately would I find the watch? I considered all this of course and believe I made the right call all things being equal.

[77T]

Thanks for confirming. I've done multi-watch trades before - of course not as good as your deal.


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[inadeje]

Originally Posted by 77T

Thanks for confirming. I've done multi-watch trades before - of course not as good as your deal.

Both of my recent trades (this one and the Platinum DD II I posted earlier) were timed to take advantage of the current soft market. I did something similar back early in 2020, consolidating at just the right moment. Right now is a great time to focus on key references for a few reasons:

Dealers are struggling. The big-ticket items aren’t moving and are basically just dead cash sitting around. Even when they drop prices below cost, these high-value pieces still aren’t selling. On top of that, these higher valued references have dropped vertiginously, which has them seriously concerned if they’re going lower.

Knowing this, I figured it’s the perfect time to pitch, "I'll give you multiple, easier-to-move references for your harder-to-sell dead-cash piece." It’s worked for me twice now. I’ve slimmed down my collection by offloading pieces that were taking up space, and in exchange, I’ve picked up pieces that were going for twice their current price not long ago—and I got them either at or below retail.

Even when I factor in what I originally paid for the traded pieces, I’ve still come out ahead with pieces that, even in this market, are worth more than what I paid.

The dealer wins because they get to free-up dead cash flow via lower-cost, easier-to-move inventory. I win by consolidating into better pieces. It's a win-win.