Patek scaling down AD network?

[Will_L]

Wow,

As a hobby project I'm tracking Patek dealers coming and going.
Yesterday, nine dealers disappeared from the website, that is a big drop !
One shop in the list was gone months ago


Dealer name Bauer & Co. S.A.
Dealer address Carrera 11 No. 82-71Centro Andino - Local 143
Dealer postcode 110221
Dealer city Bogotá
Dealer country Colombia


Dealer name D'Amore Jewelers
Dealer address 731 Anderson Avenue
Dealer postcode NJ 07010
Dealer city Cliffside Park
Dealer country United States


Dealer name Gobbi 1842*
Dealer address Corso Vittorio Emanuele II, 15
Dealer postcode 20122
Dealer city Milan
Dealer country Italy


Dealer name Govberg Jewelers
Dealer address 65 St. James Place
Dealer postcode PA 19003
Dealer city Ardmore
Dealer country United States


Dealer name H. Stern
Dealer address Av. Rio Branco, 128A - Centro
Dealer postcode 20050-005
Dealer city Rio de Janeiro
Dealer country Brazil


Dealer name H. Stern
Dealer address Shopping IguatemiAv. Brigadeiro Faria Lima, 2232 - TérreoLoja 2AJardim Paulistano
Dealer postcode 1452-002
Dealer city São Paulo
Dealer country Brazil


Dealer name Haltom's Jewelers
Dealer address 317 Main Street
Dealer postcode TX 76102
Dealer city Fort Worth
Dealer country United States


Dealer name Lux Bond & Green
Dealer address 416 Boylston Street
Dealer postcode MA 02116
Dealer city Boston
Dealer country United States


Dealer name Orr’s Jewelers*
Dealer address 532 Beaver Street
Dealer postcode PA 15143
Dealer city Sewickley
Dealer country United States


Dealer name Tektas Watches & Jewellery
Dealer address Ünalan Mah. Libadiye Cad.Emaar Square AVM. No:82/1 İç Kapı No:3 Mağaza No: 551Üsküdar
Dealer postcode 34700
Dealer city Istanbul
Dealer country Turkey


Dealer name Watchtown
Dealer address Al Malky Area Hanano street - P.O. box 3315
Dealer postcode
Dealer city
Dealer country Syrian Arab Republic

[acaixguard]

Wow D’amore in NJ is losing PP? They lost Rolex a few years ago too!

[LJubel328]

Originally Posted by acaixguard

Wow D’amore in NJ is losing PP? They lost Rolex a few years ago too!

Ouch. not look good for them

[JorgeCCW]

Damn , Govberg out ( well one of the 2)
Yeah they are following the AP path

[azizu]

there used to be three boutiques in Saudi Arabia in the three major cities: Riyadh, Jeddah and Khobar. i know for sure they closed the Jeddah boutique. not sure why it was closed but (i did hear about shady dealing by an associate there)

[azizu]

Originally Posted by Will_L

Wow,

As a hobby project I'm tracking Patek dealers coming and going.
Yesterday, nine dealers disappeared from the website, that is a big drop !
One shop in the list was gone months ago

Dealer name Govberg Jewelers
Dealer address 65 St. James Place
Dealer postcode PA 19003
Dealer city Ardmore
Dealer country United States



Dealer name Watchtown
Dealer address Al Malky Area Hanano street - P.O. box 3315
Dealer postcode
Dealer city
Dealer country Syrian Arab Republic

could the fact that Syria have been torn by civil war for almost a decade now be a reason why Watchtown is closed?

also why did Goveberg lose there AD status?

[Rrpdc]

Originally Posted by JorgeCCW

Damn , Govberg out ( well one of the 2)
Yeah they are following the AP path

You sure about that. Govberg still advertises they are pp ad

Rolex and pp ad selling preowned watches with all the hot models is bad for optics IMO. New inventory empty but loaded with preowned with watches, some sold month before ... hmm.

[JR16]

Originally Posted by Rrpdc

You sure about that. Govberg still advertises they are pp ad

Rolex and pp ad selling preowned watches with all the hot models is bad for optics IMO. New inventory empty but loaded with preowned with watches, some sold month before ... hmm.

It looks like just the Ardmore location is out. Philly still sells PP as far as I know .


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[Humble michael]

You can add to the list an old old line jeweler in Baltimore, J Brown Jewelers . Very sad , I bought a 5711R and a 5990 last year and now at first part of last year they closed the door. Sadly I now have no ad who will even wait list me . :-( james I San Antonio Tx

[PPcollector]

Originally Posted by james272

You can add to the list an old old line jeweler in Baltimore, J Brown Jewelers . Very sad , I bought a 5711R and a 5990 last year and now at first part of last year they closed the door. Sadly I now have no ad who will even wait list me . :-( james I San Antonio Tx

Interesting... how did you manage to purchase from them if you are out in San Antonio, TX? Amazing you would get an allocation and nobody near Maryland or Washington DC are on their list for those. Must be a short wait list... good find for you! Too bad they are out of the AD network...

[LJubel328]

Originally Posted by james272

You can add to the list an old old line jeweler in Baltimore, J Brown Jewelers . Very sad , I bought a 5711R and a 5990 last year and now at first part of last year they closed the door. Sadly I now have no ad who will even wait list me . :-( james I San Antonio Tx

Sad to say you’ll start at square one. Had this happen time last year, I contacted a number of ADs and needless to say I got the typical “blah, blah, blah” sales pitch as a “new” customer.

Luckily, I did end up finding an amazing AD a few months later and have been extremely pleased with them (more so than the last). I wish you the best of luck. It’s not easy starting from scratch.

[Dr.Teatime]

Orr's was a great AD! I'm sad to have lost them. No one in Western PA now.

[V25V]

This has been happening for a while and do not think its for any specific reason that the AD "did something bad". I think PP is just consolidating their dealer network and this makes sense for many reasons.

[2nastie]

If there was ever a time scale down ADs, bring out Boutiques (both via new ADs/existing ADs or self-owned), this would be the time.

If PP wants to continue to be on the top, they are going to have to invest in their store front appearance. Their product itself is fine (and consistent), but the AD presentation has been lacking for a bit.

[jon_jon]

Originally Posted by 2nastie

If there was ever a time scale down ADs, bring out Boutiques (both via new ADs/existing ADs or self-owned), this would be the time.

If PP wants to continue to be on the top, they are going to have to invest in their store front appearance. Their product itself is fine (and consistent), but the AD presentation has been lacking for a bit.

Rolex has been promoting this boutique concept of asking existing ADs to create a separate entrance for a "Rolex boutique" and make it stand out. Patek does that to an extent with some ADs, but not in the same way as Rolex.

ADs want to have Rolex and Patek because of the "prestige" factor. However if they are not able to generate sales the normal way and leak a lot of watches through the backdoor, naturally they will be on the chopping block for losing their AD license.

[IBDOC]

Gobbi in Milano getting the boot seems like a big deal, or am I wrong? They sold dual-signed Pateks and such back in the day. Including this baby: https://www.christies.com/lot/lot-pa...ghly-6235645/?

[JorgeCCW]

Originally Posted by Rrpdc

You sure about that. Govberg still advertises they are pp ad

Rolex and pp ad selling preowned watches with all the hot models is bad for optics IMO. New inventory empty but loaded with preowned with watches, some sold month before ... hmm.

Yes I am sure Patek removed the AD status from one Gobverg store but they still have one left. That’s why they still advertise


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[PatekSF]

Originally Posted by IBDOC

Gobbi in Milano getting the boot seems like a big deal, or am I wrong? They sold dual-signed Pateks and such back in the day. Including this baby: https://www.christies.com/lot/lot-pa...ghly-6235645/?

Lots of grey market stock originates in Italy ... curious to know if they were a player in that market.

[Carlazzo]

Originally Posted by IBDOC

Gobbi in Milano getting the boot seems like a big deal, or am I wrong? They sold dual-signed Pateks and such back in the day. Including this baby: https://www.christies.com/lot/lot-pa...ghly-6235645/?

Hi, last year Gobbi for some days wasn't no more on PP website, but after some days it was again there on the official webside. I I don't know. I don't understand. We'll see.

[Carlazzo]

Originally Posted by PatekSF

Lots of grey market stock originates in Italy ... curious to know if they were a player in that market.

In Italy there are more than 30 ADs....

[BLM2]

Haltom's in Fort Worth. Wonder if that is related to the price of oil? A lot of west Texas oil money flows through Fort Worth. Sorry to see that happen.
Lee

[NoVaSubowner]

Overall its pretty sad. Bad for the jeweler.

Also a disappointing departure from the tradition of Mom and Pop stores that built both the PP and Rolex brands in this country.

Both chain and boutique stores can serve the same purpose as a small store in an urban area. Small stores can also service areas that are often rural and not the best fit for a chain store....

[Will_L]

And another massacre in PP dealer country. 377 in 2021, 369 now. When I started looking in 2020 there where 388.
Gone are:

ID 42
Dealer ID 154
Dealer name Boglietti Gioielli*
Dealer address Via Italia 11
Dealer postcode 13051
Dealer city Biella
Dealer country Italy
Dealer first seen 2020-10-31
Dealer last seen 2022-01-31


ID 52
Dealer ID 515
Dealer name C.D. Peacock*
Dealer address 172 Oakbrook Center
Dealer postcode IL 60523
Dealer city Oakbrook
Dealer country United States
Dealer first seen 2020-10-31
Dealer last seen 2022-01-31


ID 166
Dealer ID 564
Dealer name James Free Jewelers
Dealer address 9555 Main Street
Dealer postcode OH 45242
Dealer city Montgomery
Dealer country United States
Dealer first seen 2020-10-31
Dealer last seen 2022-01-31


ID 331
Dealer ID 508
Dealer name Tiffany & Co. Waikiki
Dealer address Royal Hawaiian Center, 2201 Kalakaua Avenue, Suite A101
Dealer postcode HI 96815
Dealer city Honolulu
Dealer country United States
Dealer first seen 2020-10-31
Dealer last seen 2022-01-31


ID 345
Dealer ID 534
Dealer name Tourneau
Dealer address The Forum Shops - Caesar's Palace3500 Las Vegas Blvd., Suite F-07
Dealer postcode NV 89109
Dealer city Las Vegas
Dealer country United States
Dealer first seen 2020-10-31
Dealer last seen 2022-01-31


ID 351
Dealer ID 62
Dealer name Ulrich und Knorren
Dealer address Büchel 32
Dealer postcode 52062
Dealer city Aachen
Dealer country Germany
Dealer first seen 2020-10-31
Dealer last seen 2022-01-31


ID 376
Dealer ID 1141
Dealer name Wempe*
Dealer address Serrano, 58
Dealer postcode 28001
Dealer city Madrid
Dealer country Spain
Dealer first seen 2020-10-31
Dealer last seen 2022-01-31


ID 136
Dealer ID 349
Dealer name Gübelin AG*
Dealer address Freie Strasse 27
Dealer postcode 4001
Dealer city Basel
Dealer country Switzerland
Dealer first seen 2020-10-31
Dealer last seen 2021-12-31

[smallcollector]

Are u saying those listed dealers lost their AD? CD Peacock? They were the ones caught flipping watches out the back door.

[Chiboy]

Originally Posted by smallcollector

Are u saying those listed dealers lost their AD? CD Peacock? They were the ones caught flipping watches out the back door.

I remember that. I live several miles from there. It certainly makes sense to me. I'm surprised they still are a Rolex AD.

[classicalthunder]

Originally Posted by JR16

It looks like just the Ardmore location is out. Philly still sells PP as far as I know .


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curious as to why one location would lose its AD status but another one would keep it, especially within the same geographic area (those stores are like 20 min apart).

Govberg has take quite the hit on AD status in the past couple of years with their unapologetic approach to the grey market. I think they lost JLC, Cartier, and a few other major name brands

Govberg recently relocated to a much nicer, larger storefront in center city Philadelphia. I wonder if they are going to use the Philly location for watches only and the Ardmore location for jewelry only...

[Fenrira]

Originally Posted by classicalthunder

curious as to why one location would lose its AD status but another one would keep it, especially within the same geographic area (those stores are like 20 min apart).

Govberg has take quite the hit on AD status in the past couple of years with their unapologetic approach to the grey market. I think they lost JLC, Cartier, and a few other major name brands

Govberg recently relocated to a much nicer, larger storefront in center city Philadelphia. I wonder if they are going to use the Philly location for watches only and the Ardmore location for jewelry only...

I’m out of the loop regarding Govberg – someone care to share that story?

[Mattt]

Originally Posted by bob101

Lot of useless ADs can’t be trusted. Good on them for spring cleaning.

What does this even mean?

[classicalthunder]

Originally Posted by Fenrira

I’m out of the loop regarding Govberg – someone care to share that story?

Govberg is owned or owns Watch Box, and they push hard their pre-owned sales.

I think a number of ADs saw this as a significant conflict of interest and pulled out - JLC, Cartier, IWC, etc.

From popping in it looks like they effectively only carry PP and Rolex (with nothing available for sale), Grand Seiko, Breitling, Tudor, and H. Moser

Its local, so its one of the ADs I stopped in to 'register' my interest for a Submariner and they've told me they don't know when one will come in for me to purchase, but they do have a $16K BNIB 41mm Sub that they can sell me today in the same breath.

I get the state of the market right now, but its still not a good look...

[PPcollector]

Originally Posted by classicalthunder

Govberg is owned or owns Watch Box, and they push hard their pre-owned sales.

I think a number of ADs saw this as a significant conflict of interest and pulled out - JLC, Cartier, IWC, etc.

From popping in it looks like they effectively only carry PP and Rolex (with nothing available for sale), Grand Seiko, Breitling, Tudor, and H. Moser

Its local, so its one of the ADs I stopped in to 'register' my interest for a Submariner and they've told me they don't know when one will come in for me to purchase, but they do have a $16K BNIB 41mm Sub that they can sell me today in the same breath.

I get the state of the market right now, but its still not a good look...

Basically nothing to sell at MSRP but we have lots of BNIB secondary pieces available immediately!!

That’s what I call…” double dipping “