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#1 |
"TRF" Member
Join Date: Jun 2020
Location: Taiwan
Posts: 3,805
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AP CPO program?
"Audemars Piguet is entering the thriving second-hand market by launching its own certified pre-owned (CPO) program by the end of 2023, CEO François-Henry Bennahmias announced at a luxury recruitment conference in Paris this week. The initiative makes Audemars Piguet (AP) the second major luxury watch brand to invest in the pre-loved market after industry leader Rolex took the industry by surprise in December by announcing the roll-out of its own CPO initiative. "
https://www.instagram.com/p/CoAa2KVreuv/ Seemed inevitable after Rolex and then Patek made the first steps. Will be interesting to see the implementation details. E.g., in the Rolex case all the buying, holding and selling (incl. pricing) is handled by the individual ADs. One assumes that in AP's case this will be more coordinated across boutiques.
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AP 15500ST Grey // 26237ST Beast // 26331ST Panda // 15450ST Blue // 77350CE Bucci // 26240CE 50th // 15407ST // 26715.ST.ZZ || Rolex 116520 White // 116710 BLNR // 126200 Blue || Omega Seamaster NTTD // Speedy Tokyo LE "Rising Sun" // Speedy cal. 321 "Ed White" A timeless classic - Winding, ticking, faithful time - Golden crown of trust |
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#2 |
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Join Date: Oct 2020
Location: Boston
Posts: 240
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lets the games....begin. looking forward to the fine print
might be a good way for clients to offload pieces as needed after 1.5-2+ years directly to their boutiques versus grey Shouldn't happen with every piece but if one wants to offload something that they're at peace with in favor of something closer to their grail pieces...
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AP 77350ST, AP 26715ST |
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#3 |
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Join Date: Oct 2016
Location: .
Posts: 1,530
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RM also has a relatively smaller CPO program at different locations around the world. Although in the US it is only through Westime in California.
Urwerk offers preowned pieces through its website, but I believe CPO programs are across wider networks. Interesting development either way. |
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#4 |
"TRF" Member
Join Date: Jan 2023
Location: USA
Posts: 783
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Not sure how this all plays out. But I suspect this is attempt to buy back some of the gray inventory out there in circulation as they recognize prices are falling and want to stabilize prices to make retail price still seem attractive versus artificially inflated CPO prices
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#5 |
"TRF" Member
Join Date: Jan 2013
Real Name: SMD
Location: LGA/EWR/ORD
Watch: AP/PP
Posts: 3,697
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They have been talking about this forever. Wonder what caused them to move now and not many years ago?
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#6 |
"TRF" Member
Join Date: Jul 2020
Location: Europe
Watch: AP & Rolex
Posts: 1,470
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Very interesting.
In the last few days, I watched some old videos of FHB from SIHH in 2017/2018 and he was saying that they are actively looking into it. The biggest problem at that time was finding enough skilled watchmakers to service the watches as they start coming in. Apparently they managed to scale up. I'd imagine this will be done via the boutiques/houses. |
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#7 | |
"TRF" Member
Join Date: Oct 2018
Location: USA
Posts: 1,202
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Quote:
Entirely a guess but maybe the crash in prices makes the CPO program more doable and easier to execute vs when prices were many multiples above retail which no one had any idea on how to manage the arbitrage Sent from my iPhone using Tapatalk |
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#8 |
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Join Date: Sep 2022
Location: Spain
Posts: 112
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They told me about this at the AP House about 2 months ago, being done in a better and more fair way than what Rolex is doing for now.
Easier to get offered a new watch when you sell them back your old one, even if you could get more money elsewhere. |
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#9 |
"TRF" Member
Join Date: Oct 2019
Location: Earth
Posts: 478
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Was aLeah’s under the impression that AP values customers that buy and hold their watches. Not sure how that view has changed with AP announcing CPO.
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#10 | |
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Join Date: Mar 2019
Location: San Francisco
Posts: 2,962
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Quote:
As always the masters make the rules, of course it won’t matter if you “flip” your watches thru the CPO program. I’m sure this will be rewarded. Unfair sure , surprising nope Sent from my iPhone using Tapatalk |
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#11 |
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Join Date: Jun 2020
Location: Taiwan
Posts: 3,805
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Why not first see what the implementation looks like, before getting all worked up? I'd expect the terms to include a stipulation that the watch is X years old, discontinued or perhaps both (similar to the Rolex CPO program 3-yr cutoff).
__________________
AP 15500ST Grey // 26237ST Beast // 26331ST Panda // 15450ST Blue // 77350CE Bucci // 26240CE 50th // 15407ST // 26715.ST.ZZ || Rolex 116520 White // 116710 BLNR // 126200 Blue || Omega Seamaster NTTD // Speedy Tokyo LE "Rising Sun" // Speedy cal. 321 "Ed White" A timeless classic - Winding, ticking, faithful time - Golden crown of trust |
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#12 | |
"TRF" Member
Join Date: Mar 2018
Location: HK - SG
Posts: 196
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Quote:
I prefer to buy through a CPO program instead of grey. I avoid watching YT grey dealers channels, cringe... These people ruin the brand, at least for me. Yes, I can't generalise it, but unfortunately many of them follow a few popular channels. Who even wants to buy from these charlatans. From the moment they open their mouth I want to punch them in their face. |
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#13 | |
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Join Date: Mar 2019
Location: San Francisco
Posts: 2,962
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Quote:
Whatever makes you comfortable seems like the CPO is for you then. Curious out it will turn out. But I know multiple people that got blacklisted by AP for selling a watch under 2 years of ownership Sent from my iPhone using Tapatalk |
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#14 |
"TRF" Member
Join Date: Jun 2020
Location: Taiwan
Posts: 3,805
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NTCP8 will just bring his family lawyer to sue them for more watches...
__________________
AP 15500ST Grey // 26237ST Beast // 26331ST Panda // 15450ST Blue // 77350CE Bucci // 26240CE 50th // 15407ST // 26715.ST.ZZ || Rolex 116520 White // 116710 BLNR // 126200 Blue || Omega Seamaster NTTD // Speedy Tokyo LE "Rising Sun" // Speedy cal. 321 "Ed White" A timeless classic - Winding, ticking, faithful time - Golden crown of trust |
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#15 | |
"TRF" Member
Join Date: Mar 2018
Location: HK - SG
Posts: 196
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Quote:
How's Taipei these days? AP A13 didn't let me in when I was there over New Year. Probably because I looked like I just had 72h drinking bender... Had to call AP HK to introduce me. |
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#16 | |
"TRF" Member
Join Date: Dec 2012
Real Name: Ash
Location: UK
Watch: AP Royal Oak
Posts: 4,544
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Quote:
This isn’t a knee jerk reaction to the market as it is today, this has been in the works since before the crazy market bubble. Sent from my iPhone using Tapatalk |
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#17 |
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Join Date: May 2009
Location: Uk
Posts: 1,496
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Happy to buy a code 1159 with 40% discount from a boutique haha
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#18 |
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Join Date: Dec 2018
Location: Boston
Watch: 16610LV
Posts: 1,051
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![]() I am really interested to see how they price codes given that they are selling at huge discounts preowned. I still find it pretty weird to buy a preowned watch from the brand higher than MSRP. |
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#19 | |
"TRF" Member
Join Date: May 2012
Real Name: Gareth
Location: Surrey, UK
Watch: AP/Rolex
Posts: 2,198
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![]() Quote:
Buy a new xyz for £25,000 and wait 1/2/whatever months or years……OR buy a used CPO one for £40,000 today. It’s just not a happy conversation for any brand in the luxury consumer goods market in my view. |
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#20 | |
"TRF" Member
Join Date: Mar 2020
Location: USA
Posts: 461
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Quote:
A separate question, I wonder if AP will roll this out world wide or limit it regionally in some way. Looking forward to the details. |
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#21 |
"TRF" Member
Join Date: Dec 2018
Location: Boston
Watch: 16610LV
Posts: 1,051
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I agree. It just doesn't look good.
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#22 | |
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Join Date: Mar 2020
Location: Switzerland
Watch: 116520
Posts: 105
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Quote:
I don't think that it will be such a problem, as for certain buyers money > time and they will just snap it up - the others are perhaps happy to wait. |
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#23 |
"TRF" Member
Join Date: Mar 2020
Location: Switzerland
Watch: 116520
Posts: 105
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Did anyone recently hear more about the CPO? IIRC they wanted to start their programme end of year
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#24 |
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Join Date: Jul 2020
Location: Europe
Watch: AP & Rolex
Posts: 1,470
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It will be next year.
FHB confirmed it in a recent interview. |
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#25 |
"TRF" Member
Join Date: May 2022
Location: USA
Posts: 245
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I feel like the only way AP can implement this without tanking the market is offering to buy back at MSRP or some kind of store credit type deal. A big portion of an APs resale value is in the blacklist.
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15510ST Green | 15720ST Gray | 26393QT Taupe | 116400GV | 126234 Mint |
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#26 | |
"TRF" Member
Join Date: Sep 2016
Location: FL
Watch: AP, RM
Posts: 266
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Quote:
Richard Mille CPO will buy your watch back at 90% what you paid but then you are able to jump the list for a harder to get piece. Assuming AP will do something similar. Sent from my iPhone using Tapatalk |
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#27 |
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Join Date: Sep 2023
Location: UK
Posts: 214
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I really like the sound of that kind of part exchange arrangement. Of course the devil is in the detail: 90% sounds reasonable whereas clearly 50% does not. In between those... well somewhere the equation flips from the consumers' point of view.
Of course, you can keep your AP(s) and buy another AP, or you can burn your bridges with AP and sell elsewhere if you want to unload. But in principle / general terms, I like the sound of this kind of agreement. It strongly incentivises people being favoured with allocations of rare watches not to flip for a fast buck. |
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#28 |
"TRF" Member
Join Date: Sep 2021
Location: SFO
Posts: 1,183
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IMO this can never really work well and the customer will always feel screwed.
You have such a wide discrepancy between offerings where a Code (QP or otherwise) trades at ~40% discount while a CE skeleton trades at a 150% premium of MSRP. The only way you solve it consistently is to either screw the seller by offering cents on the dollar OR pricing your pre-owned desired pieces above MSRP, which is basically telling a new client "you'll never get this piece period". CPO buy-backs are terrible for in-house management because of the customer perception |
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#29 | |
"TRF" Member
Join Date: May 2022
Location: USA
Posts: 245
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Quote:
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15510ST Green | 15720ST Gray | 26393QT Taupe | 116400GV | 126234 Mint |
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#30 |
"TRF" Member
Join Date: May 2021
Location: USA
Watch: Rolex and Patek
Posts: 1,027
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Should work ok if ap is smart. They will know which watches are worth what and price accordingly. Buyers may pay a bit more for cpo but have piece of mind from manufacturer. Also, perception I would think would be stronger for a cpo watch than non-cpo all else equal.
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