Is 15210 pricing a joke?

[EdwardC]

For the white gold and rose gold models, it's like $34k USD msrp. Secondary market is no where close to that. Is the pricing real or it's now AP trying to get new customers buying models that are actually overpriced?

[Gandor]

It's a fair price for the R&D and finishing. The case construction is probably the best ever designed. Just because the value isn't high secondary doesn't make it a bad deal from AP. Consider what you get from Patek in PM at that price point, manual wind time only calatrava.

[SMD]

This post makes zero sense.

[GB-man]

The price isn't the problem the watch is.

[EdwardC]

Originally Posted by SMD

This post makes zero sense.

Love your perspective

[VogelPhoenix]

Originally Posted by EdwardC

For the white gold and rose gold models, it's like $34k USD msrp. Secondary market is no where close to that. Is the pricing real or it's now AP trying to get new customers buying models that are actually overpriced?

The "secondary market" for the vast majority of high-end watches sold is "no where close" to their MSRP. I presume you consider almost everything VC makes, most of Lange and PP's offerings and nearly all Rolex PM overpriced as well, not to mention the rest of the Swiss watch industry. By that definition, 99.99% of anything sold prior to 2018 was overpriced, with rare exceptions like the Daytona, for some number of years.

[EdwardC]

Originally Posted by VogelPhoenix

The "secondary market" for the vast majority of high-end watches sold is "no where close" to their MSRP. I presume you consider almost everything VC makes, most of Lange and PP's offerings and nearly all Rolex PM overpriced as well, not to mention the rest of the Swiss watch industry. By that definition, 99.99% of anything sold prior to 2018 was overpriced, with rare exceptions like the Daytona, for some number of years.

I find this fascinating because quite a few boutiques and ADs I chatted with, even the basic 15210bc/or were sold out. And there are quite a few of them floating around the secondary market. It makes me pounder if most of the buyers were using it as an entry to the brand even though it's probably $8-$10k more than what it should be.

[AEV]

Originally Posted by EdwardC

I find this fascinating because quite a few boutiques and ADs I chatted with, even the basic 15210bc/or were sold out. And there are quite a few of them floating around the secondary market. It makes me pounder if most of the buyers were using it as an entry to the brand even though it's probably $8-$10k more than what it should be.

A boutique on average gets probably 2/3 pieces per reference of these 15210 models. And if you look at Chrono 24 probably 1% to 2% of these watches end up in the grey market after some time.

Reasoning: Code launched in 2019 with 2.000 pieces. FHB said in 2020 they doubled the production. With Covid and general perception of the model in the early years lets say they kept annual production at 4.000 per year.
Exclude 2023 when SS models were launched, they would have made 14.000 Codes between 2019 and 2022. Time only and chronos are produced in much larger quantities, so assuming 50% were time only that makes 7.000 pieces.
If you look at Chrono24, there are 80 ads stating the watch is in stock. However there are still few ads with just 1 photo from AP website.
So that’s the approx. 1%

Based on above reasoning, AP will produce approx 2000 of these per year, distributed across 80 AP Houses/Boutiques. So a boutique will get around 25, and there are 7 references in WG/RG with various dials, excluding the 2 models LE to 50 pieces and the full diamonds ones.

[VogelPhoenix]

Originally Posted by EdwardC

It makes me pounder if most of the buyers were using it as an entry to the brand even though it's probably $8-$10k more than what it should be.

Why should the CODE be $15k cheaper than the most basic, generic design, generic construction Patek Calatrava? Or cheaper than the even more generic VC Patrimony?

[Palex]

Originally Posted by EdwardC

For the white gold and rose gold models, it's like $34k USD msrp. Secondary market is no where close to that. Is the pricing real or it's now AP trying to get new customers buying models that are actually overpriced?

[EdwardC]

Originally Posted by VogelPhoenix

Why should the CODE be $15k cheaper than the most basic, generic design, generic construction Patek Calatrava? Or cheaper than the even more generic VC Patrimony?

Good comparison actually. I think that's why the secondary market for the PP and VC models you mentioned are also a bit, or sometimes quite a bit, below retail. Maybe that's the curse of most dress watches unless you're FPJ type.