5990 Dilemma/HELP!

[Ahfe]

Ok, quick background, I have been a fan of the brand and its heritage for as long as I can remember. Indeed I have bought other watches but Patek has always been my grail for years (especially the nautilus line, as I am huge fan of gerald genta's designs). I am writing you to ask for help again (without the mention of any ADs names) about how things were handled at my end. In 2015 I was placed on a wait-list at one of the biggest retailers in US but the sales rep has quit and with her all the list was gone (according to retailer). Fast forward to 2017-2018, I was placed on yet another wait-list with a deposit (which I never refused the idea of just to get my grail watch) to find out just couple of months before its delivery that that my AD has lost its status (I was promised delivery date of 4/30/2019 as it was special order piece). Moreover, just to be placed on the list I went through almost a full background check (they checked my job, checked my google office rating, checked my income, etc. to get me approved by Patek) but all in vain as they lost their status now. Fast forward, when I went to my AD in town, one required me to purchase jewelry for $1 million amount and the other AD first time told me he just sold one the morning of my call and promised I will be number one on the list, 12 months later when I checked he asked me to trade one of my highly collectible watch and with its price purchase jewelry or else I will risk losing my spot that I have had for a year. When I called them literally couple of days later they told me they dropped me off their list and they just sold one the day before (FOMO tactic) and they will add me again, and ofcourse I was next on the list. I would like your help, I don't mind the wait but I need help and recommendation of whom to approach. I was hoping that Patek would honor my promised delivery date even if the AD was dropped since all the background checks was for Patek in the first place. I don't mind to even fly to some other country just to collect the watch I dreamed of. I was planing to get the watch this year to celebrate my one year out in private practice and my child's first birthday who I plan to pass it to on his wedding day, but all these dreamed have vanished and came crashing after my AD lost his status. I want to own a 5990 and build a long term relation with the company.. I will admit, that I had a lot of help to be placed on the the one list with the deposit from a TRF member, and I am sure will find more help. If someone doesn't like to write a post they can PM.. Thanks in advance fellas, long live the grails

[deepakpopat]

Your ADs sound awful. There is zero chance I would ever respect or do business with someone who was demanding that much of me before they allow me to purchase a watch from them. I would try to take your business elsewhere and find an AD that may be able to help you. In my opinion, at the end of the day you have to spend that much to purchase an artificially scarce product it is simply not worth it.

[mps354]

Patek required a background check to put you on a waitlist? Wow, hadn’t heard that before

[Daytonaman799]

Honestly have never heard a story this bad. The pre purchase requirements are just stupid IMHO, for those numbers you might as well go grey and pay the vig It’s cheaper. They are making it super hard to remain a loyal customer, this goes for the industry and not just PP. Rolex is just as bad. FOMO is one thing but it’s getting to the point of abject stupidity. I love watches but it used to be a pleasure to seek them out and buy them. This is a hobby after all and NOT a necessity. Both Rolex and PP used to pride themselves on the overall ‘experience’ of making a purchase. Now it’s just torture and they are treating customers badly. If you don’t want to sell to people beyond Uber collectors and celebrities...fine...but the rest of us schmoos who want to spend between 10-100k for a watch should be treated well as well or someday both companies will find that they lost their real customer base.

[Xerxes77]

I see some AD check the customer but not like this.
They check if you are doctor or lawyer.....
Change the AD till you meet a honest AD!

[tyler1980]

this is bizarre


.... and its not THAT hard to get. If it was a blue 5711 you would get more pushback but unless things have drastically changed a 5990 is somewhat attainable

Unless it was Tiffany no AD is going to make anyone spend 1 million dollars for a spot on a Nautilus WL

[Vipes]

Did you have to pee in a cup and do a drug screen also? Just kidding, OP. I find it quite strange that the AD did a background check.

[sensui]

Originally Posted by Vipes

Did you have to pee in a cup and do a drug screen also? Just kidding, OP. I find it quite strange that the AD did a background check.

I feel like we're getting close. Urine and blood test will become SOP for new Patek customers now.

[ragsk]

Originally Posted by tyler1980

this is bizarre


.... and its not THAT hard to get. If it was a blue 5711 you would get more pushback but unless things have drastically changed a 5990 is somewhat attainable

Unless it was Tiffany no AD is going to make anyone spend 1 million dollars for a spot on a Nautilus WL

5990 is getting harder and harder to get nowadays....

[tyler1980]

Originally Posted by ragsk

5990 is getting harder and harder to get nowadays....

makes me think i should offer OP to buy me 500k worth of jewelry and i will just give him my 5990. Win, win. He saves half and i get 500k

[Ahfe]

Originally Posted by tyler1980

makes me think i should offer OP to buy me 500k worth of jewelry and i will just give him my 5990. Win, win. He saves half and i get 500k

what a bargain!!

[ragsk]

Originally Posted by tyler1980

makes me think i should offer OP to buy me 500k worth of jewelry and i will just give him my 5990. Win, win. He saves half and i get 500k

Seriously though I just ordered one and have been told I will get it early next year.

[Russell996]

Originally Posted by Xerxes77

I see some AD check the customer but not like this.
They check if you are doctor or lawyer.....
Change the AD till you meet a honest AD!

What possible difference would being a doctor or lawyer make to an allocation for a Nautilus?

[tyler1980]

Originally Posted by Russell996

What possible difference would being a doctor or lawyer make to an allocation for a Nautilus?

networking... the AD may need a heart operation or a divorce lawyer. Its like getting into bed with the mob. Once they have you, then you owe them favors forever

[Ahfe]

Originally Posted by Russell996

What possible difference would being a doctor or lawyer make to an allocation for a Nautilus?

Patek always wanted to categorize itself as a brand for the elites, but that's not all true, I qualify for this category as well, and guess what, I still can't get my hands on one

[Russell996]

Originally Posted by Ahfe

Patek always wanted to categorize itself as a brand for the elites, but that's not all true, I qualify for this category as well, and guess what, I still can't get my hands on one

I think you will find they care more about passion for the brand, your profession will make no difference.

[ts3]

Originally Posted by Xerxes77

I see some AD check the customer but not like this.
They check if you are doctor or lawyer.....
Change the AD till you meet a honest AD!

This is funny... Sounds like a PhD in physics won't do? In this case, I will send the girl next time who luckily is a pediatrician... She wanted to get on the list anyway.

Originally Posted by Russell996

I think you will find they care more about passion for the brand, your profession will make no difference.

This is exactly my experience as well...

[Xerxes77]

Originally Posted by Russell996

I think you will find they care more about passion for the brand, your profession will make no difference.

You maybe have right.... but when you want to write an email to Patek from Patek web site they ask you Tittle and have 3 option: Mrs.,Ms.or Dr.......

[Xerxes77]

Originally Posted by Ahfe

Patek always wanted to categorize itself as a brand for the elites, but that's not all true, I qualify for this category as well, and guess what, I still can't get my hands on one

Me too)))))......

[CamSLC]

It's no wonder some of these AD's are getting gutted. Those tactics are asinine. I know it's a 30k+ premium, but I would probably just go with a gray dealer.

[Ahfe]

The AD who did semi background on me was more or less informal background just to figure if I am a flipper or not, and he had to present all this info to Patek distributor here to get me approved as there are few people who are blocked from purchasing patek due to flipping, but I will be honest, I didn't mind all this as he actually got me on the list as second and issued me a refund check, so at the end of the day I have to say he was the best most honest AD I met thus far. He also, didn't take my deposit till he delivered the person before me and I was next in line!

[tyler1980]

Originally Posted by Ahfe

The AD who did semi background on me was more or less informal background just to figure if I am a flipper or not, and he had to present all this info to Patek distributor here to get me approved as there are few people who are blocked from purchasing patek due to flipping, but I will be honest, I didn't mind all this as he actually got me on the list as second and issued me a refund check, so at the end of the day I have to say he was the best most honest AD I met thus far. He also, didn't take my deposit till he delivered the person before me and I was next in line!

most of these big US AD's have big second hand retail operations so its weird that they are that concerned about you being a flipper. Because if they sell at list to you and then you get tired of it later more often than not you will sell it back later slightly over retail because there are not that many big dealers to choose from and then they sell it again way way way over retail as used.

Its a revolving door for these guys and they sell new watches at Patek margins which are like 50% and then sell used watches when someone get tired of it at a buy/sell spread of another 30+% so they make money twice on the same watch

the number of people who resell their watch themselves is pretty small as its a lot of hassle. If you are going to flip a watch most people do it via a dealer

[Ahfe]

Originally Posted by tyler1980

most of these big US AD's have big second hand retail operations so its weird that they are that concerned about you being a flipper. Because if they sell at list to you and then you get tired of it later more often than not you will sell it back later slightly over retail because there are not that many big dealers to choose from and then sell it again way way way over retail as used.

Its a revolving door for these guys and they sell new watches at Patek margins which are like 50% and then sell used watches when someone get tired of it at a buy/sell spread of another 30+% so they make money twice on the same watch

I don't know about my AD that shut, but the AD who wants me to trade my watch and buy jewelry is huge on second hand, infact he told me he had a 5990 for sale used for only 1 week but at premium.. And guess what, he is still an AD and the one that was trying to play with Patek rules is out!

[tng11]

Originally Posted by Ahfe

The AD who did semi background on me was more or less informal background just to figure if I am a flipper or not, and he had to present all this info to Patek distributor here to get me approved as there are few people who are blocked from purchasing patek due to flipping, but I will be honest, I didn't mind all this as he actually got me on the list as second and issued me a refund check, so at the end of the day I have to say he was the best most honest AD I met thus far. He also, didn't take my deposit till he delivered the person before me and I was next in line!

My understanding was that this was a pure AD policy. I also went through that process with this exact same AD as a first time buyer inquiring about Nautilus models.

Originally Posted by DenaliHD

I have heard of Hong Kong's Patek Distributor checking on buyers. Needing a local business card submitted via a dealer. Getting crazy...

This is correct. You have to be local and my understanding is that their background check is extreme enough to even call your employer's HR department. If you have no current employer, you're SOL. My relatives who are retired could not get on any lists for a Nautilus. But if you're in what the distributor (Libertas) deem is a "prestigious" enough profession, such as medicine, law, finance, then you can be allocated a SS 5711 in a matter of months even as a first time buyer.

[Ahfe]

My AD here who keeps playing the FOMO game claims he gets 5-6 5990s per year, and to my knowledge from speaking to other ADs and patek distribution center in NYC, the allocation for most SS models are 2 per year and 1 PM/yr. So go figure all the BS I was getting from him to buy jewelry, and I guarantee even if I buy he will tell me the amount is not much and there are others with larger purchase history..

[AK797]

That was hard for me to just read, don't know how you guys are living this.

[Passionata]

C24 or a nice grey is the solution for your problem I think the AD game just not for you.
i m sorry.

[Snow-Dweller]

This is a very unfortunate story. Have you considered writing to Patek in the US and telling them your saga?

[Ahfe]

Originally Posted by Snow-Dweller

This is a very unfortunate story. Have you considered writing to Patek in the US and telling them your saga?

I did and no reply and called the distribution center and they told me to try the new WOS that will open in nyc, which they don’t give anyone anything if you are a new buyer..

[tyler1980]

Originally Posted by Ahfe

I did and no reply and called the distribution center and they told me to try the new WOS that will open in nyc, which they don’t give anyone anything if you are a new buyer..

stay away from WOS unless you have a lot of other watches to buy. They are so big that you need to spend a ton to get hard to get stuff. In the UK anyway.