The Far East (HK) visitors are buying everything

[CharlesN]

I have just this morning visited one of the AD's I use fairly frequently.

I went in to collect a new leather strap for my DD.

Whilst there, I always have a coffee there whilst chatting, 4 Far East (It turned out from HK) people walked in.
2 men and 2 women.

They looked at the cases with Rolex watches in them.

and then went on what i can only call a "berserk: shopping spree.

They bought 6 TT Datejusts. Some YG and some RG.
Then it was on to the ladies watches .. 3 Stainless steel datejusts.
Then two Day-date one in WG and one in YG.
Then just one YG YM II
Then they asked for the more sought after models.
They wanted 2 of each colour GMT (They did not get them)
2 Sub Dates (Again they did not get them).
2 Sub No dates (same again)

I know my AD had some of the watches they wanted tucked away in the safe.

I have a VERY good relationship with this AD .. He often gets me what I want - sought after model or not - He knows i don't flip watches ever, so we chatted some more whilst they finished their buying frenzy and paid for everything.

They admitted quite openly they they are flying back to Hong kong tomorrow with all of the watches and some others they had already bought and they were going to be resold. They said they were disappointed that they had not picked up a single "Special" piece on their travels.

I don't think my AD did anything wrong. He can sell DJ's etc and he can get more as there does not seem to be much of a shortage of these.

He kept the "Special" pieces for his pre-existing customers who have already ordered the watches he has in the safe.

But ... What a sale.

[jsausley]

They spent $150k+ and the dealer didn't even pull out a single Submariner for them?

I don't know, man.

[schoolboy]

Originally Posted by jsausley

They spent $150k+ and the dealer didn't even pull out a single Submariner for them?

I don't know, man.

You’re right, sounds kind of crazy, but why would the OP lie to us?

But yes I agree, should’ve pulled out a SS sub, or a Tudor GMT at least.

[SeaAndSky]

Originally Posted by schoolboy

You’re right, sounds kind of crazy, but why would the OP lie to us?

But yes I agree, should’ve pulled out a SS sub, or a Tudor GMT at least.

I disagree. Clearly these people are buying for all the wrong reasons to us wis types. Save the desired models for the people who will keep and appreciate them.

[schoolboy]

Originally Posted by SeaAndSky

I disagree. Clearly these people are buying for all the wrong reasons to us wis types. Save the desired models for the people who will keep and appreciate them.

I understand.

It’s tough for everyone right now, except grey dealers perhaps.

[Mr.Rolex1]

Originally Posted by schoolboy

I understand.

It’s tough for everyone right now, except grey dealers perhaps.

[Luap1976]

Originally Posted by jsausley

They spent $150k+ and the dealer didn't even pull out a single Submariner for them?

I don't know, man.

Ha ha nice

Im from uk and here if your not a local you can't have hot steel watches. So these Chinese couple would not be allowed the good steel pwatches anyway even wasting 150k on stuff they don't want

I'm glad they did not pull out a steel sub hulk etc etc as they are obviously flippers

[faimag]

Originally Posted by Luap1976

Ha ha nice

Im from uk and here if your not a local you can't have hot steel watches. So these Chinese couple would not be allowed the good steel pwatches anyway even wasting 150k on stuff they don't want

I'm glad they did not pull out a steel sub hulk etc etc as they are obviously flippers

You probably missed the point that they actually wanted the watches they bought, as they were reselling them (or had already sold them) back home. If they insisted or played the game differently, say "I am only going to buy these if" I am sure that AD - and any AD for that matter - would sell them anything, whether being local or not.

[jsausley]

Originally Posted by Luap1976

Ha ha nice

Im from uk and here if your not a local you can't have hot steel watches. So these Chinese couple would not be allowed the good steel pwatches anyway even wasting 150k on stuff they don't want

I'm glad they did not pull out a steel sub hulk etc etc as they are obviously flippers

Sure but in reality, why would an AD care? Most of them are selling backdoor to gray anyway so who cares where this couple is from?

Not saying it didn't happen but why on earth any AD would operate this way, I have no idea. Just be upfront with people. Tell the plebs like you and me that the watches are reserved for VIP clients and then bring them out to play whenever a big spender like above walks in.

Unless they truly didn't have the watches in the first place, but I don't buy that unless they had just gotten cleaned out by someone else right before.

[Luap1976]

Originally Posted by jsausley

Sure but in reality, why would an AD care? Most of them are selling backdoor to gray anyway so who cares where this couple is from?

Not saying it didn't happen but why on earth any AD would operate this way, I have no idea. Just be upfront with people. Tell the plebs like you and me that the watches are reserved for VIP clients and then bring them out to play whenever a big spender like above walks in.

Unless they truly didn't have the watches in the first place, but I don't buy that unless they had just gotten cleaned out by someone else right before.

I guess your right tbf.the ads are the cause of all the problems really selling out the back door.but not all do this but I would say a hell of alot do that

[HappyFish]

Originally Posted by Luap1976

Ha ha nice

Im from uk and here if your not a local you can't have hot steel watches. So these Chinese couple would not be allowed the good steel pwatches anyway even wasting 150k on stuff they don't want

I'm glad they did not pull out a steel sub hulk etc etc as they are obviously flippers

Same here in france - i m glad too that they dont pull out steel sub hulk for english visitors as they are obviously flippers!

[tom2517]

Originally Posted by Luap1976

Ha ha nice

Im from uk and here if your not a local you can't have hot steel watches. So these Chinese couple would not be allowed the good steel pwatches anyway even wasting 150k on stuff they don't want

I'm glad they did not pull out a steel sub hulk etc etc as they are obviously flippers

That's what people say about Patek in UK too, hot pieces only for locals but they make exceptions. Not saying in the particular case but they do sell to foreigners.

[hbk75]

Originally Posted by jsausley

They spent $150k+ and the dealer didn't even pull out a single Submariner for them?

I don't know, man.

The ad doesn't sound too friendly to me.

[Zakalwe]

Originally Posted by jsausley

They spent $150k+ and the dealer didn't even pull out a single Submariner for them?

I don't know, man.

A good salesman would’ve clocked that they were going to buy their TT’s and DJ’s regardless. Any salesman with functioning eyes and ears would’ve clocked the fact that these were unlikely to be local, potentially repeat customers.

It would’ve been a poor salesman who sold an allocation piece to the people described.

[Keepchasing]

Originally Posted by jsausley

They spent $150k+ and the dealer didn't even pull out a single Submariner for them?

I don't know, man.

Makes total sense to me.
Why pull out any of the good stuff if they are willing to spend 150k without it?
Save the good stuff for someone on the fence of a PM piece, maybe.

[Art 1]

Originally Posted by Keepchasing

Makes total sense to me.
Why pull out any of the good stuff if they are willing to spend 150k without it?
Save the good stuff for someone on the fence of a PM piece, maybe.

That’s what I would do if I was the AD.

[Old Expat Beast]

Strange. They could have bought all that less desirable stuff in HK.

[bondtoys]

Originally Posted by Old Expat Beast

Strange. They could have bought all that less desirable stuff in HK.

It would have been much more expensive for them in HK.

The prices are slightly higher in HK and in the UK, they get the VAT back, so they are saving roughly 15-20% against HK prices

[Jake B]

Originally Posted by bondtoys

It would have been much more expensive for them in HK.

The prices are slightly higher in HK and in the UK, they get the VAT back, so they are saving roughly 15-20% against HK prices

Sorry Markus but the maths still don't add up since the above mentioned models sell at approx %20 off through greys....So, where is the spread? No profit in all that effort just to sell at the same discount, mate.

Sure, it would be worth it for steel sports stunners but given the models mentioned it's hogwash.

[bondtoys]

Originally Posted by Jake B

Sorry Markus but the maths still don't add up since the above mentioned models sell at approx %20 off through greys....So, where is the spread? No profit in all that effort just to sell at the same discount, mate.

Sure, it would be worth it for steel sports stunners but given the models mentioned it's hogwash.

And where do the HK Grey’s get their Rolex watches from?
From European Ads, with discounts and tax refunded.

The OP did not say, if the tourists have received a discount for their 150k purchase, which is very likely.

[Jake B]

Originally Posted by bondtoys

And where do the HK Grey’s get their Rolex watches from?
From European Ads, with discounts and tax refunded.

The OP did not say, if the tourists have received a discount for their 150k purchase, which is very likely.

Generally speaking, greys do not source their stock a few at a time bought by couples on little shopping trips like that.....Not for items that cannot turn a worthwhile profit like lady Datejusts after exchange, travel expenses, tax refunds, Markus. You must realise how discounted greys sell those for here already, right?

I would agree if we start to speak about Daytonas, Subs etc.

[Vanalich]

Originally Posted by bondtoys

It would have been much more expensive for them in HK.

The prices are slightly higher in HK and in the UK, they get the VAT back, so they are saving roughly 15-20% against HK prices

You can get 5 percent discount on most models at many shops

[WatchLurv]

Originally Posted by Old Expat Beast

Strange. They could have bought all that less desirable stuff in HK.

Im guessing they will end up in China. Only way to make those margins.

The prices they got in the UK AD were most likely full price (London ADs especially don't budge on a single %), and they would take a loss if they were to be sold on in HKG.

Originally Posted by supernova

Tax free price for Rolex in the UK makes it one of the cheapest places to buy, especially with weak sterling so works out cheaper by about 10% than HK retail prices. However for TT DJ, if they are flippers, the margins would be quite small for the hassle of selling.

So there is only 2 cases,
1. They or relative/friends really wanted these watches for themselves
2. They are laundering money (which I know is very common way of doing it in the Chinese community, being Chinese myself...)

Even here in Dublin, Chinese tourists hit the luxury department stores and Rolex AD and go berserk shopping mode.

Sure I was in in a luxury department store in Venice a couple months ago, and every sales assistant, from all ethnicities, could speak Mandarin to the Chinese shoppers.

This is all very common in Europe, a lot less in US since there is no tax free and prices for European brands are much higher also.

Heard same story that the ADs were instructed to tell me (whilst not budging on discount as they were adamant that their prices were the best in the world). I went to 3 other European destinations during the same period (just after Brexit) and bought watches with considerable discount. If only I would have returned to the shop to show them my purchases and the prices I paid. UK ADs (especially London) are full of it. I would also like to point out the manager on the corner of New Bond Street is an absolute plonker...He should go find himself a new job.

[wholecz]

Originally Posted by WatchLurv

Im guessing they will end up in China. Only way to make those margins.

The prices they got in the UK AD were most likely full price (London ADs especially don't budge on a single %), and they would take a loss if they were to be sold on in HKG.

Let me tell you, Djs and DDs are bundle with SS models in China as same as elsewhere in the world. The market price of Djs and DDs is below EU retail price even after some sort of discount and VAT. Spending $150k in China, you get whatever SS models you want. There is no need for them to do that in term of making a margin.

[Lemieux66]

Originally Posted by WatchLurv

Im guessing they will end up in China. Only way to make those margins.

The prices they got in the UK AD were most likely full price (London ADs especially don't budge on a single %), and they would take a loss if they were to be sold on in HKG.



Heard same story that the ADs were instructed to tell me (whilst not budging on discount as they were adamant that their prices were the best in the world). I went to 3 other European destinations during the same period (just after Brexit) and bought watches with considerable discount. If only I would have returned to the shop to show them my purchases and the prices I paid. UK ADs (especially London) are full of it. I would also like to point out the manager on the corner of New Bond Street is an absolute plonker...He should go find himself a new job.

What’s wrong with the New Bond Street manager? Is that a Rolex boutique?

[WatchLurv]

Originally Posted by Lemieux66

What’s wrong with the New Bond Street manager? Is that a Rolex boutique?

Guy is clueless and cocky. That's as much as I'd like to elaborate. You get more of an "experience" if you walk in.

[wholecz]

Originally Posted by WatchLurv

Im guessing they will end up in China. Only way to make those margins.

The prices they got in the UK AD were most likely full price (London ADs especially don't budge on a single %), and they would take a loss if they were to be sold on in HKG.

Let me tell you, Djs and DDs are bundle with SS models in China as same as elsewhere in the world. The market price of Djs and DDs is below EU retail price even after some sort of discount and VAT. Spending $150k in China, you get whatever SS models you want. There is no need for them to do that in term of making a margin.

[wholecz]

Let me tell you, Djs and DDs are bundle with SS models in China as same as elsewhere in the world. The market price of Djs and DDs is below EU retail price even after some sort of discount and VAT. Spending $150k in China, you get whatever SS models you want. There is no need for them to do that in term of making a margin.

[zjd168]

Originally Posted by Old Expat Beast

Strange. They could have bought all that less desirable stuff in HK.

This. Whatever said in the original thread doesn't make sense, at least they can't flip them in HK for any profit.

[jagwap]

Originally Posted by zjd168

This. Whatever said in the original thread doesn't make sense, at least they can't flip them in HK for any profit.

They can, as the pound is very low right now, but they won't. They will take them to China where they cost a lot more. See above.