First Cubitus to Hit Grey Market @ 150k

[pam66]

Originally Posted by APhound

Interesting. I’m curious about this.. I have bought several Pateks recently, just took delivery of a 5968 which I would expect to be the type of watch they wouldn’t want flipped but I haven’t gotten anything from Patek or anyone- I don’t think anybody would know if I sold it unless Patek bought it and traced it back to my AD. If I get a new AP and don’t register it right away they call me and tell me to register it to my profile right away.
I don’t understand how Patek would know?


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only if the buyer contacted the AD or PP directly...heyyy i have bought that watch which comes from you....

[Whodinkedme]

Originally Posted by Russell996

No, definitely happening. My AD just blacklisted a huge client for flipping.

Do tell. Damian Butt?

[APhound]

Originally Posted by pam66

only if the buyer contacted the AD or PP directly...heyyy i have bought that watch which comes from you....

That’s the only way I can see.. it’s just like buying a Rolex


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[sambb]

i dont get the cubitus - can get a cartier santos and it is really more classic in many ways...but kudos to patek for creating hype

[bob101]

The easiest way Patek can do it is once the watch is purchased by the new owner, the owner goes to register the watch on the Patek site. Geneva can immediately see that the cubitus sold a few weeks ago is now under a new owner name and blacklist the original buyer with the AD from any further sports prices or application pieces.

Second way is whenever the Patek ends up at service centre, the service centre updates ownership to the new owner in the records and checks movement and serial number to also presumably ensure it is not on their stolen watch database. At that point the previous flipper would get flagged you would expect.


I’m not against folk consolidating and upgrading to a higher end complicated piece as an example. You would just hope they would keep and enjoy the piece first for a few years instead of flipping day one. These flippers and speculators should be blacklisted so the rest of us collectors can enjoy as intended.Bit like whac-a-mole however unfortunately. A lot of organised groups with money to burn / money laundering going on.

[RichardBartlett]

https://watchcollecting.com/for-sale...ilippe-cubitus

[MRBolton]

Originally Posted by Russell996

No, definitely happening. My AD just blacklisted a huge client for flipping.

Did you get any more details on it? Just one watch? How quickly? What was the piece? Was he exclusively flipping? How did they find out? Etc....

[Mini2]

Originally Posted by RichardBartlett

https://watchcollecting.com/for-sale...ilippe-cubitus

Below list wow

[scurfa]

Originally Posted by Mini2

Below list wow

I’m sure it will be bid up before the end.


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[scurfa]

Originally Posted by Mini2

Below list wow

Finished above list! Who’s the winner?

[RichardBartlett]

Originally Posted by RichardBartlett

https://watchcollecting.com/for-sale...ilippe-cubitus

Interesting, went for £81k. less than I thought but I note the dealer is in Cheshire. That is a rich area mainly from 'old money' who don't buy these watches and footballers who do. (Liverpool , ManU & Man City players staff like to live in that area.)

That plus there must be very very few released so far and only then to top tier clients could narrow it down to who bought it and who is flipping it.. IF PP were serious about cracking down on this.

On the other hand if the owner was sensible, he would sell it to a dealer a long way from home to 'distance' himself from the point of sale.. So I guess I'm just rambling nonsense again as usual

[bob101]

Originally Posted by scurfa

Finished above list! Who’s the winner?

It would be nice to think Patek bought it and the seller will be blacklisted.

[Russell996]

Originally Posted by richardbartlett

interesting, went for £81k. Less than i thought but i note the dealer is in cheshire. That is a rich area mainly from 'old money' who don't buy these watches and footballers who do. (liverpool , manu & man city players staff like to live in that area.)

that plus there must be very very few released so far and only then to top tier clients could narrow it down to who bought it and who is flipping it.. if pp were serious about cracking down on this.

On the other hand if the owner was sensible, he would sell it to a dealer a long way from home to 'distance' himself from the point of sale.. So i guess i'm just rambling nonsense again as usual

£81k +12% (10% fee + VAT) - £90,720

List is £52,480. Buyer paid £36,240 over list, ironically that is more than the cost of the 5821/1A (£35,330).

[nicls]

Originally Posted by Russell996

£81k +12% (10% fee + VAT) - £90,720

List is £52,480. Buyer paid £36,240 over list, ironically that is more than the cost of the 5821/1A (£35,330).

Shouldn’t VAT be 20%? In that case final price is a lot more!

[jamestucker]

Originally Posted by Whodinkedme

Do tell. Damian Butt?

[Russell996]

Originally Posted by nicls

Shouldn’t VAT be 20%? In that case final price is a lot more!

Vat only on the buyers premium (10% on top of the hammer price + 20% VAT), used watches in the UK are VAT free. Same when buying used watches at a dealer, vat is only charged on the margin the seller makes, this isn’t disclosed to the buyer and hence a non UK resident cannot claim any VAT back.

[Hankman]

FWIW, I just saw this at Nakano Broadway (Jackroad) last Saturday already. US$182,000.