45 US Patek dealers headed to 32 by end of the year

[Gebbeth]

Looks like they are employing the Goyard method of selling. Goyard has only a few shops, located in very large urban cities (NY, LA, SF...etc), and you can only buy their stuff at those shops.

How people in other places get their hands on one, I don't know.

But there are agazillion fakes out there, so does it even matter?

[tigerpac]

Originally Posted by Calatrava r

Where does their client base go from here? Many folks I am sure were looking to receive some very special allocations this year from them after years of "relationship building." Really too bad.

I'll let you know... Right now I don't see spending anymore money on Patek anywhere.

[Calatrava r]

Originally Posted by tigerpac

I'll let you know... Right now I don't see spending anymore money on Patek anywhere.

To me a mistake made by the company was discontinuing the 5711A. This was a watch so many folks wanted, and they were willing to commit a significant spend with the brand to ultimately get an allocation. When that went perhaps a good bit of the momentum for the brand slowed down at the entry level.

[JR16]

Sorry to be blunt but what a d bag (TS).


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[dauster]

Originally Posted by Calatrava r

Great photo. Thanks for posting. It makes it easy to understand why the coveted models are tough to get from ADs. Serious spenders are everywhere.

Absolutely- there is a lot of rich people that don’t post here - Mark Wahlberg has been Gearys best client - the guy buys everything Rolex and Patek


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[dauster]

…

[Champagnepapi]

Originally Posted by Calatrava r

Great photo. Thanks for posting. It makes it easy to understand why the coveted models are tough to get from ADs. Serious spenders are everywhere.

5316/50P is one of Patek’s best releases in recent years IMO. Tourb, Minute repeater, retro grade and perpetual calendar. Just BEAUTIFUL. The only downside is the hefty $1M price


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[scurfa]

Originally Posted by Calatrava r

Where does their client base go from here? Many folks I am sure were looking to receive some very special allocations this year from them after years of "relationship building." Really too bad.

You just get written off, I’m in that boat now, I still get the Patek magazine but my covering letter has no dealer name and if I want to look at the watches go to Patek.com! I’m over it and just spent the money I had allocated to a grand compilation on a 718 Spyder RS, my local AD who lost the franchise now has Cartier in the place Patek had and they could no be happier.


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[Calatrava r]

Originally Posted by Champagnepapi

5316/50P is one of Patek’s best releases in recent years IMO. Tourb, Minute repeater, retro grade and perpetual calendar. Just BEAUTIFUL. The only downside is the hefty $1M price


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One of my favs is the 5016. (same movement, but 36mm) Patek made a "one only" in SS a few years back for auction.

[aa_watch]

Originally Posted by Calatrava r

To me a mistake made by the company was discontinuing the 5711A. This was a watch so many folks wanted, and they were willing to commit a significant spend with the brand to ultimately get an allocation. When that went perhaps a good bit of the momentum for the brand slowed down at the entry level.

We need to understand the context.

They received numerous requests daily for the same watch, despite their catalog containing hundreds of references.

His decision was likely made during the period when the 5711 was being flipped for a profit approaching six figures.

The watch was replaced by a white gold version, allowing them to increase the price, which is a smart move for enhancing the brand's image. This decision likely slightly reduced the number of requests for the three-hand Nautilus.

Visually, the white gold version is very similar, so I'm sure it sells well too.

[Mini2]

Originally Posted by dauster

Absolutely- there is a lot of rich people that don’t post here - Mark Wahlberg has been Gearys best client - the guy buys everything Rolex and Patek


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Big client for weirs in Ireland too

[ts3]

Originally Posted by Calatrava r

To me a mistake made by the company was discontinuing the 5711A. This was a watch so many folks wanted, and they were willing to commit a significant spend with the brand to ultimately get an allocation. When that went perhaps a good bit of the momentum for the brand slowed down at the entry level.

I have come around to thinking that discontinuing 5711 was one of the better decisions by TS lately.

The hype was free marketing but it also had a big effect on the way they did business. Patek was doing ok before and a few decades down the road the hype may well be seen as a brief aberration in their history.

Sadly, TS has had less luck on the design front.

[ndirish2001]

I wonder if as part of this streamlining process Patek may be looking to minimize its reliance on Rolex’s Tourneau/Bucherer network.

[KBM]

I hear the salon in Geneva is getting the axe soon...

[TomInNJ]

Will the ADs who are being cut be revealed today? I’m guessing we should check the website at midnight Geneva time (i.e., 6 pm est)? Is that right?

[Ichiran]

The cull is not specific to individual group or AD, but Patek is trying to consolidate POS so that each remaining POS has more Nautilus to sell. There is no reduction of production arising from the culling.

[Calatrava r]

Originally Posted by TomInNJ

Will the ADs who are being cut be revealed today? I’m guessing we should check the website at midnight Geneva time (i.e., 6 pm est)? Is that right?

I will be curious to see. Thanks for the heads up.

[Humble michael]

Very sad ! Once you lose your ad like I did., you won’t find another ! Lost my ad and even bought a 5711 R and a 5990 which I was and am grateful for and they closed the door on him. That was 4 years ago and I cannot find an AD who will even wait list me . There is little compassion from PP for their dealers or their customers. I love the product but very disappointed by the way they treat a loyal customer.:-(

[jon_jon]

At least in the US, I believe there is a reason why ADs lose their license. My guess is that they sell a lot of watches through the back door, often to re-sellers who flip these watches. They usually get a warning or two before Patek pulls the plug.

[Ellz]

Hamilton’s Princeton NJ has no Patek AD logo on their website like they did yesterday ☹️. I think they have lost their AD status :-(

[TomInNJ]

Originally Posted by Ellz

Hamilton’s Princeton NJ has no Patek AD logo on their website like they did yesterday ☹️. I think they have lost their AD status :-(

Shame on Patek. Hamilton was one of the first Patek ADs in the United States (almost 90 years, I think), and it is exceptional in every way.

[Eastie]

Eh. I’ve been to both their Princeton and Palm Beach locations. Was always an extremely underwhelming experience

If you don’t fit into their waspy boomer customer profile (not saying that pejoratively, just descriptively), they dismiss you out of hand.

Happy for them to be de-listed.


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[Daytonaman799]

Hamilton is still on the PP website as an authorized dealer

[Humble michael]

Originally Posted by srvrf

I could see this. For instance in the midwest of the US, I'd be a little cautious about building a new relationship with any other place than Chicago. I could see Minneapolis, Kansas City, Columbus, and Detroit as possibly being on the cut list. I have no insider knowledge, but feel that their AD map will soon look like AP's.

Yep Minneapolis dealer has already been given notice of the ax by pp 🥲

[Roger Lococco]

Hamilton was on the Patek site 30 minutes ago. They are no longer in the Patek site now.


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[Murphys]

Originally Posted by Roger Lococco

Hamilton was on the Patek site 30 minutes ago. They are no longer in the Patek site now.


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Same with Brinkhaus Calgary - now it’s gone from the website too. Looks like Canada is down to 3 ADs!

[Ichiran]

296 AD globally before the cull, now left with 273. There are still 39 left in US.

[Daytonaman799]

Originally Posted by Daytonaman799

Hamilton is still on the PP website as an authorized dealer

Gone now…that was one of my AD’s. One left…

[bob101]

Sorry for those who have lost their ADs, know the feeling well. I guess we’re down to sub 200 AD sooner or later.

[llngoc]

Originally Posted by jon_jon

At least in the US, I believe there is a reason why ADs lose their license. My guess is that they sell a lot of watches through the back door, often to re-sellers who flip these watches. They usually get a warning or two before Patek pulls the plug.

My ex-AD told me he was cut because he was not able to build a stand alone Patek boutique in a high end shopping area. The location he was in does not have a Rodeo Drive like area at all so even if he wanted, he was not able to do it. Sad thing is that he just remodeled and added a Patek store in store a few short years ago at the instruction of Patek. And when he lost the dealership, Patek sent someone out to supervise the deconstruction of the corner and also retrieve all the pieces.

I guess you are “safer” if you are dealing with a boutique and not a multibrand store. In this regard, AP may be slightly better as most if not all AP boutiques in the US are corporate owned now, and I hope if anything happens to a local boutique, the history should still count.