Hodinkee Article on Steel Nautiluses

[pam66]

Originally Posted by GreenLantern

I have many platoons.

autocorrect.

[Russell996]

Originally Posted by pam66

have you tried to buy a platoon recently?

Yes.

[pam66]

Originally Posted by Russell996

Yes.

big discount....good for you, congrats. anything over 10% and i buy.

[Bearxj86]

5170P > Platona :)

[Russell996]

Originally Posted by pam66

big discount....good for you, congrats. anything over 10% and i buy.

It was and I love the piece but too many competing pieces.

[Jp28]

For me, the basics are that the target consumer (wealthy, brand conscious etc etc) is in general moving to more casual sports type watches (same shift is happening in clothes and other segments also).
This is not a short term trend as it has been going for the last 50+ years.
For any company that does not move with the consumer base there is only one final ending.
For me PP is at a crossroad. They have a big choice to make as regards the future but I do not think they realise that given the market ‘frothiness’ in pricing and demand.

[GreenLantern]

Originally Posted by bearxj86

5170P > Platona :)

5170P doesn't satisfy my desire for a full Platinum (or full White Precious Metal) sports watch.

That said, I love my 5170P.

[GreenLantern]

Originally Posted by pam66

autocorrect.

Indeed. :D I find it humorously awesome.

My many platoons will take over Patek and produce more Full Platinum sports watches for me. You all can get in on this if you like.

[GreenLantern]

The other thing I'd note about Rolex vs. Patek product ranges here is that the madness in the SS sport watch range for Rolex drives some of the buying in their PM sport watch range (especially their white precious metals).

Since no one can get a Nautilus or Aquanaut anymore, not even the gold variants, not even the colored gold variants, I've simply seen people walking away from Patek instead of buying other Patek watches. A newcomer (non-die-hard-collector like all of us here) looking for a sports watch isn't going to buy a Calatrava, they're going to skip out on the Nautilus and get a white gold GMT-Master II or something.

This is from personal experience trying to convince friends to get into wearing Swiss watches (vs. Apple Watch or whatever). Basically, conquest (read: new) customers. The kinds of customers Rolex and Patek needs in order to survive long term.

This is why I say Patek is missing the boat on things when they don't have enough (accessible) Full White Gold sports watches in the Nautilus line.

Plus, didn't Hodinkee say this in their article:

Philippe Stern, Thierry's father, introduced the Nautilus because he was concerned about Patek's image as an older man's watch, Patek sources say. He wanted a collection that younger people could afford. "We had to twist arms to get jewelers to take it," remembers Hank Edelman, chairman of Henri Stern Watch Agency, the company's U.S. subsidiary. "Jewelers said, 'What are you doing? This isn't a Patek Philippe!'"

Aren't we facing the same problem all over again? Younger people can't afford, nor can they even get their hands on one even if they could afford it (unless they go grey market -- and forcing people to go grey cannot possibly be a Patek business strategy).

[srvrf]

Even though they are probably trying to "prevent" the Nautilus from becoming the face of Patek, it seems that by their actions they are doing exactly the opposite. When Kevin O'Leary (worth $400 million) has to wait 10 years and then cries about getting his 5711/1A, it tells you that even the guys with the deepest pockets are thinking the same way most of us seem to be right now. He can buy any Patek, but what he wants is a steel Nautilus 5711, mainly because it is hard to get.

I understand the hesitation from Patek. They've made the world's most complicated watches and have watched Royal Oaks become the face of AP. But, I am not sure that this is all bad as AP seems to still be doing well and making money. I know AP is trying to expand their appeal including the Code 11.59 line, but I still think if you get one AP, you are going to want a steel Royal Oak or an Offshore. Likewise, if you are going to get one PP, you are going to want a steel Nautilus or Aquanaut.

It will be interesting to see how this plays out. Will most people still prefer sports watches over dress watches? Will the steel shortage push enough people into the PM realm? I see the issues from both sides. I am glad to be in a place where I am very happy with my two watch collection and can watch some of this from the sidelines.

[bruinmd]

Originally Posted by Calatrava r

The real question to me and for Patek is where do they fit into the equation if the market trend to steel continues to escalate? At some point declining pm watch sales will erode their market share. Look at the 5270P. I see one for sale on line at a huge watch reseller for 167K as new complete. This watch is 192K and was the supposed darling. Assuming normal resale margins this watch has already dropped in hard money to about 155K. If this piece cannot even hold its MSRP given the low production, the writing, it seems to me, is on the wall that to stay in the watch game Patek will shortly have to step up and produce more steel product or see its numbers tumble.

Well said Bob, and I couldn't agree more. If this trend continues, it will be very interesting to see at what point PM sales for Patek start to take a noticeable hit.

[V25V]

Originally Posted by srvrf

When Kevin O'Leary (worth $400 million) has to wait 10 years and then cries about getting his 5711/1A, it tells you that even the guys with the deepest pockets are thinking the same way most of us seem to be right now. He can buy any Patek, but what he wants is a steel Nautilus 5711, mainly because it is hard to get..

Yeah..... Im gonna call BS on all that noise. Zero chance a celebrity would have to wait, or would wait, for any watch. It's all part of the game, don't be fooled. We have people here buying their children 5711's, you mean to tell me Kevin O'Leary had to wait 10 years for one? BS.


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[thomaspp]

What a load of self serving bullshit in that article!

Wow!


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[tyler1980]

Originally Posted by thomaspp

What a load of self serving bullshit in that article!

Wow!


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im just sitting back and waiting for the secondary price bump based on confirmation of what we all knew anyway. Now its just more official

[GB-man]

Originally Posted by V25V

Yeah..... Im gonna call BS on all that noise. Zero chance a celebrity would have to wait, or would wait, for any watch. It's all part of the game, don't be fooled. We have people here buying their children 5711's, you mean to tell me Kevin O'Leary had to wait 10 years for one? BS.


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Agreed that was a marketing fluff piece. This is like the thread where the guy was saying lebron couldn’t source a RBOW Daytona

[tyler1980]

Originally Posted by GB-man

Agreed that was a marketing fluff piece. This is like the thread where the guy was saying lebron couldn’t source a RBOW Daytona

IDK. I didn't know who that guy is. Maybe his AD didn't? If he wasn't name dropping or buying all kinds of stuff it's possible. Not that he couldn't of sourced it by other means easily.

I know who Lebron is and am well aware of his collection and how much he "spends" on watches or gets them for free as an ambassador. but he has a lot

[V25V]

Originally Posted by tyler1980

IDK. I didn't know who that guy is. Maybe his AD didn't? If he wasn't name dropping or buying all kinds of stuff it's possible. Not that he couldn't of sourced it by other means easily.

I know who Lebron is and am well aware of his collection and how much he "spends" on watches or gets them for free as an ambassador. but he has a lot

He went to a store on Long Island and they all knew who he is. He went in there with a freakin camera crew... gimme a break. Wouldn't be surprised if Patek themselves are in on this whole charade, it's comical.


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[tyler1980]

Originally Posted by V25V

He went to a store on Long Island and they all knew who he is. He went in there with a freakin camera crew... gimme a break. Wouldn't be surprised if Patek themselves are in on this whole charade, it's comical.


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wasn't that when he got it though and not the 10 years or whatever he was trying to get it? i didn't follow the whole story.

Length of wait is always exaggerated. People in the Rolex section are routinely claiming a longer Daytona C wait so far than the watch has even been in production

[GB-man]

Originally Posted by V25V

He went to a store on Long Island and they all knew who he is. He went in there with a freakin camera crew... gimme a break. Wouldn't be surprised if Patek themselves are in on this whole charade, it's comical.


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I’m confident they are marketing via the show billions. Too much product placement and name dropping for it not to be true. There’s an episode where wags (a main character) is distraught because he lost his Patek

Also another main character bought a 5270R last season.

The rate Jay Z and Beyoncé have been name dropping Patek I wonder if they are paid as well. Who knows.

[bonovox]

Hodinkee always has an angle. What about this article benefits Patek? That's the point.

[d11n]

2015 article, Kevin O'Leary mentions his grail and next watch...neither is the 5711...further doubt of his 10 year wait.

https://www.forbes.com/sites/lauriek.../#4fe9371423c0

[GreenLantern]

Anyone who watches Shark Tank knows that Kevin O'Leary is full of it most of the time.

[GreenLantern]

Also, when some of us peons get a 5711 after a 9-18 month wait, there's no truth to a 10 year wait for someone like him.

[GB-man]

I’m guessing the dealer allocated him one with the stipulation he drum up a bit of press for them. Or rather it was his idea who knows. Either way I would do the same haha smoke em if you got em.

[GreenLantern]

Originally Posted by GB-man

I’m guessing the dealer allocated him one with the stipulation he drum up a bit of press for them. Or rather it was his idea who knows. Either way I would do the same haha smoke em if you got em.

Haha. Yup.

[Pateks]

Agree on the Kevin Leary bs. I’m a no body and my dealer could get me one in less than 18 months.

[GreenLantern]

Originally Posted by Pateks

Agree on the Kevin Leary bs. I’m a no body and my dealer could get me one in less than 18 months.

[WatchLurv]

Stern will just discontinue the nautilus line and laugh at our faces if market manipulates his watches down to retail or pre 2015 conditions.

[Russell996]

Originally Posted by WatchLurv

Stern will just discontinue the nautilus line and laugh at our faces if market manipulates his watches down to retail or pre 2015 conditions.

He's not the one making people buy over list - I see no reason for him to be unhappy if/when the market conditions returning to status quo.

[WatchLurv]

Originally Posted by Russell996

He's not the one making people buy over list - I see no reason for him to be unhappy if/when the market conditions returning to status quo.

But he loves that the market is reacting as such to his watches being so sought after. It has to rub his back someway somehow.