A few candid home truths (or not) from some greys in Hong Kong and the market today

[TswaneNguni]

Originally Posted by Russell996

Intrigued why a grey would be telling you this.

Looks more like a price justification statement to me.

Most likely is.The AD wont let the ss hottie go for MRSP to the grey.Thats for sure.

[stripper_clip]

Great read! Thanks for the contributions you make to this forum. Always look forward to reading your posts

[Silvio_86]

Thanks for the insight. This is why we should not try to build a relationship with AD. Today mine refused to accept my wish to be put in a waiting list for a 116610LV, after I bought 2 watches in a year from him and paid 1500 euros for 2 watch services. Very disappointed. Only watch he was able to offer a black deepsea.

[teck21]

Originally Posted by Silvio_86

Thanks for the insight. This is why we should not try to build a relationship with AD. Today mine refused to accept my wish to be put in a waiting list for a 116610LV, after I bought 2 watches in a year from him and paid 1500 euros for 2 watch services. Very disappointed. Only watch he was able to offer a black deepsea.

Would you rather he lied and put you on a list in which you may place so far down you’d never get one anyway?

Why do you feel your purchase of those two watches and that spending of 1500 euros entitles you to be put on such a list, if there is one.

Did your AD ever tell you that doing that will enable you to go on such a list? Or did you assume it?





Sent from my iPhone using Tapatalk

[TswaneNguni]

Originally Posted by Silvio_86

Thanks for the insight. This is why we should not try to build a relationship with AD. Today mine refused to accept my wish to be put in a waiting list for a 116610LV, after I bought 2 watches in a year from him and paid 1500 euros for 2 watch services. Very disappointed. Only watch he was able to offer a black deepsea.

This relationship building thing is getting funnier by the hour ...

Black DSSD was a great offer.Love it !!

[InitialAndPitch]

Originally Posted by EndlessEight

This isn’t it but another great post.

https://www.rolexforums.com/showthre...highlight=BLRO

@initialandpitch - I can’t seem to find your post about acquiring your BLRO, can you link it please?

I can’t see it either. Vanished.. maybe somebody deleted it. I do have a draft of it somewhere. Will look for it and post what I find.

[dtwer]

Originally Posted by HK852GMT

There is a bizarre mentality at work in HK, where vendors/landlords decide on a price that they want and then will not budge on that price. At all. If you walk around any street in HK, there are vacant units. Some have been vacant for years. The landlords will not lease them out for less than the price that they want. So instead of taking less but getting more, they prefer to save face by constantly inflating the value of their commodity but gaining no income.

The greys in HK are almost certainly in the same position. They have stuck their backhander to the ADs for stock and now are going to sit on and double down on an overpriced watch that the market is not buying. The mainlanders aren't buying as much luxury stuff as they were even three years ago, the locals definitely aren't, and western tourists have been largely priced out of the market. Walking past empty ADs with no stock except diamond encrusted PMs is saddening really.

This.

Another thing that’s going on there that influences the prices:
The Chinese who have money are pouring their money into anything that resembles value retention in fear of their currency losing value. I.e., they have more faith in the long term value of a Rolex than that of their own currency.

[SlideRacker]

Originally Posted by teck21

Would you rather he lied and put you on a list in which you may place so far down you’d never get one anyway?

Why do you feel your purchase of those two watches and that spending of 1500 euros entitles you to be put on such a list, if there is one.

Did your AD ever tell you that doing that will enable you to go on such a list? Or did you assume it?

Sent from my iPhone using Tapatalk

Had he known his AD would treat him like crap and give no consideration to his purchase history he would have taken his business elsewhere.

[Russell996]

Originally Posted by TswaneNguni

This relationship building thing is getting funnier by the hour ...

Black DSSD was a great offer.Love it !!

I would always build an AD relationship, there is no substitute. Get what you want at MRSP. Only discontinued pieces makes sense from the secondary market or brands that have poor value retention.

[TswaneNguni]

Originally Posted by Russell996

I would always build an AD relationship, there is no substitute. Get what you want at MRSP. Only discontinued pieces makes sense from the secondary market or brands that have poor value retention.

Bought my last 5 Rolex from 3 stranger ADs this year.(3 sports and two DJs at less 5%)
No "relationship" before purchase.
I don't buy secondary market Rolex.Never have .

[TswaneNguni]

Originally Posted by SlideRacker

Had he known his AD would treat him like crap and give no consideration to his purchase history he would have taken his business elsewhere.

There was no point in thinking a "relationship" was being built.

Buying from an AD doesnt make him your friend or vice versa.They have MANY friends.

[Frits1980]

Originally Posted by pepsiretail

Excellent synopsis of the market, thanks for taking the time.

On the term “charity sales” in a way this is true. The customer gives them 10k for a BLRO who then walks out the door with a 20k watch. All those who decry not getting a watch from an AD in the current climate should ask themselves, when was the last time I gave 10k to a stranger? Even to a friend or family member?

Yes, but what does the customer actualy gets when he collects his BLRO from his AD and walks straight to the grey dealer to sell? I imagine its no where close to 20K or asking price. 14/15 maybe for a 20K grey priced watch? i have no idee actualy.

[kohe321]

Very interesting read. Thanks for sharing! :)

[brandrea]

Thanks for posting.

I can relate to the BLNR/jubilee sentiments, it just doesn’t work for me.

[TswaneNguni]

Originally Posted by brandrea

Thanks for posting.

I can relate to the BLNR/jubilee sentiments, it just doesn’t work for me.

I dont think the batgirl name did it any good .Unfortunate

[tng11]

Excellent write up! I can definitely relate on the sentiments on the new BLNR... I got to see one at my AD, was offered the opportunity to get one "soon" but declined as I have the Oyster one. At my ADs Basel releases event I didn't hear anyone that said they were interested.

I am currently in HK and will also do some poking around at the greys myself!

[Silvio_86]

Originally Posted by SlideRacker

Had he known his AD would treat him like crap and give no consideration to his purchase history he would have taken his business elsewhere.

This! By chance he was moving a plate with at least 40 plastic coffins yesterday.... who knows, maybe ready for greyselling.


Inviato dal mio iPhone utilizzando Tapatalk

[Calatrava r]

Originally Posted by Silvio_86

Thanks for the insight. This is why we should not try to build a relationship with AD. Today mine refused to accept my wish to be put in a waiting list for a 116610LV, after I bought 2 watches in a year from him and paid 1500 euros for 2 watch services. Very disappointed. Only watch he was able to offer a black deepsea.

It never hurts to ask.

[TswaneNguni]

Originally Posted by tng11

I am currently in HK and will also do some poking around at the greys myself!

Let us know about your findings !

[Pacha]

Thank You for posting, throughly enjoyed reading. 🙏🏻

[MTdweller]

Thanks for the info! I’m curious to see how high this rocket will fly.

[pepsiretail]

Originally Posted by Frits1980

Yes, but what does the customer actualy gets when he collects his BLRO from his AD and walks straight to the grey dealer to sell? I imagine its no where close to 20K or asking price. 14/15 maybe for a 20K grey priced watch? i have no idee actualy.

I had a reseller offer me 23k cad on a 11.9k cad tax in purchase. Of course I have no interest in selling but the offer is still there. Also got some unsolicited PM offer on the forum so a double money sale is a real option.

The other factor to consider is that if you just must have the watch you will have to pay the grey price, so by buying at retail you are saving the difference.

[Luke@TRF]

no wonder WatchFinder is setting up shops in HK.

[Bill_H]

This is interesting because I've seen so many posts on here that say, "Well, the gray sellers get the SS models because they buy up unsold inventory of the less desirable pieces, so the ADs let them have some SS too." It looks like the situation is much more straightforward where the ADs are using gray sellers to get more than MSRP. Should Rolex just go ahead and allow dealer markups?

[AK797]

Originally Posted by Luke@TRF

no wonder WatchFinder is setting up shops in HK.

The oligopoly has wings.

[TswaneNguni]

Originally Posted by Bill_H

This is interesting because I've seen so many posts on here that say, "Well, the gray sellers get the SS models because they buy up unsold inventory of the less desirable pieces, so the ADs let them have some SS too." It looks like the situation is much more straightforward where the ADs are using gray sellers to get more than MSRP. Should Rolex just go ahead and allow dealer markups?

Rolex must increase the MRSP on ss sports models substantially .Problem solved.
Your watch will still retain its value and your current collections' value increases.
Dealers have stock and its ta-ta grey and the awful flipper man.
Balance restored.

[Caramel]

Great information. Thanks for sharing!

[pepsiretail]

Originally Posted by TswaneNguni

Rolex must increase the MRSP on ss sports models substantially .Problem solved.
Your watch will still retain its value and your current collections' value increases.
Dealers have stock and its ta-ta grey and the awful flipper man.
Balance restored.

The idea does have a certain appeal.

[Lemonvr6]

Originally Posted by TswaneNguni

Rolex must increase the MRSP on ss sports models substantially .Problem solved.
Your watch will still retain its value and your current collections' value increases.
Dealers have stock and its ta-ta grey and the awful flipper man.
Balance restored.

Or availability remains minimal and greys maintain the same premium percentage as now

[pepsiretail]

Originally Posted by Lemonvr6

Or availability remains minimal and greys maintain the same premium percentage as now

Interesting. Are you assuming that the markup is percentage based rather than an absolute price ceiling ? Right now the availability is already minimal.