GLau[Patek Moderator]
12203
Your suggestion on "Take the piece back in from your customer have a certified pre owned with the AD and reward their loyalty" is a good suggestion ! Do you mean for Patek to implement a similar practice as
Apr 27, 2024,16:53 PM
Rolex ?
If you multi-brand AD used bundling, then this method could be the reason for it to lose it license unfortunately.
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Fair point !
By: GLau : April 26th, 2024-19:46
I do not have all the answers but have made some suggestions on improvement for more fair allocation policies. What do you suggest ?
There is obviously more demand than supply...
By: mdg : April 26th, 2024-19:54
...so I can see them asking about a customer's history with buying Patek in the past. But I am totally against the practice of 'You may want to consider a Calatrava or two before you can have the perpetual you really want.'
Here's what I was told by an AD:
By: Spangles - Dr. Tabby : April 26th, 2024-20:14
I would need $2million in Patek purchases before Patek would grant me the honor of purchasing a minute repeater. What garbage!
Start saving : )
By: mdg : April 26th, 2024-23:52
A good friend wanted a limited Lange piece last year or so. He'd already purchased 2 or 3 'normal' Langes and 2 or 3 very pricey special Langes. They told him to buy another Lange he didn't want nor need in order to be considered. Really put him off. He's...
Which brand(s)
By: GLau : April 27th, 2024-15:53
did you take your interest to ?
I never did.
By: Spangles - Dr. Tabby : April 29th, 2024-19:23
I think if you remove the Patek name from most of their low and mid offerings, they wouldn't do well at all. For the minute repeaters, as I mentioned elsewhere, my wofe has perfect pitch, so we would have to see the specific watch (they vary!) before comm...
I had a relationship with an AD...
By: mdg : April 27th, 2024-17:58
...but it's complicated. I recommended him to them and he bought many special pieces including a rattrapante and multiple PCs. That AD has since lost their Patek status so he is now dealing with someone else. Also the above should say "He's NOW thinking a...
If an item is advertised as 'for sale'...
By: mdg : April 26th, 2024-23:48
...and someone wants to buy it, I believe it should be sold. Perhaps they can put terms on the sale (if supported by local consumer law) like Ford did with the GT to mitigate flipping. But I agree that it is a tough issue and I am often wrong : )
This is why
By: PaddyP : April 27th, 2024-11:43
I have taken my custom elsewhere and enjoying such a refreshing and pleasant experience with Ferrier, Moser and Parmagiani.
Stop buying
By: Mr.Gatsby : May 3rd, 2024-16:40
You donāt need more and everyone still loves you Best Gatsby
I think thereās still stuff to be bought
By: Mr.Gatsby : May 3rd, 2024-18:16
I realized just today how ill disciplined Iāve become. There are really some gems out there with uncovering and so I will continue to buy but (with some help, determination and discipline) at a much slower pace. Quality over quantity.. Best Gatsby
BS
By: Concord : April 26th, 2024-19:45
Would be great if you could explain
By: GLau : April 26th, 2024-19:54
which part(s) you do not believe it and why. Also I would appreciate if you could reply in a more friendly way such as āI strongly disagree because ā¦ā. Would this way of engagement be possible ?
I did not mean to offend
By: Concord : April 26th, 2024-22:52
Anybody personally. We all know how things work in this world. What is the point of this letter? I donāt believe he is sincere. That is all.
As any firm in a free market economy
By: Henke : April 26th, 2024-20:25
Problems arise when there are mismatches between demand and supply. I understand that Patek is its own storied institution, steeped in tradition, and that I have absolutely no right to tell them what to do, but any junior economist will tell you that prob...
Certainly hope so
By: Henke : April 27th, 2024-06:00
But bad times will hit the non hyped models much harder than the usual suspects. I would love for the market to soften enough so I can pick up a 39mm Dato at a reasonable price. I have some hope as it isn't a CB or a Nautilus...
This isnāt news.
By: gary_g : April 27th, 2024-01:30
Itās just now itās so much more amplified. ADs have always done this. I was once told to buy an omega, JLC and a panerai in order to get a 5711. In retrospect it was a good deal. Or, how many datejusts did one have to buy to get a SS Daytona? Before pande...
Well done, Patek
By: Chaiwat : April 27th, 2024-02:29
Lucky my experiences with Ad are great, every time visiting are alway enjoyable. I am on the side of Patek for their policy.
Thanks for weighing in Chaiwat !
By: GLau : April 27th, 2024-16:30
I understand and appreciate Patek's allocation system and policies. The key issue here is how to assist the ADs to be more fair.
Thatās a good poin.
By: PaddyP : April 27th, 2024-03:34
Thatās a good point. My thoughts are you shouldnāt be left in the lurch when your AD loses the relationship. You should be invited to shop at the nearest AD and your interest list and purchased piece history should carry over to the next. Like with Ferrar...
How would you feel
By: Henke : April 27th, 2024-07:24
If you were in line for a piece you want at your AD and someone else got the piece instead because their AD in the next town over closed? Every policy has winners and losers...
I understand
By: PaddyP : April 27th, 2024-08:57
what you are saying but you shouldnāt just start from scratch and have no communication at all. Even an invitation to enquire elsewhere would have been nice, but nothing. For what its worth, before I moved elsewhere I was told I would not accepted at anot...
Indeed,
By: Henke : April 28th, 2024-20:12
There seems to be no easy solution. Perhaps Patek could direct or prioritise the allocations for the "refuge AD" for orphaned collectors...
I like your suggestionā¦.
By: Capton : April 28th, 2024-22:46
If PP was to direct or prioritize it could help the situation. With all of the ADs being cut there must be some slack
If no flippers
By: Henke : April 27th, 2024-07:22
Then auction prices will get even higher, surely? Because more Nautiluses are sold directly to keepers, there will be fewer on the market so auctions will be bid up even more...
Lawsuit filed in 2023 over bundling in SF
By: Patekfinity : April 27th, 2024-03:33
Hereās a link to a story Iām sure most of you know already regarding a lawsuit filed against an AD for asking their client to buy āotherā watches or jewelry before client is allocated a Nautilus model. I understand the importance of having several Patek ...
Thanks Patekfinity for your thoughtful comments !
By: GLau : April 27th, 2024-16:59
If someone has no history of buying Patek watches but wants a MR which other big customers have been waiting for a while, AD simply will not entertain the request.
Any updates?
By: Patekfinity : April 27th, 2024-21:14
Wow! I wonder if there are any updates to the lawsuit filed. If ruled in favor of your friend then this case will have precedence for other lawsuits in the future against ADs bundling purchases.
Apparently they settled a while ago
By: Dauster : April 30th, 2024-05:52
Probably saved the AD who is building a brand new Rolex boutique in Stanford Mall / Palo Alto some embarrassment
lol
By: Dauster : April 30th, 2024-18:13
Patek Should Open Company Owned Mono Boutiques
By: sludgeriff : April 27th, 2024-03:39
They definitely have the clout. Certainly would improve interactions with their collectors regarding how/when purchases occur. Also, the after sales experience would be streamlined for all parties.
Good point!!
By: sludgeriff : April 27th, 2024-08:55
They should employ that approach everywhere and phase out ADs.
Not Patek is the problem, we buyers are!
By: Bullit : April 27th, 2024-08:26
I am since 6 years on the waiting list for an Aquanaut. When I ordered it, I was asked, if I know the value of the watch on the second hand market, I was really wondering that they put my name on the list. Three years later I was asked to buy some three h...
Why didn't you just leave?
By: fmc000 : April 27th, 2024-11:51
I mean, after six years you accepted to be treated like that? Seriously?
Thank You
By: Koozy : April 27th, 2024-10:26
A variety of comments above but I just wanted to say thank you for an interesting and informative post.
For me it's very simple
By: Eric67 : April 27th, 2024-12:21
I don't play these games. No bundling, no waiting lists, no allocations, no premium. Never. I do things in my work and life that are far more important (don't want to seem pretentious because really I'm not, it's just a fact, a watch is only a watch) than...
I donāt like the use of the word blackmail
By: Matty : April 27th, 2024-16:33
Because it seems there is sanctioned āblackmailā if itās Patekās own products of buying a Calatrava, complications, etc. to get an aquanaut or nautilus. I also donāt think thereās anything wrong with that tooāitās just the word they use. And I can see why...
I donāt have a problem with ADs rewarding repeat customers
By: Matty : April 27th, 2024-20:05
I think it makes sense. Thereās a finite amount of pieces and do you allocate to someone who has purchases several watches or no watches. I donāt feel someone has a ārightā to buy an aquanaut or nautilus or whatever ā so long as thereās not some unlawful ...
By: pmh6000 : April 27th, 2024-17:02
I believe Mr Stern is sincere in his letter and I also believe he is an astute businessman. The AD I most frequently visit is a Rolex and Patek authorized establishment. Over the years he has never asked for or even hinted that I buy something as a preclu...
Thanks pmh6000 for your wise words ! We should simply
By: GLau : April 27th, 2024-18:23
spend our money the way we wish. Glad to hear that your AD has never asked you to buy pieces that you did not want. Trust that you have a great relationship with this AD and you get what you want.
Thanks for sharing the letter, but.. š
By: christianch : April 28th, 2024-00:17
I understand that some Patek Philippe models, such as the Nautilus and Aquanaut, are in high demand and that there is a supply-and-demand situation to consider. However, I'm not sure how much it would help the client who has lost trust in the brand. Altho...
Great post Gordon.
By: Miles_151 : April 28th, 2024-08:52
I absolutely hate the new world we all live in today for so many reasons. My beloved hobby of horology has all but been ruined by the new money supposed watch enthusiasts. Those that know me know I speak my mind. As an old school collector who started col...
Gordon my friend Iām not sure you are
By: Miles_151 : April 29th, 2024-21:31
Correct that the members here want to read honest posts like mine. The lack of response speak volumes Iām afraid. However I will always be honest and not be worried about upsetting anyone else. To answer your question what can Patek do to improve the rela...
I think you are being a bit unfair
By: Dauster : April 30th, 2024-06:02
TS and Patek do a lot - just alone keeping the rare handcrafts alive canāt be a high margin business and must lose money. Same with the amazing exhibitions that are FREE every other year. Remember to do all that including the upkeep of this amazing museum...
Absolutely agree.
By: Miles_151 : April 30th, 2024-21:43
That Patek do so much to give back to its collectors and clients and spend a vast amount of money keeping their Arts alive which is admirable and I am so pleased they do. However I canāt help but feel a bit let down and disappointed about who they sell wa...
Loved your post Miles:
By: Rastro : April 30th, 2024-04:22
Knowing you for many years even way back when I first started out- remember me and the I had my grail PPDRSD from Dr Ed and my you helped me contact your good friend Jed and helped me there too š. I loved your passion and that you never sought or bought a...
Thank you my friend.
By: Miles_151 : April 30th, 2024-07:48
Comments like that is what makes it all worth while. I do remember you so lovely to hear from you. I hope your journey has been enjoyable and still is. Dr Edā¦.. what a Gent he was also always had time for people and never wanted anything back. Do you stil...
.
By: Lafrog : April 30th, 2024-08:28
The RO company will be fine. Lange on the other hand is in for a rude awakening haha. I have no problem with brands asking their clients to buy sh1t items from their own brand, but patek letting Ad do their thing and blackmail clients into buying jeweller...
Patek tries its best
By: Ichiran : May 1st, 2024-00:41
I buy my Patek mostly from an AD and my AD never hinted to bundle or buy other brands to get a Patek. It's a good thing my taste spans across their model lines and I felt ecstatic receiving my 5270P just the same way I received my 5740. I can imagine my A...
Just posted!
By: Ichiran : May 1st, 2024-12:32
My AD doesn't explicitly tell me about the bundling but they probably won't call me for a sport Patek if I don't ever buy a less popular model.
closing ADs
By: Peter : May 1st, 2024-18:21
by PP is usually based on economic considerations like location (they only want prime locations in the various cities), negotiations with chains like wempe, bucherer etc. on where to best position PP, concentration avoidance (does not apply to hongkong fo...
Canāt read your textā¦ all jumbled up
By: Mr.Gatsby : May 3rd, 2024-16:38
But reading all the responses below it seems nothing is solved and there is no answer to the solution the market HOWEVERā¦is resolving itself. When the majority of the market wants a steel Patek the price gets overheated, as Greenspan puts it, irrational e...
My suggestion:
By: Wristenthusiast : May 4th, 2024-03:46
Patek should make their other watches (non aquanaut and nautilus) more desirable. I like the new modern Calatrava, but not at its price point. Make a calatrava I can submerge in water without ruining it (not necessarily a sports watch diver) and make the ...
Sorry I should have been more specific
By: Wristenthusiast : May 5th, 2024-03:49
I was referring to the 6007 with its various colors. All I am saying is that the idea that a company has to force people to buy product they are not interested in just to get what they are interested in is absurd and reflects poorly on the company. I donā...
Thank you for clarifying that you were referring to 6007 š
By: GLau : May 5th, 2024-14:03
This reference with colorful hands, markers and stitching is expanding the Calatrava line to become more stylish and sporty. I hear and understand about your concerns, and appreciate your comments. To me, assuming that only a small % of yearly production ...
Very good article
By: cbb in honor of Chamnong Bhirombhakdi : May 5th, 2024-17:25
Thank you for help clearing doubts we all have. Iām sure you talked to the right people as the replies are along the same line I got. But I think the letter should have stated the āconsequencesā they will face if they donāt abide by Patekās ruleā¦ and do i...
Hi, do you ever discuss concerns
By: Dauster : May 11th, 2024-21:59
Of the mere mortals with Mr Stern ? Such as ADs closing down and collectors not having another new AD to purchase from after their AD gets shut down.
Thank you
By: Dauster : May 13th, 2024-00:37
But I was curious if cbb has any insights since she seems to have a close relationship with Mr Stern. If thatās something that canāt be shared publicly no problem.
Sorry I donāt
By: cbb in honor of Chamnong Bhirombhakdi : May 13th, 2024-18:17
I only know that Patek wants to be fair to everyone and is truly upset ad āadd-onā sale
patek and ADs
By: Peter : May 8th, 2024-10:01
PP should really reign in the practices of their ADs. for example, a germain chain of ADs advertises currently available (non-sports) PP models on their webpage. when i called they told me that those models were really available (at least they don't lie t...
Can you not apply for the tax return on your own?
By: Capton : May 10th, 2024-14:28
I believe you can do this at the airport when you are departing and not involve the AD. I did this a few years ago after buying an Omega in Zermattā¦ I did the paperwork in Geneva at the airport on my way homeā¦ got the refund a few weeks later (refund appl...
I can understand Patek's stance.....
By: Huei : May 21st, 2024-09:25
which is to focus on its R&D, design and production while delegating distribution of their watches to their retailers (except for those application pieces). Nevertheless, Patek has constant communication with them to ensure their watches will go to th...
I get the pricing strategy
By: m2 : May 30th, 2024-16:23
It's very popular with a ton of luxury brands now, but personally it makes things less fun for me and as a result I've pivoted spend away from any of the big brands. I still want a few PPs like a Worldtimer, but will just buy those used as they go for bel...
good idea
By: Peter : May 30th, 2024-19:02
it seems that all PP except naut/aqua go below retail.