Watch Thread !!!

[velu]

@Mariyam paid 15 and selling it for 20.5 in 3 days .. no tax for us

[nevada]

On 4/22/2022 at 5:15 PM, velu said:

@Mariyam paid 15 and selling it for 20.5 in 3 days .. no tax for us

Congrats! Would  you be able to avoid paying premium if someone got the watch for you from the US or Europe?

[velu]

2 hours ago, nevada said:

Congrats! Would  you be able to avoid paying premium if someone got the watch for you from the US or Europe?

ADs are not suppose to ask for extra but they will find a way to charge more ( by asking them to buy other watches or previous history ) .

But In US secondary  mkt prices are slightly lower than India .

Dubli and the middle East have the highest price 

[velu]

@nevada bad news  .. my AD found out that i sold my rolex tiffany blue 

he said this pepsi gmt is the last watch i got it from him  

 

so decided to keep it ..

my dreams about making easy 20/30 lakh a year by flipping watches lasted only 2 months

 

 

[Ranvir]

This is my dream watch, the Bulgari Octo Finissimo Skeleton in ceramic. Just 5mm thick. This is the future of watch making.

 

The problem is that it costs £21,000. If Audemars Piguet made this, they'd probably charge 3 times the price. I don't think I'd ever get bored of this piece, there's so much going on.

 

Bulgari have even produced a watch which is just 1.8mm thick.

 

 

 

[Ranvir]

6 hours ago, velu said:

@nevada bad news  .. my AD found out that i sold my rolex tiffany blue 

he said this pepsi gmt is the last watch i got it from him  

 

so decided to keep it ..

my dreams about making easy 20/30 lakh a year by flipping watches lasted only 2 months

 

 

Of course that plan was unfeasible. Rolex sports models in stainless steel are extremely hard to come by these days. Most ADs are only giving them to people with significant spend history. They sell for double the price second hand and more in the case of the Daytona. Do you think the AD is going to give away free money like that? To get a £7000 submariner they would want you to spend at least £7000 more on other less demand watches or jewellery. Many ADs here in the UK won't even put your name on a waiting list unless you do that. You might get lucky once by securing a stainless steel sports model without any spend history but that is not going to happen every year.

 

If just before this current madness they would want you to buy a datejust before getting a sports model, now you can't even get datejusts. 

 

Maybe the Rolex bubble will burst soon.

[nevada]

8 hours ago, Ranvir said:

Of course that plan was unfeasible. Rolex sports models in stainless steel are extremely hard to come by these days. Most ADs are only giving them to people with significant spend history. They sell for double the price second hand and more in the case of the Daytona. Do you think the AD is going to give away free money like that? To get a £7000 submariner they would want you to spend at least £7000 more on other less demand watches or jewellery. Many ADs here in the UK won't even put your name on a waiting list unless you do that. You might get lucky once by securing a stainless steel sports model without any spend history but that is not going to happen every year.

 

If just before this current madness they would want you to buy a datejust before getting a sports model, now you can't even get datejusts. 

 

Maybe the Rolex bubble will burst soon.

Wow, didn't know there's so much behind the scenes stuff involved to be able to own a Rolex of your choice.  I have known that Rolex holds value better than most watches but am surprised at the strong and thriving secondary market. @velu, hope you find another another dealer or some other unique niche to make some cash. To look at the bright side, you scored well on at-least one watch, the plan didn't come to a halt right away. Maybe doing just 1-2 sales a year would allow you to fly under the radar.

[Ranvir]

53 minutes ago, nevada said:

Wow, didn't know there's so much behind the scenes stuff involved to be able to own a Rolex of your choice.  I have known that Rolex holds value better than most watches but am surprised at the strong and thriving secondary market. @velu, hope you find another another dealer or some other unique niche to make some cash. To look at the bright side, you scored well on at-least one watch, the plan didn't come to a halt right away. Maybe doing just 1-2 sales a year would allow you to fly under the radar.

 

In Europe and North America the situation is awful for customers. ADs will literally laugh in your face if you enquire about a stainless steel sports model unless you are a regular customer. The ball is firmly in their court, they've never had it so good. The standard line they give to all prospective new customers is 'you have to establish a relationship with us' which means you have to buy stuff you don't want to get what you do want. A lot of people just go the second hand/grey market as they can't be bothered to wait or play the AD games. 

I don't think there is an actual shortage of watches, there are plenty available on the second hand/grey market, people are just buying them to make a quick profit, not because they actually want them. This can't last forever especially for a company like Rolex that sells over 1 million watches per year, the highest by far when it comes to luxury watches.

 

The last time I worked in Central London was in 2016, back then you could see Submariners in shop windows and negotiate a discount. I don't know what has lead to this craziness.

 

There is also a rumour that ADs are the ones selling to the grey market dealers directly. A submariner which retails for £7000 and sells for £14000 on the second hand market may be sold to the grey market dealer for £10000. Or the grey dealer will buy the less desirable datejusts and then be given the stainless steel models, they might make a slight loss on the datejusts and make a big profit on the sports models.

 

Here are examples of used/grey Rolex prices in the UK.

https://www.chrono24.co.uk/search/index.htm?query=Rolex+124060&dosearch=true&searchexplain=1&watchTypes=&accessoryTypes=&goal_suggest=1

 

https://www.chrono24.co.uk/search/index.htm?query=Rolex+116500LN&dosearch=true&searchexplain=1&watchTypes=&accessoryTypes=&goal_suggest=1

 

https://www.chrono24.co.uk/rolex/ref-126710blro.htm

 

I think grey prices are currently dropping a bit.

 

One thing is for sure, I won't pay the inflated grey market prices or humiliate myself in front of an AD. Rolexes are good watches at retail price but for the grey prices you can buy much better pieces.

[Ranvir]

16 hours ago, velu said:

@nevada bad news  .. my AD found out that i sold my rolex tiffany blue 

he said this pepsi gmt is the last watch i got it from him  

 

so decided to keep it ..

my dreams about making easy 20/30 lakh a year by flipping watches lasted only 2 months

 

 

How did the AD find out?

[nevada]

2 hours ago, Ranvir said:

 

In Europe and North America the situation is awful for customers. ADs will literally laugh in your face if you enquire about a stainless steel sports model unless you are a regular customer. The ball is firmly in their court, they've never had it so good. The standard line they give to all prospective new customers is 'you have to establish a relationship with us' which means you have to buy stuff you don't want to get what you do want. A lot of people just go the second hand/grey market as they can't be bothered to wait or play the AD games. 

I don't think there is an actual shortage of watches, there are plenty available on the second hand/grey market, people are just buying them to make a quick profit, not because they actually want them. This can't last forever especially for a company like Rolex that sells over 1 million watches per year, the highest by far when it comes to luxury watches.

 

The last time I worked in Central London was in 2016, back then you could see Submariners in shop windows and negotiate a discount. I don't know what has lead to this craziness.

 

There is also a rumour that ADs are the ones selling to the grey market dealers directly. A submariner which retails for £7000 and sells for £14000 on the second hand market may be sold to the grey market dealer for £10000. Or the grey dealer will buy the less desirable datejusts and then be given the stainless steel models, they might make a slight loss on the datejusts and make a big profit on the sports models.

 

Here are examples of used/grey Rolex prices in the UK.

https://www.chrono24.co.uk/search/index.htm?query=Rolex+124060&dosearch=true&searchexplain=1&watchTypes=&accessoryTypes=&goal_suggest=1

 

https://www.chrono24.co.uk/search/index.htm?query=Rolex+116500LN&dosearch=true&searchexplain=1&watchTypes=&accessoryTypes=&goal_suggest=1

 

https://www.chrono24.co.uk/rolex/ref-126710blro.htm

 

I think grey prices are currently dropping a bit.

 

One thing is for sure, I won't pay the inflated grey market prices or humiliate myself in front of an AD. Rolexes are good watches at retail price but for the grey prices you can buy much better pieces.

Fascinating and insightful post! It looks like a lot of "new money" types in recent times have flooded the market, chasing "prestige" by wearing a Rolex. 

[velu]

2 hours ago, Ranvir said:

How did the AD find out?

 

i refused to sell my pespi to few guys , one of those guys called 2/3 ADs in bangalore and told one of their watches are in the market   

they figured it out its my watch 

[Ranvir]

2 hours ago, nevada said:

Fascinating and insightful post! It looks like a lot of "new money" types in recent times have flooded the market, chasing "prestige" by wearing a Rolex. 

I'm not even sure it is that. There are many more millionaires in the world then there are Rolexes produced each year. 

I think it is a combination of flexing on social media and largely due to games being played by the ADs and perhaps even Rolex themselves. Rolex love the current situation because even less desirable pieces like the datejust and yacht master are sold out and require waiting lists now, the ADs are forcing customers to buy less desirable items. Another possibility is that due to covid people have not been spending their money on travelling and leisure and have money to buy these watches. Then you also have people who just buy to flip immediately.

 

But like I said there is no actual shortage, I could buy a Submariner, Daytona, Batman tomorrow but I would need to pay double or triple retail.

 

This has also happened to Audemars Piguet and Patek Phillipe.

[Ranvir]

1 hour ago, velu said:

 

i refused to sell my pespi to few guys , one of those guys called 2/3 ADs in bangalore and told one of their watches are in the market   

they figured it out its my watch 

So you tried selling the Pepsi and Tiffany?

 

How did they find out about the Tiffany?

[velu]

1 hour ago, Ranvir said:

So you tried selling the Pepsi and Tiffany?

 

How did they find out about the Tiffany?

 

 

i got tiffany blue long  back for 4 lakh but sold it 2 months back for 14 ( when my AD agreed to sell pepsi  )..

 

i paid 15 lakh for pepsi ( mrp is 8.16 lakh ) and got pepsi  -  paid the premium to AD by other ways that you will surely know 

 

when my AD told i can get a kermit for 15 lakh as well aftre negotiations ( mrp 8.08 lakh )  , i decided to offload my pepsi for 20+ lakh ..

i created a listing for my pepsi in chrono24 for 24 lakh and was negotiating with few guys .. 

because of my motor mouth to most of the guys i told that i sold my old tiffany blue within 6 months

one of the disgruntled idiot whom i refused to sell my pepsi called and told my AD that i am trying to sell my pepsi and i already sold my tiffany blue

 

i already paid 15 lakh for kermit , my AD told he will return that 15 lakh on this wednesday 

[diga]

1 hour ago, velu said:

 

 

i got tiffany blue long  back for 4 lakh but sold it 2 months back for 14 ( when my AD agreed to sell pepsi  )..

 

i paid 15 lakh for pepsi ( mrp is 8.16 lakh ) and got pepsi  -  paid the premium to AD by other ways that you will surely know 

 

when my AD told i can get a kermit for 15 lakh as well aftre negotiations ( mrp 8.08 lakh )  , i decided to offload my pepsi for 20+ lakh ..

i created a listing for my pepsi in chrono24 for 24 lakh and was negotiating with few guys .. 

because of my motor mouth to most of the guys i told that i sold my old tiffany blue within 6 months

one of the disgruntled idiot whom i refused to sell my pepsi called and told my AD that i am trying to sell my pepsi and i already sold my tiffany blue

 

i already paid 15 lakh for kermit , my AD told he will return that 15 lakh on this wednesday 

Is it a ponzi scheme?  First you get to sell your tiffany for a good profit and you end up investing that plus more into pepsi ... Now you are stuck unable to sell :)

[Ranvir]

2 hours ago, velu said:

 

 

i got tiffany blue long  back for 4 lakh but sold it 2 months back for 14 ( when my AD agreed to sell pepsi  )..

 

i paid 15 lakh for pepsi ( mrp is 8.16 lakh ) and got pepsi  -  paid the premium to AD by other ways that you will surely know 

 

when my AD told i can get a kermit for 15 lakh as well aftre negotiations ( mrp 8.08 lakh )  , i decided to offload my pepsi for 20+ lakh ..

i created a listing for my pepsi in chrono24 for 24 lakh and was negotiating with few guys .. 

because of my motor mouth to most of the guys i told that i sold my old tiffany blue within 6 months

one of the disgruntled idiot whom i refused to sell my pepsi called and told my AD that i am trying to sell my pepsi and i already sold my tiffany blue

 

i already paid 15 lakh for kermit , my AD told he will return that 15 lakh on this wednesday 

See you would think that by offering the AD a significant bribe he would keep everything sweet with you, especially if he thought there was potential for more but apparently Rolex are now keeping an eye on the grey market and looking at repeat flippers and which ADs are supplying them.

Rolex have stopped working with ADs when they have broken rules and your AD cannot risk this, being a Rolex AD (especially during this time) is simply too lucrative a business.

 

A lot of YouTube watch channels are saying that the second hand/grey market is slumping slightly and could get worse. If you really like the Pepsi then keep it otherwise sell it while you can still make a decent profit.

[Ranvir]

2 hours ago, diga said:

Is it a ponzi scheme?  First you get to sell your tiffany for a good profit and you end up investing that plus more into pepsi ... Now you are stuck unable to sell :)

No he is still able to sell but his plan on making a profit from flipping numerous watches for a big profit is over (and for the people who actually want these watches to keep for a long time this is a good and fair thing).

 

It is a bubble and eventually all bubbles burst.

 

Also it's risky paying the AD several grand over retail price hoping that you can sell for even more, if the bubble bursts you would have overpaid for a watch and made a loss when trying to sell. All of these actions are artificially bumping the price of these watches. A lot of grey dealers with large stockpiles of Rolexes are beginning to panic now.

 

The best thing is to buy what you want but the temptation to flip for a big profit is very big.

[velu]

3 hours ago, diga said:

Is it a ponzi scheme?  First you get to sell your tiffany for a good profit and you end up investing that plus more into pepsi ... Now you are stuck unable to sell :)

 

i can sell my pepsi for 22/23 .. but wont be getting anything after  

[velu]

42 minutes ago, Ranvir said:

No he is still able to sell but his plan on making a profit from flipping numerous watches for a big profit is over (and for the people who actually want these watches to keep for a long time this is a good and fair thing).

 

 

i had no intention to sell pepsi ..

when my dealer asked me whtehr i want kermit , i cant say no .. i hate jubilee bracelet , so thought of keeping kermit insated of pepsi 

[Ranvir]

2 hours ago, velu said:

 

i can sell my pepsi for 22/23 .. but wont be getting anything after  

You can never say never. There have been massive slumps in the luxury watch market before. 

 

The thing is, would people still be interested if the demand isn't as high? We just get sucked into the hype/craze. This is like the panic buying of toilet paper two years ago.