Patek Price Benchmark? Massive Discounts? What is going on?
2 for 1?
To the point as ever, Dario discusses Patek price/value equation as a benchmark standard here.
There are several "fellows" out there ....... asking real fortunes for a lot of show and very, very little history. I don't question their excellence, but it is inevitable that I compare their price-tag to Patek or Rolex. .........I ...... consider them good points of comparison when it comes to pricing.I agree despite the inevitable hyping of some of Patek's range and the holding up of its brand equity by hook or by crook. However, at more modest levels (say <$30k) It occured to me that in the latest hunt I have been noticing some really eyepoppingly cheap pieces. I have seen things selling for nearly 60% discount. Not just 'unpopular stuff,' you know, NOS fodder of the future, I mean some pretty desirable items. The prices are 'buy one get one free' levels.... Maybe it's a weak dollar or maybe a sign of something else. The 'normal' level of discount seems to have also shifted to around 40% off. Suggests to me that you can open at way less than half price in your bargaining, but you should be doing that already! More intriguingly, even 'just released' popular items are up to 30% down.
......this "meter" of mine seems to be way off lately, because I just can't agree with some of the prices out there.
I don't think the bubble will burst though, just slowly go soft. I think the market will split into fragments with the high/super-high end continuing up and only the mid range and below (I mean <$30k) will begin to suffer. Only watches with real intrinsic value content are going to see this out and you don't want to be left holding any overpriced fashionabelle-in-the-pan-watch.