You see, the fallout is this: Patek Philippe knows that it is not mine anymore. They found out and I am not sure how. It could have been another Coleen Rooney sting, who knows? But it does mean it is unlikely they will sell me another watch in the future. My name could be potentially circulated among other Patek ADs, I am told. The AD (who I had a great relationship with) will no longer offer me "hard to buy watches".
On a personal level I feel I let them down. And it is personal because they get to choose who buys the watches no one else can get. Plus, my watch collecting friends don’t really think my genuine passion for watches is "genuine" and now lecture me about the best way to enjoy these wonderful creations by appreciating the artistry and craft and not the short-term profit.
But the worst part was being "caught" by Patek. If I am on the rumoured blacklist, then I'm not sure how long I will remain on it (forever?) and clearly it’s not a great place to be if I want to buy new watches from them in future.
In my defence, it’s not just the "greed" of flippers that is to blame, it is the absurd length of the waiting lists that creates this inflated grey market in the first place.
Watchmakers are rumoured to be deliberately restricting supply of their most popular models so that buyers consider other watches in their range. If true, this does seem like a ridiculous manipulation of the market. Make more of what people want and the temptation to explore non-authorised dealers in search of their desired timepiece disappears. And as long as supply is managed to a reasonable level the brands concerned shouldn’t suffer any loss of exclusivity. Everyone wins.
In the meantime, rumours that retailers insist desperate grail-hunters first buy a few less in-demand pieces in order to progress up the "waiting list" abound.
But the luxury watch industry could have its well-manicured hand forced anyway. Any significant economic downturn in China and US will have a dramatic effect on demand, forcing the grey market to adjust accordingly. And for genuine watch enthusiasts – me included – that may not be a bad thing.
I didn’t want to be a "flipper". Almost from the outset it felt wrong, but needs must, etc (I reinvest all the proceeds into watches). I am not asking for forgiveness but merely passing on knowledge from my own grubby experience of being turned away at the authorised door. But now my advice would be buy with your heart and not your wallet and in the long run it will pay far more back in emotional reward. I have my eye on a vintage Rolex Datejust that is stunning – it will be a nightmare to sell again, I will never make a profit on it, if I ever need to do so, but that’s no longer the point. Honest...
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