Out of the many topics of discussion amongst watch enthusiasts today, one of the most widely debated subjects is that of waiting lists.
If you’re somewhat new to the world of watches, you will have most likely have heard this term being thrown around quite a lot. In fact, it’s probably something you’ve heard about non-stop if you’ve joined in the past couple of years.
However, whereas the current horological discourse seems to be dominated by waiting lists, this subject was totally foreign to veteran collectors until recently: either they didn’t even know what they were, or at the very least, they were nowhere near as “restrictive” as they are now.
Back then (sounds like ages ago, but it really wasn’t), many models were more readily available. As a matter of fact, you would often be able to walk into your authorised dealer and be spoiled for choice… imagine that – if you can!
This phenomenon has had a very pronounced effect on three brands in particular: Rolex, Audemars Piguet and Patek Philippe.
But how did we go from relative availability to these years-long waiting lists? What changed?
Let’s find out!
What are Waiting Lists?
As the name would suggest, a waiting list is a list of names of customers who have expressed interest in a particular watch. You would think that these lists are recorded by the manufacturer, and are on a “first come, first served” basis, but that is not the case: waiting lists are, in fact, made by the authorised dealers – and edited at their own discretion.
It follows that a waiting list isn’t actually a chronological record of clients who intend on purchasing a watch.
Furthermore, authorised dealers and retailers are under no obbligation to even make or keep one.
This has been the case (and the woe) for many collectors, who have gone to various dealers and unsuccessfully sought out their desired models. Making matters worse, they have not even been able to put their name on a waiting list, either, as the retailer did not record one.
Some retailers have chosen not to make a waiting list simply because they believe it to be a useless task: the demand for a particular model is so great that it would be physically impossible to accomodate for those on it.
How do Waiting Lists work?
Since there are no official rules, or explicit “requirements” to even be eligible to put your name on a waiting list, you will need a lot of luck, but also meet some implicit requirements.
Our advice? Make your way to as many dealers as possible to increase your chances, as you may come across some which will not keep a record of one. After all, it’s a numbers game.
Another factor which certainly influences you getting onto the waiting list in the first place – and one which we recognise may be very difficult, particularly for those just getting started out in collecting – is to have a good relationship with your retailer: ideally, with a prior purchase history from them.
Essentially, if you are one of the retailer’s “loyal” customers, whether you have bought multiple models from the same brand, or watches from various different brands, then you’re basically guaranteed to have you name on the waiting list (as a bare minimum!).
So now that you’ve understood the “preliminary politics” of waiting lists, understanding how they work is relatively simple.
Let’s use the example of the most hyped and sought after watch in the past couple of years: the ceramic bezel Rolex Daytona (or any Rolex sports model for that matter). If you want one of these watches, you would have to make your way to a Rolex authorised dealer and express your interest in purchasing one.
After making your request, the dealer may or may not – depending on their view/policy on waiting lists – record your details, and some may even ask for a down payment on the watch (we strongly advise that you do not make this payment).
Then, all you can do is wait: wait for that – often elusive – call from the dealer telling you that your watch has arrived… if it arrives.
Why are these Waiting Lists so long?
As we mentioned in the beginning of the article, the whole concept of the waiting list began in response to the surge in demand for models – specifically sports models – from Rolex, Audemars Piguet and Patek Philippe.
What was once a very niche passion, with few collectors and enthusiasts, the watch world ammassed a huge following in recent years (for a multitude of reasons which we won’t get into here…), and naturally, a much larger number of buyers.
Unable to keep up with this massive influx of buyers, the retailers of watch manufacturers, particularly those “in vogue”, created waiting lists.
How to shorten the waiting time
Although it is not explicitly stated in any “rulebook” anywhere, one aspect which will give you a massive shortcut in the queue is to have prior purchasing history with the brand – and especially via the same dealer each time.
If you don’t have this kind of track record, you can rapidly build one by buying various products from the dealer to start out with – not strictly limited to timepieces: you could buy jewels, or watch accessories, for example.
One act which will definitely put you in the authorised dealer’s good graces is if you buy less “hot” or “trendy” watches from them: ones which the retailer may have had a tough time selling. Not necessarily the most economical route, or just generally ideal for that matter, but that just seems to be the way it works at the minute.
Another way you can move up a place in the list, albeit very unlikely, is if a customer ahead of you renounces their intention on buying the watch.
Finally, if you choose not to fork out large sums of money to get into the dealer’s good books, you can try good old fashioned friendliness: a good, truly personal relationship with your retailer definitely does not go unnoticed.
Do Waiting Lists influence the Aftermarket? If so, how?
Short answer? Yes, absolutely they do.
By virtue (or vice) of the timepiece not being readily available from retailers, it would no doubt suggest that the watch is in high demand. And if buyers can’t find it from retailers, they will turn to resellers, who definitely stand to make lots of money from this, asking for far more than the MSRP.
It follows that the value of the watch skyrockets in value – seemingly arbitrarily – because it certainly doesn’t increase in intrinsic value: it’s the same watch, after all!
If you want to do some further reading into this aspect of the watch market, have a read of our recent article which takes a closer look at the market in general.
Final Remarks
One sure-fire way to avoid waiting lists? Don’t follow the crowd and attempt to buy these ultra-hyped models! But that’s just my opinion…
There is quite a lot of truth to that statement, however: if you go to your nearest retailer and remove your “tunnel vision” for that Rolex GMT, or Patek Aquanaut, you will see that there is a whole plethora of models (and brands in general) just waiting to be picked up – without having to wait for months!
I have always been a firm believer in buying what you really like: buy the watch which truly makes your heart go all funny, and not because it’s fashionable to buy and wear it at the moment, because, I repeat, there are so many great watches out there.
But perhaps you genuinely are in love with a watch which is in such high demand, because of the watch, and not because of the hype. If that’s the case, all I can do is wish you the best of luck, and suggest that you practice being patient – perhaps pick up a new hobby while you wait!
Aside from the points we mentioned in this article, there isn’t much way of avoiding the waiting list, if not for turning to resellers. But before you do, ask yourself if you are really prepared to pay out huge sums of cash, as opposed to waiting your turn. Our answer would almost always be “no”, but the choice is yours. And if you choose not to, but never get that call from your authorised dealer, well, that’s just the luck of the draw.
Author: Andrea David
Translated by: Patrick R.
