The Watch Appreciation Thread (Reviews and Photos of Men's Timepieces by Rolex, Patek Philippe, Brei

[rnguy001]

Agree. and ... Agreed.

Now, I don't believe I'd buy a Pam from Costco, nor would I buy a Hub. Some people would, fine. Who am I to cast aspersions on someone else's choices though? There has been mention made in the last week or so about these matters, disparaging remarks that are unnecessary (demographics indeed!) and comments in a tome unbecoming of this very friendly and welcoming, supportive thread.

Just saying

Carry on

Regarding Costco's very liberal return policy - Might be the very rare time when a watch won't lose its value. I'm just saying..

Given Costco's return policies, they might be the best place to buy a watch from. Could you imagine waltzing in there 2 years later and returning your gold Daytona because you just had a change of heart? LOL

 

[edmorel]

and by the way, I am not saying that everyone should abandon AD's and just go look for watches at the cheapest possible prices. AD's provide a lot of services, not limited to having large selections, allowing you actualy see/touch the watches, getting you something that is limited/hot/hard to find etc. Its just that sometimes the grey market gets poo poo'd (and there are a bunch of bad grey market guys) but the AD's and the brands benefit from the grey market as much as the consumers do.

 

[no frills]

Still in my experience, unless you are in a major city like NYC, Vegas, Chicago, LA, or Miami, you just don't see many of either brand "in the wild." Sure you might see them at a high end watch event, or jewelry/watch store, but in the year and I half I've had my RO Jumbo, I've only seen one other Jumbo on a person, and he had ordered it, purchased it, and they were filling out the paperwork at Wempe. I've seen an occasional Offshore in Boston, but mostly I see Rolex, IWC, Panerais, Cartiers, and Omegas.

The only time I've seen a Patek on another wrist was in watch-buddy related get-togethers. Or during a Patek-sponsored event.

Given Costco's return policies, they might be the best place to buy a watch from. Could you imagine waltzing in there 2 years later and returning your gold Daytona because you just had a change of heart? LOL

Oh man that may just be what I need to truly recoup my Costco Executive Membership investment! Here's the math:

1. $55.00 regular membership

2. $110 executive membership gives you 2% cash back

3. Net cost versus regular membership is $55. So you need to spend at least $55 / 0.02 = $2,750 to recoup the additional cost, and more to benefit from 2% cash back.

Have I ever spent more than $2,750 in Costco over the course of a year? Yes, but it required multiple visits and countless Giant Rolls of Bounty.

But if I bought myself a Gold Daytona.... BOOOOOM!

 

[johanm]



The dirty little secret (which is no real secret) is that the watch industry has no issue with the grey market and needs it as much as it needs the ADs. While you have very hot selling watches and very successful AD's, the reality is that the majority of watches and ADs need "help" to move. Given that AD's get most watches at 50% less than the MSRP, there is room for grey market dealers to come in, move inventory and everyone makes some money (and customers get watches cheaper). I am not a big timer but have had the good fortune to procure watches for a few people. AP's, Pateks, Panerai's etc. I have gone through some grey market contacts and the watches have come from some very high end and well known watch dealers here in the NY tri state area. With warranties, stamps, even receipts.

As for Costco, I would feel more comfortable spending 20K plus on a watch there, then anywhere else. Their return policy is second to none and while no one will admit it, when you take a watch to them to repair, it goes right to the same places that the AD's send there watches to repair, the brand's repair centers. Keep in mind that Costco has more buying power than all of Panerai's AD's combined. Panerai would never want to be associated publicly with Costco, but Costco ain't stealing these watches, they come from AD's and some come directly from the brands themselves.

+1, classic form of efficient price discrimination.

 

[jbarwick]

The only time I've seen a Patek on another wrist was in watch-buddy related get-togethers. Or during a Patek-sponsored event.


Oh man that may just be what I need to truly recoup my Costco Executive Membership investment! Here's the math:

1. $55.00 regular membership

2. $110 executive membership gives you 2% cash back

3. Net cost versus regular membership is $55. So you need to spend at least $55 / 0.02 = $2,750 to recoup the additional cost, and more to benefit from 2% cash back.

Have I ever spent more than $2,750 in Costco over the course of a year? Yes, but it required multiple visits and countless Giant Rolls of Bounty.

But if I bought myself a Gold Daytona.... BOOOOOM!

TWAT logic right there folks. We buy memberships to buy watches!

 

[Beckwith]

Another dirty little secret about Costco Executive, just tell them you didn't hit the threshold for the rebate and they will give you back the difference on the spot. This thread has the stock shooting through the roof.

 

[TC (Houston)]



and by the way, I am not saying that everyone should abandon AD's and just go look for watches at the cheapest possible prices. AD's provide a lot of services, not limited to having large selections, allowing you actualy see/touch the watches, getting you something that is limited/hot/hard to find etc. Its just that sometimes the grey market gets poo poo'd (and there are a bunch of bad grey market guys) but the AD's and the brands benefit from the grey market as much as the consumers do.

Thanks for your thoughtful responses, Ed.

Isn't AP implementing a lot of new policies to reduce the grey market for their watches and downsize their non-boutique AD network? Just in the past 2 months I've seen grey market prices increase between 10-20% depending on the watch, which would make it a tougher call on whether to take the risk or just bite the bullet and go through the AD.

That said, I recently kopped my AP and IWC through a grey market contact and I don't see myself going the AD route again anytime soon.

 

[TC (Houston)]



Another dirty little secret about Costco Executive, just tell them you didn't hit the threshold for the rebate and they will give you back the difference on the spot. This thread has the stock shooting through the roof.

It really is a great store. That excecutive membership is outstanding too, it just sounded too good to be true and sure enough a big check showed up a couple weeks ago. Really nice system.

 

[TC (Houston)]



Oh man that may just be what I need to truly recoup my Costco Executive Membership investment!  Here's the math:

1.  $55.00 regular membership

2.  $110 executive membership gives you 2% cash back

3.  Net cost versus regular membership is $55.  So you need to spend at least $55 / 0.02 = $2,750 to recoup the additional cost, and more to benefit from 2% cash back.

Have I ever spent more than $2,750 in Costco over the course of a year?  Yes, but it required multiple visits and countless Giant Rolls of Bounty.

But if I bought myself a Gold Daytona.... BOOOOOM!

LOL exactly!

 

[edmorel]



Thanks for your thoughtful responses, Ed.

Isn't AP implementing a lot of new policies to reduce the grey market for their watches and downsize their non-boutique AD network? Just in the past 2 months I've seen grey market prices increase between 10-20% depending on the watch, which would make it a tougher call on whether to take the risk or just bite the bullet and go through the AD.

That said, I recently kopped my AP and IWC through a grey market contact and I don't see myself going the AD route again anytime soon.

well swatch did that some time ago with their "high end" brands and the grey market price went up10-15% (the dealer's wholesale prices went from 50% below MSRP to 40%). It stuck, the natives did not take to the streets so I don't see why everyone else doesn't do it. The risk could be, if we hit another recession or a very weak dollar/strong swiss, they could find themselves holding onto a lot of inventory, and then having to try and get rid of that. Not everyone can afford to be AP, with separate boutiques etc. They are selling you an experience and lifestyle (or the idea of a certain type) as much as they are selling you a watch. Cartier is similar. Brands like that can typically do whatever they want (and I have seen Cartiers at Costco!). Something like Omega though, they essentially have a price ceiling on what they can charge for their watches and they need to do more volume than an AP or Cartier.

Someone I work for is a big watch buyer, he only buys from Cellini (a local high end dealer) and they give him 5-10% off depending on the watch plus he doesn't pay those devastating NYC taxes. He's asked me to get him something but I tell him, for the extra 5% or so discount that I may be able to get you, stick with Cellini. He's developed a relationship, they look out for him and he gets first crack at exclusives/limited items.

Lastly, I get my moneys worth with the Executive membership just on the gas that I get at Costco throughout the year. I just wish my local ones carried wine (there is another Costco story there, they are the largest wine buyers in the US) and spirits.

 

[in stitches]

ed is 100% right. as matter fact, the watch industry also greatly benefits from the knock off market, its why they dont fight it harder.

 

[TC (Houston)]



well swatch did that some time ago with their "high end" brands and the grey market price went up10-15% (the dealer's wholesale prices went from 50% below MSRP to 40%). It stuck, the natives did not take to the streets so I don't see why everyone else doesn't do it. The risk could be, if we hit another recession or a very weak dollar/strong swiss, they could find themselves holding onto a lot of inventory, and then having to try and get rid of that. Not everyone can afford to be AP, with separate boutiques etc. They are selling you an experience and lifestyle (or the idea of a certain type) as much as they are selling you a watch. Cartier is similar. Brands like that can typically do whatever they want (and I have seen Cartiers at Costco!). Something like Omega though, they essentially have a price ceiling on what they can charge for their watches and they need to do more volume than an AP or Cartier.

Someone I work for is a big watch buyer, he only buys from Cellini (a local high end dealer) and they give him 5-10% off depending on the watch plus he doesn't pay those devastating NYC taxes. He's asked me to get him something but I tell him, for the extra 5% or so discount that I may be able to get you, stick with Cellini. He's developed a relationship, they look out for him and he gets first crack at exclusives/limited items.

Lastly, I get my moneys worth with the Executive membership just on the gas that I get at Costco throughout the year. I just wish my local ones carried wine (there is another Costco story there, they are the largest wine buyers in the US) and spirits.

I agree that if we are talking only a 5% difference and still no taxes then I'd probably go with an AD. And my Costco does have a few Cartiers in the case right now.

 

[stevent]

Damn whoever posted the JLC MUT Moon a while back, I can't get the watch out of my head. Debating whether I want to go see it in person though that will probably be a bad idea

 

[Newcomer]

Huh? I don't know twat you are talking about?

 

[bespoken pa]

I am sure the gray vs ad thing has been discussed ad nauseam. It is difficult for me to put so much faith in a business that I cannot walk into if I have a problem. Spending so much coin on things that are so widely faked pushes me to go the ad route. Another concern I have would be getting the watch serviced with genuine parts if I didn't get the watch from am Ad.

Please excuse my ignorance on this matter.