Patek buyback

[Aboutderntime]

Hi all, Curious if anyone has experience with Patek purchasing watches back at their local boutique. I don’t want to hurt my current relationship by selling sports models on the grey market. Is this a thing or something that anyone has experience with? I may be purchasing another sport model (Aquanaut or Nautilus) but not sure I have the desire to have multiple in my collection. Thanks!

[tsekh]

I have never heard about this and I don't believe Patek would do that (except maybe for some one-off watches that they don't want to be trading in the second hand market).

But if the AD also sell pre-own watches in the store, that's something they may do. But that's not coming from Patek.

[77T]

The question would be if you could get the dealer to sell you either of the PP models you mentioned. Then, when there is a sale pending, ask the trade-in value for your existing one. That way you aren't worried about any backlash.


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[Aboutderntime]

Originally Posted by 77T

The question would be if you could get the dealer to sell you either of the PP models you mentioned. Then, when there is a sale pending, ask the trade-in value for your existing one. That way you aren't worried about any backlash.


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Have you done this before, Paul? If so, was the trade in value reflective of market value or similar to the retail value (assuming it trades above retail on the secondary market)?

[77T]

I have traded-in before but it is never at fair market value.

I was only suggesting a way to avoid any appearance of flipping which is what I thought you meant.

So by waiting until they had the watch you wanted, you have the option of trading. If the offer isn't reasonable, then selling it later would be an option due to their low offer. A tangible sign you tried to do an upright deal with the AD.

You will lose 20-30% in my opinion. The higher range would be it your existing model is not in high demand.


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[Aboutderntime]

Originally Posted by 77T

I have traded-in before but it is never at fair market value.

I was only suggesting a way to avoid any appearance of flipping which is what I thought you meant.

So by waiting until they had the watch you wanted, you have the option of trading. If the offer isn't reasonable, then selling it later would be an option due to their low offer. A tangible sign you tried to do an upright deal with the AD.

You will lose 20-30% in my opinion. The higher range would be it your existing model is not in high demand.


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That is a helpful perspective - thank you!

[Calatrava r]

I suspect this is not the way to go, unless the AD also has a strong used watch business. And ADs are under strict pressure to place the SS sports stuff with folks who will not part and have never parted with anything no matter what happens.

[watchvert]

My AD told me that if I ever decide to sell my Nautilus and would want to keep the relationship in good standing, then they would buy it back, but we did not discuss the pricing and other details.
I really like my AD and would even do it at a loss.

Recently, I have been thinking about discussing it with them, as I really want another Nautilus, but I want it on a bracelet.

Not sure how it works for them, as I don’t understand what they would do with the watch, especially if it’s 1-3 years old.
They told me that they, in turn, want to keep their relationship with Patek healthy and not have watches originally sold to one client being brought for service by someone else.

[Aboutderntime]

Originally Posted by Calatrava r

I suspect this is not the way to go, unless the AD also has a strong used watch business. And ADs are under strict pressure to place the SS sports stuff with folks who will not part and have never parted with anything no matter what happens.

I get it. They are coveted for a reason. Fortunately the ones I have are loved and not sure I could part ways with them. Just need to be selective for future purchases. I have a great relationship with my AD, so I’ll just have the conversation if the time comes. Just curious if others have been in this boat. Thanks for your insight.

[Bartolo]

With AP the path is quite clear. Hold the watch the required time (I forget if it's 2 or 3 years) and then let them know you plan on selling it . . . you'll get their feedback but generally it's not a problem (maybe unless it's a super rare piece). That's been my experience here in the States anyway.

[Russell996]

Originally Posted by Aboutderntime

Hi all, Curious if anyone has experience with Patek purchasing watches back at their local boutique. I don’t want to hurt my current relationship by selling sports models on the grey market. Is this a thing or something that anyone has experience with? I may be purchasing another sport model (Aquanaut or Nautilus) but not sure I have the desire to have multiple in my collection. Thanks!

Yes I’ve heard of it happening. Ask, no harm done.

[RolexADreal]

Patek has some sort of pre-owned official program, there are dealers that are backed up by Patek themselves and have a dedicated corner for pre-owned pieces.... I actually bought a pre-owned from an authorised dealer which simply was "aged stock", a watch unsold which they registered to themselves before selling it at 35% off as pre-owned, but factually it was totally unworn... I had quotes from my patek dealer for selling them back some piece of my collection, they were a good 25% below grey market prices on cash payment and 15% on trade-in...