In today's news...buyer places too much confidence in seller

[subtona]

Not sure what side of the TRF line this falls on but find it interesting.

[eltonbalch]

Wow!!! As a long time (former) poster on Timezone, I'd find this difficult to believe, but I suppose it's possible. James always seemed like a reliable source and straight up guy. I'll be really curious to see where this goes, so thanks for posting it!

[Chronocrass]

A Google search turned up nothing.

What, pray tell, is a Tektite GEV?

[Clay]

Interesting...

[Daryl]

Interesting

Sent from my Nexus 6P using Tapatalk

[Onikage]

To be fair they seem to be 'name your price' pieces so could well be described as overpriced.

[mps354]

I think it's a function of the huge surge in vintage popularity. Too few buyers actually take the time to learn about the pieces they are going after. I respect vintage pieces and love the look, but I stay away because I don't have nearly enough knowledge

[Onikage]

Originally Posted by Chronocrass

A Google search turned up nothing.

What, pray tell, is a Tektite GEV?

I had to Google it too. The best I could come up with was this -
http://www.watchprosite.com/?page=wf...438&pi=4290248

[GB-man]

Originally Posted by mps354

I think it's a function of the huge surge in vintage popularity. Too few buyers actually take the time to learn about the pieces they are going after. I respect vintage pieces and love the look, but I stay away because I don't have nearly enough knowledge

Sadly same here.

[eco8gator]

So a guy with 4 billion is trying to sell less than 1 million in watches...isn't that a waste of his time?

Something seems weird here...

Not sureally what's in this guy's collection but wouldn't modern super complicated Patek from a AD be a safer bet?

I have one of the JD reference books and it's really nice. I hope this pans out in JD favor.

[MonBK]

Originally Posted by eco8gator

So a guy with 4 billion is trying to sell less than 1 million in watches...isn't that a waste of his time?

Something seems weird here...

Not sureally what's in this guy's collection but wouldn't modern super complicated Patek from a AD be a safer bet?

I have one of the JD reference books and it's really nice. I hope this pans out in JD favor.

I certainly do as well and don't believe that newspaper story.

In my book James is a friend and a gentleman.

[colpol]

I did a Google search & found the article on the 5th hit from top

Have to say - I'd be astounded if any truth to it based on jd's reputation

[dera]

Can you really sue someone for selling overpriced vintage watches? That would put the whole vintage market at risk...

[Mr. K]

I too will side with James on this. I could be wrong but hope I'm not.

[anothernewphone]

Originally Posted by eco8gator

So a guy with 4 billion is trying to sell less than 1 million in watches...isn't that a waste of his time?

The article clears states that he made 325 million from the sale.

[masyv6]

Originally Posted by mps354

I think it's a function of the huge surge in vintage popularity. Too few buyers actually take the time to learn about the pieces they are going after. I respect vintage pieces and love the look, but I stay away because I don't have nearly enough knowledge

The only way I'd buy a vintage piece was if I knew absolutely everything about it. Too many frankenwatches out there to pay some of the premiums that vintage watches can carry.

Easy to get taken for a ride when you don't really know what you're buying and decide to just trust what you're told you're buying.

[psv]

When did Dowling stop being a moderator on TZ?

[Wcdhtwn]

A fool and his money were lucky to get together in the first place.

- Gordon Gekko

[Frogman4me]

Overpriced and counterfeit are two totally different things. Come on with such a wild accusation what are the facts, show me pics of the watches and who said they were overpriced or counterfeit. A dealer can get sued now because someone overpaid?
A 6538 for 90k is a bargain if it's legit! If you are getting into this hobby learn before you buy, some people have too much money but no common sense.

[MonBK]

Originally Posted by psv

When did Dowling stop being a moderator on TZ?

Wasn't it when Larry stepped in?

[Golf&Watches]

Some of the prices of vintage watches and cars make absolute zero sense to me. Many are generational purchases i.e. remind someone of the past, lusting after something in your youth and making the purchase once being able to afford it. I have no doubt that the market shall collapse on many of these investment/assets. There shall always be certain items that endure time, however I have zero interest in acquiring an item which modern engineering and design has refined and improved. Give me my 991 over my fad purchase of a 993 every time. Though I own a property that is over 200 years old, it has been thoroughly re purposed (former water mill) and has all modern conveniences!

[t60]

There should be no damages for being sold "overpriced" watches. He wasn't forced to buy them.

Regarding the potentially counterfeit ones, well, that all depends I suppose. Wasn't there someone a couple of years ago selling franken Rolexes to celebrities? Some thought they were counterfeit, but they were all using genuine Rolex parts IIRC. As mentioned, vintage watches are scary because it's very difficult to tell what is original, versus serviced, versus swapped from another watch.

[soundserious]

Very interesting.....reminds me of a few other big fish that were netted in the past; although the this dealer is an absolute whale. It should give some insight into the works of vintage Rolex.

[Rocket_Man]

The guy may be rich but he sounds like a spoiled amateur. If you are trying to sell a watch you paid $395K there are likely very very few buyers interested in it and that means a very limited market. So among those handful of buyers none of them felt it was worth $395K. Doesn't mean it was over priced, the market just wouldn't support what he wanted. Find a new market.

If Coke tried to sell his drink company and couldn't get $4.1B could they sue him for selling them an overpriced drink business?

[RussW]

Pretty shocked to read this. I can't believe for a moment James would be selling fake watches.

[Sublovin]

Originally Posted by eco8gator

So a guy with 4 billion is trying to sell less than 1 million in watches...isn't that a waste of his time?

Something seems weird here...

Not sureally what's in this guy's collection but wouldn't modern super complicated Patek from a AD be a safer bet?

I have one of the JD reference books and it's really nice. I hope this pans out in JD favor.

With all due respect, comments like this always crack me up. First of all...it says he made $325 million in the $4.1B sale. It does say he is a billionaire, but so what? Are people that disconnected from reality? Have you ever met a billionaire? I know one rather well, and I can tell you that he doesn't wipe himself with $100 bills.
$700,000 is a lot of money, even to some billionaires.

In other related news...this just in...vintage Rolex are ALL overpriced and finding an honest example of a desirable model at a bargain price is like trying to find a needle in a haystack.

[eltonbalch]

Originally Posted by psv

When did Dowling stop being a moderator on TZ?

It appears his last post on TZ was Septemer of last year and he hasn't posted since then as best I can determine. Up to that point he was posting several times a week and then just stopped. I don't know when he stopped being a moderator. It just seems odd to me; he is a well known and respected Rolex authority so I don't understand the sudden disconnect.

[eco8gator]

I have met some pretty wealthy people but they were not billionaires...more like 9 figure bank accounts.

One thing I know is you typically don't get rich by being stupid with your money. Sounds like this guy bit off more than he could chew and essentially baught into a bad stock.

Counter fit seems like a strong claim...I bet the watches werected not 100% original...i.e. replaced worn parts with new ones. Kinda like what happened to John Mayor and his rare vintage sub... I wonder who evaluated them after the fact.

There are very few people willing to buy super expensive rare pieces and when they do theyou seem to buy them at major auction houses.

[ragingcao]

It's nice to know that billionaires are flippers too. Makes me feel better about this disease

[kilyung]

Difficult to believe the accusation leveled against James.