the "Ask a Grey" thread

[Cru Jones]

Originally Posted by Mosco

The primary focus is not 'profit from individual sale', but rather volume.

this reminded me of that old SNL skit from the '80s for "First Citiwide Change Bank II":




Citiwide banker: A lot of people don't realize that change is a two-way street. You can come in with sixteen quarters, eight dimes, and four nickels - we can give you a five-dollar bill. Or we can give you five singles. Or two singles, eight quarters, and ten dimes. You'd be amazed at the variety of the options you have.

Customer #3: I was driving through Pennsylvania on the tollway, and to save time I was using the exact-change lanes. I had just run out of quarters, and I was getting a bit nervous when I spotted a sign for a Citiwide branch at the next exit. Let me tell you, it was a pretty good feeling.

Citiwide banker: I have had people come in with wrinkled ten-dollar bills to exchange for new crisp bills to put in birthday cards. We can handle special requests like that, usually in the same day.

Customer #4: I'd just returned from a business trip to London, and all the cash I had was a five-pound note. Citiwide wasn't able to convert it to dollars, but they did give me four guineas, two crowns, four shillings, and ten pence.

Citiwide banker: All the time, our customers ask us, "How do you make money doing this?" The answer is simple: Volume. That's what we do.

[Megalobyte]

Thanks for the thread Greg.

I have one question, hope it's not a delicate one.

It's regarding warranties.

Personally I only buy a watch with a warranty card that's stamped, named and dated. In my lay person's opinion, it's the only way I can be certain of no potential warranty issues. I do realize with someone else's name, for Rolex, Dallas is the better choice.

So, regarding warranty work. What are the implications and risks of papers that are missing info, name, date, stamp, etc. ?

And WRT Rolex, my understanding is that Rolex can to some extent track the original sale, so while open, or semi-open papers might be ok for some brands, for Rolex, the warranty really needs to have been fully filled in.

I'm wary of buying a watch with open papers, is there info you can offer to alleviate some of those fears?

I get nervous when I see an ad that says: "Your name and purchase date on papers." Am I wrong?

Thanks!

[psv]

Lovely thread. Only at TRF!

[Kringkily]

Thanks for the thread. I've learned a lot from members like you and it's helped me start my own side business / hobby.

[The Joker]

Great thread Greg

[ducatidoc]

Nice thread Greg. It's always interesting to see how other sole practitioners handle their business, even if wholly unrelated to my own. Looking forward to following this one.

[Gagebuilder]

Greg,

R U coming to Pittsburgh this weekend?

[BarkMaster]

Does a grey seller often act as middle-man / facilitator to sell a watch that is not in their possession, or do they generally purchase the watch and resell it? (understanding that you can't speak for everyone)

[Chipmunk]

Well thought-out thread. Good job, Greg.

[daunwaun]

Great thread Greg!

These might be kinda of personal and I understand if you don't want to answer them.

1. How many watches would you sell in a 12 month time frame?

2. I know you have to make a profit but is there a general markup per brand and is it pretty much the same in the grey market?

Cheers,

[azguy]

awesome thread, great idea

Do you take watches on consignment to sell for people that don't have the time or the connections to get it moved......

[Mosco]

Originally Posted by ducatidoc

Nice thread Greg. It's always interesting to see how other sole practitioners handle their business, even if wholly unrelated to my own. Looking forward to following this one.

Thanks, David

Originally Posted by Gagebuilder

Greg,

R U coming to Pittsburgh this weekend?

No, will be in Chicago... Sorry that I'll miss the GTG...

Originally Posted by BarkMaster

Does a grey seller often act as middle-man / facilitator to sell a watch that is not in their possession, or do they generally purchase the watch and resell it? (understanding that you can't speak for everyone)

Definitely prefer to have the watch physically in my possession before I list it for sale, just to make sure the description is accurate and pictures are detailed enough.

Originally Posted by Chipmunk

Well thought-out thread. Good job, Greg.

Thanks mate!

Originally Posted by daunwaun

Great thread Greg!

These might be kinda of personal and I understand if you don't want to answer them.

1. How many watches would you sell in a 12 month time frame?

2. I know you have to make a profit but is there a general markup per brand and is it pretty much the same in the grey market?

Cheers,

1) It's a tough question, because sometimes I sell closeout goods to other dealers that may consist of 10-50 pieces. But if I only count singles, then the average is about 400 - 600 pieces/year

2) There is no general markup at all, everything is on a case-by case basis. I try not to look at percentages, because those just do not apply. There have been times that I have made the same dollar amount on a $5000 watch as I have on a $35000 watch. I try to focus on individual sales and opportunities.

Originally Posted by azguy

awesome thread, great idea

Do you take watches on consignment to sell for people that don't have the time or the connections to get it moved......

Yes, absolutely. I utilize many already developed venues to help people sell their watches if they don't have time or the desire to do it themselves.

[Dan2010]

Greg,

I only have one question. Where can I get some coupons for my next watch??

[jhupp]

Kind of off topic but what is the "craziest" or most off beat story about how you acquired a watch? Ever find a president that somebody only wanted $1k for or something like that??

Great thread BTW, always enjoy these!!!

[Mosco]

Originally Posted by Dan2010

Greg,

I only have one question. Where can I get some coupons for my next watch??

Talk to my wife, she's the coupon-master

Originally Posted by jhupp

Kind of off topic but what is the "craziest" or most off beat story about how you acquired a watch? Ever find a president that somebody only wanted $1k for or something like that??

Great thread BTW, always enjoy these!!!

Nothing like that, ever... And even if that was to take place, I couldn't, in good conscience, take a watch for pennies that was worth many times over. My most interesting stories don't come from the sourcing end, it is usually the types of clients I come across. Without getting too specific, I see one of the watches I sold just about daily on one of the major news channels, another one on ESPN, and so on...

[wantonebad]

Originally Posted by Mosco

it is usually the types of clients I come across. Without getting too specific,
I see one of the watches I sold just about daily on one of the major news channels, another one on ESPN, and so on...

That is so freankin cool!!!

[77T]

Good idea Greg

IMHO a Lowballer will pitch the deal well below market value.
A hard negotiator will ask the seller what's the least they would accept.
The Donkey will ask and then still go well below market

[MoBe]

A hard negotiator is someone who can differentiate between the possible and the probable and knows how to make percentage calculations in their head.

A lowballer is simply someone who thows a number at the wall to see if it will stick.

[mws222]

Great thread, thanks for the insight!

[Plato]

Are there more "BNIB" watches than used ones sold by greys?

[Mosco]

Originally Posted by Plato

Are there more "BNIB" watches than used ones sold by greys?

no

[capote]

Excellent initiative

1. How long have you been doing this and have you noticed any trends concerning the poularity of different brand?

2. I guess you both list your watches and source watches for your clients. Which of that is the largest part of your business?

[ally]

Hi Greg

Great thread I have got into Rolex over the last couple of years and read this site learning all the time

What advise would you give to someone starting out in trading watches?
Something I have fancied trying if I could find the right stock


I am sure I am going to be asking you a lot of questions over time

Thanks Greg

[Hazelnut]

Very nice thread Greg. I have a question...what are the top five watches you buy and sell on a consistent basis in terms of volume?

[Mosco]

Originally Posted by capote

Excellent initiative

1. How long have you been doing this and have you noticed any trends concerning the poularity of different brand?

2. I guess you both list your watches and source watches for your clients. Which of that is the largest part of your business?

1) I am in my 10th year in business and most brands experience cyclical ups and downs. I'd say that Patek is the steadiest while Panerai is the most volatile, but not sure if my experience matches that of other dealers.

2)it is about an 85/15 split between selling stock pieces and sourcing stuff for clients.

Originally Posted by ally

Hi Greg

Great thread I have got into Rolex over the last couple of years and read this site learning all the time

What advise would you give to someone starting out in trading watches?
Something I have fancied trying if I could find the right stock


I am sure I am going to be asking you a lot of questions over time

Thanks Greg

It is inevitable that you will make mistakes in this business, my advice is - don't make the same mistake twice.

Originally Posted by Hazelnut

Very nice thread Greg. I have a question...what are the top five watches you buy and sell on a consistent basis in terms of volume?

Rolex
IWC
Jaeger
Breguet
Ball Watch (at the moment)

[ally]

Originally Posted by Mosco

1)



It is inevitable that you will make mistakes in this business, my advice is - don't make the same mistake twice.

)

Thanks Greg guess mistakes are all part if the learning curve

[S``]

Greg,

what are the brands that are the hardest to source for the dealers?

TIA

[Mosco]

Originally Posted by S``

Greg,

what are the brands that are the hardest to source for the dealers?

TIA

Patek
Patek
Patek
Patek
Patek

[S``]

Originally Posted by Mosco

Patek
Patek
Patek
Patek
Patek

base Patek included?

[mfer]

Awesome thread!