Reply With QuoteRolex and Patek are as good as hard currency, so would assume they sold out to people who want to protect their money, like BMWs etc did a few weeks ago.Originally Posted by J J Carter
Anyone looking at visiting ADs in Greece with a roll of $100 bills in their pocket to see what bargains can be had from distressed sellers?
NB Not me obviously, I hate to kick a man when he's down!
Rolex and Patek are as good as hard currency, so would assume they sold out to people who want to protect their money, like BMWs etc did a few weeks ago.
I doubt they'll have any new stock in, nor would they order any right now due to the uncertainty of the situation. I would think they'd be holding fire.
However, if you were there anyway and found a dealer stocking something you liked you might get lucky. But then again maybe not if everyone else is thinking the same thing!
It would be a very cheap holiday location, especially if they pull out of the Euro.
Internationally-traded goods sell at internationally-determined prices so I wouldn't be expecting bargains in watches no matter how bad things get in Greece.
Iconic Watches are sourcing some of their stock from Greece.
As we speak I have an army of Greeks trawling door to door to unearth any watch of value in private hands. Once they have been sniffed out I will tour Greece with a suitcase full of hard currency and hoover up any valuable pieces. I don't kick them when they are down. I do it while they are standing up, Mwuhahahahahaha!!! Get ready for a truckload of bargains at a watch forum near you, amass your readies!
Beware Greeks baring gifts.
I wouldn't be going to Greece at this time as they are struggling to source food and basic medical supplies!
I think you got that wrong. The Greeks are saying NO to austerity!
Timeo Danaos et dona ferentes...
Vergil.
Radix malorum est cupiditas.
As in Greece most people are Greek orthodox I doubt they read the Holy Bible in Latin ;-)
Probably in Koiné Greek. (We married in the Netherlands in a specially arranged Eastern Orthodox - sung, choir of 30 singers - mass, so I know a bit about this subject ;-) )
Last edited by Bernard; 5th July 2015 at 10:22. Reason: Typo
Ω Θεέ μου , μια Accutron
Maybe she should buy another.
I think the population of any country facing austerity measures would prefer to say no to it, but that doesn't help pay the debt; Greece can't just run away from it's commitments. Tax evasion in Greece has been a national sport for decades and I'm very sorry that ordinary people are now suffering but Greeks can't expect the IMF et al to simply write off the debt and we'll all pretend it didn't happen...
SGR
Depends how you interpret austerity. They have been told for decades that their pension arrangements were not sustainable. People retiring in their 40s with a pension of more than 80% of salary. Madness.
They protested when they raised the age mothers could retire up from 33!!!
Even if they implement the pension arrangements the debtors are insisting on, they will still be spending a far bigger proportion of their GDP on pensions than we do or most of the Northern European countries for that matter.
It is pensions that are the biggest bone of contention with them. A lot of the current government politicians rely on the unions for their support and will not back down on the issue.
These politicians are still banking on the rest of Europe backing down and just writing of the debt and then continue to lend to them on the Euro favourable rates so they can keep the overspending going for a bit longer.
The Greeks have been funding their overspend with cheap loans because they were available to them because of their membership of the Euro.
If they leave the Euro they will really know what austerity is. They will have an immediate very large shortfall of money. They could fund this with further loans but as they are not in the Euro the interest rates would be ruinous.
They would probably just print money. This will cause their currency to collapse and hyper inflation will follow as night follows day. This will wipe out the savings of anyone who still has money saved in Greece.
Trade will suffer dramatically as people will be reluctant to sell anything as the money they get for it will be near worthless in a very short time. Traders will start to only accept payment in Euros and how is the ordinary citizen going to buy Euros when their own currency has so little value?
Now that will be austerity!
Mitch
I was in Athens a couple of weeks ago on a business trip. Like the OP, thought I would go to the AD with cash and get a bargain. Got there to find it was standing room only. Was full of (Chinese) tourists. I was interested in the GMT, they had one in stock, they wouldn't even let me see it. I asked them if they would do me a deal for cash there and then, the guy looked at me like shit on a shoe. Was out of there in less than 5 mins.
There is a significant veneer of the rich, but the tourists means that the lux end of the market is unaffected, completely unaffected. It's the low to mid range, that's where deals are to be had. Popped into a tissot shop and everything was discounted heavily already, run of the mill seikos as well.
Yes, Luxury goods are indeed selling out, but this is not because ordinary people are buying them to "protect their money".
They're selling out because despite the economic carnage unfolding in Greece, the very wealthy elite, who have very diversified investment portfolio, are largely unaffected by it and are swooping in to feed on the carcass.
During this phase of an economic collapse, the rich are the ones who benefit.
The wealth of the wealthy increased by the debs incurred.
The poor blokes now expected to pay the bill rightly refuse to do so. Imo they can and should simply walk away from it. It will be bad for then on the short term way good on the medium to longer term.
I seriously hope that in Sapin the vote will go briskly to the alternative party too.
May the middle class will then reappear in Greece and Spain and with that a market for mid range watches. At the moment is all looks rather bleak in the watch shops not catering for the rich or the affluent tourists. Seiko has all but gone p.e. as being too expensive and Citizen is following suit. Seiko is now filling their place with Orient.
Yay!!! The Greeks said NO to austerity. Good for them. I hope they lower the retirement age to 25! Austerity is nasty stuff, it means people might actually have to work and pay taxes. Evil...
Think the situation there may be a little more complex than that.
The smart money moved out of Greece a while ago.One only buys consumer goods to preserve their cash when their are desperate measures .
Im sure a lot of Greece jewellers are moving their watches in the grey market.
No, they said no to austerity and yes to prosperity!
He knows and understands, if not then no use stating it either.
Your move Angela.....
Yes I think you are right. I'm in the process of buying a Tudor Heritage Chronograph from a German Trader. He purchased the watch from an authorised dealer in Greece in May.
I bought a Datejust for my wife earlier this year from a grey importer in the UK. The guarantee cards are from an AD in Greece...
i would think most people have sold off what they can a long time ago or are holding onto what they can - so no flea market bargains too soon
Will look whilst over that way on our cruise in October.
Beware Greeks 'baring' anything....
The fact remains the banks are closed and they are stuggling to import goods, a very sad situation for what is meant to be a developed country.
Maybe if you could buy second hand at a knock down price. More sensible to buy gold bullion or coins to protect your money when the banks go down the pan.
I'll let you know in September.....
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