I bought a Rolex 116710LN from Watchfinder in April 2019 for £8.75k under its ‘buy back’ offer meaning that they’ll buy it back from me this time next year for exactly the same amount providing I haven’t been knocking nails in with it. Love the watch but that’s going to be an interesting (post April 2021) conversation should I decide to do so and if things continue as most think they will do...😧🤔
I’m not playing a “game” as you put itOriginally Posted by bokbok
Not offering a sausage, I ant playing the game will be happy to keep them and ride the storm
Good look a begging steel Daytona at peanuts money. It's funny I replied to wanted recently which generally never bother waste of time and wanted a super Cheap milgauss
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Luckily I feel as though I dodged a bullet last year and I’m no longer interested either to be honest
I was was not referring to you, I said I ant playing and selling a watch for peanuts soon keep it regardless.
But fare play to you dodged a bullet
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Total agreement here on this. That has been the biggest BS that many buyers new to the market have been spun by many AD’s etc over recent times. That 30k you have in the bank is still there today but that 30k day date 40 is now giving you back 19-22k on a good day.
What a rolex gives you is emergency liquidity only, someone will always give you cash for it and if you are struggling to pay loans, rent or simply put some food on the family table, then that liquidity can maybe get you bye for a month but nobody is going give you what you think it is worth.
Should be very interesting indeed
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Alternative view: in 12 months' time, you may be kicking yourself that you didn't accept...
Ahh right sorry.....I was was not referring to you, I said I ant playing and selling a watch for peanuts soon keep it regardless.
But fare play to you dodged a bullet
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To be fair the Daytona should hold value the best like they have in the past
Still I ‘m glad I’m not trying to sell one back to a dealer or privately at present that’s for sure
Is that in a contract enforceable by law? And if it is, would you go to the lengths of taking legal action for them to honour that contract clause.
I think if it all goes t1ts up, and WF have lost a lot of money, they will simply not honour this.
Nearly choked on my coffee reading thatI agree Jim, happy to buy a new pepsi at list worn please don't all PM at once I only want one
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Last edited by g40steve; 4th April 2020 at 15:37.
I think they will - and manage risk through insurance / new lower buy in prices
It is by design a very successful business model built on trust ...and will continue to be
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I'm sure it's about supply and demand as much as anything; if they're overstocked with some of these premium models as a consequence of people trying to cash their chips, the price they're willing to pay will inevitably go down.So recently over last year or so watchfinder offers you don't hear much about sales in threads etc....
So I sent an enquiry yesterday regarding new batman unworn and to my surprise the offerso think we can safely say we won't see watchfinder offered me a great price of
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I also think the grey market will be hit long before we are, in the world of private sales. No need for anyone to be panicking, unless they paid well over the odds.
I’ve no idea? I have got a signed letter from them to that effect - happy to transpose the wording on here but it’s currently tucked away in the loft. I think it only applied to some Rolex’s at the time obviously using Watchfinder’s own crystal ball! I seem to recall some others on here buying under the same T&C’s so would be interesting to hear what they think? I just know Watchfinder will pull a fast one should I attempt it.
Now that is very interesting, also wondering the contractual side of it also.
Current Court fees will say it'll cost you £410 to issue a Claim Form against them. Only time will tell if it will be worth it.
To be honest i don't think anyone truly desperate or vulnerable have a Rolex to sell.
This was posted today by Giles at Watches of Distinction:
Watchfinder are a totally different type of business. They probably hold more stock than all of the others combined and won’t want to be adding to it right now when most people aren’t buying.
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I have every sympathy but if a business has gone bust and financial ruin involved after 2 weeks of lockdown i suspect the writing was on the wall before the Coronavirus hit.
- - - Updated - - -
We've already done this but thanks, and you missed the rest of the replies.
What would make you think I would be kicking myself not taking that watchfinder offer rather wear the watch for gardening
Like I said happy to buy a pepsi at list PM me lol
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No one on here or anywhere else knows true extent of the damage to the U.K. and global economy that this virus will cause. When lockdown is lifted that may give some indication, the true picture could be weeks or months after that, possibly years. So based on everyone being in the dark at the moment it makes sense for businesses to to show caution.
WF have serious backing now but that doesn’t mean they should operate in a carefree manner. They may be well overstocked, having seriously overpaid. Or they may be chancing it with their offers knowing someone will accept it. Who knows. My guess is that they are reducing risk and outgoings as much as possible and any outgoings are ones that they feel will give an easy and quick return. I’ve noticed they are advertising a lot this week.
The people that must be laughing are the ones that sold WF. At the time in private equity circles it was touted that they paid way over the odds, but were so desperate to get it.
Trying to protect his business.
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You never hear estate agents talking down the housing market.
I very much doubt if anyone will put their own money on the table nowadays and said price will go up. It may eventually do but many businesses do not have that luxury.
That is true, but Giles has always been one of the more honest dealers out there and was one of the few that was talking the market down at the start of the year.
How exactly are they ‘targeting’ them??
They responded to a query with a low offer.
I wouldn’t call it targeting.
Vulnerable and desperate ?
How did you come to that conclusion?
Surprise, surprise. Shocking news that people, whether individuals or companies, are not wanting to spend big bucks on small luxury trinkets, in the midst of potentially the biggest economic downturn in history.
Thank goodness the only ‘investment’ I consider that I’ve made, is the time and effort to research and choose what I want to wear. The money spent is exactly that; spent. Never to be seen again. If I do sell, then a watch is worth whatever I get for it. End of. Anyone who thinks a secondhand item should be automatically worth more than they paid for it is somewhat delusional, probably partially understandably, given the way some items have been talked up over the last few years. Crazy.
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Bought my Daytona at rrp which was exactly £3670 about 16 years ago , I’d think I’d get more than I paid for it if I wanted to sell it tomorrow , but that makes me at least partially if not fully delusional in your opinion.
Who’s crazy ?
If you are loosing your income right now or potentially in the near future with mortgages and bills to pay, then quite simply anyone can become desperate and vulnerable almost overnight. Some of the supposedly wealthy people I know are credited up to the max in buy to let mortgages etc, many of them are self employed and have zero income right now and for the foreseeable future.
Desperate and vulnerable can happen to anyone.
True that
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I had the same buy back guarantee with WF but under the previous owners but when Richemont took over they refused to honour guarantee as it was not issued under their ownership.
No dealer/ seller wants to be dropping prices in the shop window as that sends the clears message to potential buyers that the market is dropping, at the moment they are looking to hold firm and as stated protect the business from a fire sale.
It will not be the couple of weeks ahead that will shape the market but the next few months, if buyers do not return or are unwilling to pay the inflated prices, then the dealers have a problem. You can talk up the market all you like but if no one is buying you either drop prices or go bust.
Unemployment across the world is spiking, in the US and Eurozone alone predicted 30/50 million jobless in the coming months and here in the UK if it had not been for the Government intervention anyone’s guess at the level it would have reached with the then millions of mortgages/credit default etc.and this I feel has lead to a false sense of security that everything will just go back to normal because we have not seen 3-5million being made redundant overnight.
No disrespect to the comments by Giles but would anyone be talking about a return to a strong market if the millions of workers who have been furloughed had instead been made Unemployed, which unfortunately for many is still a worrying concern lying ahead.
Every clothes and shoes store is having to slash prices to get a sale and if no one is buying shoes then they certainly not going to be buying a £12k Batman and sooner or later the dealers are going to realise that for now the fools market of inflated watches is going fast.
Last edited by Flasher; 4th April 2020 at 19:17. Reason: Error
Interesting hulk on blowers Instagram seemed lower than most one eBay
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I watched that auction also, Watches of Knightsbridge
Assuming the winning bid was genuine and not a shill to seep the illusion alive?.
When you look long into an abyss, the abyss looks long into you.........
There were plenty of lovely watches in that auction that did not make the minimum guidancea d therefore passed I was also surprised on the Blnr to be honest achieving effectively 12.5k after the premium. Highlight was a top condition zenith el primero a386 with ladder bracelet sold for 13k including premium
Interesting hulk on blowers Instagram seemed lower than most one eBay
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They have been taking offers on nearly all of their stock and dropping prices by a couple of thousand on their special offer pieces.
Or the buyer forgot they had further premiums to pay after the initial purchase. Illusionary practice is all to common in the Art auctions, with sellers realising that the piece is going to sell for low estimate or worse and bid up to protect prices. Recorded as a sale in the auction pages but then does not get finalised behind the scenes away from the spectators.
I have no doubt folks aren’t rushing out shopping for a shiny new watch right now, but give it a while and i’m sure things will return to some level of normal. Look at things another way, there is still a significant amount of cash out there sitting in isas and even current accounts. At 0.1 % interest rates and dividends being stopped etc people may well think what the heck, i’ll have that watch i always wanted, it’s better than money depreciating in the bank.
Who knows where the economy will end up, but this could all be over in a matter of weeks, it could take a year, but it will be done with i’m certain of that, and then the banks will still run, the million houses a year will be built, the plumbers will keep plumbing and the teachers will keep teaching. There will still be money for things other than food and bills.
I may just have a positive outlook on things and time will tell.
Are we Talking about the Watches of Knightsbridge Auction last weekend
The estimate on the BLNR was 9-10k but i thought it didn't sell..
Apologies if if have the wrong auction.
It would be interesting to hear from the OP what price he was expecting from Watchfinder in the current situation
Last edited by SteveM112; 4th April 2020 at 19:42.
I like that, reminds me of the Sunscreen song.
Cheers
JIm
Can’t see that happening any time soon. Haven’t recent housing completions been about 200k pa?
EDIT: 240,000 last year was 30 year high!!
https://www.theguardian.com/society/...ment-data-show
Last edited by David_D; 4th April 2020 at 20:22.
I was not expecting anything like the offer, and to most folk have Rolex,s then can appreciate the offer absolutely ridiculous to say the least.
They get that many enquiries so they not bothered it's a enquiry to them. But it is what is will keep it
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It’s an interesting time for the market
I was chatting with my local independent dealer by phonelast week and he tells me he has had many more than usual enquires from people wanting to sell their pieces but the prices being asked are totally unrealistic many of the pieces being offered are the current watches that command a premium and he is unwilling to offer anywhere close to the unrealistic asking prices..
Maybe the flippers are being flushed out and are holding too many pieces..
A dealer makes his margins whatever the market
I don’t see the market crashing maybe just some realism and our only reference point is the 2008 crash when prices remained relatively stable.
The only major difference back then was Nobody was paying a premium on New watches and were mostly obtained with a discount.
Those who have paid silly prices may have to take a hit if they need to cash in but it’s definitely not a great time to sell unless you are forced to.
Sit tight
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Well I hope they don’t but that’s what ‘they’ say we have to build. I for one don’t think that’s what this country needs.
Yep their offer seems silly to you now. Today you want, lets say, £10K, next month you'll settle for £9K, In 3 months £6K might sound reasonable.I was not expecting anything like the offer, and to most folk have Rolex,s then can appreciate the offer absolutely ridiculous to say the least.
They get that many enquiries so they not bothered it's a enquiry to them. But it is what is will keep it
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Ridiculous is relative.
Last edited by Padders; 4th April 2020 at 20:48.
Would be interesting to know if the dealer in question who is unwilling to pay the unrealistic asking prices from sellers is similarly unwilling to ask buyers to pay the unrealistic asking price premiums that are found in many a secondary dealer��It’s an interesting time for the market
I was chatting with my local independent dealer by phone
Maybe the flippers are being flushed out and are holding too many pieces..
A dealer makes his margins whatever the market
I don’t see the market crashing maybe just some realism and our only reference point is the 2008 crash when prices remained relatively stable.
The only major difference back then was Nobody was paying a premium on New watches and were mostly obtained with a discount.
Those who have paid silly prices may have to take a hit if they need to cash in but it’s definitely not a great time to sell unless you are forced to.
Sit tight
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Last edited by Flasher; 4th April 2020 at 22:59. Reason: Error
He had always had a decent selection of premium pieces but just an example he gave me were a couple of Rolex Hulk owners still wanting £12k+ the flipper still making I guess £5k+ with zero overheads or worries
that price is above current dealer asking prices with everything that a shop involves staff wages overheads and a guarantee on the watch let alone his reputation and Taxes to pay..
You might not want to hear it but the reality is unless it’s 8k buy then in the current climate it’s not an option..
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Rolex SS Sports watch prices
people need time to mentally adjust
If you paid a premium over list expecting to flip it at a profit........times have changed.......you will probably, (now certainly), lose money and in this market of falling prices, your first loss will be your cheapest........ so keep in an suffer a bigger loss in 6 moths time
If you bought the watch at list to enjoy, but now want to sell because you want something else - if you take a loss of 10% you should be happy with that as IMHO things will get worst ...... again, a loss now will be smaller than in a few months time
about 7 days ago I offered 96% of the asking price for a GMT, which I felt was advertise at a fair price, my offer was turned down and I was (very) surprised ........ but that was 7 days ago and now 7 days ago seems an eternity and I am happy that the seller turned my offer down as I do believe in a months time a similar watch will be had for £1,000+ less ............there are thousands upon thousands of Rolex GMT's out there - they are not rare.......
Last edited by BillN; 4th April 2020 at 21:05.
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