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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Last edited by bokbok; 4th April 2020 at 10:51.
It’s clear that they do want to buy watches , just not at a price that suits you.
To be fair I’d love to buy a few BLNR at that sort of price .
Originally Posted by Buster73
Bet you would and half of tz lol
Interesting times ahead.
Oh dear.. I wonder if you will get a follow up email chasing you for the watch !
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They are a business I get that, but I can't help but feel they are targeting the vulnerable and desperate. It's pretty disgusting.
The 'vulnerable' include people selling Rolex?
There was sadly one posts this week from a fellow watch enthusiasts in the coronavirus thread stating their business was gone and they were financially ruined. And that's just one, so yes unfortunately the vulnerable will include Rolex collectors.
Yeah, those poor vulnerable and desperate people, who just happen to have an unworn Rolex GMT Master II BLNR sitting in the safe, and nasty Watchfinder won't even offer them the RRP. Disgusting!
My heart bleeds
But that isn't the point is it, your average collectors isn't going to fall for selling at those prices are they? So no hearts need to bleed for those, its the innocents thy have been put in difficult situations through no fault of their own and have to sell to survive that we should spare a thought for.Yeah, those poor vulnerable and desperate people, who just happen to have an unworn Rolex GMT Master II BLNR sitting in the safe, and nasty Watchfinder won't even offer them the RRP. Disgusting!
My heart bleeds
Grim practice and a reminder when better times exist who to use. Would say the pricing model there is abusive and targeting those who must sell. The economic implications of cv makes no one immune to vulnerability. Just because you have a few nice things or even a lot does not mean you are immune or wealthy. Plenty in the ft weekend to provide better colour on this.
I get the point but no one is forcing them to sell to WF. I don’t think many people with an unworn waitlist model don’t know the rough value of their watch. People weren’t complaining when they were offering £11-12k for GMTs!
I obviously do have sympathy for those in bad financial situations, but I don’t think WF is the issue here. Most people will have lost huge amounts in investments in shares / funds including pensions.
I would think that many have "lost" six figure sums on their Stocks/Share portfolios, but I would expect that most have not crystallised their loss, saying/hoping/expecting that one day soon it will all come back
Maybe the same could be said about many other investments
"lost" = seen the value fall by
Last edited by BillN; 4th April 2020 at 11:45.
You do have to feel for the people that have been put in difficult situations through no fault of their own and have to sell to survive.
A lot of people got caught up in the internet hype over the past few years unfortunately paying way over the odds for certain brands / models and they will be the worst affected if they need to sell.
I think that's the first time Rolex owners have been described as 'Vulnerable and desperate'!!!! I think you are being a wee bit over dramatic there...
To be honest i don't think anyone truly desperate or vulnerable have a Rolex to sell.
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We've already done this but thanks, and you missed the rest of the replies.
I myself have put a Tudor bb in for part exchange only last week and they offered me £635 as you can imagine I declined there offer and they lost a sale as well before they were owned by richmonte or subsidiary off,they were decent to deal with but not anymore.
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.
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?
They're not targeting anyone, are they? Potential sellers are contacting them not the other way round.
Very true and they and others will no doubt capitalise on that but when your part xing your buying as well
So in my opinion prices need to reflect that.
WF and also WBAC (the motoring equivalent of WF) have basically shut up shop on the buying side since the sales side has collapsed. I can't say I blame them. They are sitting on a pile of stock they cant shift with a massive capital cost. Rather than saying no thanks, they are lowering their buy in to reflect the fact they only want it if it is very cheap. This may well be a further indicator of a pretty sizeable correction in the prestige watch market occurring, the signs were already there pre virus. Premiums on sports Rolex may be rather smaller (or non existent) in 3-6 months would be my guess. The market has been too frothy for years. The same goes for some areas of the classic car market, air cooled 911 for £30K anyone? It may happen sooner rather than later.
Last edited by Padders; 4th April 2020 at 10:58.
I guess they are receiving a lot of valuation enquiries right now and feel their stock levels are more than adequate.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 offer
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Why don't you throw it on here, what's the worst that could happen
As I said in another thread, it's a go away price. They don't want to get caught holding stock during the coming financial crash so they offer a piss take price in the hope that you go away.
Worst case you take the offer and they feel confident they can make a profit whatever happens at that price.
Interesting indicator of where they think the bottom of the market will be in the worst case.
To the OP - what did you expect. All the wailing on here suggests that it will be a buyers market.
Two things of note, I suspect Watchfinder have more than enough stock at the moment. The clever money will have sold their "investment pieces" months ago. Also Watchfinder need to maintain cashflow. If the doom mongers are right then all luxury watches will be relatively, as cheap as chips for the next decade.
My advice would be buy, but negotiate hard, see opening sentance!
It was just to see what they would offer really want the pepsi version. Was not expecting that low as surly Rrp would have been the offer on unworn Batman at least not 3k underTo the OP - what did you expect. All the wailing on here suggests that it will be a buyers market.
Two things of note, I suspect Watchfinder have more than enough stock at the moment. The clever money will have sold their "investment pieces" months ago. Also Watchfinder need to maintain cashflow. If the doom mongers are right then all luxury watches will be relatively, as cheap as chips for the next decade.
My advice would be buy, but negotiate hard, see opening sentance!
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If it was your business what would you do? Send an email to say no thanks, or send a low low offer? 2/100 might take them up 0n it, that’s still better than nothing in their eyes, if they don’t make an offer someone else will....
I was looking at WF last night and was thinking their stock levels seem high. They don’t often have some of the early 2000s VC Overseas but right now they’ve a couple in steel and one in gold.
I wonder if they are taking some offers now that they would have rejected in January?
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To be honest people approaching WF with brand new BLNRs probably aren’t vulnerable! I think as others have said they aren’t buying up stock right now, so are just making low offers.
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I’ll give you the Watchfinder valuation + £500? :-D I’ve seen a few priced that way here before.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 offer
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You say that but I notice on another forum I'm on that people crowing about having a new Rolex a couple of weeks ago are desperately trying to sell stuff because they were living to their means and beyond...
Very true. Perhaps I should have said ‘people with a brand new BLNR SHOULDN’T be vulnerable’!
How many time’s have we seen ‘steel sports Rolex, it’s as good as money in the bank’. No it’s really not.
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.
As others have said , supply and demand thats what affects prices . I would hold onto it ,unless you need to sell !
Given the ‘buy’ price offer they are saying that the ‘true’ market price (ie one where there is a liquid market of buyers and sellers) for a BLNR is around £7-8k, which I actually think is probably not that far off right now. Lots of people would say they would buy at that price but I am sure a lot would pass given levels of employment and uncertainty.
Prices will only really drop once loans get called/mature and repossessions start. Then it will get brutal for all the greys. “Live by the sword, die by sword” is my view on this particular business.
There is no watch/house/job/car market at the moment.
Given that sales on SC usually refer to the marvellous offer they have just received from WF, wonder if they will be so keen to make reference to WF now. Should make future pricing interesting.
There was a period every single sales thread had a reference to great offer from watchfinder was a good year or so round about the time before selling to Richmont group lol
But since purchasing they offers started to slip. I think sales thread moved on to chrono24 have one between say 15k and 22k mine is a reasonable £13k
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It seems that Chrono24 is the new kid on the block when it comes to sellers talking up value/offers and with threads like this highlighting the current state of the market via WF, quite sure we are going to see more and more Chrono24 values arriving on SC etc.
Seems like they’re referring to the “marvellous” prices WF are selling at rather than buying at nowadays.
I watched an online auction last Saturday and whilst a good few didn't make their reserve some went for decent money.
A worn BLNR did actually sell for £9600 and with a 30% buyers premium(VAT plus the rest) to go on top it makes it an expensive watch.
Not too sure the market will go as low as people think.
I 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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If you get 2 pms I’ll have the second one please !I 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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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’m slightly bemused by this thread, WF are a business: no one is forcing anyone to buy from or sell to them, and they are surely simply doing what makes sense to protect their business in absolutely horrible times.
I suspect (not having ever dealt with them) that WF themselves are in a pretty precarious position.
I realise there are going to be some distressed sales but that is almost certainly the case across the board, not just watches.
As an example I was in the market for a new car back in Feb but I have definitely put that on hold for the foreseeable - it seems obvious to me that discretionary spending is distinctly unlikely right now, certainly until we get a better idea of when things might improve (or at least stop getting worse).
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
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