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 .
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 so 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 .
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.
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.
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!
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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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....
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.
As others have said , supply and demand thats what affects prices . I would hold onto it ,unless you need to sell !
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.
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.
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.
It’s Still a secondhand watch even if unworn
I think it’s a pretty reasonable offer
😂
There is no watch/house/job/car market at the moment.
I think prices will be down to 2014/15 levels before the end of the year - I've said this a few times in the past three weeks
Stating the obvious: the economic situation is really really serious and the demand for £10k watches will just fall and fall with an obvious drop in the market value.
It will just simply be a function of supply and demand .........it's not rocket science
We are already there. Anecdotal evidence from large watch dealers on YouTube that many dealers and flippers are stuck with a large stock and are having to take a 20-30% discount to unload ‘hot’ PP and Rolex watches.
I wouldn’t be buying a Rolex off SC without offering 30% less. Why would you when the stock market is down 30% and still falling?
For those flying a kite, and advertising and think they are going to get Jan 2020 prices for their premium watch, dream on. Unless they snag a fool.
I think Watchfinder and the like would be better to just pull up the drawbridge until its over in respect of buying more stock rather than ‘bid in the balls”...as people remember long after these crises subside.
They are currently bidding to deliberately not ‘own’ ....and probably protecting cash.
Im sure markets will recover for everything eventually....its just the ‘when’
Interestingly rather than cancel their classic car auction CCA have done it over 2 weeks online (still running)..and stuff is selling only a 50% sale rate and with reduced buyers premium but some ok results.
https://www.classiccarauctions.co.uk...ew_lots/pn/all
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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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’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).
Watchfinder do they not want to buy Premium watches?
I guess the answer is - they don't.
Even though what I own will be worth a lot less I’ll personally be happy to see these days return....means I can buy more, and the watches I want actually become available. I’m not into watches to make money, I buy because i like them so bring on the fall in values!
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In this climate, below rrp is why prices should be but what % is up to whether there is demand. I suspect it is a buyer market.
This doesn't surprise me at all, buyers for current Rolex aren't going to pay a premium in this crisis, those days are gone. I still don't think that people have yet grasped that the world as they knew it is gone..utterly screwed.
One fact.....
In the last 10 days, 10,000,000 Americans have lost their jobs*...thats 10 million in 10 days and the epidemic has yet to really take hold over there.
I fail to see how the world cannot be going into a catastrophic recession...a financial meltdown.
* they have not been put on gardening leave or temporarily laid off... they are unemployed.
This is what I think people just cannot grasp. This isn't going to be a recession .... it's going to be the biggest economic depression the world has ever seen. If you're in your 50s or over your best days in terms of job/pay/money/lifestyle are probably behind you.
How many time’s have we seen ‘steel sports Rolex, it’s as good as money in the bank’. No it’s really not.
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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Anyone who thinks this will be a mild, controllable, event is probably in for a big shock. The conversation people are avoiding is the very real chance of complete economic collapse. There’s never been an event like this in modern times, and no-one knows whether our economic systems can survive. Forget chat about watch prices, that’s trivial. Consider a world where your house and savings have very little value.
Scaremongering? I certainly hope so, but people seem lost in a dream.....when it’s actually a nightmare.
Last edited by paskinner; 4th April 2020 at 14:30.