The original owner, Gregory Pau is the son of a now closed AD. And almost certainly won’t be getting anymore PP’s at retail.
*Edit. Turns out it’s a different Gregory Pau. The son of an owner of a now closed AD. Sneaky beggar.
approx £350k including buyers premium. I don’t understand any more.
https://www.watchcollectinglifestyle...urchasers-name
The original owner, Gregory Pau is the son of a now closed AD. And almost certainly won’t be getting anymore PP’s at retail.
*Edit. Turns out it’s a different Gregory Pau. The son of an owner of a now closed AD. Sneaky beggar.
Last edited by jimmbob; 22nd July 2021 at 21:51.
That is just crazy.
Quite. Hooray for money. Still, I hope it stings a little bit next time he wants a PP and is forced to go grey.
Never too rich to get caught with your hand in the cookie jar.
I wish PP had the manufacturing capacity to utterly flood the market and attempt to put an end to this madness.
A good article. Whoever bought that needs their head tested.
How? A £35k watch still has a limited audience and would still be classed as very high-end. It would mean that those who can afford £35k would get one and PP would increase sales and therefore revenue and profit.
I only see it as a win for PP or any of the other brands that are choking supply. I'd have thought their interest would be in selling more pieces.
With respect, you maybe should consider the rules of supply and demand for this end of the market. A £35k watch absolutely does not have a limited market in today’s world I’m afraid.
And brands like PP/Rolex/AP don’t “need” to sell more watches at all so there is no need to “flood the market” even if they could and were stupid enough to do it…..
Don’t have to like that state of play but it’s just way it is and will get worse before it gets better.
At that the price the watch is now surely unwearable as just opening the plastic bag will knock a huge sum off the price!
utter madness
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The auction winner was Patek btw. An AD I know who deals with people significantly more wealthy than me and who buy Pateks said Patek are livid, that this will mean the seller is blacklisted and they do not want these pieces getting outside of the dedicated network as part of the value of being a Patek VIP and spending millions on watches is the ability to be offered such rarities.
The AD will need to take their medicine too for selling a still sealed watch. Someone will get fired at the very least
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So Patek buys back a watch for more than 10x what they sold it for to maintain their brand exclusivity and position. Meanwhile the seller trousers a life-changing amount of cash and is barred from buying any more Patek watches. Absolutely insane scenario and I've no doubt the seller couldn't give a rat's ass about being blacklisted as he spends his bounty on other luxury brands.
I am sure you have seen this... it's from back in April.
Patek Philippe To Cease Retail Watch Sales
https://www.ablogtowatch.com/patek-p...-value-salons/
"The whole purpose of mechanical watches is to be impertinent." ~ Lionel a Marca, CEO of Breguet
Bizarre that someone would pay that much. Even if it is Patek who bought it back, there was still another bidder willing to pay almost as much to drive the price that high. Don't blame the seller, it's an absurd amount of money and in his shoes I imagine 99.99% of people would do the same.
This watch is all a bit secretive. The Watch Guys on YouTube (ironically one person) got one of these and made a video awhile back, but that video was removed within a day and he was very vague as to why. He'd obviously put a lot of effort into the video, so I have a strong feeling Patek asked him to remove it.
There is a price point at which anything, however beautiful or marvelous simply becomes grotesque. What AP have done is make it just that.
Marques are becoming too arrogant. Because they sell to the super rich they think it’s status by association. It’s not.
Make. Sell. Service. Stop with the games.
FWIW I think it looks bloody awful.
I can understand Patek buying it. Stern said himself that his number one priority was protecting the value of his customers watches. A big move but this would do it.
Still crazy though.
You have to feel for the guys who sold him that watch still sealed, they're going to be in a world of poo over this. The guy flipping is out of their control but still being sealed is a p take.
“The feedback we are receiving is that many people are not enjoying the process of buying luxury watches anymore, particularly the Patek Philippe brand, which some people claim are very stressful to purchase”.
It’s a great spoof and not too far from the mark. Bless their little cotton socks…