Reply With QuoteFinally, an interesting new topic. I can't say I'd noticed the rising prices of Rolex watches, but now you mention it, I see some are going for over RRP on the secondary market! Surely a flash in the pan?
Like you, I receive my daily dose of watch related emails from endless, varied sources and this week has been noticeable by many stating that the prices of used watches in particular is started to reduce.
Great.
But then the results of the recent Christie’s watch auction are announced:
https://www.christies.com/en/auction...-part-i-29567/
I know these are Rolex’s but how on earth can they trade for so much over retail? And I think these price are plus premium and tax 😳
Finally, an interesting new topic. I can't say I'd noticed the rising prices of Rolex watches, but now you mention it, I see some are going for over RRP on the secondary market! Surely a flash in the pan?
Is this real, someone's paid over £40k for a red dial Oyster Perpetual?
No, someone laundered over £40k and got a free Rolex. Or the price of the Rolex was factored into the laundry.Originally Posted by chrisparker
How does this work?
I'm guessing buyer holds the dirty money, seller is in on the operation and sells buyer a Rolex far in excess of what anyone else would pay. Income to seller is now legitimate proceeds of a Rolex sale. Buyer becomes the seller and the process repeats?
RIAC
"Layering" or breaking traceable links between the dirty money and clean money.
- Use the dirty money to buy small items of high value that can be sold-on anywhere in the world. You can overpay as the profits from drug-dealing are so immense, you can take a hit.
- Transfer said items to another country such as UK and use 'smurfs' to sell watches to dealers who will transfer their clean money to a UK bank. Dealers sell on to punters, making a nice margin for themselves.
- Spend clean money on your high-roller lifestyle, safe in the knowledge it can't be linked to the proceeds of crime
Careful, therein lies madness (or an unhealthy obsession) ...
You should look at the Philips auction...
Sent from my iPhone using Tapatalk
Yup, unfortunately you’re right!
Crazy! Here’s results from a recent auction
https://www.phillips.com/auctions/auction/CH080122
And the AP Royal Oak sale results
https://www.phillips.com/auctions/auction/CH080222
Seems to me, if you want realistic market prices you have to look at the smaller auction houses, or lesser known watch auctions at least. Bonhams recent auction seemed to be generally sensible prices, with a couple of standouts for some rare watches like the original Mido diver with rainbow dial going for £7k ish.
I know some of the bigger auctions do attract watches in extremely good condition which drives some of the prices, but some just seen way above results from elsewhere.
Reading in the Sunday Times an article about Tom Hartley, the supercar salesman.
Tom states “I do think, though, that there are worrying signs in the luxury segment at the moment - there could well be a re-evaluation of prices in property, cars, and everything else”.
From context of the article, this suggests downward prices rather than increases.
Seemed like a decent article. I read a bit until the paywall stopped me.
If I tried to have a coffee machine in the bedroom I think my wife would leave me but I’d say his bedroom is the same size as my house.
Or a footballer/wag/reality star/YouTube person/influencer/millionaire idiot who really has more money than sense and won’t wait….
I have witnessed first hand someone overpaying hugely (circa £35,000) recently for a used (March 2021) GWagen to avoid the waiting list for a new one, paying £200k vs a list price of £165-ish. Immediately spent another £6k to have it wrapped Matt grey and private plated up so most people wouldn’t even know…. Guy kicks a ball for a living and doesn’t play in the Premiership……
Clearly earns that much money he doesn’t care.
In answer to the question on everybody’s lips, he was wearing a Hublot.
Auction closed yesterday add 6% & VAT on premium
So over 30k
https://www.watchcollecting.com/for-...olex-daytona-6
So seemingly still strong for the right models ?
Interesting interview on a Hodinkee podcast recently where they discuss that for a long time a lot of serious sales and auctions were dealers selling to each other.
Would expect a substantial amount of transactions do also involve money laundering, or placement of cash from questionable countries. The FT ran an interesting article on Christie's lack of thorough AML checks when selling Salvator Mundi.
Oh yes, "the sage of Swadlincote"
Hoodinkee was spot on. The dealer to dealer market with the odd one thrown out to the public accounts for 80%+ of transactions.
Months ago those who sell to the trade started to tighten up and now its public knowledge. Whether the public chose to accept it is debatable but the reality will hit them when they try to sell.
Last edited by 100thmonkey; 25th May 2022 at 08:04.
RIAC
Absolutely spot on and its been going on for a long time. Easily commutable assets across national borders.
Posting Permissions
