Patek Philippe

i was reading an article in financial times explining that the u.s. economy is so slow that alot of high end watches are being sent  asia india and arab countries. is that your knowldge too. it seems sometime difficult to find a given model. also i read that patek is having problems hiring master technitians is that true? thanks jgarcia

I don't think the first thing is correct .

 

But they can't find enough educated watchmakers, this is a problem for ALL Swiss watch manufacturers

in what you read.I have also read  that as sales slows in the US, watches are diverted and sold in Asia and China ( includes Hong Kong) where demand is booming. All the swiss watch brands are happy as sales growth dip in the US are all taken up elsewhere where the economy is still booming eg . China , Asia and Arabia.To give an eg. Richemont sales increased by 6 % in the US   last financial year but increased by 25 % in China ( includes HK ).In China , just a few years ago, Omega was very prestigious, then Rolex.Now Patek and VC are very sought after.That is why VC is opening more VC boutiques in China. As to shortgae of skilled watchmakers, that is for all swiss brands.

I don't think PP has an AD in India. None on the PP website. I havn't seen a single PP for sale in any of the high end watch shops I've been to in Mumbai / Bombay. One dealer I know is an official service center for PP, among other brands.

 

fnk

Asia market (both China and Hong Kong inclusive) accounted for around 44% of the total sales and the aggregrate sales in China and Hong Kong already accounted for around 33%.  I am not sure whether these figures are correct but, based on the pace of PP setting up its boutique in China (two boutique within three years), we can at least have some idea about where our beloved models are heading to. 

I've once been told that the biggest market for Patek is Europe.

Can't remember the figures anymore but I think 40-45% of the total production is for Europe, Asia gets around 30-35 % and the US 25-30%

I think the gist of my post and others is that the demand in China and HK , especially China is growing exponentially, so any slack in demand from USA and europe because of economic factors are taken up by China HK and Asia and only the watch brands are laughing all the way to the bank.Let us not be too hung up on the stats. 

none of us are certain about the real breakdown but one thing I am sure is that I have seen lots of relatively rare models including 5004, 5102, 5960, 5070, 5980 and a set of 5076 in the boutique in China.  These models were for SALE and not only for DISPLAY like those in Geneva, Paris and London.   

This message has been edited by adriantsang on 2008-07-24 21:33:02 This message has been edited by adriantsang on 2008-07-24 23:44:21

so the reasons they are still available

but if you look at the auction prices of 5102, 5076, 5004 and 5980, you will realise that the prices are not that high in particular to those who have deep pocket and no patience to get in the endless waiting list.  Moreover, for 5004 and 5076, I don't think you can just bump into any PP boutique in Europe and buy these models at list but in China you can.

This message has been edited by adriantsang on 2008-07-25 10:55:38

I've not seen or know of any Patek retailers in India or indeed come across any serious collectors of Pateks in India.
Indians who collect Pateks elsewhere in the world sure...including me (vintage) !

Personally I don't think recession stuff affects the middle/ top end of the Patek offering ....may be entry level perhaps.

my 2 cents.

Roni

there are no serious patek collectors(specially for vintage pateks) here in India,and all the ADs of other high end brand are  desperate to get patek dealership as there is very high demand for patek watches.

regrds from india.
manish.

They have their very own A.D in Pakistan, Lahore , and I have seen some really exuberant pieces at their boutique. I bought ma 5712G and R , 5980, 5040, 5167 and ma recent buy was the 5159 that I also got from Pakistan. So the market is definitely growing there because even there they have a long waiting list for the nautilus either 5712 or the one eyed 5980.