Patek Philippe

Hi All,

Do you know if there is any secondary watch shop carry PP in Shanghai & Guangzhou?

Thanks,
dw

Show case of it's timepieces - it is located near Tiananmen Square. However, one should really think twice before purchasing high-end watches in China because, compared to prices in Hong Kong

- there is sales tax
- there is import duty

On average, they are 30% more expensive. As a result, most Chinese people flock to HK to buy high-end watches because it is easy to carry them into China without declaring it (in theory this is against the law but very loosely enforced). Unaudited statistics show that Mainland customers account for 80% of retail sales in HK. This explains the phenomenal growth rate in both markets. At the moment, HK 'alone' accounts for 20% of Swiss watch exports, almost double that of USA. You get the idea...

Sorry to disappoint you.

Sam

1. mainland buyers do not represent 80% of luxury watch retails sales in HK. perhaps 50-60% by revenue at the peak and now that the market sentiments in HK have vastly improved due to the ultra hot property market (and stock market to a lesser extent), as well as a slower depreciating CNY vs USD/HKD, that percentage is probably more like 40% or less.

2. it is not *that* easy to bring these watches back now without risk, unless you leave your boxes in HK. in shanghai, all non hand carry luggage are x-rayed when one leaves the airport after going through customs and many officers search the handbags of ladies.

as for the info requested by the OP, which are shops that carry "preowned" PPs, there are a few reputable ones on Nanjing West Road. There is also a shop on Ruijin Road X Huai Road and another one on Xinle Road (near Shanxi Road).

prices in these shops are not cheap and be careful with the qualify of their pieces. of course it is much better to shop in HK if possible, where the market is much more mature and shop owners more professional.

Thanks for your info and I'll check them out.

Best,
dw

FYI - I attended a very cool luncheon this week with Hank Edleman, the Chairman of Patek Philippe USA.  The subject of China came up and he stated that Patek Philippe now has a retail presence in both Beijing and Shanghai.  It was interesting to hear his perspective on the emergence of the China market.

Steve

Patek's own shop at the Bund has opened for a few years now. I remember there may be another shop on the Pudong side but not positive. Many brands have opened their own boutiques (as well as boutiques owned by watch dealers) in Shanghai/Beijing. Basically all the major brands have boutiques here.

Hi,

Its obviously a different brand, but the VC Maison in Shanghai carries some vintage VCs, the selection is occasionally a bit sparse and prices are high due to the import tarriffs.  But they've all been restored by VC and have Certificates of Authenticity.

Even if you're not looking to purchase a VC there, the Maison is worth a visit if you have the time.

Best Regards, Dan
This message has been edited by dshao1 on 2010-10-24 00:20:00