Patek Philippe

rumors. Keep in mind we discuss prices here, only via PM or email. Thanks, for understanding!

Oliver

It is official as of today.

You will have to call the HK ADs to find out.

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... not pick up another worldtimer. I am going contrarian.  Buy high and sell low !! LOL !!

AD told me 175th watches remain the same pricing globally. 

The AD's whose country currency had price reductions are certainly feeling the heat.  They lost a large amount of equity on their inventory, and are concerned that customers who felt the same may not come back for a while.  Some are having a fire sale quietly in order to dispose the inventory that they hold from the higher price point.  They want to reset with new inventory at a lower price point.  Therefore talk to your friendly AD quietly, and I bet there is a good chance to get a friendly price on the watches that they have.

…Precious… (croaked in my best Gollum voice)

US 7% Decrease across the board. 

EU countries increase I presume?

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someone posted the new HK price list, interested parties can go over there to check it out.

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PP has sent a letter to all ADs explaining the 7 percent immediate cut in the USA in effect until June 30 at which time it will be re-evaluated. Tough on the clients who just purchased.

Patek Philippe has reduced the prices of its watches by 7 percent in the Americas, effective Feb. 10, in reaction to recent currency fluctuations in Europe and Switzerland. In addition to the Americas price decrease, Patek Philippe is lowering prices by 7 percent in Hong Kong, 5 percent in Switzerland, and 3 percent in Asia-Pacific markets. And it is raising prices by 5 percent in Japan and 7 percent in the rest of Europe, minus Great Britain, where they'll remain unchanged.

I am certain that is exactly how many Patek customers, especially very recent ones, must feel. (Honestly, how would you have liked to have purchased one of their watches recently to find out today it costs 7% less retail?)

The company has sent a very disheartening signal here, clearly damaging their long term, skillfully developed message, that Patek was different from their competitors in the marketplace.

They had, under the three previous generations of Stern family leadership, worked diligently to craft an image of  a 'Family' owned company, producing higher quality, 'enduring' products, never "selling out" to huge conglomerate entities because they value their tradition, their history and their customers more than anything.  

This purely financial action, sullies that generational effort, now making it transparently evident that Patek's corporate words are simply a marketing tool, unsupported by any real, strongly held core values.  Let's see how it ends?

This message has been edited by ESF on 2015-02-12 00:03:31

Of course they are just marketing tool, the only true core value of a corporation or company is making money, anything they say or do is just a means to an end. 

who just purchased a Patek in the US or some other markets would be unhappy in regard to timing.   Then again, might still be good they chose Patek---let me know another brand where you take "only" a 7% haircut out the door.    And I suppose the guys in the EU are unhappy they did not buy earlier.  

I am in Switzerland and while I do agree with some of your points I think that this was inevitable: at the current euro/chf exchange rate it would make no sense for someone in Switzerland (or a tourist) to buy from here. You have Germany, France and Italy just 2 hours away so it would simply be very difficult for Patek or other luxury brand to maintain their prices at the current level in Swiss Francs. 

Of the overall market, so it really doesn't matter that much what the prices are in Switzerland. Asia market is what matter nowadays, there's no denying that Patek overplayed their hand in HK, resulting they have to do two price deductions in the past 3 years (once in 2013, and Feb. of 2015). 

Switzerland is indeed small but is the country of Patek. I recall reading an interview where Mr Stern explained why their pricing policy was to have always a slightly lower price in Switzerland: they want to encourage visitors to buy in their Geneva and other boutiques and obviously being the home market is treated differently. The whole price change was triggered by the CHF.

During a red hot market Chinese market, Patek HK raised price three times, over 33%. Then in 2013 the market slowed down, Chinese buyers got more wise, and they stopped buying in HK ADs because it's way over priced. 

It was a blow to the stomach for many.

we should stop here, without discussions against our own forum rules. Thanks, to all!

Price increase or decrease: I am defininetly not a winner on that matter, but I can´t change it anyway. So, it is like it is - good or bad.

Oliver

I'm in Canada and I just ordered a patek 5146G few days ago that is supposed to arrive at end of Feb/Mar.

I emailed my dealer yesterday and my reply was that they only received a letter from Patek regarding adjusting prices in different regions.

Any chance anyone know what's happening up North?

which price he asks from you ...

All I can do for you is to show you the relevant detail from the official letter your AD mentioned:

"Americas" includes Canada. So I presume we also have 7% reduction.

This message has been edited by watch-fan on 2015-02-13 09:29:42