i tend to agree with that analysis. and it happened with an AD that had retired shortly before. funny that....TS got what he had wished for.

Jul 24, 2021,21:26 PM
 

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Olive Nautilus sells at auction for $490k

 
 By: Koozy : July 23rd, 2021-08:12
Not sure if I can provide a link but just read a story about an Olive Nautilus selling for $490k at Antiquorum. The story indicates that the watch was factory sealed and it was easy to identify with serial numbers readily visible. This is so frustrating a...  

Crisis? What crisis? :)

 
 By: amanico : July 23rd, 2021-08:14

;)

 
 By: amanico : July 23rd, 2021-09:02

While I know that it is a free market...

 
 By: APROchrono : July 23rd, 2021-08:26
... i hate that this is happening. Frankly it has ruined the collecting experience for me. Whilst I don't watch secondary prices closely, it's tough not to get the gist of it. There are a couple of watches I have bought, which remain unworn because some p... 

+1.

 
 By: Lankysudanese : July 23rd, 2021-13:34
I’d posted a share of Hodinkee article about this.

Just did. Enjoy

 
 By: Lankysudanese : July 23rd, 2021-18:24

Many thanks!

 
 By: APROchrono : July 23rd, 2021-23:56

I am in your boat. I am not a speculator simply a collector.

 
 By: Galen : July 23rd, 2021-13:51
I buy watches and wear them. I don’t follow prices and don’t really care. I enjoy watches for their history and mechanical artistry. It’s art for the wrist. Pure enjoyment.

I think the biggest sin...

 
 By: dnlmpg : July 23rd, 2021-08:32
... is you didn't provide a full picture of the lady that's holding the watch

😄

 
 By: @lberti : July 23rd, 2021-08:38

Plus 1

 
 By: myles721 : July 23rd, 2021-12:26

Don’t understand this…when the buyer could have acquired a 5204…

 
 By: pfang56 : July 23rd, 2021-08:53
And many other pieces to earn enough support to get a Nauti. Maybe it’s Patek? Not the first time… Peter

What a pity

 
 By: hazzgard : July 23rd, 2021-09:00
As you said very well it is a pity (new and sealed)…., but that’s also the game of PP doing a very limited edition of this reference. It is a shame to have done so beautiful watch in a limited edition, because to have seen it and tried just for fun, the d... 

"Miscellaneous Income"

 
 By: MichaelC : July 23rd, 2021-12:20
If it makes you feel any better, if the seller lives in the US, a sizable chunk of his profit goes to the IRS. Or the seller exposes himself to jail time. That's it, no grey area.

Question for you Michael.

 
 By: Jay (Eire) : July 23rd, 2021-13:03
Do you know where watches that are used every day, personal items (not a defined term), fall in terms of taxes in the US. Is there a scenario where these might not be treated in the same way as art for example? I would assume most don’t claim the losses w... 

I am far from an expert. Here is what I know.

 
 By: MichaelC : July 23rd, 2021-14:37
Yes, losses can be claimed against profits in the same year. So, if this guy sells a watch at a loss this year, that amount would reduce his total exposure. But the item does not matter, this sale absolutely qualifies as miscellaneous income in the US. Ye... 

Do you forget a fourth scenario?

 
 By: VinnieD : July 23rd, 2021-12:24
Where the AD himself could get an additional back margin through a deal with his client? I heard some stories involving Rolex ADs

3

 
 By: myles721 : July 23rd, 2021-12:32
It’s hard for PP to want it both ways…we’re making a limited edition of great value but don’t ever flip it? I own only Omegas…part of me wants them to go Rolex and limit production to increase cache but all that gets you is the same watch that is harder t... 

Couple of comments from me...This is both underhanded, sad, and stupid.

 
 By: U3O8 : July 23rd, 2021-14:13
No names here. But there was a certain Head of Sales of an in-house Patek Salon at a venerable jeweler with a long long long relationship with Patek Philippe. Anyway, this Head of Sales (HOS) cultivated a certain set of moneyed young gents in a foreign co... 

5711 never appealed to me either

 
 By: socal to az : July 24th, 2021-22:05
It’s a decent watch but honestly- remove the hype and this thing should be 5k.

...or maybe...

 
 By: Peter : July 23rd, 2021-17:04
all this is a publicity stunt by PP and they orchestrated this.

I like how you're thinking!

 
 By: patrick_y : July 24th, 2021-07:37
It's more likely that Patek Philippe knew that this was going to happen and they were just hoping it would happen since it'd bring so much free publicity for them!

It's definitely great publicity for Patek Philippe! It's like free marketing.

 
 By: patrick_y : July 24th, 2021-22:32
Thierry Stern probably wishes the AD knew the client better. But at the same time, he probably realizes he's getting great publicity at no cost to him.

Check IG

 
 By: drphileasfogg : July 23rd, 2021-20:11
Looks like a rogue AD that got back at PP.

We may be missing the point here.

 
 By: Chimaera : July 24th, 2021-08:35
PP, by quite correctly requiring their ADs to unseal pieces before delivery, created a whole new level of rarity/value: the still sealed piece. A grotesque paradox: like game reserves cutting the tusks off elephants to discourage poachers; resulting in th... 

Trust me I'm hating the steel/Rolex professional crisis as much as the rest of us but I actually think trades like this are GOOD NEWS, at some point excessive hype shifts, it finds a new toy to play with…

 
 By: CGJ0 : July 24th, 2021-10:14
atm it’s one derivative of watches and vintage with very specific / who should really care nuances. Don’t get me wrong the devil is in the details but some of them lend no meaningful aesthetic or mechanical point of difference. Trades like this I feel sho... 

The only person pity…

 
 By: Boris : July 24th, 2021-12:06
is the fool who paid a half million dollars for a watch not worth more than 25k in my book. But then again, people are free to do whatever they want to do with their money, including using it to light up a barbecue.

Maybe there’s a more gentle version of the story

 
 By: Jchua  : July 24th, 2021-13:46
1. The said AD was retiring, after many years as a dedicated AD 2. PP allocated a rare piece to AD, well aware that AD is retiring. Perhaps meant as a parting gift 3. AD gifted it to adult child 4. Child resold at a premium that the market was willing to ... 

I will just add one more finish to the story

 
 By: Jchua  : July 24th, 2021-14:16
6. AD’s clients are happy for the AD for a good retirement after being served well for so many years. Like I said, my imagination of a story that is different from what others think

Not a chance

 
 By: socal to az : July 24th, 2021-22:07
Lol. Good thoughts but zero chance this happens.