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SJX
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Each Watch Tells a Story (Part II)

Each Watch Tells a Story

Part II

By Su JiaXian

© February 2008

SJX : I hear trying to buy Pateks can sometimes be difficult…

ANON : Getting Patek to let you listen to watches is even more difficult than… I’ll tell you the story of when we went to Geneva [to the Patek boutique].

First, to get inside, the security is almost like a bank. You press a button, the doors open. You go in, the doors close, you wait and they look at you. We were wearing pretty respectable stuff you know so they let us in.

The moment you step in, someone comes and stops right in front of you, and asks ‘Can I help you?’

J told her we wanted to see some watches. She says, ‘Can you give me the list? I will see if they are available.’

I said I have some watches I want to repair as well. ‘Ah OK, follow us.’ They had this guy, like a bodyguard, walking with us, taking us upstairs. I had with me the 3979, the pocket watch repeater and the grande sonnerie; I asked them to check my watches. How much is it to repair? Do they need maintenance?

I also had some watches I’m interested in. The guy who was assigned to us, he just started two months ago so he was new. I gave him the list [of watches I wanted], it was a bunch of complications.

I didn’t expect to get any of them on the spot, to be able to buy you know, but I remember reading one of the articles where they said with the new boutique you can actually see the watches. I thought when they said see it they would bring one out so you can take a look, not just look at it through the glass you know. They have all the watches on display, even the grande complications, everything.

So [the salesperson] looks at the list and out of all the watches on it, only one was available, this one [the 5396 annual calendar]. Well, I expected that, you can’t just walk into Patek and buy the 5004 when they don’t know who you are right?

So I asked, ‘Can I be put on your waiting list?’

‘No, we are sorry, the waiting list is closed.’

You can’t get on the waiting list. Fine, if the demand gets to a point where you have clients for the next 15 years, tell me it will take 15 years to get it. But saying it’s closed makes it sound like an exclusive nightclub.

Can I at least see the watches? And he says we can’t show you the watches. So I said OK, I’ll take this one [the 5396]. So I went down, purchased it. After we got it, we talked with the guy and he said the biggest problem for him was that they are commission-based so they have to sell watches. But they can’t. At least in his old employer [a big retailer], they might have some rare watches hidden away somewhere to be given to special clients. But here [at Patek], he said he’d have people come in with cash but they had to say ‘Sorry, we can’t sell you’. So it’s difficult for him.

I understand the production [constraints], but this is a bit extreme. So after I bought the annual calendar, the guy said he’ll bring out one of the minute repeaters. We went back upstairs but there were some people there so we had to wait five minutes because he wanted to wait till everybody leaves. So the moment everybody left, they went to get out the repeater… you remember at Basel they had this really ugly looking minute repeater with perpetual calendar?

SJX : Skeleton?

ANON : Yes! Nasty one, that one. So they brought that one out and by that time they have brought back out my repeaters. So I listened to mine and that one. From my understanding, the more complications you put in, the more you disrupt the sound, and it won’t be as good. That’s why I went for the 3979, because it’s just a repeater. This one is a perpetual plus repeater, but it sounded still very, very good. And even when there was an auction and I listened to the 5016 with three complications, it sounded still very good. Whatever you say, [Patek’s] repeaters sound great.

Ref. 3979 Display Back

At that point I talked to the technician and asked him about my grande sonnerie. He said it could do with some work. He added ‘Are you going to use it daily?’ Probably not, I’ll just listen to it once in a while. He said it’s going to take three years and quite a bit of money, so unless I am going to use it every day, might be better to hold on to it.

It gave me a very poor impression, to be honest. They make great watches, but they come across like, how should I put it…

SJX : Like they don’t need your patronage?

ANON : Yes, exactly. Especially today when society is very customer oriented. I’ve worked in organisations which act like customers are working for them rather than the other way round. That’s bad. That’s a bad sign.

After that experience I was a bit put off by Patek. If this is the attitude of the people there, it’s not a good sign. Of course the perception has changed a bit since I met Thierry [Stern] at a dinner and we had time to talk.

I’ve experienced what it is to be like in an organisation that is family-run for generations. The worse thing to happen is someone who would come in and doesn’t want to be in the business but because of the family he’s doing it. Then they end up doing it not very well. So at least by meeting Thierry, I can tell he is very passionate about it, he likes what he’s doing.

I am very confident they are going to have a good future, if they can solve this issue [with supply]. That why I ended up getting the 5101. [Thierry] is very humble, very approachable. He’s a certain way and the people that we met at the boutique were very different. There is a polite way to tell people that we can’t help.

A humble Patek

SJX : So that’s one reason why you got the 5101 at Tempus.

ANON : I got the 5101 at Tempus and by the way, I’ll tell you one more story. The 5101 is probably one of the most comfortable watches I’ve ever owned. I don’t know why, could be my wrist. I didn’t expect it to be but again, I wore it for a week with no problem, even forgetting it’s on my arm. To the point where one day I went swimming, I jumped into the pool and the first thing I did was to check my wrist. Thank god I took it off before I went in. The watch is so comfortable that I almost jumped into the pool with it!

SJX : Then you should buy a rubber strap for it! (laughs) You already have what you want, more or less. What’s else has caught your eye?

ANON : Right now I’m trying not to look. (laughs) I have gotten the majority of what I want, I have an annual [calendar], a perpetual, a minute repeater, split-second, you know. The shape of my collection is getting to where I want so I don’t feel that I need to constantly look at what’s going on.

This year, I ended up buying a good amount of watches. Like with 2004, the opportunities to get so many good watches so I am hoping that maybe in the next year or so, I might get one here and there. Very selective. It has not gotten to a point where I want a specific one. For example the Nautilus chrono, I’d be interested in seeing that, seeing how it works. This is Patek’s in-house, first automatic chrono, you know all of that, so that would be interesting to see. But authorised distributors are selling it at a premium! Which is very strange.

SJX : Indeed. Many collectors are put off by the premium being charged for many popular watches.

ANON : Yes, yes, it’s getting to that. What’s going on? It’s getting to the point… I can’t believe people are paying it. What happened to the days where people would laugh if you have to pay list [price]? The 5040, I paid 30,000 for that and now I’m happy. Now people are willing to pay premium?

With things like that, I’m going to try, try, to avoid the auction scene. You want a good business? That’s probably the best business. They take 20% from the buyer, 10% from the seller. Plus the display fees are not included. You have to pay the production fees, plus the buyer pays within a week or something like that but the seller gets the money a month after that. So they have a float for a month for the whole amount. You want a good business? That’s a good business to be in.

SJX : So far we have mostly talked about your conservative and classic high complications like the Patek repeater. But you also have several avante garde watches. What can you say about those?

ANON : Well, you saw I have the Antiqua. For me, I like the function first. Of course it should look nice, but if it’s a function I really like I might get it. Like with the Antiqua, I love the concept… and the rotor, you know?

Far right: Vianney Halter Antiqua

SJX : The invisible rotor…

ANON : The look is a bit interesting, it’s unique. The platinum one is the one I like. The only thing I worry about is I think it’s a bit delicate, more so than normal. I had to send it in twice when the date got stuck. It’s bit annoying when you just get the watch which you’ve been waiting a long time for and then you have to send it right back.

Far right: Antiqua with "mystery" rotor

Even happened with my Patek, the world time. You know the button you press for the world time? I pressed it, and the button flew off. (laughs) I am not very delicate with my watches, I wear because I enjoy it. But it’s a bit strange when right after you buy it you have these bugs.

SJX : You bear these burdens for a good cause!

ANON : I want to share another story with you. I got the 5050, which I got it as an investment. I shifted from buying watches as an investment to buying watches to wear and enjoy because of what happened with the 5050.

I got the watch and then I decided one day I wanted to wear it to the office. I was staying at a nearby hotel, so I decided to walk. I put it on and went outside. It was a bit humid and I didn’t want to sweat on the band so I took it off, wanting to put in my pocket.

The watch came tumbling down - bang! On the pavement! I pick it up, thankfully it was only the glass, all cracked but it wasn’t shattered. Fortunately the repair centre was not too far away. Now they know me very well, by the way, because I am constantly sending stuff in to get fixed.

You know when you get a car, a brand new car, you don’t want to scratch it, don’t want anything? The moment you scratch it…

SJX : You don’t care any more! (laughs)

ANON : Doesn’t matter anymore! The thing can collapse and it’s OK. That’s when my ideological shift happened. If I want good value for money, I have my investments [at the office] - I’m not going to buy a watch. It’s nice to see something I bought for 30,000 going for 80,000 now; I’m not going to sell it but it has a “feel good” factor. But at the same time if it’s gone down to 20,000 or only 10,000, I’m not going to get pissed off.

SJX : You can still enjoy it.

ANON : Exactly. Like this one [the Urwerk 201 Black Shark], it definitely is overpriced. In normal conditions I would not have paid as much for this watch. Never. It’s ridiculous.

I know I paid more than I should have. But I really like the watch. This is one of those things you can say [is] an emotional decision; I really, really like the watch and I definitely wanted to get one.

SJX : I think it is an amazing watch, significant, but it is very expensive.

ANON : But this is showing the markets. Prices are going too high. If [Felix Baumgartner] is asking these prices and he can get these prices, you know it’s a bit much.

One of the reasons why I don’t want to buy new watches right now is because the market is so high. Eventually things will change. It’s always very cyclical. So I am willing to wait, to be patient.

SJX : Most of your collection is high-end, but you also have the Citizen minute repeater and the Ball Watch. Which is your favourite from your affordable watches?

ANON : The difficulty I have is that with all of the watches, I don’t have a favourite brand. The Citizen one I have is a lot of fun, I really like it; the deployment buckle is really painful though, it really digs in.

Grande Complication with an uncomfortable buckle

I also have a Sea-Dweller, my only Rolex; that’s supposed to be indestructible. If you want something that will still be working when you’re dead at the bottom of the ocean - this is it.

The Ball Watch I have is OK too, but looks good only at night to be honest.

Ball Watch chronograph

SJX : I understand you’re building a “watch room” back home. Can you tell us more?

ANON : It would be nice if you could have the watches in a room. At least you can let them breathe instead of have them hiding in a corner. And then you can sit and admire a couple of pieces.

SJX : So it’s not just a storage room?

ANON : No, no, I will put in some displays; it’s for other collectible things also. It will have a secure door and everything so you don’t have to worry about leaving stuff on the table. Then you invite friends in, you can sit down, enjoy the watches, without having to worry. For me as a collector, the worse thing is the fact that I have to keep them in a safe, locked up. It would be nice to have them, put them on display and have easier access. That’s why I’m building the watch room.

Copyright February 2008 - Su JiaXian & PuristSPro.com - all rights reserved

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