Patek Phillipe Purchase Advice

Jomashop is the most reputable gray market dealer. What is the cost delta between AD and GMD?

 

You will not have a warranty. Caveat emptor.

 

You might still be able to save tax if you buy out of state and have the dealer ship it to you. I have used this tactic in the past. Even my local Rolex AD (also a Patek dealer) will ship out of state to a relative and I'll pick it up. That's my suggestion.

 

I bought my Patek from an AD and wouldn't even think twice for this type of purchase. In fact, I purchase all my watches from an AD and I never have to worry. The money you save by going with a grey market in my opinion, is not worth the difference. Also, establishing a relationship with one is well worth it on the long run. I understand beginning on Feb. 1st Patek will be increasing their prices by 4.56%.

Go visit the Rolex forum and look for the Patek link and you can get lots of great information.

Patek Philippe Discussion Forum - Rolex Forums - Rolex Watch Forum

 

A Patek is an expensive purchase. Got to weight pros and cons for you personally. What are you most comfortable with?

Pros for AD

You know it's new.

You get a warranty in your name.

You insure receiving a complete package (double sealed, boxes, hang tags, boxes, certificate, etc.). All handed to you when you give them a credit card.

You have someone you can always go back to with questions, small issues or big.
If you plan on multiple Patek purchases it's good to build a relationship with a proper AD.

Cons:
It's the most expensive of the two options to buy from an AD.

They often have limited inventory for most popular, hard to get pieces. Unless you are a regular customer, you might wait a long time to get exactly what you are looking for. 5146g cream dials and black face rose gold 5205s can be hard to find. But it all depends on the AD you are near.

Gray dealer Pros:
Less expensive if you want to buy preowned (at least for the pieces you are interested in).

Grays can be a great option for less popular, high volume pieces as some can have pretty big depreciation curves on the secondary markets. The new from an AD to used from a gray price spread on 5146s and 5205s is not insigficant....25% maybe.

Example: I recently sourced a 5146g from a highly trusted gray dealer at a price in the $36k range (new, full set but warranty not in my name). Have seen new 5205s just under $40k new from same dealer. Also looked at a used 5146 in the low $30ks full set but several years old. All with no tax. Pretty big price difference to consider. Is it worth to you? Only you can determine. From me, yes in this case.

You can get a discount on certain models that are new that an AD probably can't match...but warranty will not be in your name usually.

The right gray dealers can often source harder to get pieces than an AD (including new, sealed inventory).

I bought a hard to get Patek this week from a gray dealer that would have taken me 6-12 months to get from an AD.

Cons:
You have to buy the seller..not the deal. There are highly recommended long standing gray dealers out there. I am happy to share a few via PM. But it's a risk regardless. You will send money to someone and hope you receive what was promised in the mail a few days later!

Warranty mostly likely not be in your name. But this will not stop you from getting it serviced.

Overall, I recommend purchasing from an AD. However, for me, it comes down to what the spread is between AD and gray, whether the piece is easy to obtain from an AD or easier from a gray. Lastly, if I am looking for an older piece that is out of current circulation...gray is the only way to go.

Look luck.

FYI: I am a big fan of the 5146. Classic. But you can't go wrong with either.

 

I would also price both an AD and grey market seller if price is important. When I bought my 5711, my AD gave me a 10% discount and the grey market seller only would go 5%-6% (approximately) off retail. I think depending on the piece, you may find the AD can be competitive. After all they are in business to sell watches.

 

Where are grey market dealer sourcing their Pateks?

Matt

 

Good question,

 

According to Joma's website:

 

5146G all the way. Recently bought one from a AD.

 

Bought 5146G gray dial from Wingate's with no problem. Got better price on two Rolexes I traded in than AD was offering. All boxes, hang tags, stylus, and papers included. I'd like to use the Patek as a down payment on a used FF.

 

i highly recommend you check out/join the rolex forums and specifically the patek section.
there is essentially no warranty difference buying from AD or some of the reputable grey dealers who can source one for you (from an AD).
grey dealers get their inventory from AD as well. they get heavier discounts than you when purchasing from AD because of volume.
I wouldn't buy from jomashop because you won't get the PP papers, where as if you buy from a grey dealer from the rolex forums you'll get the papers (the officially registered first owner may or may not be written in your name though).

 

Caveat emptor again.... If you're gonna roll the dice on a 5 figure watch, it's better to actually know a broker/dealer like this than someone you just met on a forum because it's his relationship you will have to lean on if/when it needs warranty service because that dealer (most likely overseas) will not allow anyone else to send it to the MFGR out of fear of losing the line. These relationships take a long time to build so this is not "Call my friend's guy and tell him Bob sent you" childsplay. Anyone who can actually do this won't want to talk to you unless he knows you're solid first. Bottom line: Why would anyone in their right mind risk losing their livelihood trying to help some bottom feeding stroke who 8-10 times doesn't buy anything anyway? This happens way too often.

.....and to clarify: That last part WAS NOT at all directed toward the O/P.

 

Congrats! Interesting to hear about the price reduction. Linked to the Swiss Franc shakeup?

 

I buy and sell watches on the internet all the time. I've never bought from an AD. Never had a problem. Gotta do your homework. I've never had a warranty issue either.

 

You'd be surprised at what sort of discounts your AD would be willing to give you. It doesn't hurt to try.