I’ve been talking about the current situation of the watch market for a while and I’ve expressed my concerns as well as my anger about how the wrong people are getting watches allocated to ultimately just end up flipping them. I have to say that I have no problem with the well established grey/secondary market dealers as some of them are very fine gentlemen and people whom I’ve done business for years and real businessmen. Without names like David S Williams, Kirill Yuzh, Watchbox, Adrian Taskin or Roman Sharf —just to name a few—, the watch market would not have boomed like it did in the last 10 to 15 years. I respect and admire these guys and I have no problem with their business practices.
I do have a problem with those that pretend to be actual watch collectors to get a watch allocation, but at the end of the day they resell the watches that they get allocated just to make a quick buck or establish a bogus relationship with a boutique or AD.
This weekend I was contacted by someone I recently met to ask me if I was interested in a BNIB Vacheron Constantin Overseas in 18K rose gold that he was offered by The Watches of Switzerland —granted he has never bought any watches from them but knows someone at the AD.
In order to gain more knowledge about the way he was flipping watches, I decided to continue the conversation over text, until I was then offered an Audemars Piguet Royal Oak ref. 15510ST ‘50th Anniversary’ that was purchased in July at the AP Dallas Boutique. I was still ‘wondering’ how watches were being allocated by that boutique up until this conversation. Also, two weeks ago, I ran into a guy wearing a new Audemars Piguet Royal Oak ref. 15510ST ‘50th Anniversary’ and after engaging in a candid conversation with him, he admitted that this watch was his very first Audemars Piguet ever and that ‘he knows someone’ at the boutique, hence he was able to get it.
Here are the screenshots of my text message conversation with this serial flipper. In order to protect his identity and some of those involved with him, I have removed his contact name as well as a name that was given in the conversation. I got as much information as possible and even told him: “Why not let someone that genuinely wants it get it from them?”
After I politely declined buying the watch from him, he proceeded to offer me a 50th Anniversary Royal Oak —I’ve blurred the warranty card numbers to keep things civilized here. I asked many questions about the watch and even pretended to have someone interested so that he would share more details about the provenance of the watch.
At least I was able to bring in some sanity with my comment: “Why not let someone that genuinely wants it get it from them?” and he decided to pass on the Vacheron he was offered by The Watches of Switzerland.
As far as the Audemars Piguet Royal Oak ‘50th Anniversary’ now there’s another one of those ‘special watches’ out there up for grabs. A sad situation to say the least but I remain hopeful that this editorial will finally make some of the brands take real control over how watches are allocated and who they go to. When it comes to the Audemars Piguet Dallas Boutique ran by Material Good, it is very clear that watches are going to the ‘buddy network’ or to those that have no love for AP or whatsoever. One day, I’ll get that 50th Anniversary Royal Oak Jumbo I was offered by François.
