Patek Philippe Market Analysis: Hong Kong 2015

Key Points from the Discussion

• The current watch market, particularly the 'steel sports craze,' is seen by some as a speculative bubble akin to 'Tulip mania,' which may eventually flush out speculators and flippers.
• Hong Kong boasts an exceptionally high density of watch stores and Authorized Dealers (ADs), potentially the greatest in the world, making it a unique market for luxury timepieces.
• While Hong Kong ADs might offer market prices for popular models, significant discounts could be found on less sought-after brands or references, often requiring local connections.
• The concentration of luxury watch retailers in Hong Kong, particularly for brands like Patek Philippe, is remarkable, with multiple boutiques and ADs often located within a very short distance of each other.
• The density of Patek Philippe Authorized Dealers in Hong Kong is likely second only to Singapore, which has 10 ADs, contrasting sharply with countries like France, which has only one Patek-owned Salon and zero ADs.
• Hong Kong is considered a 'paradise for watches' due to its vast selection, including numerous legitimate second-hand shops offering pieces with original box and papers, making it a highly tempting destination for collectors.