Cozmopak
2752
Auction result
Of all the Phillips auction results, this one for the 5370p black dial is most perplexing. This watch sold for 473k USD at Phillips. On the open grey market, it sells for 175k USD.
I know we’re not meant to talk about prices on this forum, but this is such an egregious disconnect that I found it very interesting.
Collection
Explore the Patek Philippe 5370P in black vs. blue enamel dials. Collectors debate formality, hue, and market impact of this iconic split-seconds chronograph.
66 replies10136 views
Collection
Russell996 shares his Patek Philippe 5370P split-seconds chronograph, showcasing strap options and community praise for this modern Patek Philippe grail. See why collectors love it.
76 replies9925 views
Auction result
Of all the Phillips auction results, this one for the 5370p black dial is most perplexing. This watch sold for 473k USD at Phillips. On the open grey market, it sells for 175k USD. I know we’re not meant to talk about prices on this forum, but this is suc...
Some people know this... others don't... and are happy to pay more than it costs...
Or else... It allows them to justify high new retail prices... who knows… Best Ø
Agree, prices realized in this auction is far above the norm.
Though the many, many headlines we'll be seeing is excellent marketing as we drive into the obligatory December mass-consumption event.
When were they trusted, pricing-wise?
And the press touting those sky high charity prices don't help the reality of it all.
Several watches sold at prices above the regular second hand market.
If it‘s too good to be true, it‘s usually not true. Will be interesting to see other pre christmas auction results and the reaction of the second hand market.
Exactly.
Seems like dealers or brands are artificially increasing prices to justify higher asks.
Without any knowledge of this specific instance and based on pure personal opinion
It would seem like child play for a seller and a buyer to act together in order to inflate a result. What guardrails exist to prevent excess proceeds from being redistributed after the sale? When both buyers and sellers can benefit from high results that ...
The buyer would only benefit if the high result leads to higher prices in the future, and they turn seller.
This price is so far outside the realm of the normal price that I can't see how it benefits anyone.
The buyer can benefit if the seller returns some of the proceeds afterwards 🙂
This is what I said about guardrails to prevent proceeds from being redistributed afterwards
I'm not understanding your logic
If the scheme was between the buyer and the seller, that's a zero sum game. One will come out ahead, and one will come out behind. Especially when you take into consideration the 27% buyer's premium.
Oh, for existing stock, maybe
Although dealers I talked to about this result believe it is bogus and aren’t changing their asks
Yup
I think there are a ton of examples of this in the auction. My guess is brands bidding up their own results, which many have said they do and everyone knows is a well established thing. It's a relatively cheap way to justify your MSRP.
Bragging rights!
Not only do they now own a fabulous watch, they also own a special example of it: the most expensive 5370P ever sold!
Christies results…
… were also quite robust. It seems the market is recovering. I agree on the 5370, however. The price is a joke, of course.
Strap not factory
What’s interesting is the strap shown on auction is not even factory strap…weird all around.