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Patek Philippe

I don't know much about the ADs....

 

Since the large dealer near me fled to India as his business was on the verge of collapse and bankruptcy. My good local dealer is gray-market and according to him, the market has changed, but hasn't really gone down. Sure there's the occasional high-roller who needs to dump a chunk of his collection for cash, but the majority of deals seem to be trades, frequently a trade up. So where a customer in the past might buy a Patek outright, today he's trading in something, not the full value, but something to take the "sting" off the purchase.

As a side to this, I'd expect any downturn to be harder on the AD, since he is a "value-added" service: you pay MSRP, or a slight discount to it, for painless warrenty service and such. In tough times, the easiest thing to cut is that value add, you get the same watch, you're just spending less.

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