Watchfinder - ridiculously low PX value
Discussion
As above really. Are they known for this?
Offered c£1k for my seldom worn 2006 Monaco CW2111 (Black, three sub dials, calf strap, box, papers etc) against a 2006 Heuer branded Monza up for £2450.
They sell the exact same Monaco for between £2.2 & £2.45 K so over 100% mark up.
Pretty insulting IMO.
Needless to say, interest lost!!
Cheers,
Simon
Offered c£1k for my seldom worn 2006 Monaco CW2111 (Black, three sub dials, calf strap, box, papers etc) against a 2006 Heuer branded Monza up for £2450.
They sell the exact same Monaco for between £2.2 & £2.45 K so over 100% mark up.
Pretty insulting IMO.
Needless to say, interest lost!!
Cheers,
Simon
A quick look on Chrono 24 suggests that whilst not perhaps that generous the offer might not be all that far off.
Did you have the boxes and all papers?
Does the strap need replacing?
Last documented service was when?
Don't forget they have VAT and Tax to pay too.
No affiliation or axe to grind on my part but you might be being a tad unrealistic?
Did you have the boxes and all papers?
Does the strap need replacing?
Last documented service was when?
Don't forget they have VAT and Tax to pay too.
No affiliation or axe to grind on my part but you might be being a tad unrealistic?
They have a very expensive, rented, boutique nr Blackfriars. Someone's gotta pay for it. A classic trick of their's is to offer you less than first valued when they receive it in the post.
My advice is to steer well clear of any watch company in London. It is you that will pay for their vast overheads. They have plenty of gullible, rich, visitors that are happy to pay over-inflated prices.
I've noticed that they have a few GMT 16710's with a so called 'rare error Stick-Dial.' You have to call them for a price. WTF? These are D and Z serials mostly and there are thousands upon thousands out there. Same with the late Z and M serials with the 3186 caliber fitted. They charge in excess of 10K for them. Its utter madness but people believe the bulls
t rhetoric.
Stick Dial? My ARSE.
My advice is to steer well clear of any watch company in London. It is you that will pay for their vast overheads. They have plenty of gullible, rich, visitors that are happy to pay over-inflated prices.
I've noticed that they have a few GMT 16710's with a so called 'rare error Stick-Dial.' You have to call them for a price. WTF? These are D and Z serials mostly and there are thousands upon thousands out there. Same with the late Z and M serials with the 3186 caliber fitted. They charge in excess of 10K for them. Its utter madness but people believe the bulls
t rhetoric.Stick Dial? My ARSE.
desolate said:
Pints said:
Squadrone Rosso said:
100 - 130% markup is robbery! 
No. It's business. The dealer isn't making a 100% markup. Nowhere near.
I'd wager he would be lucky making 15-20% on your watch by the time all of the above is deducted.
Even less if he has 4 or 5 items that aren't moving - as his cash is tied up.
It reminds me of the TV show "Pawn Stars" - one episode the owner explains to a member of the public who wants to sell a family heirloom gun.
"See if the gun was a Colt 45. I could give you $2000 - and I know I can sell it in 7 days for $2800. These type of guns sell all day every day. And by the time I pay taxes, staff etc etc... I will make about $400 on the deal.
Your gun, I have 5 of them in the shop already. I haven't sold one of them in 6 months. I know it is worth $2800. But it might take me six months to sell it, that is why I'm offering you $1200"
Edited by Troubleatmill on Thursday 3rd March 09:09
Squadrone Rosso said:
As above really. Are they known for this?
Offered c£1k for my seldom worn 2006 Monaco CW2111 (Black, three sub dials, calf strap, box, papers etc) against a 2006 Heuer branded Monza up for £2450.
They sell the exact same Monaco for between £2.2 & £2.45 K so over 100% mark up.
Pretty insulting IMO.
Needless to say, interest lost!!
Cheers,
Simon
From reading around, it seems that's about par for the course for them, yes.Offered c£1k for my seldom worn 2006 Monaco CW2111 (Black, three sub dials, calf strap, box, papers etc) against a 2006 Heuer branded Monza up for £2450.
They sell the exact same Monaco for between £2.2 & £2.45 K so over 100% mark up.
Pretty insulting IMO.
Needless to say, interest lost!!
Cheers,
Simon
Their selling prices are, imo, a bit on the high side, so their offer probably isn't low compared to other dealers, they just ask for more when they sell!
M.
Troubleatmill said:
I'd wager he would be lucky making 15-20% on your watch by the time all of the above is deducted.
Even less if he has 4 or 5 items that aren't moving - as his cash is tied up.
yer rightEven less if he has 4 or 5 items that aren't moving - as his cash is tied up.
"The Kent store helped the company – which sells brands like Rolex, Omega, Tag, Cartier, Patek Phillippe and Breitling – attract sales of more than £4.3 million in its first month.
The business was able to increase its stockholding from 1,900 to 3,000 watches after it attracted a $10 million (£6.18m) investment from private equity firms Piton Capital and Beringea in September.
With over £140milion worth of pre-owned watches sold to date, Watchfinder continues to plan for aggressive growth with further UK boutiques set to open new territories.
The company, which has a showroom at Invicta House, Maidstone, has sold more than £140 million of pre-owned watches so far and aims for turnover to reach £103 million by 2018.
"
I tried them for a sell only price and a possible PX price, it was no different. They gave me a somewhere between a low 6 and a high of 7, depending on inspection. They have 4 similar watches on sale between 8,950 and 9,950 if that helps with how they mark up. Although there has to be a bit of brand and model specifics used.
They seem quite good to me.
They seem quite good to me.
Edited by coldsnap on Thursday 3rd March 14:43
Porsche911R said:
Troubleatmill said:
I'd wager he would be lucky making 15-20% on your watch by the time all of the above is deducted.
Even less if he has 4 or 5 items that aren't moving - as his cash is tied up.
yer rightEven less if he has 4 or 5 items that aren't moving - as his cash is tied up.
"The Kent store helped the company – which sells brands like Rolex, Omega, Tag, Cartier, Patek Phillippe and Breitling – attract sales of more than £4.3 million in its first month.
The business was able to increase its stockholding from 1,900 to 3,000 watches after it attracted a $10 million (£6.18m) investment from private equity firms Piton Capital and Beringea in September.
With over £140milion worth of pre-owned watches sold to date, Watchfinder continues to plan for aggressive growth with further UK boutiques set to open new territories.
The company, which has a showroom at Invicta House, Maidstone, has sold more than £140 million of pre-owned watches so far and aims for turnover to reach £103 million by 2018.
"
Profit is sanity.
Companies House - Accounts: See page 7.
Gross profit. 16.5% See Page 1
https://beta.companieshouse.gov.uk/company/0452472...
Click on Full accounts made up to 31 March 2015.
On sales of £38.6 Million. They made £1.38 Million profit.
Edited to get URL to work.
Edited by Troubleatmill on Thursday 3rd March 16:29
Squadrone Rosso said:
I don't need to sell it but having recently added the latest Heuer Monaco to the collection, I fancied a Monza to add to the Silverstone.
Makes me not want to deal with them. That said, I'd offer them £2k for the Heuer Monza they have.
How much profit margin would you like them to have?Makes me not want to deal with them. That said, I'd offer them £2k for the Heuer Monza they have.
Their net profit is bordering on wafer thin.
Gross profit = 16.5% £6,405,530
Net profit = nada% £1,387,406
I'd rather put my money in the bank and collect the interest without all of the risk and hassle.
6% interest commercially available on the high street, 7% likely without too much haggling.
Troubleatmill said:
How much profit margin would you like them to have?
Their net profit is bordering on wafer thin.
Gross profit = 16.5% £6,405,530
Net profit = nada% £1,387,406
I'd rather put my money in the bank and collect the interest without all of the risk and hassle.
6% interest commercially available on the high street, 7% likely without too much haggling.
You can get 6% interest on the high st???? Sign me up. I can BORROW at less than that. Arbitrage Ahoy!Their net profit is bordering on wafer thin.
Gross profit = 16.5% £6,405,530
Net profit = nada% £1,387,406
I'd rather put my money in the bank and collect the interest without all of the risk and hassle.
6% interest commercially available on the high street, 7% likely without too much haggling.
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