Has the Rolex bubble finally burst? Perhaps it has
Discussion
WizzBang said:
El stovey said:
Colleague of mine turned down a place as she was asked to pay in full now but only allowed (by the dealer) to collect her watch once lockdown had finished.
I wouldn't mind paying upfront for something I really wanted, as long as it's via credit card for Section 75 protection, just in case dealer goes tits-up before delivery.It was a new Blue black gmt with the jubilee bracelet and I’m not sure exactly when it was. (For the poster asking above)
El stovey said:
WizzBang said:
El stovey said:
Colleague of mine turned down a place as she was asked to pay in full now but only allowed (by the dealer) to collect her watch once lockdown had finished.
I wouldn't mind paying upfront for something I really wanted, as long as it's via credit card for Section 75 protection, just in case dealer goes tits-up before delivery.It was a new Blue black gmt with the jubilee bracelet and I’m not sure exactly when it was. (For the poster asking above)
According to a couple of sources S75 doesn’t apply, because WOS use a third party processing company to take these payments and it only covers direct payments to the retailer .
Lots floating about the trade about this practise at the moment and to me it doesn’t sound right, I think they could be using the money to float themselves during these lean times. Their overheads must be savage
Where have all these watches suddenly appeared from?! Are they even physical ?
Watch this space but as a regular with ADs I certainly wouldn’t be paying for what wasn’t in my hand.
Lots floating about the trade about this practise at the moment and to me it doesn’t sound right, I think they could be using the money to float themselves during these lean times. Their overheads must be savage
Where have all these watches suddenly appeared from?! Are they even physical ?
Watch this space but as a regular with ADs I certainly wouldn’t be paying for what wasn’t in my hand.
Brads67 said:
God I hope they call me.
I'm on the list for 4 different watches and quite frankly after their s
tty attitude the past couple of years I'd quite happily tell them to stick them up their arse and I'm buying a Hublot out of spite.
I agree... it would serve them right after how they have treated the market in the last few years. Same for profiteering flippers / grey market dealers. I'm on the list for 4 different watches and quite frankly after their s
tty attitude the past couple of years I'd quite happily tell them to stick them up their arse and I'm buying a Hublot out of spite.Fckitdriveon said:
According to a couple of sources S75 doesn’t apply, because WOS use a third party processing company to take these payments and it only covers direct payments to the retailer .
Lots floating about the trade about this practise at the moment and to me it doesn’t sound right, I think they could be using the money to float themselves during these lean times. Their overheads must be savage
Where have all these watches suddenly appeared from?! Are they even physical ?
Watch this space but as a regular with ADs I certainly wouldn’t be paying for what wasn’t in my hand.
I’m with you on this one, the bold in particular. Lots floating about the trade about this practise at the moment and to me it doesn’t sound right, I think they could be using the money to float themselves during these lean times. Their overheads must be savage
Where have all these watches suddenly appeared from?! Are they even physical ?
Watch this space but as a regular with ADs I certainly wouldn’t be paying for what wasn’t in my hand.
UnclePat said:
It amazes me that people still moan about Watchfinder buy & sell prices, like it’s a new thing.
I have little regard for Watchfinder – never used them to sell or buy, and I doubt I ever will.
But they are a business, after all – they are there to make money. Want more for selling a watch? Then sell elsewhere privately via a Forum, eBay, Facebook, Chrono24 or whatever. But those routes all offer more potential for hassle, work, scammers etc. Perhaps Watchfinder are less generous than other trade buyers, but that’s where a bit of leg-work comes in.
Rent, rates, tax, insurance, staff, utilities, servicing, IT, fees, marketing, shipping, warranty returns etc. Plus large amounts of money tied-up in stock. Even for ‘brand new’ watches bought-in that Watchfinder barely have to touch, there’s still a lot that goes on between issuing the offer e-mail and selling the watch at the other end.
I doubt their website asking prices are that firm either – I’d expect discount without much prodding.
Those disappointed souls with their buy offer from Watchfinder – how much margin do they think their Authorsed Dealer made when selling them the Rolex in the first place? It’s probably circa 35-40%, but that is a ‘hidden’ cost, and most think they’ll make money selling the watch later anyway so no-one complains overly and stumps up the cash.
Watchfinder’s 31st March 2019 Accounts show their Turnover was £113.5m. Minus the £93.6m cost of those sales (most of which will be stock buy-in costs). Further deduct £13.5m of Admin etc. expenses and you’re left with Operating Profit of just over £6m. After Tax, they made £5m profit, all told.
Again, I couldn’t give a toss about Watchfinder one way or the other, but it’s hardly daylight robbery. It’s business.
It’s like no-one has ever watched an episode of ‘Pawn Stars’.
WF provide good service, but people thought their SD43 was worth 12k sadly they found out that is wasn't and that it was worth 8k max that has upset some people...I have little regard for Watchfinder – never used them to sell or buy, and I doubt I ever will.
But they are a business, after all – they are there to make money. Want more for selling a watch? Then sell elsewhere privately via a Forum, eBay, Facebook, Chrono24 or whatever. But those routes all offer more potential for hassle, work, scammers etc. Perhaps Watchfinder are less generous than other trade buyers, but that’s where a bit of leg-work comes in.
Rent, rates, tax, insurance, staff, utilities, servicing, IT, fees, marketing, shipping, warranty returns etc. Plus large amounts of money tied-up in stock. Even for ‘brand new’ watches bought-in that Watchfinder barely have to touch, there’s still a lot that goes on between issuing the offer e-mail and selling the watch at the other end.
I doubt their website asking prices are that firm either – I’d expect discount without much prodding.
Those disappointed souls with their buy offer from Watchfinder – how much margin do they think their Authorsed Dealer made when selling them the Rolex in the first place? It’s probably circa 35-40%, but that is a ‘hidden’ cost, and most think they’ll make money selling the watch later anyway so no-one complains overly and stumps up the cash.
Watchfinder’s 31st March 2019 Accounts show their Turnover was £113.5m. Minus the £93.6m cost of those sales (most of which will be stock buy-in costs). Further deduct £13.5m of Admin etc. expenses and you’re left with Operating Profit of just over £6m. After Tax, they made £5m profit, all told.
Again, I couldn’t give a toss about Watchfinder one way or the other, but it’s hardly daylight robbery. It’s business.
It’s like no-one has ever watched an episode of ‘Pawn Stars’.
Wills2 said:
UnclePat said:
It amazes me that people still moan about Watchfinder buy & sell prices, like it’s a new thing.
I have little regard for Watchfinder – never used them to sell or buy, and I doubt I ever will.
But they are a business, after all – they are there to make money. Want more for selling a watch? Then sell elsewhere privately via a Forum, eBay, Facebook, Chrono24 or whatever. But those routes all offer more potential for hassle, work, scammers etc. Perhaps Watchfinder are less generous than other trade buyers, but that’s where a bit of leg-work comes in.
Rent, rates, tax, insurance, staff, utilities, servicing, IT, fees, marketing, shipping, warranty returns etc. Plus large amounts of money tied-up in stock. Even for ‘brand new’ watches bought-in that Watchfinder barely have to touch, there’s still a lot that goes on between issuing the offer e-mail and selling the watch at the other end.
I doubt their website asking prices are that firm either – I’d expect discount without much prodding.
Those disappointed souls with their buy offer from Watchfinder – how much margin do they think their Authorsed Dealer made when selling them the Rolex in the first place? It’s probably circa 35-40%, but that is a ‘hidden’ cost, and most think they’ll make money selling the watch later anyway so no-one complains overly and stumps up the cash.
Watchfinder’s 31st March 2019 Accounts show their Turnover was £113.5m. Minus the £93.6m cost of those sales (most of which will be stock buy-in costs). Further deduct £13.5m of Admin etc. expenses and you’re left with Operating Profit of just over £6m. After Tax, they made £5m profit, all told.
Again, I couldn’t give a toss about Watchfinder one way or the other, but it’s hardly daylight robbery. It’s business.
It’s like no-one has ever watched an episode of ‘Pawn Stars’.
WF provide good service, but people thought their SD43 was worth 12k sadly they found out that is wasn't and that it was worth 8k max that has upset some people...I have little regard for Watchfinder – never used them to sell or buy, and I doubt I ever will.
But they are a business, after all – they are there to make money. Want more for selling a watch? Then sell elsewhere privately via a Forum, eBay, Facebook, Chrono24 or whatever. But those routes all offer more potential for hassle, work, scammers etc. Perhaps Watchfinder are less generous than other trade buyers, but that’s where a bit of leg-work comes in.
Rent, rates, tax, insurance, staff, utilities, servicing, IT, fees, marketing, shipping, warranty returns etc. Plus large amounts of money tied-up in stock. Even for ‘brand new’ watches bought-in that Watchfinder barely have to touch, there’s still a lot that goes on between issuing the offer e-mail and selling the watch at the other end.
I doubt their website asking prices are that firm either – I’d expect discount without much prodding.
Those disappointed souls with their buy offer from Watchfinder – how much margin do they think their Authorsed Dealer made when selling them the Rolex in the first place? It’s probably circa 35-40%, but that is a ‘hidden’ cost, and most think they’ll make money selling the watch later anyway so no-one complains overly and stumps up the cash.
Watchfinder’s 31st March 2019 Accounts show their Turnover was £113.5m. Minus the £93.6m cost of those sales (most of which will be stock buy-in costs). Further deduct £13.5m of Admin etc. expenses and you’re left with Operating Profit of just over £6m. After Tax, they made £5m profit, all told.
Again, I couldn’t give a toss about Watchfinder one way or the other, but it’s hardly daylight robbery. It’s business.
It’s like no-one has ever watched an episode of ‘Pawn Stars’.
My friend who bought a few peaces from goldsmiths got a call saying they had a few watches available, and my friend has asked me if I want to buy a 50th edition seadweller, to pay in FULL now but then to only be able to collect when shops reopen...
This would be my first Rolex ever or any expensive watch for that matter and i do really want my first one to be from a AD rather than grey market (which it probably will have to be as getting a call from a dealer seems impossible in normal instances)
I am not sure what to do tbh?
Will the price for this watch lose a lot of value?
Or will this drought mean that Rolex’s keep there value?
Any advise would be appreciated?
This would be my first Rolex ever or any expensive watch for that matter and i do really want my first one to be from a AD rather than grey market (which it probably will have to be as getting a call from a dealer seems impossible in normal instances)
I am not sure what to do tbh?
Will the price for this watch lose a lot of value?
Or will this drought mean that Rolex’s keep there value?
Any advise would be appreciated?
Hammyham said:
My friend who bought a few peaces from goldsmiths got a call saying they had a few watches available, and my friend has asked me if I want to buy a 50th edition seadweller, to pay in FULL now but then to only be able to collect when shops reopen...
This would be my first Rolex ever or any expensive watch for that matter and i do really want my first one to be from a AD rather than grey market (which it probably will have to be as getting a call from a dealer seems impossible in normal instances)
I am not sure what to do tbh?
Will the price for this watch lose a lot of value?
Or will this drought mean that Rolex’s keep there value?
Any advise would be appreciated?
If you are only worried about future value, then don't bother buying.This would be my first Rolex ever or any expensive watch for that matter and i do really want my first one to be from a AD rather than grey market (which it probably will have to be as getting a call from a dealer seems impossible in normal instances)
I am not sure what to do tbh?
Will the price for this watch lose a lot of value?
Or will this drought mean that Rolex’s keep there value?
Any advise would be appreciated?
If you have that little knowledge of the market then you're getting into it for the wrong reason.
Buy a watch that you want to wear without caring about it losing money.
Hammyham said:
My friend who bought a few peaces from goldsmiths got a call saying they had a few watches available, and my friend has asked me if I want to buy a 50th edition seadweller, to pay in FULL now but then to only be able to collect when shops reopen...
This would be my first Rolex ever or any expensive watch for that matter and i do really want my first one to be from a AD rather than grey market (which it probably will have to be as getting a call from a dealer seems impossible in normal instances)
I am not sure what to do tbh?
Will the price for this watch lose a lot of value?
Or will this drought mean that Rolex’s keep there value?
Any advise would be appreciated?
No one can say for sure what’s going to happen. This would be my first Rolex ever or any expensive watch for that matter and i do really want my first one to be from a AD rather than grey market (which it probably will have to be as getting a call from a dealer seems impossible in normal instances)
I am not sure what to do tbh?
Will the price for this watch lose a lot of value?
Or will this drought mean that Rolex’s keep there value?
Any advise would be appreciated?
Buy it because you love it if that’s the case....
As a SD43 owner myself I can say it’s a great watch.
At retail price It’s a fair bet you’re relatively safe value wise .
Hammyham said:
My friend who bought a few peaces from goldsmiths got a call saying they had a few watches available, and my friend has asked me if I want to buy a 50th edition seadweller, to pay in FULL now but then to only be able to collect when shops reopen...
This would be my first Rolex ever or any expensive watch for that matter and i do really want my first one to be from a AD rather than grey market (which it probably will have to be as getting a call from a dealer seems impossible in normal instances)
I am not sure what to do tbh?
Will the price for this watch lose a lot of value?
Or will this drought mean that Rolex’s keep there value?
Any advise would be appreciated?
Walk away. You are not going to have a problem getting hold of that watch. It's not like a Patek 5711.This would be my first Rolex ever or any expensive watch for that matter and i do really want my first one to be from a AD rather than grey market (which it probably will have to be as getting a call from a dealer seems impossible in normal instances)
I am not sure what to do tbh?
Will the price for this watch lose a lot of value?
Or will this drought mean that Rolex’s keep there value?
Any advise would be appreciated?
Do you really want to drop that money and wait maybe 3+ months to get the watch.
Also - why can't they courier the watch?
Brads67 said:
If you are only worried about future value, then don't bother buying.
If you have that little knowledge of the market then you're getting into it for the wrong reason.
Buy a watch that you want to wear without caring about it losing money.
I want to wear it every day and I love the look of it. I can’t see myself ever selling it. If you have that little knowledge of the market then you're getting into it for the wrong reason.
Buy a watch that you want to wear without caring about it losing money.
It would just be nice to know that I am not making a bad finical decision.
What I really want to know is am I better waiting... will someone like me a 26 year old that has been pretty much laughed out of stores trying to get my first sports watch before all of this will get another chance to buy one in 2020/2021?
hungry_hog said:
Walk away. You are not going to have a problem getting hold of that watch. It's not like a Patek 5711.
Do you really want to drop that money and wait maybe 3+ months to get the watch.
Also - why can't they courier the watch?
We asked if it can be shipped or if a deposit can be paid instead of the full amount. Both questions were answered with no. Do you really want to drop that money and wait maybe 3+ months to get the watch.
Also - why can't they courier the watch?
I think the company are simply trying to make money while they are closed.. its 100% not a scam.. but it is still a long wait...
Hammyham said:
Brads67 said:
If you are only worried about future value, then don't bother buying.
If you have that little knowledge of the market then you're getting into it for the wrong reason.
Buy a watch that you want to wear without caring about it losing money.
I want to wear it every day and I love the look of it. I can’t see myself ever selling it. If you have that little knowledge of the market then you're getting into it for the wrong reason.
Buy a watch that you want to wear without caring about it losing money.
It would just be nice to know that I am not making a bad finical decision.
What I really want to know is am I better waiting... will someone like me a 26 year old that has been pretty much laughed out of stores trying to get my first sports watch before all of this will get another chance to buy one in 2020/2021?
I m in the trade , and no one knows what’s going to happen. If you love the watch, buy it, wear it in good health and forget the rest.
Don’t be one of those permanent procrastinators or dreamers who will never buy no matter how favourable the conditions are , we ve got enough of those on here
If it’s a physical watch, you have the serial number, receipt etc etc then it shouldn’t be money gone into the abyss if they go pop. It may be a pain in the ass to get hold of it if the administrators are called in.
On the other hand, if it’s not a physical watch and it’s a con, you’d be screwed.
I can’t imagine a big chain like WoS would sell a watch that doesn’t exist - the negative press and fall out in the future would be horrendous.
I have 2 ADs locally to me. One is a one-off store that’s family owned. I swap texts with the MD, we both had our first kid around the same time so often compare notes. He’s a gear-head too etc. I’d buy from him in this situation and wait to pick up (in fact, I have a watch in their safe right now I haven’t picked up yet). The other is a Tourneau and I wouldn’t buy from them in this situation.
On the other hand, if it’s not a physical watch and it’s a con, you’d be screwed.
I can’t imagine a big chain like WoS would sell a watch that doesn’t exist - the negative press and fall out in the future would be horrendous.
I have 2 ADs locally to me. One is a one-off store that’s family owned. I swap texts with the MD, we both had our first kid around the same time so often compare notes. He’s a gear-head too etc. I’d buy from him in this situation and wait to pick up (in fact, I have a watch in their safe right now I haven’t picked up yet). The other is a Tourneau and I wouldn’t buy from them in this situation.
Edited by The Moose on Friday 10th April 13:50
Gassing Station | Watches | Top of Page | What's New | My Stuff