patek philippe
 

Family member asked if cost effective to purchase expensive PP watch in HK or better to stick with Tourneau stateside? I know many moons ago, Singapore and HK were both reliable and discounted from states' prices but appreciate update from resident experts. Thanks.

Well those aren't really fair comparisons. I don't think Tourneau even carries PP, but even if they did they are probably the worst place to buy a watch. I certainly not in a position to buy a Patek, but having bought a few higher end Swiss pieces in the past couple years I think there are two things at play here. If your ready to buy a PP I would imagine you have a local jeweler either in HK or state side that you have purchased other pieces from. This would be your best bet. Somewhere like Hamilton Jewelers in Princeton stateside is a place that sells PP and a place where you can build a good rapport with a particular sales person. That's where you can start to see pricing that is clearly not advertised, and in some cases the sale is dependent on being asked to never disclose what you actually paid to anyone else. Receipts and such reflect not what you paid, but what a normal transaction should have looked like. I can't imagine that if you are seriously in the market for a PP caliber piece you don't have a relationship like this.

The second point is it's Patek so there are no rules. What kind of watch are you looking for? A Nautilus in stainless steel, a calatrava, or a complication piece? All three of these watches have entirely different buying processes. Pieces in steel can have waiting lists that are years long. And at the extreme 7 figure end of Patek you have pieces that require first time buyers to submit applications to corporate to show you are a "worthy" buyer.

All of that being said. I have priced out high end watches in Hong Kong, Tokyo, and Bangkok. I have always found that the prices can be beat in New York. Although again Patek is a very strange bird in my experience.

Pawn shops in Macau have some astonishing watches available at super bargain prices; that would include Patek at half price but provenance might be questionable so you'd need expertise. Haven't looked in Vegas but same might apply, certainly for low-end Rolexes. I did look for a Longines in HKG last year and found prices higher than NYC.

Prices are all very similar across the board in normal conditions, but with depreciating Yen and Baht, it might be slightly more preferable to buy them abroad. I buy my expensive fashion/related items in Bangkok or Japan, and most of the time the items cost about 5-10% less than in the US (buy them after currency depreciation but before retailers adjust prices for forex rates, which they do on a scheduled basis). If HK stops riding on the strong dollar and gets rid of the peg, it would be a good place to go to considering there is no sales tax.

But for a Patek... if you can afford those, you shouldn't care about a few hundred dollar's difference, if there is a difference.

Keep in mind - the availability of a specific model is usually dependent to a specific retailer.

It is absolutely true per my experience. You will never know the cheapest price ever because each retailer cuts different discounts to customers.

Some are willing to cut discounts beyond what is allowed.

Very true. Buying a Patek is in my view the end game of collecting. Hopefully I'll get there some day. That being said buying a Patek with a dealer that you have a good relationship with could potentially save you thousands of dollars.

Yeah, I think the key to watch buying is avoid boutiques at all costs, and try and work with the same shop over and over again. Then you start to see deals that become to tempting to pass up.

There is no end game! You'll want something after you get a Patek too haha.

Are you saying Patek dealers can get you good deals, or buying used from jewelers? What type of relationships do I need to save me money on watches? I'm looking to get an IWC Portuguese this year, that will be my end game. (but really, after the IWC I'll have three watches, and I have two double watch winders, so really instead of spending a few hundred bucks on a three-watch winder, I'd likely want to spend more to buy a 4th watch. It goes on and on....)

Grant you few hundred dollars won't break it...more interested in reliable and reputable HK store to visit. Can any of the seniors pm their suggestions? Thanks.

I'll PM you don't want to drag this any further off topic.

Wait are we talking about buying a new one or used one? For new ones, it seems like the PP AD chains are mainly King Fook, Emperor, and The Hour Glass. I have purchased watches from The Hour Glass, albeit the Bangkok stores, service quality is always top notch. Watch quality should be the same from any AD. What do you mean by "reliable" when asking for stores?

Definitly don't buy a PP at Tourneau. As far as I know, and as was mentioned above I don't think they are a official dealer. I used to work for a Patek dealer, and can vouch that, that relationship is not only worth it but an important part of the life of the watch.

I think what you are looking for are the deals of day's gone by and they are just that. The far east is such an important part of the luxury market those deals just don't exist anymore. Also, my $.02 Long Train Runnin a Lange is the end game :D

The fact that you can't get a straight answer as to what the actual market price is of a particular Patek Philippe watch is one of the reasons that I am proud to have paid prices from $25-50 USD for various "Patek Philippe" watches at unauthorized markets in Vietnam, China, and Thailand.

And yes, they all still tell time properly (including some I've had for well over a decade).

Many many years back bought the Royal Oak AP from their flagship Singapore store....

I have a box with more than 30+ knockoffs collected over the 30 years....they're fun to wear and I rotate weekly...LOL.

Oh yea, forgot to mention - did end up buying a real PP for family member at reputable tourist shop in TST during my recent trip to HK. He was satisfied with the price....