re: The Crypto Collapse is ‘Flooding the Market’ with Rolex and Patek Philippe Watches

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That thing ain’t 1000 with a tourbillion

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You can get watches with the Chinese Seagull ST8230, ST8004, ST8000, and the like tourbillon movement for under $1000 I think the well-reviewed Sugess is under $800. The ones with authentic Seagull movements seem to be OK if you really want to experience a tourbillon. For me the novelty wore off in under a day. The issue as pointed out is they are more or less disposable since the service would be as much or more than a new one.

There are some really cheap ones out there but they are junk. I think the cheapest Swiss tourbillion was the Horage tourbillon that La Chaux-de-Fonds made the movement for. Really interesting movement in a (IMO) ugly watch. I think it was around $8000. Tag has made them for between $15 and 20k (still a "deal") and you can find them used for under $5k but service will be hefty.

The one Ingeniero posted is a Seagull movement so I guess it is in the $700-$900 range. I have seen it posted before in the affordable sub-forum on WUS
but never paid much attention to what it was or the exact price.

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Well, that's the rub. If I tried to come through without declaring, and they opened my bags and found the box, that would not look good on my part, and I would imagine I'd be subject to fines or maybe confiscation. Probably wouldn't happen, I would guess, but didn't really want to chance it on a watch I could buy at home. I was already traveling with a 16750 Pepsi on my wrist that I would have either had to pack or wear two watches coming back.

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You have watched far too many novies, if anyone looked into your bag it would be for a specific reason, they DNGAF about a watch box.

Just wait... they'll be trading those watches for some dogfood to eat in a little bit. Wonder how the NFT's are doing....

I used to help admin a Rolex FB group. I have no interest in watches, but I'm an experienced FB admin.

It is a strange group. Guys would post their watches with hot babes, guns (now prohibited), high end sports cars, etc. and they would do a video of the "Rolex Roll." I've never seen a group of people who were so uniformly pretentious. But, they all are. So, it is absolutely inoffensive. It was a very easy group to admin.

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The prices of second-hand luxury goods have fallen rapidly in China over recent months, as even the wealthy cut back on their discretionary spending and sell their Rolex watches and Hermès bags to raise cash.

More than a dozen popular brands of luxury watches and bags have lost between 20 per cent and 50 per cent of their value on the secondary market since Shanghai, China’s financial and commercial capital, imposed a strict lockdown in March to crush a Covid outbreak.

The restrictions in Shanghai and dozens of other regions have dealt a heavy blow to small business owners, many of whom accumulated large collections of luxury goods in better times. But the repeated lockdowns have damaged their cash flows.

Last week tens of thousands of tourists in Hainan, an island province billed as “China’s Hawaii”, were prevented from returning home to stem an outbreak there.

The government is promoting Hainan as a duty-free paradise where Chinese consumers can buy the same luxury goods they used to snap up in cities such as Paris, Rome and London before President Xi Jinping’s controversial zero-Covid policy made it practically impossible to travel abroad for short trips.

Watcheco, an industry portal for used luxury watches, reported that the price of second-hand Rolex Submariners — a model coveted by connoisseurs and collectors — had fallen 46 per cent since March

Luxury bag dealerships in Shanghai and Hangzhou have also cut prices of classics such as Hermès Birkin bags by up to a fifth over the same period.

Pawnshops and other luxury goods resellers said there had been a big increase in customers, led by cash-strapped business owners who were struggling to raise capital to pay down debt and keep their operations afloat.

“The boom time is over,” said James Wang, a seller of second-hand luxury watches in the eastern city of Nanjing. “We are entering a correction period that could last for a long time.”

Wang said he bought six Patek Philippe and 29 Rolex Submariner watches from distressed owners in July alone, compared with no Patek Philippes and five Rolex Submariners in the first quarter of this year.

“Patek Philippe says you never actually own its watch, but merely look after it for the next generation,” said Wang. “That’s not the case in a business crisis.”

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1 Sack of crawfish = 2 Patek Phillippe watches

I got a genuine gold folex watch that turned my hand green where I wore the watch a few days ago.

They valued it at $10,000 but sold it to me for $20. I really made them feel like suckers.

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Forget the Rolex crash,I see a Breguet Type XX on Chrono 24 for less than 5k and a JLC Polaris for under 7k.

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Talking about Rolex, Patek and AP is really burying the lead. The previously super hot watches from those three have cooled but are still well over retail (Blue SS 5711s were around $130k in Jan, peaked at $190k in April and now are at about $130k again, still over 3 times retail.

The real "news" is all the other watches that were not super hot but have dropped to even more reasonable prices. It is a buyers market but not yet for the tent poles.

Yep prices have come down to more normal levels off their ridiculous highs. It’s still much cheaper obviously to get from AD. I’m on waitlist for a Pepsi on Jubilee. Hope it’s soon

Reckon they are selling them for crypto or cold, hard cash?