Merry Xmas and Happy new year from HK Watch Fever

Life is so miserable for us in Hong Kong since black protests issue 2019, then the COVID-19 for three years, then 24 Feb started the Russia-Ukraine war. Every day we have to wear a boring mask... only till last week China started to rename COVID as corona-flu. Well, I hope after this Xmas we can see light in the black tunnel., free traveling between China and HK

We can travel to China without restriction, we can go Macao like we could go in 2018. 

That would be the greatest news for me...

I wish the Russia-Ukraine war will come to an end and the price of PP, VC, AP and Rolex will be re-adjusted again a bit higher...

let's see and I pray

Merry Christman and happy new year.

HK Snob 

Rolex goes into preowned Rolex watch business!

Rolex Certified Pre-Owned watches (CPO) will initially be available at Bucherer boutiques in six countries (Switzerland, Austria, Germany, France, Denmark and the UK) from the start of December 2022. Other Official Rolex Retailers who choose to be part of this programme will be able to do so from spring 2023. The Rolex Certified Pre-Owned Programme equally concerns modern pre-owned watches and not vintage models such as those with Tritium dial!

as there will be a concern in the availability of parts.

Fourth floor of Burcherer building in Berne Switzerland had been displaying preowned watch for sales, but price isn't that attractive at all. They are limited to modern new watches. Nothing is Vintage as there is conflicts of interests if they go for vintage... we need to observe for a period of time.

At Rolex Business perspectives 

1. Their AD has to source used Rolex at certain price, authenticating them, or plus service them, polishing it, giving them a Tag of authentication assurance. that is an administrative and operation cost involved. Then they have to mark it up. The price is 100% not MSRP, may be 4-8% lower the market price of the new Rolex watches in the open market. 

It is not attractive to buyer but if they love the watch and can't buy it brand new, they are come for this as this is certificated real stuff from Rolex with two years warranty, that is better than you buy from unknown shops in the open market. 

2. What is the market size? 

Preowned watch market size is with a current value in the region of CHF 20 billion. And the potential is huge, as it could be worth CHF 39 billion by 2030.

Rolex takes up 28.8% of all Swiss watches made in the whole. That available market size is about CHF 600M a year.  And if there are more than 100 ADs in EU and Asia are selling this. The market capacity is about 100,000 Watches, that is an impact to the pre-owned watch dealers. If the price is attractive, if not that could be a slow-moving market. well, the AD will keep watching and manipulating the service and price for their margin.

3. Vintage Rolex

I think those older models are not planned now, such as 16570, 1675, 1680, 16520, 1665 as they are having very unique dial and hands made up of Tritium material, if Rolex made them CPO watches. they may change with service dial and hands, and that is a disgrace to the watch's originality and would not be the consideration of collectors. This will be an interesting tropic and we will watch out.

4. My comment

Price is the King, if price in between the market price and MSRP, that could be a business model, if that price is skewed to the high side, I think no one would pay for the price for a pre-owned one unless they are 95% or newer.

5. 2023 will be an exciting year for Rolex

HK Snob

When is the best time buying new Rolex?

 It would be 2023 Jan as by that time we hope the Russian Ukraine war will come to an end, then

the price of Rolex should more or less stabilized, if that is bight for own use that should be OK.

I think by then the price of Rolex is then 10% lower than Nov 2022.

It should not be going down further. just my instinct and hunch on Rolex Price.

May be not 100% correct.

Let's see

Watch price trend March to November 2022

This is a graphic display of most of the common model of Rolex watches

HK Snob
 

Hong Kong Watch price trend March to November 2022

As we can see here price is keep dropping since March to November. 

The reasons are complicated as partly it the buyer's market now. Larger sound dealers bought expensive watches Q1 will not eager to sell at this moment coz of the huge loss, however many smaller dealer or individual seller are selling them for cash, that had created a huge drop of price average of 30%

Most 80% of buyers are so worry the price will not come to an end to drop, so they keep observative. 

These are watch price in HKD, for new watches at market price.

Note the heat of 2022 Royal Oak 16202 was $2m in March, now is about $740,000 which is about 2.7X higher than MRSP! but this is one of the iconic Royal Oak.

BNIB =brand new in box

NOS= new old stock

HK Snob

 

My Audemars Piguet 5402BA A series S/N XX is finally return to me hands

After a decision to take back this watch from AP house, I passed to one of the best watch expert in Hong Kong to do the oiling and complete service.

 It took him one week focusing on this watch.

Finally he passed me the watch in tip top condition, no polishing of course.

This watch had been leaving me for past 6 years and finally came back to me possession.

The time is adjusted to gain 8 second per day, that is good for Chinese like I

The first two pictures are the new condition of it. 

HK Snob

There are so many good watches that may be good for your collection

The passion for watch has to be built up with years of collection, understanding horology, meeting with some of the collectors and representatives from the individually watch company.

There is no need to follow what 80% of most people know about what their so-called best watch collection's definition.

If you follow this thought about how most people appreciate the watch becoming what is your favorite watches will not mean that you can't find what you love.

Watch is able to be categorized love of individualism.

There is always very beautiful, rare and iconic watch not necessary those 80% can recognize...

such as Reverso, pre-Vendom Panerai, Rolex Prince, Rogers Dubuis bold large watch of the early time such as MuchMore, Cartier Crash, Santos and Tank. Patek's Calatrava, Vacheron Constantin Moonphase, slim and smaller Overseas of 37mm...Royal Oak of the 70s', Piaget Lapis or Onyx dress watch, Rolex Day Date Coral, Submariner Onyx, Rolex Milgauss of the 60s. 

Keep the list on and get what you like and more importantly is still affordable!

HK Snob

Tiger eye, meteorite and Onyx

It's not the make, it's not the size, it's not the price, it is the fun in collection.

Tiger eye, meteorite and onyx dial, super rare.

HK Snob
 

My Audemars Piguet finally back Home... Thanks AP

 I got my AP 5402BA A series finally from Le Brassus on 3 Nov. Thank You AP House.

Thank you Bowie Cheung and Elssi Yu

HK Snob

Hublot charges on watch repair - 5 Stars service

 

This is another case that I went to Hublot at IFC last Wednesday 19 Oct for this repair.

She took me two minutes to fill in some of the apps. and they took my watch. I asked how much.

They told me is about HK$5,000 to $6,000!

Their staff's professionalism proven today when the official invoice came indicating that service charge is $4,800 and replacement of hour and minutes hands is $625, crystal change is $1,430.

Total charges is $6,855. 

Hands and crystal changes is subject to me... I will change them.

This is another 5 stars super good service. 

They are efficient, 10 minutes to check the watch, 3 days to send me official quotation and the price is sweet!!

Hublot is getting very popular and gaining more market share in Asia Hong Kong, Japan and Singapore...

Thank you Hublot and your friendly staff!

HK Snob