ROLEX AND PATEK PHILIPPE WILL POSTPONE THE LAUNCH OF NEW MODELS THIS YEAR
We have had confirmation today, that Rolex and Patek Philippe will not be releasing new 2020 models anytime soon, which is the first time this has happened in history.
Basel World usually show cases the latest releases in April which always causes a huge scrum at the local dealerships, as everyone is promised they are first on the “non-existent” waiting list for the new models.
Rumour has it that Basel World maybe now next on in January 2021, I doubt the big 2 brands will wait this long to launch their new products as they are supposed to out this month for release in September, but what with both factories closed already for 3 weeks and its likely to be another 4 weeks minimum before they re-open this is looking very likely. They all close the factories in August so at best there maybe some new stock of current models delivered in late June and July.
This delay will impact the supply of new models and back orders going forward, and could take months to catch up and only make the current in demand “waiting list watches” stay highly sort as there’s nothing new to chase down or order.
The Patek watch market has seen a correction in the last few months which was needed to be honest as the prices were going to such an unsustainable price, many Patek models twice the RSP. There were so many funds and investors buying every Nautilus or Aquanaut purely as a stock thinking the prices would continue to rise 30-40% per year. Much of this price hike was driven by this and the trade stocking the latest “can’t get watches” hoping the market will keep rising.
A large UK online company we all know, still have many of millions of pounds worth of Patek stock advertised for 25-30% more than everyone is selling at. I wonder what their game plan was? Buy every watch and control the market? What happens now when the prices correct? Do they over charge unsuspecting clients or reduce the stock and sell at huge losses? Seems the first option is the front runner for now.
I was told in the early days of trading take a profit, make a sale and leave something for the next guy…..
I expect the market with Rolex sports models to stay steady over the next 6 months until we all know what will be discontinued then we will see some movement. These models are always a safe buy and the grey market prices are still great value for such well made watches.
I will be advising my clients to diversify their watch collection this year with some period Rolex watches from the 1980’s and 1990’s. This has been massively over looked in my opinion and yet to see much growth that it deserves. Buying watches from this period needs more skill, expertise and market knowledge as small differences to a model or reference can make all the difference.
As we are in unprecedented times and some of our clients are choosing to sell, this is an excellent time to be buying as the prices over the next 6-8 weeks will be the lowest they’ve been for sometime and then will start to climb quickly again when we can all go out again enjoying and extending our watch collection.
I look forward to hearing from you