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| Watches |
Patek Mystique
James D. Malcolmson
05/03/2004
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Like a new
car, even Patek Philippe watches experience an immediate depreciation when they
are walked out the door of a jeweler. According to prices found on the Internet,
this depreciation hovers around 30 percent, a figure that is actually quite low
for a modern watch at retail. In most cases, it can take years, depending on the
production numbers and popularity of the model for the price to stabilize.
Limited editions (which take connections to acquire) appreciate immediately, but
for the regular models the wait is longer, perhaps five or six years.
While
Patek Philippe denies any overt attempt to manipulate the vintage market, many
of the company’s production policies benefit current owners. Patek Philippe
still creates the complicated pieces on a relatively limited basis and revises
even successful models after several years of production. Their reasons may be
benign, but these moves nonetheless eventually create a limit on supply that
boosts valuations. The company’s legions of admirers are certainly not
complaining.
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