IWJG Report...

This show had all the makings of a really great show. The Monday before, nth street was full of foreign dealers combing the street, looking for deals. Those I knew were leaving watches for me to flip at prices that were not reflective of their usual market. The show showed great promise but it was not to be. There were all the usual dealers running around looking to outsmart each other and lay off a dog for a grail. It turned out to be like trading seats on the Titanic. Again, no one was even asking prices on anything. I had a 6538 w/refinished dial which I quoted $20 and no takers. The Patek market also seemed slow, again with buyers asking below dealer cost. There were many perfect red subbie sets as well as many other full boat items but all were still waaaaaaay overpriced with dealers holding most of the same inventory from last 2 shows. Plastic Daytona were all over the place. It seemed like all the established dealers had a couple in their showcase. While one high end dealer told me he moved 2 over $30k, I saw many in various condition sitting from $18k and up sitting. I guess those boys should have read "the Buckley Report". Nah, they were all too busy blaming me for the downturn. Now isn't that silly? They should know what that does to my raging ego! I do not control the market, I just report it like it is. I have been telling all who will listen to move on any high priced stuff that was questionable. Some listened, others did not and are now buried. Condition still rules. there was a DRSD w/perfect MK 4 dial, curved case back and no serial which sold for $16k...and the dealer was glad to move it. A Patrizzi w/full boat went for $16k which was absurd, but again condition was perfect. The market is correcting itself and if something is hard to find and in perfect condition w/no issues it will fetch more but all parties are being careful and double checking EVERYTHING.I was offered a 6263 w/Newman dial @ $82k. The dial had the slightest mark near the 6 marker and I believe the guy went home with it. On a good note I bought lots of parts, as I am officially out of the vintage watch business. Back to my bread and butter. There were many overpriced dials but I scored on a 666 matte, Tiffany matte 5513, bronze nipple tiffany GMT qs and a really nice silver Milgauss dial. in addition I traded for 2 big red 6263, black/silver and a couple of "semi patrizzi" 16520 jammies. Oh yeah, I also paid way too much for a 16520 floater in white but that was early in the day and I had to have it.All in all I had a really slow show, watch wise but in terms of parts and selling pure junk, I cannot complain. Many dealers did not even make their expenses.

My final word is this:In 2001/2 I began raising prices on anything vintage with no ceiling. if it did not sell at $300, raise it to $1000. Those who needed the parts would pay. As the vintage buzz began and prices began to soar worldwide many began to comb the globe for these watches as there was big money to be had. When more and more of these pieces hit the market they were gobbled up by dealers, speculators and collectors alike. I remember when a Tiffany Rolex watch was special, as the years went by they are now all over the place. fast forward to 2006/7...lots of easy money available, market blows up with highest prices ever. 2008 rolls around and the market is overloaded with vintage Rolex. The "Revolution" comes and with that "the last hurrah". the problem is there is not way too much inventory out there with too many sellers and NO buyers. Those who have hope this will turn around in a year are non believers. This overstock all over the world will not just go away. Sure, prime examples will be sought after but come on, who in their right mind will pay over $20k for a red sub full boat? IT IS A COMMERCIAL WATCH!!! Nothing sexy or special about it, with so many prime examples out there. Remember people, the box and paperwork cannot be worn.

To all the dealers who approached me and requested that I pipe down on public forums please understand MY position. There was a bomb scare at 27 west 47th on Thursday and while I was in NJ the joke was that the "Anti-Buckley Alliance of Dealers" (ABAD) phoned it in. Sorry fellows, I am at 37 west. lol!

I know many were waiting on me to post this report who do not read my blog daily. I really do not feel sorry for the guys who heard me ranting about the market dropping and refused to believe it out of their own lack of common sense or just plain greed. Gone are the days where you can buy a watch for $5k and nine people will offer you $20k or more. Too many learned about the market and anything with plastic became "collector grade". Now we can get back to finding that perfect, rare piece without the interference of speculators offering far out prices for common watches, just for the sake of profit. The joke at the show was that a lot of dealers became collectors in the last 2 days. Sad but all too true...