Major Rolex AD Busted

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temerityb
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Major Rolex AD Busted

Post by temerityb » Mon Feb 15, 2021 1:09 pm

Big news in the insane world of Rolex flipping:

A lawsuit popped up in Chicago: Krajisnik v. C.D. Peacock, Inc. (1:21-cv-00775). A former Rolex AD employee is directly accusing one of Chicago’s oldest jewellers and Rolex Authorized Dealer for “terminating her employment in retaliation for whistleblowing and refusing to engage in flagrant illegal activity and engaging in racketeering“. The plaintiff is essentially accusing this major Authorized Dealer for selling watches directly into the grey market, not limited to Rolex and allegedly also – you probably guessed it already – Patek Philippe.

https://atelierdegriff.com/2021/02/14/b ... arket/amp/

All I know is what I've seen:

While Rolex fans are jumping through fiery hoops to obtain the newest Submariner, Oyster Perpetual, and other Rolex models introduced last September ... somehow, some way, I'm seeing those same watches being sold as new in my area (NYC/Long Island) in indie stores and online. Of course, at prices double or even triple the Rolex selling prices as listed on the brand's website.

It makes me guess (and yeah, I'm just trying to figure this out) that ADs are buying up stock themselves, flipping them at a profit onto the secondary market, and then those sellers are jacking them up even higher.

It's insane. It also shouldn't be allowed. What's being reported, I'd wager, is only the tip of the iceberg on that's going on, on a much larger scale.

Just guessing.

And think of this: You buy a new Rolex from Sam's watch shop, who "just happened" to have the model you've been looking for - and you won't even get the Rolex warranty, since you only get that once a new watch is purchased from an AD.

It only gets worse.
Last edited by temerityb on Mon Feb 15, 2021 2:40 pm, edited 1 time in total.
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temerityb
Posts: 255
Joined: Sun Jun 03, 2012 10:00 pm

Re: Major Rolex AD Busted

Post by temerityb » Mon Feb 15, 2021 2:40 pm

JAS1125 wrote:
Mon Feb 15, 2021 2:02 pm
It makes me wish for "saner" times.... And pricing and availability to reflect that
It's really crazy. Luxury segment watches are expensive, and a major purchase for even well-off people. To turn it all into a game of ducks and drakes is really a stain on the hobby.

I wish I sold Omega and Longines watches right now, because I can't help but imagine hordes of Rolex buyers saying to hell with it and moving on. A year ago I bought a new Rolex, but it was a fluke - one AD had just the watch I was looking for in a town I was travelling to. I'd never do a "waiting list" to buy a watch. There are too many alternatives that are every bit as worthy.
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