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temerityb
- Banned!
- Posts: 719
- Joined: Sun Jun 03, 2012 10:00 pm
Major Rolex AD Busted
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.
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.
“Jewelry isn’t really my thing, but I’ve always got my eye on people’s watches.” – Clive Owen
