This whole Watch Auction Concept I read all started in 1989 with the 150th Anniversary of Patek Philippe. It sounds like companies buy back watches and it sounds like alot of high prices are paid. Sometimes on the internet I will see the same Patek Philippe Watch double in price in six months.
Philippe Stern talked about how truely horrible that Patek Philippe is selling for so high, but gets so angry if Patek Philippe Wristwatches sell for a dollar less than retail.
He seems to have created a Frankenstein and then denies any involvement, and talks about how much integrety there is and how angry he gets at people who sell Patek Philippes at a huge profit, yet denies that he created that whole profiteering climate to begin with. It is like the Mortgage Meltdown and preditory lending and the banks deny any wrong doing. I am not accusing Philippe Stern of breaking any laws, and his product is a great product, but lets be honest, Philippe Stern has done a great job at Marketing his watches, and creating Patek Mania. These Watch Auctions I really wonder about.