the 5711R had the highest Price increase at 11.62%
Watch giant Patek Philippe has from the 1st of October 2020 increase all prices by 6-12%, averaging around 8% for most models. The price increase has taken effect across all dealerships and also on the official website patek.com
Over the last 3 years Patek Philippe prices increases are almost becoming the norm with everyone forgetting that there was 7% price decrease in 2015. In June 2017 the "weak pound" was cited for that price adjustment of around 5.5%. Then in June 2019 there was another price increase of around 5% no official explanation for that except what looked like a reaction to catch up with the crazy prices Patek Philippe model were selling for on the grey market. Some models were selling for 50-100% of the retail value on the grey market.
The demand for Swiss watches are definitely on an upward trend and the brands are capitalizing on this. In January 2020 Rolex and Audemars Piguet also increased prices. Omega and IWC have also done price increases recently.
Rolex price increase since 2016
1st Nov 2016 - 10%
1st Oct 2018- 5%
1st Jan 2020- 7.4%
Will the real watch enthusiasts eventually get priced out of buying these watches? Will the grey market adjust to the new price increase and increase even more? These are questions that we will find out in the coming months
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