Discussing The Current Watch Market w/ Paul Thorpe

Discussing The Current Watch Market w/ Paul Thorpe


Hey, guys. I got a message from Paul Thorpe
that he wanted to talk to me, just shoot this ****
and get on camera. We don’t know what this video will bring, however, I’m sure you guys will enjoy it, so stay tuned.
Hey, Paul how are you? – Hey, Roman, how are you doing? – doing well – So, have some…
Have you noticed any, uh… downturn in business.
I mean, what’s going on out there? – I’ll tell you what’s going on. We got, uh… It’s the uncertainty, right? It’s the uncertainty that kind of
put things on pause. It reminds me very,
very well of ’08. when **** hit the fan in ’08. Basically, everybody just
kind of went quiet. The prices didn’t change. Meaning, the prices are
sort of staying stable, for the most part, for now. But I’m seeing certain individuals panicking, and I’ll explain to you what I mean by that, by panicking, I’m talking about the guys that have gotten into this business, about probably five to six,
seven years ago, right? And these guys started buying up, what? All the hyped stuff. Pateks, Nautiluses, Aquanauts,
all the Royal Oaks, all the Richard Milles. And all of a sudden, they felt like a big
badass, right? You got a bunch of young guys
on 47th Street, and when I say young, I mean by
relatively young in the business, around five years, that felt like they were the man,
or the woman, simply because of where
the market took them, right? You saw what happened
in the last five years, with the market and all the hype stuff. It went through the roof,
and all of a sudden, everybody became an expert, and all of a sudden they felt as if,
“Oh, I’m the man in this business.” I’m sitting back and I’m looking at all this stuff,
and I said, “I’ve been here before.” So, I anticipated, obviously,
the market going up and then going down. Something is either bound to happen, either a recession,
for one reason or the other. Of course, we didn’t expect
the coronavirus, right? That pretty much shot everybody down. The good news is that we went into it
with a good economy, more or less around the world again, more or less, right? But now all these guys are
taking a ****, because they’re shitting on… a bunch of hype RM 11s, Royal Oaks, Nautiluses, everything that was hyped,
that was so overpriced already, that they’re basically taking
a [bleep] right now, and I’m waiting for these guys to… …dump all the stuff
out on the market. They’re going to start dumping
when they’ve got to start paying interest rates on their loans, which some of them
took out on the street, and they’re going to start panicking
because stop… The wheel is going to stop, and it has stopped… …for many reasons. Right now, in Hong Kong,
I’m having issues. I had to deliver a $900,000
Richard Mille, yesterday, and my driver made it in the nick of time
into armored services carrier to make it to Hong Kong,
just in time before it gets locked down, and my customer from Indonesia was able to pick up the watch. Right now, there’s no movement
in and out of Hong Kong. FedEx is closed in Dubai. I went to Dubai and Oman,
on a buying trip, last week or two weeks ago, and I bought a bunch of stuff. Half of it came in, the other half, I can’t get, because FedEx is not picking
up in Dubai And so, now, they have to try to ship the stuff from Dubai, to Hong Kong, and then with an armored carrier, I’ve got to bring this stuff here, and hope that the prices don’t drop, so that I can still make money
on this thing. So it’s a…
It’s a fun time in our business right now. – Yes. Yes, it’s an interesting road. I think you’re absolutely right.
I mean, it’s these, the newbies, they are going to go
by the wayside. It’s a harsh thing to say, but in some respects, the guys that have been
in the longer term you know, the ones,
like people like yourself, that a million years went by. We were really up to our neck for years. It might even—
there’s a little bit of a fight, where it might get rid of some of these, you know, the flippers and the triers,
you know – Well, the private sector, for sure,
– Yes. – which I’m extremely happy about because again, in ’08 you had the same kind of concept where you have so many privates in the business of going out there, finding watches, buying them,
and selling it to guys like us because they demand at a premium now all those
guys are going to… …be disappeared completely and again some of the newbies
are going to learn a hard lesson, and not many of, you know—
a few of them will stay around and a few of them will go belly up
and look for something else to do. The problem with that is, is that,
you know how our business work. Everybody owes everybody money.
It’s all based on word. And when you’re sitting
on a lot of receivables, it becomes an issue as well.
When a few guys go under, it messes up the bigger guys,
you know I know I have quite a few guys
that owe me a little bit of money on the street and, uh, I know that
at the end of the day, one or two of them are going hurt me,
financially, in a sense that, they’re not going
to be able to pay their bills. And they’re not going to go bad
because they want to—or maliciously. They’re just going to go bad due to the market.
– Yes. Yes. That’s unfortunate. I mean… I have a funny feeling that you’ll go have
some sort of… yourself. I mean I’d rather go out
and lick the street and let some, like yourself, down,
and put their trust in me, let me tide stock, and it’s going to be
a bit of a pill to swallow for a lot of people. I mean I’m talking about going
in London, who sells or gives out a lot of stuff
on sale or return, and he’s getting ready
to take them off, honestly. – I do have some goods
out on the street that are on memo
to a lot of these guys, and when I say on the street, I’m talking about from New York,
to Hong Kong, to Dubai, but for the most part, whatever goods
I give out on consignment or whatever goods I take in
on consignment, myself, is usually from people that I know. I try to do business with guys that, if tomorrow they have to
shut that operation for 30 days, it’s not going to affect them
to a point where, they’re going to kill our business.
– It’s not going to kill them. Exactly. – There is a light, I feel like,
at the end of this tunnel because even though we’re in a time of uncertainty, I look at my sales
over the weekend and these were my online sales, and we still did plenty of
retail revenue online because guess what? People are sitting at home, and they’re shopping online Amazon just announced they want to hire
a hundred thousand people, here in the United States, to help them, you know,
put orders out. I’m guessing, it’s mostly toilet paper
and Purell, but whatever it is, you know you do have some upsides
to the online businesses. And, again, going into this
with a good economy shows me that so long as… …the actions taken by the government,
just try to quarantine everybody, gets to the point where China is today, in the same amount of time,
we should be good. – Yes, yes.
– But Europe, I’m concerned about Europe big time, because of how quickly it spread in places,
like Italy and Spain. Where else, it’s called martial law, now, but I think in Italy, you can’t be out
on the street past 5 o’clock, etc. etc. I’m hoping that those measurements are… going to contain this fast enough so that we recover,
as fast as China. China yesterday closed up… their first Wuhan Hospital. they didn’t have enough cases
to support the hospital being open. That’s great news, and it’s been what?
Two months, two and a half months? – Yes, yes. It’s really fast. I mean it’s quite surprising how…
fast they spread. I mean, when I came back, I went down to the Canary Islands, just last week, and when I came back to London, Roman— this is the sort of thing
that was really bugging me— is that I come through customs
at Gatwick Airport, and they were more worried
about the amount of cigarettes that people were bringing in than the flight that was coming in to us next
was from Milan. And I’m thinking, “Guys, you need to get
on top of this, you know.” It’s not worrying about people
bringing in cigarettes. You should be worry about
the temperature of the people, coming through… Listen, I think the problem is, with a free society, like free societies like we live in, it’s very hard,
unless you are told, strictly, you cannot leave your home. They’re telling people to self-isolate, but we’re too used to our freedom. In China, if the government says
you stay indoors, “Listen, you stay indoors, because you’re going to be
in big trouble if you don’t. – Have you seen the video that’s gone viral, where the guy was stopped
at a checkpoint, and they used this big butterfly net
to catch him? – What happened to him? – I’m going to pop it in.
I’m going to have Ian pop it into this video. It’s… and you know what? If that’s the measure you have to take, that’s the measure you take.
Unfortunately, like you said, in free societies, especially the United States
and United Kingdom, you know, you can’t have
guys out on the street, with guns and big butterfly nets
catching people. – Yes, yes.
– It’s going to rarely help. – It wouldn’t work. – And, in America, more so, population of 330 million, with an average of 2.4 guns,
per person. – Yes. – If start you start that **** around here,
you know, there are definitely some gung-ho individuals
that are not going to fly, which I don’t fly with, but… – That Second Amendment
might come back to bite you in the right back side – Exactly, exactly. But to get back to the watch market, I’ll tell you what I’m doing right now. What I’m doing right now is I’m probably sitting… on the lowest, uh… amount of inventory,
in terms of dollars. I am… …selling a lot of things via dealer chats. One of the things we didn’t have in ’08,
when this happened is well, for one, my wholesale business
wasn’t where it is today, the one where I was just
kind of starting out. But… …the whole sale is going to
keep things alive and mainly due to technology. I have probably about 600-plus messages just from various dealer chat groups – that are on here, right now.
– More chat groups, yes. [Roman] There’s still somebody out there
looking for something. There’s still people out there
looking to take opportunity of the situation and spend money. So, you got guys, right now, in sell-off mode, but yet you also have a lot of guys
in the wholesale industry that are in buying mode, And it basi—
Yesterday, I bought two Pateks. I bought a 5726, stainless, steel blue dial for $75,000 U.S. This is a watch that normally,
a month ago, people would be asking
$100,000 plus, I bought a 5712, stainless steel,
for $55,000, which, again, a watch that normally would be $70,000, $75,000 just two weeks ago. – Yes.
– They’re both double-sealed, and now I have a decision to make. So, here are these two Pateks
that I know that are probably going to go down
some more, eventually, but what I’m trying to do
is trying to stay ahead of the curve going down. This is what I did in ’08, and this is how we made
a lot of money in ’08 because we’re quickly flipping stuff,
where I was buying— it’s just slightly cheaper—
ahead of where I anticipate the price to go lower.
-yeah and the worst case scenario,
I say to myself, “well you know what, if they take it— not a $10,000 dump, right? I don’t know of one cheaper
than $85,000 right now. If they take another dump,
I’m going to take it. It’s a double-sealed watch,
date it 2020, I’m going to put it in my safe
for six months. – Yes. Well, I was just going to say, Wall Street philosophy
on a couple of places like that, Are you’re going to try
and move them quick, or you’re just going to go,
“You know what? [bleep] just got to hold them. – I’ll be honest with you, Paul. Last week, I bought a watch
that retails for $730,000, and in the market, I know of one
that sold for $1.1 million, right? that was the market on it. I bought it. I flipped it. I made a 5% margin, roughly, and I was happy about it because I was excited when I bought it, when it came in, and I looked at it, and I was [bleep] the brick,
and I’m saying, “Wait a minute, I just stuck almost a million dollars
into this watch,” but guess what? I managed to sell it,
but the issue is not just selling it. The issue is… the logistics of it. I’m selling all over the world, and right now, my ass it being tied
more and more, and more with logistics being shot down
all over the world. Because these guys that want to buy
a million-dollar-watch, they’re not going to sit around,
for a month, waiting for it. because the market’s changing, And, again, this is all B2B stuff.
This is not to a retail customer My retail clients, they understand.
They’ll wait. I had a retail client recently purchased a heavy-duty, Bvlgari jewelry set, for like 400 grand. Well, she knows that she’s going to have
to probably wait 30 days for it, but she’s a retail client;
she doesn’t care. She’s already paid for it.
She’ll just wait. But dealers, they want the stuff
yesterday, because, all this time,
– Yes, yes, of course. – Hey, listen, let’s face it.
Anybody out there that tells you I’m a big badass
in this business and I have a lot of money is lying,
because we never have any money. You’ve been in the business
for a long time, and the biggest issue we have always is cash because, if we have it,
it makes no sense to hold it. We’ve got to put it into merchandise. – We put it in the merchandise…
– In your stock. – …somebody offers you something else. And, all of a sudden, you never have
enough money, right? – Yes, yes. Yes. – And this is the situation and by logistics around
the world slowing down, that is going to hinder our business,
as well. But I don’t see the market
slowing down here, in the US, yet, right? It’s sort of that quiet
before the storm, and I’m hoping that the measures
of the government took are going to take them
that fast enough to where we get a little bit of good news,
get over that whole… – Yes, yes. – …are going down, where it’s going to be
business as usual. – Because you know,
the other thing as well, we said, “When we come out
on the other side, please, God, we come out the other side,”
like you say, “quite quickly.” There’s going to be
a feeling of euphoria, and when we get that feeling of euphoria, people are going to be going,
“Hey, you know what,
I’m not going to go. “I’m going to go
and buy that watch I wanted. Then I’m going to go
and buy that motorcycle. I’m going to go and buy…
I’m going to take that whole vacation.” So, you know, I think they’re all positives
down the line, and that’s the message that I’m trying to,
at the moment, at least, trying to play on the channel that,
you know, we’ve got to try and stay positive because you really tighten up, again,
on negatives to you, there’s nothing to be adding negative. – Yes. I will give some advice to yours
and my viewers right now. For a retail customer right now, this is land of opportunity, and that opportunity is right now. Don’t be the one guy
and just sit there and wait for this market
to bottom out because it can quickly fix itself
within two weeks, – Yes.
– or two. Nobody knows that, you know, even though Ian gave me a crystal ball, I still don’t know that. What I do know is right now
is the time to think about, okay… the market is down in general. For example, in ’08,
when everything hit the fan, my opportunity, I found it to be
in two things. Number one, vintage Rolexes, and number two,
the stock market, right? So, on a personal level, I took advantage
of the stock market, and, you know, when Amazon was trading
at $9 a share, you know, that was an opportune time
to buy, right? Yes, I didn’t put a whole lot of money into that because it was still a scary time. I put a little bit in and it paid off
in the long term. Same with the vintage Rolexes, right? Speaking of which, I’m wearing
my Single Red Sub. I bought it in ’08.
I bought this Single Red Sub, complete box papers for 8 grand. – Lovely . – Today, it’s trading $27,000, $28,000. – Yes, yes.
– Love finding one complete, right? I sold off all the other ones. I mean I sold my A-Serial… last Zenith P-Serial Daytonas, for 50 grand, to an Italian guy. I mean, I paid $11,000 for them, so… If you are somebody
who is a retail client right now, I fee l like it’s a great time to take advantage
of that dream watch, – Yeah
– from an investment perspective, but from a perspective of really,
really getting out there, buying what you wanted,
at a slightly lower price, and putting on your wrist
and enjoying it, knowing that, you know what, you bought it cheaper
than it’s going to be ever. And I always say these things
are not an investment, so, as a retail, fine. Get out there, and look for that one thing
that you always wanted. Listen 15202 Stainless Steel, trading upwards of 50 grand now? They were trading in a high market,
well that’s the watch that you wanted and now you can pick that up with $40,000,
or even $35,000, pre-owned, go out there and get it.
– Yes, go on and do it, yes. – but not from an investment perspective,
again, but from the perspective that you’re now
buying in a lower market rather than the higher market. – You think that the public here, at least—I don’t know
what it’s like out there, but a pump— I mean I get offered—
even though I feel tied, I still get offered watches every day, and, you know, sometimes I want to stick
some of my collection, I’ll buy them, but I’m still getting offered
watches every day. But a public, it’s going to take a while,
I think, to get into their mind these high prices have gone, you know, when they’re asking,
you know, double lists for their billing and our double is plus another 10%, they’re not going to get
those prices anymore so there might be a bit of a stalemate where the public’s concerned,
when it comes to selling. I don’t know. They’re going to have to realize— you know, what it’s like—
they always realize when they’re buying. but they never realize
when they’re selling. – Exactly. Well, let’s throw something—
let’s throw another hook into the mix. Let’s throw into the fact that, yesterday, Rolex announced that they’re
closing production. I spoke to a friend of mine,
who was an authorized Rolex dealer, here in Philadelphia, and he was ecstatic about it. He said, “Wait a minute.
If Rolex is going to close all production, and they’re going to close the factory down,
they’re not going to produce, let’s say, even for the next
two months. Prices will hold. And I guarantee you, If AP is smart, if Patek is smart, they’re going to do the same thing.” – Yeah, yeah – The minute the public hears that… Now the prices have dipped
a little bit. They didn’t crash. Nothing crashed.
Let’s get this straight. – Yeah, yeah, yeah, absolutely. – so I mean in this box,
I probably have… a dozen or so APs, and few Pateks
that I just bought a week ago, and I’m going to continue buying them. So the prices have come down a tiny bit, but they didn’t crash.
There’s still room for me to make money. But, if AP, Patek, and every
other manufacturer, follows Rolex tomorrow, I feel that that’s going to lift up
the spirits of the general crowd and say, “Well, wait a minute,” – Yeah
– “Rolexes have come down a little bit. Rolex is not making any more of them. Maybe, perhaps it’s time for me
to get out and get that Batman, get the Sea-Dweller
that I always wanted, at about 10% to 20% cheaper, because at the end of the day,
when all this **** is over, and it will be over—I tend to think
most people think positive – Yeah
– I’m going to end up with a deal because the prices are
going to go up anyway because there will be
a shortage of merchandise. – What sort of percentage of your businesses
is the jewelry side of things? – Last year… I’ll tell you exactly. It’s about… Again, you have to remember, with watches
being more expensive by nature, obviously, the percentage is
going to be skewed. In terms of margins,
jewelry is much better. – Yes, of course.
– In terms of revenue, obviously, watches are going to make up
about 75% of our revenue, – Right.
– So… and again, both wholesale and retail. – Yeah. – And the biggest winner honestly today is… watches $500 and under. – Yes.
– It’s your Amazon goods. It’s your Overstock. It’s all the other platforms
that we sell on, and… – You weren’t selling at that level, are you? You were selling at that level?
– Of course, of course – Okay
– I mean I’ve never shied or have been embarrassed
to deal with anything. I mean I would sell Swarovski jewelry, and guess what there isn’t a single item out there,
today, in my stock, Richard Mille or not, that can ever show me
the type of margins we can make on stuff that’s a— – Sure, yeah. who know – because this is sure stuff, people can afford it,
and it’s the simplest layman’s terms. You don’t have… a whole lot of guys out there
that can afford $100,000 tourbillons. You know what I mean? Or Richard Milles,
or even Rolexes, for that matter – Yeah, yeah, absolutely. You know,
some of my biggest profits, when I was at some of my biggest
and my best profits, were from my clients in the US,
predominantly. You would buy historical items
that you just can’t find in America, The antique jewelry
that I used to send out to the states and some of the objects have been
absolutely immense. I mean, mind-blowing. – There’s a dealer in London. His name is… He’s got curly hair.
He’s a big antique jewelry dealer. What the hell is his name? Him and his sister,
they actually look alike. I can’t think of the name
of the company. He came up to my booth
in Hong Kong, and he showed me a cross.
It was an Edwardian Era cross, we’re talking 1600s, 1700s, right? And it just was a simple cross
that had emeralds, which were not much
to write home about. And he goes to me, “Roman,” he says,
“How much would you pay for this?” I looked at it and I’m like, “Oh, I don’t know, $4,000 or $5,000.” Then he goes—he’s smart,
so he did it purposely and he’s like, “How much you think
I just paid? I was like, “I don’t know.” He’s like, “I just paid $195,000
for this little cross, and I’m ecstatic about it.” And I’m like, “Okay, well what are you going
to sell it for? It’s irrelevant. I can ask whatever I want. This is extremely rare.
– Yeah, yeah – He wen’t in the history,
and then blah, blah, blah. – Yeah, yeah – And that just taught me a big lesson. It’s, at the end of the day,
in our business in any business, knowledge is king. I would have walked
right past that cross, – Yeah
– and wouldn’t have paid attention to it. And with jewelry, you’re right. it’s those rare unknowns where you can make the bigger hits;
you can make the bigger margins, And, even today, there are
certain jewelry pieces that we buy, you know,
branded older jewelry that, you know, are sort of
those blind items, boutique-only edition stuff, and you’re able to make “irregular profit,”
as they call it, but at the end of the year
when I look at the numbers, it’s still all averages out to a certain… – Yeah… yeah.
– when it comes to jewelry. – I have a the big passion for 18th,
19th century jewelry, fine objects, particularly French English. I mean some stunning objects, and I mean, you talked about a cross.
I have one in my safe right now, that I bought about a year ago,
16th century Spanish, beautiful thing. You know, I paid £1,500 for it, which is what—I don’t know—$1,800 but I can sell it for whatever
someone wants to pay for it. – If you can find the right collector. Listen, I went to Dubai.
I was in Dubai and Oman. And you’re familiar with watches out there, that carried the Oman logo because – Yeah
– the Sultan that’s recently passed away, he has a contract directly with Rolex that supplies them with these Rolexes
that he gives them as gifts. Ian, give me that thing,
right there. So, I guess I can… This is a gift that my friend
in Oman gave me and this was just a big silver coin that was to celebrate… I think 25th anniversary and these types of objects,
you want to talk about the English supplying the world
in the Middle East, Asprey of London is a house name
in the Middle East. This guy has shown me
such things from Asprey that I haven’t… haven’t imagined in my wildest dreams. Some of these things
are 50, 60, 70 years old and a lot of these collectibles are… Speaking of him, this is him
offering me stuff right now. Look at that.
[laughter] I’ve haven’t had… I haven’t seen
in my wildest dreams, and I’m talking about
from little trinkets like, uh… little knives, and lighters,
and brushes, and shaving kits, to, you know, frames that are made out
of two kilos of gold and encrusted with diamonds. – Yeah.
– You think of the… Prince Philip—what’s his name? Philip… of Brunei. The amount of money he spent with
Asprey of London is astronomical. – Yeah. – And I pick these things up, as well,
because they’re blind items, and there is a collector
out there for them. Nine out of ten people
will deem these things useless, and you know,
worthless, where there are collectors out there
that will deem a lot of things, you know, worth collecting and worth a value, and not it either. You have to have those other clientele, but we have YouTube. If you get out tomorrow
and you showed off that cross, on YouTube, to an audience, that would then, in turn,
share this stuff, you would find that right client
for that particular piece, – Yeah, yeah – as much like with any of this
collectible stuff. – It’s very tempting at times to,
sort of, dabble again, but… you know, but I have to resist that age, because ultimately,
I think I would… By being retired, as such, I think it gives me certain
type of credibility I haven’t got any access to go in. I’m not selling anything. So if anyone
accuses, I say, “Look, guys, I’m not selling nothing. You can’t
accuse me of this,” you know, so it makes my life quite easy,
and I enjoy that – I actually spoke about this… on one of the videos we just recorded about,
you know— and I flat-out told my viewers as I always have. I said, “Guys.” without even me wanting for this
to become a sales channel, it already has, because a lot of you, guys, that are watching,
have already bought a couple of pieces from me. I get it, you know, every single day
from dozens of you, asking for advice or asking to
purchase something and I don’t feel bad about it and if anybody wants to
give me heat over that, I don’t really care. – Yeah, I agree.
– At the end of the day, if a client comes in and they buy something, whether they came in off of
YouTube or elsewhere, and they’re a satisfied client, at the end of the day,
I’m still a business. I’m not retired and, you know,
we’re here to sell. We’re here to make money. you know, my YouTube production
cost me money. You know, it’s no secret. – Of course, yes.
– I use a video software company. I have a full-time videographer, and it cost me five to six hours
of my time, a week, so… And for the first year and a half, when nothing was selling off
of YouTube, specifically, right? I wasn’t complaining about it, so now, if I can sell a couple of watches a week by doing this, it’s a bonus
as far as I see. – Yes. Absolutely.
– I’m not going to feel bad about it. – What are you personal
three favorite brands, would you say?
If you had to list your three favorites.
– It varies to me. It’s no secret. Everybody knows AP
is my favorite brand. So, you know, I would put AP
at number one, and the Royal Oak, the one
that I have from 1972, the original Genta design— you know, I have the first series.
I have the A-Series— is probably going to be
that top watch from there. I would have to go with Rolex,
and when I say Rolex, I would say vintage Rolex. I’m really good friends
with Georgia Mondani, at the Mondani books, right? And if you’ve seen her books—
I’m sure and start flipping through the pages and you see them,
the variety that you have, that you get, just with subtle difference in bezels and crowns,
and things of that nature, and the collectability aspect of it, right? And again, not investment—collectability – Collectability, yes
– I’m going with Rolex. You know, and I respect the company. I’ve always said that I think
Rolex is number one, and number two somewhere
in the basement, just because of… Doesn’t matter the watches
they distribute, and the demand that they keep, and how they are able to keep
such a tight glue around it, to me, it’s amazing
from a business perspective but most of all, I would probably
go with Rolex, the vintage end of things,
not that I don’t like their modern stuff. In fact,
– Yeah – in Oman, I picked up a blue Sky-Dweller,
with our money logo in the back that’s going to go in the back
of the safe, and it’s going to stay with me
for quite a long time. I’m going to wear the watch, but it’s not
something as I’m going to be selling. – Yeah. – and if I had to pick number three, it would have to be a toss-up between
Breguet and Vacheron, and most likely, I’ll lean towards
Breguet just because I think tourbillons is one of the most… fascinating complications that were created, especially if were talking about
two hundred and some years ago, when it was created.
– yeah – I think it’s one of the most fascinating
complications in a wristwatch, and because Breguet was responsible for that, I think I’m going to go with
Breguet, at number three, and the Vacheron will probably be
the closest number three, as well, but with Vacheron, it’s due to… it being the longest running company. – Yeah, yeah, absolutely.
I mean, for me, AP, my favorite watch brand now. When people used to ask me, Roman,
I always say, “Well, look, AP is my favorite
watch brand, but from a business point of view,
it has to be Rolex because that’s what I used to
build, in general, ultimately. I mean you can… you know, I’ve always said
people ask me, you know, about various brands and when I talk about recognition, I tell them the same thing
over and over. I tell I them, “If you’re wearing
a Rolex, you can be in the middle of the desert,
dying of thirst, and you can take your Rolex off your wrist— pick up a camel, six wives to go along
with it, and a glass of water,
at any given time. But if you’re out there,
wearing a fancy Vacheron, or even a Breguet for that matter,
most people won’t recognize it. – Yeah.
– Rolex, that’s why I always put Rolex at number one, and far number one, when people ask me about ratings or rankings
or favorites, or this, that and the other, I always tell them, start with Rolex
in its own realm, and then rate everything else,
you know. It’s amazing, what they’ve done. – And they very rarely make
any mistakes, do they? – They really don’t. I can’t think of any mistakes of Rolex. Maybe with the exception
of the original Yacht-Master. That’s about it, you know.
[laughter] – That’s another something…
– I still don’t understand… …why a watch doesn’t sell.
I still don’t get it, you know. I mean, I think it’s a
good-looking watch, but it’s just like… Somebody asked me that the other day.
They said, “Why doesn’t it get any love?” I said, “Well… if you were a dog watch
coming out of the gate, regardless of a brand you are,
you tend to stay that dog watch, you know, throughout history,
you know. Maybe ten years from now, somebody will
recognize them as collectibles, and they’ll go up in value,
but for now, don’t buy Yacht-Master ones.
[laughs] – How many times have you been to the UK? – I’ve been to the UK, probably about
four times, at this point. – Okay, so you know it quite well. What did you see?
– I think, London… Again, I’m a big history book, so when I go out somewhere, you ask me in one of my emails if,
you know, if I’m going to need any tours,
and things of that nature. I’ve seen it all because
when I get to a place, that has so much history behind it— I mean, it doesn’t get any more historical
than the UK— I tend to go and look at everything
and anything possible, and my wife is on the same page, so… whenever we get to a town,
we explore the crap out of it. We look at every single thing,
again from… ancient history, all the way up
to modern history, modern art. We explore a town
in every single aspect. You know, that’s just
what we love to do. – Something that not a lot of people know
about my family history, I’m not quite sure how many
generations I go back, but one of my ancestors emigrated
to the United States, in about 1750, stayed for five years and came home. So, I don’t know why he came home; I could have ended up an American. – Oh, wow, where I lived,
it’s super rich with history. I mean, I live in the suburbs of Philadelphia,
where it all started. Obviously, we’re not going to talk about
the war and stuff, but I lived 10 minutes away
from Washington’s Crossing. This is the famous painting of Washington
crossing the river to go on to the Battle of Trenton, right? I don’t have to go far,
much like you in London, to find a historical place
where something took place. I mean, literally, in my neighborhood
you drive a few blocks, and we have these blue and yellow
plaques that say, “Oh, and this house, George Washington
took a **** in 1678,” you know. This is how historical where I live;
it’s just crazy. You have modern houses and then you have
the houses dating back 400 years, to the colonial times.
Because, again, Philadelphia, they made one of the five major ports, where everything came in and out of,
during colonial times to pass that. So, definitely lots of history here, that’s tied
with your country, as well, obviously. – Ask me a question, Roman,
it’s one that always interests me, and some of the answer
is probably fairly obvious because we share
a common language, but what is your take
on the special connection, that the American and British people
seem to have? And why do you think that is? Because whenever I visit the US, I’m always made to feel so welcome. I feel quite humbled. And I know when you, guys,
come here, we always treat you
in a very high regard. What is the connection
between the two? – Well, I’ve got to tell you,
because again, I’m not… I’m not an American.
I wasn’t born here, right? I was born in the Soviet Union, and later ran away from there—thank God— with my father’s trick to come to the
United States for a better life. But if you go back generations,
you know, how many people that are here today are descendants of the Brits? How many, percentage-wise?
Probably more than 50% because, at the end of the day,
who were these freedom fighters in America, that decided to revolt
against the king and blah-blah-blah? They were the same British people
that came over here in the 1600s. – Yeah.
– So there’s not been… there’s… It’s how many people in America
can trace their roots, very easily, back to old country,
which is England. And it was the British coming over here that started the United States of America. Yes, granted we’re a country of immigrants, and there are plenty of other Americans…
– Yeah, of course, yeah. – …from other countries, but now we’re going back, you know,
to a much later time But their regionality is I guarantee, you’ve got a gazillion cousins
in America that you know don’t even know about.
– Yeah, yeah You know what I mean?
And that’s what it’s all about. Why do a lot of people
have British names? There’s a reason for that
because it were the Brits that started this whole thing here,
and that’s why… Whether it’s consciously or subconsciously,
there is that connection because for the most part,
it’s the same people you know, that’s how I feel about it. – How do you see Roman Sharf
in another 20 years? Where would you like to be? – I would like to get it to a point where, right now, if you look
at the retail versus wholesale, it’s like… it’s a catch-22. So, about nine years ago, when I went from strictly retail,
just starting to do a wholesale, that’s what allowed my business
to propel into the stratosphere, in terms offers, because stuff’s
moving faster, more profits, more margins,
bigger revenues, right? It propelled me here,
but somewhere along the way, we lost sight of the retail side of things, right? So, right now I’m literally in the middle of probably a two-to-three-year plan,
to slowly do this, to scale down on the wholesale end of things, because our business has become polluted. Everybody and their mother
is a watch dealer now, right? – Yeah, yeah
– And really concentrate back on what started this whole thing,
and that it retail. And, unfortunately, we’re at a time where your website now competes with Chrono24s, with Amazon, with Overstop, First Dibs— you name it. There are so many
platforms out there that you’re competing against. So the idea is I’m a strong believer
of working with your competition rather than against them, so… when I have to take this watch
and I throw it online, it goes to 14 different places. And I want to, first, scale up
the retail end of things and then scale down
the wholesale side, and then scale down the… the third party platforms,
which are your Chrono24s and the only way to do that
is with exclusivity, so… within the means that we can afford, we’re going to start scaling down wholesale and then the other platforms,
and trying to push our product via our own website, via our name—
because we’d have a name. – Yes.
– We’ve been online 15-plus years, or 17 years now So we have that name.
Now, we’ve got to put forth that product. But it’s a catch-22 because… I can take this box, wholesale it
to somebody tomorrow, make almost the same profit as retail because lately the line between
wholesale and retail has virtually disappeared. – Yeah
– And… but I don’t gain much from this
in terms of a new client, in terms of somebody that will
come back and buy again, so that’s really the ultimate goal,
over the next two to three years, because I want to become
a company that I can sell. And my goal has always been to… – So that’s the exit plan,
you’re saying. That’s always been my exit strategy, and unfortunately, in a wholesale,
and I know what the exit strategy is, because I’ve bought out a
lot of those guys that have retired you accumulate inventory,
accumulate inventory, at the end of the day, you accumulate
a whole lot of inventory, until you sell if for pennies on the dollar. You take that big chunk of money
and you retire. That’s not what I’m looking to do. I want the name LuxuryBazaar.com
to sort of live on, right?
– Yes. It’s sort of been my baby
since the very get go. I should say my wife’s. – I was going to say the Mrs. Sharf. – Yes, it’s Mrs. Sharf. But I want that name to,
sort of, live on, and… I’d also realized it’s not very easy
in the Internet space to be bought out just
out of the blue. You know, you have the numbers,
the clients, all that stuff, you can do, and I realize that… I need to identify my potential buyer today, and that’s why I’m working with a lot of
third party platforms right now, which will eventually recognize that I’m somebody that needs
to be bought out and be under their names. Find a bigger guy, work with them, get your numbers to a point
where you say, “I want to exit.” If my exit strategy is to exit at $25,
get your company to that, and find and identify the buyer to, you know, spend that $25 with you, and then you know what I want to do? This. Whatever part,
whatever buyout happens, I’m going to stay on YouTube and the Roman Sharf Show,
– It was just… the Roman Sharf channel
is not going to be for sale. That’s going to stay.
– I was just going to say… …to you, Roman, listen.
Yes, honestly, I can’t see a man like you retiring ever.
I think, you know… it’s just not—
people like us, we can’t do it, can we? Yes, my… My son has become somewhat
of an entrepreneur over the last couple years. At the age of fourteen, he decided
to start selling sneakers online. He’s 16 now, and last year, he… He managed to do $365,000
in revenue, all right? At the age of sixteen. And the most exciting news
happened yesterday, and I guess you can use this
as an announcement. I was going to give him, obviously,
a watch for his graduation. He’s about a year and a half away
from his graduation and then, you know, I was going
to get him a watch. He came to me and he’s like, “Dad, I’m kind of understanding,
you know, when I graduate, most likely I’ll receive
some kind of a watch from you, but I’m in the position when I want to
buy my own watch.” “So what do you want to get?” Surprise—Rolex, right? So, yesterday, he bought himself
a Rolex Submariner, at the age of 16.
I [bleep] didn’t have a Rolex Submariner
at the age of 16, okay? I bought my first Rolex,
I think, at the age of 21, when I had gotten my first job, and it was a piece of [bleep]
Datejust from the 70s that I paid $1000,
at a pawn shop, for. He bought himself a brand new
Rolex Submariner, Granted… he went— I sent him to my friend,
a Rolex dealer. They gave him the watch at cost, which, even though they’re selling
over list, right now, is a favor to me, and it was sold
to him at cost, so he ended up spending $5,700 on it. But the fact that my
16-year-old son went out there and bought
himself his first Rolex, it just shows me the future,
so perhaps you know, once he’s done
with school, and once he’s done with college, he’s looking at a lot of business schools
right now, and he decides to open up
his own business, maybe that’s where my concentration
is going to shift. – Yes, absolutely.
That’s really great. – I just have to make sure to understand
the boundaries that if he decides to open up a business, to keep myself backing off, not to overwhelm him, for one, and let him do his thing.
– Yes, yes. – As fathers, we’re always going to say,
“No, you’re doing this wrong.” “You did that wrong.”
– Naturally. – You know, it’s tough. It’s tough. He’s promising.
He’s a promising star. I wanted to talk to you about— you mentioned Chrono24 earlier,
and you mentioned the eBay, as well. What do you make at the platforms
available to dealers and to the public? What’s your take on the situation?
Do you think there’s room for any other platforms, as you’ve…? – Somebody’s always going to try
to get out there and open up a platform. When I was in the Middle East,
I visited a few countries, and a buddy of mine said,
“Oh, I want to open up a platform of my country,
because it doesn’t exist,” to which I told them don’t. It’s very difficult to compete
with Chrono24 because they are super
successful platforms. The amount of money that they dump
into marketing to come up in every single
Google search, it would not pay for any company,
including myself, to compete with them for those clicks. So opening up another platform should be
out of the question for anybody. But Chrono24, in general, is number one, it’s a bit misleading
to the public, in terms of pricing, in terms of… because a lot of the stuff that’s on there,
people don’t actually have, right?
– Exactly. – You know, but it’s very misleading
in terms of pricing because the price are inflated
on Chrono24, for the simple reason that,
(a) I can always deliver a Royal Oak chronograph. I can always deliver
a Rolex Sea-Dweller. And I don’t have to have it in stock.
I just have to put up a picture. But I’m going to increase
the price just slightly in case I have to scramble
and fill this order, right? So that’s one thing. Number two, the prices are also inflated
due to fees, right? They charge heavy duty fees
to sell on there, and depending on countries, with VATs,
and things of that nature, that also inflates the pricing
a little bit. But for the most part, I feel a lot of the platforms, I think,
shake consumer confidence because they get out there
and say, “Wait a minute, there’s a… Pepsi shortage for Rolex? There’s a million of them on Chrono24.” Well.. 50% or it’s the same exact watch
or pictures, or something like that, so…
– Exactly. – So that’s a bit of an issue,
but at the same token, there’s still… a decent guide
if you know how to read, and I actually did a video on that. I told people how to log on
Chrono24 and actually figure out the value
of a particular watch by taking fees into consideration: credit card fees, paypal fees,
Chrono24 fees, delivery charges, and things of that nature. because when people always bitch
and moan about, “Oh, you so low-balled me on this watch. It’s on Chrono24, for 20 grand,” I actually, literally, took the watch
and I explained it to them. But fighting with Chrono24 is… not a feat anybody should take on, because you’re not going
to win that battle. They have more money, and that’s just the bottom line. What I love about Chrono24
is how safe they made it, on there, for the end consumer, and in that respect, the consumer
confidence is way high, that they’re not going to get screwed
and get them, you know, a brick in a box. eBay is dying. eBay is what started
Luxury Bazaar, you know, almost 18 years
ago now, and that’s a dying platform
and the reason for that is because eBay did not
reinvent themselves. And I actually had a conversation
with eBay, in regards to that, some higher-end executives, and I offered them a meeting
with their CEO because I told them; I said,
“If you want to win this battle, this is what you need to do.” eBay has the power to destroy any other platform out there, including Chrono24,
believe it or not. They’re just not taking advantages
of the technology and the tools that’s available to them. They’re sort of going with the flow
because they sell so many other different things, but in reality, if you had the right— if I was the guy hired by eBay tomorrow to lift up their
watch and jewelry business tomorrow, I guarantee you, with the powerful…
with the power they have, I would have the power to destroy
any platform out there, including myself.
But unfortunately, I don’t feel you have—
I don’t feel like they have the right people at the helm
that have the vision or the experience to do so. – Yes, I spent 15 years on eBay. eBay was an immensely
successful platform for me. – Three years, that’s—
all I did is eBay. – Exactly, exactly. But I’ve always felt that they…
their decisions, particularly where the watch and jewelry
business was concerned, with Bazaar for example,
when they upped their fees to, I can’t even remember
what it was now, but it was a ridiculous amount. I mean, where did that crazy
decision come from? – I don’t know, and right now, they just got a new CEO,
and I’m hoping that… I might actually get a meeting with him, because they opened up
a new department. They were here at my office… that was the authentication. They basically copied watch facts
on Amazon, where they’re certifying pre-owned watches,
now, on eBay. And I’m like, “Guys… you’re just being dumb.” I’m like, “You have a database of clients, that’s bigger than any of all of the platforms,
put together out there, including Rue La La, including Guild, including StockX, including— I said, “You woke up and realized
that everybody out there is taking a huge chunk
of this big pie called, you know, jewelry and watch business, and you’re saying, ‘Oh, wait a minute.
We could probably do this, too.” I said, “Authentication program is not something
that’s going to do it. You already have consumer confidence
because you have return policies, and Paypal, and things of that nature, – Yeah
– So what you need to concentrate on… is utilizing the database that you have and bringing those clients back
onto the eBay platforms, not to buy from Chrono24,
but to buy from eBay. You to give perks to the sellers
because, right now, [bleep] StockX charges me
a whopping 4%, to sell watches on there. Oh, plus the credit card fees. I said, “You sell—
I sell a watch in your platform. I’m still looking to pay 12 to 15%. I said that’s a big difference
especially considering that we’re working 5% to 10% margins
on some of these things. I’m like, “It doesn’t leave
a whole lot of room,” so the prices get inflated. There’s a lot of ideas that I have to
put forth for them, and they can revive themselves. I just… the problem is you have
10,000 people working at eBay, and I know what corporate politics
is all about. I’ve worked at a corporate world, and to get past that thick wall of politics, to cut through all the bull****
and have one guy come out there, and say, “This is what needs
to be done,” you know. It’s going to be a tough road
for them, yeah. – Very hard. Have you you ever seen a platform
appearing on YouTube? Do you think it’s possible? – I think that, if anything, Google would probably
tie some of that stuff back to Google Shopping, somehow, and you know,
and but right now, Google is making so much
revenue off of YouTube, from simple advertising
to retarget marketing There’s pops-up everywhere. I don’t think they would want to… risk polluting the space with shopping to… you know, turn people off of YouTube. YouTube is still the second most searched
platform on the Internet, after Google, right? So… – Yeah – if I’m Google, and again
this is my personal opinion, If I’m Google, I don’t—
if it’s not broke, don’t [bleep] with it.
You know just leave it alone. You know, you start
popping in products, and things of that are nature,
you know, Instagram is already doing it
when people have posted things, you click on the picture and there’s all these
links to the products, and things like that. The ads are already pissing
people off, tremendously. You go on Instagram,
and every fifth post is an ad. You know, if YouTube starts doing
the same thing, you’re going to see people
moving things to places. Like, Patreon, I think it’s
the other platform of video. You have Vimeo—they’re still fairly
strong in terms of that, so I don’t think they would
risk that, you know, – Mm-hmm
– but you never know, you know, those guys—
We’re not the ones making those decisions. I wouldn’t. – I agree with what you said
about eBay. I’ve always felt with eBay that they treated watch sellers
like t-shirt sellers. We were in a completely
different business. – Yeah.
– And it sounds like… – They also gave us our start, you know. I sent an email to one of the executives at eBay,
after our meeting, and I spelled out exactly what they needed. It was an email that was probably
three pages long, and I literally spelled it out for them. I said, “Guys, this is what you need to do
and it’s coming from a guy that has experience.
I’ve been with you since day one. You are the ones that put me
into this business. I’m forever thankful and grateful. But where eBay used to be
my number one platform, they became my number two platform. Right now, you’re on the bottom
of the totem pole. I mean, **** I’ve got Rue La La selling more stuff
than you, guys. You know, and I looked at my numbers
weekly and monthly, and eBay is just not up there. It’s great for cheap little things—it sells— but I don’t remember the last time
I sold a really expensive watch off of eBay.
People just picked up the phone, called the office, and buy…you know They used to look—
people used to look to eBay to find those deals, to find the items they felt safe buying on eBay. And, right now, you’ve got
at least five other platforms that are blowing them out
of the order, in our realm of jewelry and watches. – Yeah. Something I wanted to talk to you about, the American market which is obviously, you know, going to be slightly different
from that in the UK and perhaps Europe.
What’s the situation with… customization out there
in the U.S. right now? Because, years ago, it was extremely
popular here. I forgot about the…
– It’s still very popular, so… Customization… hold on. Here we go. – Do you want ten boxes of toilet rolls
for that box of watches there? [Roman laughs] So customization is—
I want to I don’t want to say— a huge part of our business, but it’s still a part of our business, but strictly… we do it strictly wholesale. So here’s a… this is something
I brought back from… the Middle East, after Market GMT. I’ve done well with these pieces
because they do move, and I think what changed
in the customization world, as far as America is concerned where it used to be a hip hop watch,
the rappers watch, etc., or whatever you want to dub it, right? It’s no longer that.
You know, you got punk rock, punk rockers out there, buying customized
diamond Rolexes. It’s become sort of a good trend, and from a couple of perspectives. Number one, money savings. You know, a GMT original like that, when you’re paying close
to a hundred grand and now you can pick up the same watch
at a third of the price, or even a quarter of a price sometimes. It becomes a savings thing. Number two, it becomes
a personalized thing. If tomorrow somebody tells me,
“You know what, well, make me a GMT, with an emerald dial
and a yellow sapphire and bezel,” I can do that. And people are now personalizing
their watches, in the way they see fit. Because let’s face it—
how many times have you seen Rolex, and any other brand,
come out with something and said, “Well, **** that’s ugly.
I wish they did this.” Well, now you have the ability
to do so. And it’s not necessarily
just with diamonds. It’s PVDs, different-colored dials. It’s different markers,
and things of that nature. It allows people to customize
and personalize their own watch. Look at what Virgil Abloh did with his… What is it?
It was a perpetual ceramic white, right? He made it all white,
with a white dial. When I first got that watch in my hands, and they made with a blue dollar, I said “Well, **** why didn’t you make it
with a white dial? It would just be an awesome looking, much better looking watch
with a white dial. and this is where it kind of stems from. But the market on this stuff
is still good here. I don’t retail the stuff, unless I have a specific retail customer
that calls me and says, “Hey, I want enough to market this,
that and the other,” I’ll do it. For the most part, I only keep it
strictly to wholesale for a bit for one reason only. I always felt that… mixing original, the aftermarket,
in the same platform confuses the consumer and shakes their confidence a little bit.
– Yes, yes. – Who’s to say that I won’t sell
somebody a Rolex with a fake aftermarket bezel,
and they won’t even know about it? So that’s why I try to keep that
just strictly wholesale, but it’s a strong business. If you can find the right watches and you can find the right people to do it
at the right type of cost— it’s very expensive and cost-prohibitive to do this in-house, in America, I mean, because labor is extremely expensive and so if this is done out in Hong Kong, or Middle East, or places
where labor is not as expensive… [sneezes]
Excuse me. [Paul laughs] …it pays.
Oh, ****, corona. Wait a minute. Where’s the Lysol?
[laughs] It pays and… I only deal with new watches. I don’t take pre-owned watches
and customize them. I take a brand new watch.
I pay more, and I customize a brand new watch because when a client gets that watch
and it’s brand-spanking-new, with card, box, and everything else, and it’s recently dated, it’s just a better move,
I felt like, in a long run, and it makes me
sell more pieces. – So where did you set, in Dubai? – Yes. I do… There’s a Dubai.
There’s a Hong Kong; Thailand is a good place to do this in. And I don’t… make them myself. I buy watches that are already ready. I found a couple of suppliers
that are reliable. They charge me a decent amount of money. I’m able to make a decent margin
on a wholesale and I don’t bother—
listen I can open up a small office in Dubai. I have an office in Hong Kong. I can put three setters in there, but I would rather give this guy
a five-point margin, than to get out there,
set all this up go look for these brand new watches,
change this stuff out, deal with it. Why? – Because this, the reassemble, the disassemble when the setting is key. – Exactly.
– It’s all… – I’d rather make the guy
that does this, and the guy that does this,
he has a setup, where he got twelve guys sitting
behind benches, doing this stuff, all day,
every day. Why am I going replicate all that, when I can do is give him
his margin? He’s happy. I’m happy.
I’m still making money. So why bother? – Yes, absolutely. – Hey, Paul, it was a pleasure chatting with you. We should do this more often. I think we should, literally,
put this on a schedule, because, right now, with the
evolving watch market, and everything that’s going on out there, we should get on camera together,
for at least once a month, just to, sort of, give an update,
as you said, from both side of the ponds. It was a pleasure talking to you,
my friend, and… – Thank you. Thank you, absolutely.
– Let’s talk again, and hopefully, we can get to
London and do this live. – Absolutely. Let’s look forward
to some more positive times ahead. And just want to say, personally, from from our side
of the pond, via Roman, thank you for your input
into the YouTube community. It is genuinely appreciated. We really do enjoy watching you, and I hope to see you
in London, as well. – Well, you do know that I can say the same exact thing
about you, right? Because I do watch your
videos just the same, and I know a lot of my viewers watch yours. So, I’m sure a lot of guys in America
appreciated just the same. – Take care, everyone.

100 thoughts to “Discussing The Current Watch Market w/ Paul Thorpe”

  1. I like how Roman characterized how the US economy was as "more or less doing well". Yes, it was doing better than the previous commie administration but a bubble economy, based on make believe money and controlled by a banking cartel and a cash hungry Federal Government, is bound to inevitable pop. The bubbles get bigger which each iteration with their corresponding painful pop. I was looking to buy a white face Milgauss soon. I'll think I'll wait and see how the prices to move…

  2. If you want to play with the big dogs do not piss like a puppy !!
    A good shake out sorts the men from the boys.
    You are a trader so will adept

  3. I have a feeling if the guys who owe Roman money can’t pay, some bones are gonna get broken due to an accident

  4. What a great video!! Been watching your videos for a few months and it has been fascinating. You provide an honest insight into the business of watch dealing/trading/collecting. I’ve been bitten with the watch bug for some time now. Looking forward to making my first purchase of a luxury brand for my birthday. Keep it up!!!!

  5. Never heard so much uneducated ** in my hole life . First of all you think you can believe anything coming out of China there the reason this has spread all over the world because they were so late telling the rest of the world the problems with the virus in the country. And the way this has spread we have no idea when this will be over . And China blamed the U.S. for this virus so before we get ahead of ourselves we need to be smart with any money we have until we know for sure we're we are at with this virus. One more thing thank god we have a 2nd amendment and have those rights to protect ourselves. 💯

  6. Just fyi, Patek also closed their factory! https://hypebeast.com/2020/3/patek-philippe-audemars-piguet-hublot-coronavirus-swiss-factories-temporary-closure

  7. Serves these cocky dealers right on 47th street, cant even talk to those guys normally without them acting like they're the shit. Dont know why they all got attitude problems. Best part is they really think they know it all and feel the customer cant find watches elsewhere for the right prices. Idiots honestly. A bit of advice for 47th St watch dealers is some customers know10x or 20x more about watches and prices than you ever will so calm down and humble yourself.

  8. Thank you Roman, I see it as my question that I mailed you is answered. I have to apologize about the close contact that I promised I could establish to Chrono24, I'm not yet hired. 😉 And of course I know that you are already in close contact with Chrono24. It was just my vision that I want to work with you in some form. 😛

  9. Great discussion! Every second of the watch time was well worth it. Thank you both for sharing your thoughts on the market.

  10. I have been following Roman since he started. In many videos, his life stile resonates with mine as a wine dealer, the traveling, being away from home, keeping sharp and friendly in the trade show, and managing a business that seems just pure fun but demand you understand what are you doing. And now this video. The man have the total genuine enthusiasm talking about his business as I have talking about mine: I can just talk for hours, and be totally open to speak my mind. But he put it in freaking Youtube. I hope you guys appreciate this. It is very unusual….

  11. Hello Roman, I have to tell you that a video of your’s is always amazing but in times like this with the quaretine thing going on, this video is very much appreciated! Because we are all home without anything to do and a 50 minute video from you it’s like breath of fresh air, so thank you for that! Love your channel and keep it up! Love from Portugal!

  12. I really appreciate the information I garnered from the conversation the two of you had. Looking forward to your next chat.

  13. Great content guys , but let’s remember that we are not going into a recession or a banking crisis, we are going into a crisis that the world has never ever even contemplated let alone seen ! Some experts are saying China could be hit by a second wave of virus and so will the rest of the globe after a 3 month lock down ! Not what any dealer would want to hear but I am certainly sitting tight for a while yet before dipping a toe in the grey market ! …. now is definitely not the right time to buy !

  14. Thanks for the share both! Good riddance to the flippers, these are not true to the business….RS hope you are not hurt by those exposed by the current situation.

  15. It's the job market that we are all concerned about. Coronavirus is just the beginning, Many would likely to loose their pay cheques in weeks/months ahead.

  16. Great vid as always buddy

    Gonna message you on fbook
    Looking for ap t3
    Grand Prix carbon clean
    Rose sun Dust skydweller
    Patek 5960p original anthracite dial

    Lmk

  17. It's a lot like the stock market. Before 2008 Warren Buffett was quiet, sitting on a pile of money. All the young guys from Wall Street who thought they were big boys for making money in a bull market were making fun of him. Suddenly the market sank and the rest is history.

    Roman is kinda of Warren!

  18. I wish I would have taken heed to my comment in Q&A 86 about the economy on Feb 25th and gotten out of the market the next day. I did cover myself at the end of last year and took some money out of the market.

  19. Another great and informative video sir Roman and sir Paul hope to see guys again to make another video live…

  20. Roman, love you, but you did those sales this weekend because people haven't lost their jobs…….yet. Sadly, its coming. The ripple effect is going to be real and its going to severely impact ALL asset classes – including luxury watches.

  21. Hi Roman
    Great content as always!
    Just a few comments :

    1) pretty sad that Yacht Master doesn't get any love 🙁 I just bought a Ref 268621 for the Ms and its a great two tone watch imo.
    2) really happy to hear of your son's achievement and I know that when my future kid get his/her first Rolex with his/her own hard earn money, I will be damn proud too.

  22. This reminds me of conversation from lock stock and two smoking barrel 😂 love the channel and content Roman. Hope to meet one day in Dubai once this travel thing settles down

  23. 2008 is a great reference for the Vintage pieces but back then we didn't have people paying above MSRP and RRP and all new pieces were available at discounts..Those who have paid well above Retail on pieces will feel the pain..if you are paying over the odds on something like a Datejust you have Rocks in your head…Wake up people…A dealer makes their margins whatever the market..Love Roman with his honesty and No nonsense style…

  24. great video, yes do this more often to give us insight on what’s going on in our hobby (being stuck at home for 3 more weeks in austria = I need watch videos 😱)

  25. i understand roman worked in high end banking which makes me scratch my head when he said the economy was good, more or less, prior to covid-19. it wasn't and many analysts have been waiting for a significant market correction if not a full blown recession for the past couple years. even unemployment numbers in the us were mostly inflated gig economy crap jobs. sure, the wealthy were doing quite dandy with their massive tax cuts and obscene executive level earnings, but the economy on the whole was on weak footing even as it climbed higher and higher – there's a rock climber analogy in there somewhere. i mean, was the china trade war just a blip on the screen? of course not, and the chinese are huge players in driving up the prices of high end watches. on top of that there are numerous financial "schemes"/bubbles that were prime for bursting prior to this virus. otherwise i trust and respect roman's opinion. i suppose when he said the economy was good he must've meant for the 1 percent, which is true.

  26. Roman, great to hear on so many things going on currently in your business life. Very amazing you are tutoring your son to be entrepreneur at such young age and he is excelling at it! I will be emailing a question to your new email id, hope to get some insight on historical trend

  27. My understanding is after market mods (Diamonds) no matter how well they are done – ROLEX considers these counterfeit and will never allow service at AD's is this true??

  28. Roman acting like this is the bottom in the watch market. What a joke))) Prices are going much lower in my opinion.

  29. You are right, Ebay is dying. Ebay is it's own worst enemy. Been on Ebay since 1997. Ebay was built to sell the items you can not easily buy in local stores. Ebay needs to develop shipping that is affordable to EVERYWHERE in the world. This is why Amazon is killing Ebay.

  30. These guys are deluded and trying the best to keep the watch prices firm. Where their argument fails is that during the previous recessions the WORLD wasn’t on lock down. This is unprecedented! I bought a couple of watches above retail and I’m expecting the values to fall because people are concerned about eating, surviving, employment and loved. This coronavirus will be around for 12 months.

  31. I have a question for Paul Thorpe.
    Why didn't you have insurance when your store was robbed?
    Bearing in mind the photos of Ferrari Cars, Harley Davidson motorcycles, big house, etc.

  32. I subscribe and enjoy both your channels! It’s great to hear seasoned perspectives not just for watches but also for a business in general. Please do more of these collaborations.

  33. I guess Im wrong for saying this but Imma get some cheap watches that are way over hyped at rrp again 🤷🏽‍♂️

  34. As i commented when i watched it on Pauls channel. Two of my favourite channels, i watched this twice Lol, great conversation and information. Ive been watching you since you started and you and Paul have a unique Style i fuck with and its the same way I execute and conduct business while enjoying it, great content always, hope to do business and meet you one day, love from London UK❤️👊🏾

  35. I wish Roman Sharf could find a better UK watch person to talk to than Paul Thorpe.
    They are Worlds apart.
    Paul Thorpe was a chancer who had luxury cars, motorbikes , big house, etc , but didn't even have the watches in his store insured when he got robbed. He claimed he couldn't afford it, you cannot afford to not have insurance when running a luxury watch store.

  36. This is so beyond uncertainty. Stock up on food and supplies and care for your loved ones. This is a historic event that is going to kill a lot of people. Markets will not recover for a long time.

  37. Roman.. you mentioned in this video that your boy is moving sneakers. What’s his gram? I buy a lot of higher end air max’s, would love to check out his page. It was great seeing you and Paul get together in a video! I love seeing a local guy do big things, keep it up, love the content!

  38. Thank you for those videos. It is always very interesting to listen even for an average watch collector. I can feel the passion behind it.

  39. These are strange times, have a feeling its going to get worse before it gets better. Sure people who are big collectors will collect, this may not even slow them down depending on their means. For most people looking for a nice watch or two not having a job will slow them down pretty quick.

  40. China is basically a dictatorship, that's why they could contain virus in few months. Here in Europe, people are just saving for the future if they still work. I don't know in US but here no one has ever seen such bad numbers in economy. If someone is going to sell watches very few people are in the mood to buy…

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