How To Sell Lots of Luxury Watches feat. Watch Expert Paul Thorpe - WATCH LIFE #9

Summary

In this episode of 'Watch Life,' the host shares an exciting journey with Kareem, a customer who transitions from wanting a Datejust to purchasing a Daytona. The host takes viewers on a tour of the stunning observatory in his building and discusses the details of luxury watches. Kareem’s new purchase sparks conversation about watches and collecting, leading to discussions about sourcing watches, integrity in the watch business, and advice for aspiring watch dealers. Throughout the episode, the host interacts with industry professionals and gives insights into the luxury watch market.

Takeaways

• 😀 Kareem initially wanted a Datejust but switched to a Daytona after considering prestige and rarity.
• 😀 The watch business is not just about selling watches but about providing great customer service and creating relationships.
• 😀 Karim's new watch purchase is a black dial Daytona, which is a great investment as it is rare and will likely increase in value.
• 😀 The importance of a wrist check: the host's watch is an AP Royal Oak 15400, setting the tone for the luxury theme.
• 😀 The host emphasizes the importance of offering a personal touch, such as making sure the watch fits properly for customers.
• 😀 There's a shift in the watch industry with luxury items like the Datejust becoming more exclusive and harder to come by.
• 😀 The Sky Lounge or Observatory in the building is an amazing feature with stunning views of Canary Wharf and Central London.
• 😀 Kareem is looking for an everyday watch, which leads to the search for a blue dial Datejust with a fluted bezel and Jubilee bracelet.
• 😀 The host highlights that sourcing rare and high-demand watches, such as the Datejust, can take hours, showcasing efficiency and expertise.
• 😀 The collaboration between watch dealers and platforms like Retail Circle can help clients find the watches they're looking for, ensuring quick sales and good customer service.

Q & A

Why did Karim decide to change his mind from a Datejust to a Daytona?

Karim initially considered a Datejust but wanted something unique and different, something not commonly seen on everyone's wrist. This led him to choose the Daytona instead.

What is significant about the watch Karim purchased, and why is it rare?

Karim purchased a black dial Daytona, and it is particularly rare because it was fully stickered and brand new, which makes it an unusual find in the market.

Where is the sky lounge or observatory located, and what makes it special?

The sky lounge is located on the top floor of the Wardian building in Vauxhall. It's a spacious, green, and open area where people can work, hang out, or even film YouTube videos.

What did Karim want after purchasing the Daytona, and what was the decision-making process?

After getting the Daytona, Karim realized he needed an everyday watch. He eventually decided on a blue dial Datejust with a jubilee bracelet, fluted bezel, and Roman numerals, which was found and sourced for him in just a few hours.

What does the term 'tourbillon' refer to, and why is it significant?

A tourbillon is a mechanical feature in some high-end watches, designed to counteract the effects of gravity on the movement's accuracy. It's often considered a luxury feature, showing the craftsmanship and complexity of the watch.

How did Karim react when he first saw the blue dial Datejust?

Karim was very impressed and excited about the blue dial Datejust, especially since it was fully stickered and brand new. He expressed uncertainty about whether to wear it or keep it as a collector's piece.

What advice does Paul Thorpe give about starting as a new watch dealer?

Paul advises new dealers to surround themselves with experienced, trustworthy individuals. Gaining insight from older, more experienced dealers helps avoid mistakes and grow knowledge in the industry.

What does Paul suggest about cash flow management for a new dealer with limited funds?

Paul recommends that new dealers stick to buying watches they can quickly resell, even with smaller profit margins. This ensures consistent turnover and helps avoid financial strain.

How does Paul Thorpe recommend building a reputation as a reliable watch dealer?

Paul stresses the importance of maintaining integrity and trustworthiness in every transaction. By consistently delivering on promises, new dealers can build a solid reputation over time.

What is the most significant 'don't' when dealing in watches, according to Paul?

The biggest mistake to avoid, according to Paul, is compromising on integrity. Even when a deal seems profitable, if there's any doubt about the legitimacy of the watch or its history, it's crucial to walk away.