Audemars Piguet Just Broke The Watch Market.
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- เผยแพร่เมื่อ 11 เม.ย. 2023
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Watch stolen? No prob bob. Just come on down to Hank's Audemars Piguet on Route 6 and we'll get you a brand new watch, same day! Jokes aside, holy smokes! AP is now offering insurance on their watches (for the first two years but we assume they'll be extensions). What does this mean for the future of the watch industry? Is this a monumental moment or just another brand trying something new? Find out today!
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Nice to see Theo and Harris back together.
Actually their real names are Steve and Mitch.
I thought it was Todd and terry
actually their real names are goofus and gallant
Lol !
Borris and Luigi
As a financial crimes analyst, the first thing that came to mind is AP customers claiming that their watch was stolen when it wasn't. I wonder how AP is going to police this.
It’s not like any simple Joe can buy an AP at the boutique. It’s a handful of selected people. And if one of those lucky bastards claims a stolen AP, that’s it. They’re not getting another one.
It will probably require a formal police report. I'm sure the claims process will not be easy.
@@dylanakent not going to be too hard or time consuming to claim something stolen, and then create a police report.
I also feel like this makes AP the biggest target for watch thieves because the owners likely know they can get another one and won't fight back...
They don't care it's a giant pool of money that is there to pay a measly 40k here and there
Christian is back and calmer… much easier to watch now. I loved Michael’s dry, witty sense of humour in his solo videos… much appreciated by a sarcastic Brit. Mirroring Michael’s mood and energy levels is a smart move. Keep up the great work guys. 👍🇬🇧
hes everything right with the watch world, michael that is
JLC offered this plan (for a small fee at purchase) based upon their "duoplan" movements and watches covering damage and theft, - in the 1930s!
Adding perpetual service revenue is smart for brands, and offsets some of the risk (but not the emotional impact) of watch crime
Passing thought.
I love the different video/ content formats on this channel.…in no particular order love to see a regular rotation of:
-State of the nation / banter (duo)
-Watch Stories / brand promo videos (duo)
-Vintage watches in the shop/ style pairing (Christian)
-Latest modern releases (Michael)
I wish Theo would undo a few more buttons on his shirt.
This is another way to distinguish flippers from genuine collectors
1:20 also the replacement cost for AP is MUCH lower than the insurance cost in cash. AP's actually cost to produce a watch is 20% the sales price at most probably closer to 10%.
Great to see you guys together! As already mentioned, interesting idea, but not new. It would be great if they could extend this to a stolen watch registry for AP watches.
Loved the video, guys! Really enjoyed the different perspectives and insider info! Will be back!
I think AP is doing this to dribmve business exclusively through the AD network only. Eliminating grey market purchases or at least, discouraging the practice
Bingo
Why though? The hype only keeps retail price high. And they already don't meet the demand at retail level. AP will never have a year where they don't sell everything thats made.
Christian’s back from his flights on the plane that didn’t have room for Michael. Lol
Well... this AP idea may have never been heard in the luxury watch market, but it is a very old concept in other markets. Like Apple Care, for example.
hello love the vids!!
also love the glasses where can I get one of those ! thank you
I watch regardless of who’s doing the video, but glad to see you both back together..no offense Michael you did great on your own😂.
Welcome back ! quick question - are Jaztime any good ?
hell no. those guys are complete douchebags, they will treat you like scum.
Speaking of watches and wonders, did you watch Tim Write’s coverage?
Didn’t Hodinkee release an insurance program last year?
Its brilliant because watch theft is rampant in big blue cities where people that buy them live. I used to wear my Breitling Superocean on the subway in NYC in 2013, but im not sure we are wearing them in NYC like we used to. SF and LA FORGETABOUTIT!
I believe both Chubb and Wax offer up to 150% replacement cost. So you are covered for some price fluctuation.
Interesting marketing angle....free for two years, then presumably they sell you on. With watch crime on the rise it's probably not a bad idea.
Private watch insurance is a rip off currently though, aimed at people that have a lot of money. I looked at two forms of bespoke watch insurance, both came in at double my current home insurance, which includes out of house, international cover and covers fluctuating values (updated every six months).
Wait do I hear that correctly. two hour lines on public days just to look at a watch ?
Christian, looking at the Holy watch Trinity, AP and Patek get the spotlight much more then Vacheron. Do you know why?
With major cities basically advising that it's not safe to wear their product out in public it seems like a logical step (profit motive from insurance premiums aside) to reassure their client base that spending XX,XXX on a timepiece isn't as useless as it has become the past 2 years (why spend that much if you can't wear it outside of your house?). People can now still use their product as it was intended without fear of loss which should enforce more sales into the future.
doesnt home insurance cover watches already (including theft of personal property outside the home)? id imagine its probably a whole lot cheaper too as a rider. or do people just not know about this.
I think its a great way to cross sell, have more revenue in the long run, as well as brand loyalty.
Nice Theo is back 😂😂😂
More ease and value to AP over the competition. Will say AP was easy to deal with for warranty issues, they just fixed it no hassle, wasn’t quick but hassle free.
If they were to be able to allow you to renew or continue to buy the insurance that would be awesome.
It is a smart move by AP. The serial along with the watch has to be photographed. You need a Police report. It is limited to 73K. If someone brings in the stolen watch for service, it gets confiscated. Is this insurance and warranty free now and then become something they charge for?
Love your vids! But I don't understand, understand, understand that opening theme music...
Luxury watch brand insurance makes sense. As these pieces become more like art (which can be assets), then insurance policies begin to make more sense. For the average AP customer, the convenience of purchasing insurance through the OEM will be worth it.
What the OEM can offer that nobody else can is replacement. They can probably even charge more than a private insurer by offering this benefit. If you buy a Royal Oak through an AD and then get it stolen, even if your insurance company reimburses you, you’re still $30k short of buying a replacement Royal Oak unless the AD takes pity on you.
BRAKING NEWS! Mr. Wonderful Kevin O’Leary just got his 1 of 1 AP stolen! AP, please have your replacement watch or ass ready! 😂😂😂
Hello. Michael has to explain to Theo why his jeans shrunk in length (from a previous video about vintage rolex). Shoutout to the Iron Snail.
Love the content. Still distracted by Michael’s hair horn.
The cost of production is 10% of retail price and with crime raising it makes complete sense to cover crime so clients won’t be scared of buying it
I wonder if they aren't trying to get ahead of a potential drop in demand. If you have $50k to spend on a watch, you want to be able to wear it. If you're deciding between model A) super popular, highly recognizable watch that may get stolen, or B) equal quality watch that isn't quite as popular or recognizable; and you're genuinely concerned about theft, you will consider watch B. This could be a way to try and get ahead of that decision. So now maybe you WILL commit to the Royal Oak, rather than the Lange One.
Wonder if this will backfire on them. If I were a watch thief, I'd have a laser focus on APs after this because I know the owners know they'll get another one if I pick theirs off them... Way less risk that the owner will fight you back
@@fark69 Maybe? I can't imagine too many owners put up much of a fight. They're probably all insured anyway.
However, I could see the thieves just buying a watch and lying about it being stolen FROM THEM. That might be too much work though. Easier just steeling from someone...and faster; no waitlist.
Rolex should do this too. Huge opportunity for the brands.
If u opt for ROO3126 enhancement, AP will reduce 59jewel to 54jewel, the watch gets lighter, the min hand jump everytime u adjust the time..... yaks!
Genuine question, how does watch theft insurance work? What stops someone giving their boi a free watch 3 months after purchase and saying it was stolen?
Going to jail for Insurance fraud or filing a fake police report.
@@BrianSchoedel well yeah but people scam old people for their last 50 dollars all the time man.
The insurance from AP is to remain people wearing the watches. A big problem these days in Europe and other parts of the world is luxury watches theft. If people can’t wear these watches with peace of mind demand will decrease.
Insurance from the watch manufacturer is GOLDEN. People want their watch, not the money, and the manufacturer can replace your watch at a lower cost than giving you the money, which creates an advantage over other insurance companies, whose costs would be the retail price. It's a win-win, honestly.
Brilliance… A stolen watch costs a third-party insurance company the insured value let’s say $60,000 for a Royal Oak? But AP only has to pay on that claim their manufacture cost… what is that for a Royal Oak $1600?
Michael: "If I'm doing your job, then what do I need you for?"
It`s not July, and you are not in Italy 🤣
Wondering how long for you have to wait for a replacement AP? Ha ha ha
Insurance is pretty interesting.
Michael - I love my Roadster btw. ❤😂😊
Don’t need this gimmick , just give a 10 year warranty for your watch, I’ll be convinced
Service intervals are a scam. If you take care of ur pieces, you should only need maintenance a few times over your entire life.
Wish Tudor would replace my stolen BB58..
@@borassictime918 lol okay? I had my BB58 stolen and I just want another one..thats all i was saying. But thanks for your completely pointless comment
@@eazye619 I posted it in the wrong place - wasn’t aimed at you. But since you’re keen on questions with a point; won’t your insurance pay out?
@@borassictime918 you’re good. Just a sore spot for me is all
Nice ❤
I love watch Christian trying to workout how he is getting into the insurance industry
More if a sad state of affairs that this has to even be in place.
The police don’t really investigate watch related crimes in London now. There is an undertone of “you shouldn’t be wearing a watch that expensive” however what it’s creating a society in where you can’t have anything nice because it will be taken from you at knife/gunpoint.
My mother told me at a very young age, never steal anything small!
I immediately thought that this was because they cared about the safety of their customers. Think about it. If I know that AP will fedex me a new watch, then I can easily give up my watch, no thoughts of fighting or running. No concerns. No reason to take any risk.
Doesn't this also make you a bigger target for watch thieves, ironically? If they know you will easily give up your watch, then...
Yeah if your gonna steal go for the gusto
Rolex do this too right? Sure I got it with my last one from AD
Robb the Bellagio 😂😂😂
Who’s the new guy?
a new cartier offers an 8 year warranty
This is the beginning of the end. Its like putting barbed-wire around freeway signs to prevent graffiti. At this point, its too late, sir!
Cristian, it is decidedly more agreeable when you exhibit a tranquil demeanor. No affront intended, but there are instances when your exuberant energy can be rather irksome
Tom and Jerry together again
Stop trying to justify it. It was a fun week, I loved the content if that counts for something.
It's just marketing
Do seriously wonder about the moral hazard of getting a free watch when your watch is…stolen…or ‘lost’. 🤔
Pretty sick move by AP. It’ll never affect me lol but if a buyer was on the fence between an AP or Patek, this is kind of a huge selling point.
My Rolex is under insured right now but my Omega is pretty spot on because of how the market has been.
If the watch is discontinued, you are not getting a replacement watch.
No one said the rich are smart, they just have more money.
Insurance will end the grey market
The gray market creates the hype and is often the first customer to the APs and Rolex ADs of the world. They will ALWAYS move them out the back door as long as it makes more money than out the front door. It benefits them to keep this model in place.
I missed Chrissy chaos 2.0
Every company that implements these consumer friendly policies gets taken advantage of by the unscrupulous.
I doubt it will happen in any meaningful way. The average consumer of AP probably doesn’t need to commit fraud to make a buck.
@@henrycollins2478 this is true, but the piece of shit thieves who prey upon people wearing AP's will surely take notice and try to work it to their advantage. thankfully, AP is requiring a police report, so if those thieves want to risk it, they're going to have to present themselves to law enforcement for proper assessment
Jesus guys go easy on the clickbait titles, it's just classless. You all very well know that AP insurance, while innovative, in no way does it BREAK THE WAAAATCH MAAAARKEEEEET. Believe in your content without the clickbait, you defraud the audience's trust, and become less credible with these kind of titles.
I ain’t reading allat
lighten up, francis. you were gonna watch the video either way
to be honest with modern technoIogy I can see every singIe AP watch getting a tracking device inside of it feeding on the watch movement generated energy
Lol no
Why do an analogy to a politician in a watch video??? You should watch Alpha MPire latest youtube video.....short summary he talks about dont bring politics into your content just to make a smug statement to make you feel good....50% of your viewers will be turned off....and im one of them....stick to watches...not analogy's to politicians....
AP isn’t getting into the insurance business. Think about it . Buyers will have hundreds of those ends if not millions of dollars of Jewellery and high value items in their home.
Buyers of high end watches will have premium home insurance. And nobody is out of pocket if watch value increases.
Chrissy Christian is back…how entertaining. What a masculine woman.
I, 300 iq pug,
just traded for a 1601 today. im apart of the club
Tom and Jerry together again