How would you like to buy a Rolex — brand new, with papers and box — for MSRP?
Prices have skyrocketed for used timepieces, and it would be perfect to nab that Daytona or Batman you have been eyeballing all pandemic for a reasonable amount of cash. Watch Rapport (link omitted on purpose) has every Rollie for sale up for pre-order at MSRP. That’s about 30-40% of what they are trading for online today.
Sounds pretty good right? Maybe, a little too good?
That should be your response to a deal like this: Watches that have been impossible to get new — Rolex, Patek Philippe, Audemars Piguet — have doubled and tripled in price over the past 3 years, and are now suddenly available at list price?
If that doesn’t get your Spideysense tingling, I don’t know what will.
Whenever you confront a deal too good to be true, fire up the Google machine and see where it leads you. In this case, “Watch Rapport review” led to a Rolex Forum on the very topic. I plow through the entries, looking for disconfirmation of my instincts — that they are a credible dealer and people have had success with them. I find but one, but many more complaints of IP theft and shady practices. (Similar complaints here and here).
The clincher was this post:
update: they are now offering a “pre order any Rolex at MSRP” program.
Of note: Delivery within 180 Days
Amex chargeback cutoff is 120 days
I wonder if there is any correlation there
I find it hard to believe something that obvious is the play, so I call the number listed at their Facebook account: (800) 571-7765. The salesman tells me 1) Your Amex, Visa or MasterCard is charged in full when the order is placed (plus a 10% premium); 2) all watches (limit 2!) are shipped 180 days later; 3) Cancellations in the first 90 days involve a 10% (imaginary) restocking charge.
In other words, using a credit card provides the same level of protection as does a wire — namely, none whatsoever.
Why discuss a shady watch deal?
I have spent much of my career delving into the decision-making process around money — from investing to planning to consumption — and the many ways we err along the way. Learning about Behavioral Finance/Psychology has been a key aspect of my career. How people behave around financial decisions is important; what cognitive issues affect their thought process helps me give better advice to clients; last, how economic behavior impacts the markets and the economy affects us all.
Instead of shiny Swiss timepieces, imagine the same come on offering you: 1) Newsletters that make great stock picks; 2) Economic strategies to let you sidestep recessions; and 3) Allocations that offset tail risk and volatility.
All of these products exist, and many sell pretty well.
FOMO & TINA are really just “Fear & Greed” in another guise. From a psychological perspective, what could be more instructive than seeing people’s greed buttons get pushed via the possibility of getting a status symbol at a bargain price? That MSRP can be considered a bargain reveals how much prices have risen, and just how much status is in these watches.
For consumers and investors alike, TANSTAAFL is the rule: Anything that looks too good to be true probably is.
Mz Global Holdings, Inc.
2029 Century Park E
Los Angeles, CA 90067
Phone: (310) 882-7838
Mz Global Holdings, which also operates under the name Watch Rapport, is located in Los Angeles, California. This organization primarily operates in the Watches business / industry within the Miscellaneous Retail sector. This organization has been operating for approximately 4 years. Mz Global Holdings is estimated to generate $188,035 in annual revenues, and employs approximately 3 people at this single location.