Guys, appreciate the context.
As someone who would not have considered purchasing a REP for obvious reasons......here I am, late to the show! It would be very interesting to me to understand the profile of individuals who chose to collect these pieces.
If I may, I believe from what I have read, several profiles have morphed over time. If I could summarize, please comment:
Initially, due to less expensive REPs, there are those who love the idea of collecting many different watches for the pure enjoyment and would quickly acknowledge that they are wearing a REP. Current economic circumstances would never truly convince anyone that they were in a position to purchase a GEN. REP's at the current market valuation may no longer be in the cards and this individual (in mass) may be disappearing.
Then there is the new breed of collector who probably has both GENs and REPs. Loves watches and can afford the less expensive GENs and supplements with higher end REPs.
I would argue that a third group also exists which could and would spend a sizeable amount on a GEN(s), has a few high end GENs but also loves the idea of collecting, perhaps modding to make the REP unique in some form. This individual does not have issue with a $1-3K investment on a Franken watch because it is GEN sufficient and allows for multiple watches. This individual can very easily pull off wearing a REP and no one would ever question whether it was GEN or not.
The question is has the market identified this higher end buyer and is pricing accordingly...i.e..the example of a REP at $1100 above?
Just some thoughts from a noobie.....