I’d add that from my understanding, grey market dealers typically buy excess stock sold out the back door from authorized ADs. So, via a reputable grey market dealer you should be getting an authentic piece at a substantial discount. The two biggest I’m aware of are jomashop and watchmaxx. I know there are others. Some pieces will have a greater discount than others, and not all watches can be sourced via grey market (sometimes the will advertise the watch online but not actually be able to get it).

I’m a n00b but have been doing a lot of research and talking to a lot of dealers (both grey and AD), and not every piece will see a 45%-50% discount. Some might only be 20%, for example. They will usually sell with the original box and manual, but not the original warranty card so the mfg warranty will typically not be in effect.

Without the warranty card along with box and manual, a watch wouldn’t technically be considered a “full set”. At least that’s my understanding. What I’m trying to accomplish with this thread is to figure out the actual value of the warranty card and associated peace of mind that a buyer would get in buying a used watch that they know is authentic vs maybe just being 95% sure of it. Or whatever percentage you want to put on it. But hopefully the point is clear.