Picture isn't working, but Costco is grey market so no warranty, no guarantee that it's not a customer return, lemon, etc. You have to ask yourself why a supposedly in demand LE ended up in the grey market.

Hmmm...not sure why but I can see it. I appreciate your concern and opinion on gray market but when it comes to Costco I'm not worried about it. Their warranty is hard to beat, life time money back guarantee should anything go wrong with the watch. IMO that is better than any AD can give so I would prefer to not only pay less but have better long term coverage.

Costco has to have some sort of arrangement with Breitling considering how big they are, at the very least Breitling must be aware of it and is not making a stink that they are selling their watches.

Well Costco warranty is only going to get you your money back - you lose the watch because they are unlikely to get a second one. Costco has absolutely no arrangement with Breitling, Breitling have just never been very concerned about clamping down on grey market.

I'm surprised, both that Costco would sell Breitling (they sell some nice things, but we ARE talking about Breitling, after all) and that Costco would be grey market! Costco may not be Tiffany's, but I would expect even K-Mart to be authorized sellers of all their products.

I saw this watch for sale at two separate Costco's one in Bellingham Wa and one In B.C. in the last few weeks. Found it odd they had a few of them.

I would bet that Breitling is well aware and has no issues with Costco selling their watches, just think how much more money they are making from them, the bottom line with any business.

They are making precisely $0 from Costco.

Breitling makes money when the watch is sold to the AD, when the AD sells to someone else it is the AD that makes money. Breitling simply doesn't seem to care about grey market sellers, whether that is an appropriate response is a different debate.