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Great insight and you were every lucky to be at the famous 89 auction
I collect mainly vintage so I obviously have minimal experience with AD.
I have bought from AD, auction houses , dealers and friends
MY ratio is probably 60% dealers, 25 % auction , 10 %AD 5% friends
I have had good and bad experience with all modes of buying.
Except for the new pieces from the AD, I have bought pieces that needed a service, pieces that I thought did not need a service- needed small adjustments. What I am trying to say is auction houses are no different to any other second hand dealer. You need a relationship with them to get the best out of your purchase. I often think I hassle them way too much but then I think, No I am buying something from them sight unseen and I need the best quality pics of the case, movement and esp the dial. I have disappointed by some purchases which have not lived up the the expectations of the pics but this is a risk I take ( less often now- I probably would not buy a Prince from an auction house with out examining it IRL- often impossible)
So yes buying from an auction house can be risky but no riskier than from a dealer. You just need to understand the risk is all yours.
BTW I will add my favourite gripe of AD nor acknowledging vintage collectors. I know it is not in their interest financially but I feel most big watch houses trade i=n their history but do not acknowledge vintage watch collectors enough. My cross to near but I do like to get it off my chest.
HAGWE everyone
great thread
Thanks Patekova
Julian
A Personal Reflection and Appreciation of the Work and Importance of the Major Auction Houses in Fine Horology
As background, in 1989 I had the pleasure of attending the viewing for this legendary auction at Tiffany in New York. This auction opened up a whole new world for me and for a lot of other people. The auction by Habsburg, Feldman / Antiquorum truly change...
Many thanks for offering your valuable point of view, Patekova. While as the Brand's moderator for WatchProSite, I'll mostly sit out and read, let me just briefly highlight one excellent point you've made when it comes specifically to Patek:
"[I]n supporting your AD and Patek, you in effect become part of a family." A significant and highly nontrivial statement which I fully embrace, for it perfectly sums up the essence of Patek --- first and foremost, a family for all of its incredibly fortu...
Thank you Fab for your kind words. Let me take this opportunity publicly and for the record
to thank you for the exceptional job you are doing as moderator. You understand what it means to serve as "moderator". You fulfill that non partisan role in an exemplary way, with knowledge, restraint and great diplomacy. Best, Patekova
Are you implying that Phillips has been in the watch industry for 30+ years?
Thank you Patekova for this summary of your experience of auction houses. And just in time for the May auctions! Thank you for also making it objective by mentioning not only the pros, but also the cons and reminding us to be wary That being said, to have...
Thank you for your detailed reply and for adding your perspective to the conversation. For the sake of accuracy,
I have been attending auctions in person yearly (other than during the pandemic when I often attended remotely) since 1989. Initially it was Antiquorum, (the leader), Sotheby’s and Christie’s. While most people think Phillips first sold watches at auction...
Thank you!
Yes. I definitely recall there was a time when Phillips sold watches (although I didn't remember if it was with Bacs back in the day), before the more recent days. But I didn't recall the year of 2001! Thanks for clearing that up! Hoping to have a convers...
Great insight and you were every lucky to be at the famous 89 auction
I collect mainly vintage so I obviously have minimal experience with AD. I have bought from AD, auction houses , dealers and friends MY ratio is probably 60% dealers, 25 % auction , 10 %AD 5% friends I have had good and bad experience with all modes of bu...
Julian, thank you for your wonderful reply and sharing your experiences! I wholeheartedly agree with your being cautious buying at auction.
Smart of you to push the auction houses to supply every detail you need to make the most informed decision possible. And yes, we have all made mistakes. Certainly I have, but I have also bought some truly incredible, rare and mint Pateks. BTW, for accurac...
Thank you for sharing your experience!
And yes! Dealers definitely make mistakes too! Honestly, there are no angels in this business.
Many thanks Patekova for sharing your valuable
experience and insights into the auction houses ! Your post really shines light on how the auction world works based on your many years of interactions with them. Great to know that they put so much work and efforts into each auction in order to inform bi...
Gordon, many thanks for your kind words. Even more so, for sharing you own experiences and impressions from attending many auctions, both virtually and live.
One of the interesting things I have noticed in recent years is the increasing percentage of lots that are modern watches, including current models. Hong Kong has for several years had a significant percentage of modern/current models, but this trend has ...