Horological Meandering

A piece at an auction?
I know nothing about selling a piece through an auction house, but I'm considering this option.
Living here in the UK my thoughts are on the Asisan markets for having the greatest success?

Also could some members, via pm please advice me on which auction house would be best.
I am currently using my phone to access the forum, so apologise if I don't come straight back to you.
Thank you for any advise given.

Mods, please delete if this thread is not acceptable.
Regards
Tony

it strongly depends on the watch. Different brand awareness, tastes, buying power, must haves, ...in different markets.

1. Selling thru an auction house usually means a delay of several months before you can realize the transaction and receive the proceeds (leading auction houses features only two auctions each year in major markets like Hong Kong, New York, Geneva or London)

2. You cannot expect a great price because:

a) the auction house levies 20-25% commission on the buyer, who will then bid accordingly, thereby resulting in a correspondingly lower-than-market hammer price

b) you have to pay 8-10% seller's commission

Another argument against the auction is that your treasured timepiece can be subject to all kinds of abuse during the viewing process and, if it is not sold, will be returned to you in 'battered shape'....

IMO, best results can be achieved thru (in the order of preference)

1. Selling to watch collecting friends (no intermediary)

2. Selling via Internet (but that can be tricky unless you are absolutely comfortable with the process)

3. Selling to second-hand dealers (though some people will object to this idea), assuming you can find a decent and trustworthy one

4. Selling through an auction house

On the other hand, if you have a hot and unique piece that is very much sought after, you can consider auction because you may be able to realize a better-than-expected price in the heat of the auction. This assumes some sellers do not check the market price before they bid - surprisingly, this often happens...

Just my two cents' worth. Good luck.

Sam  

This message has been edited by samwan on 2010-08-16 06:20:55 This message has been edited by samwan on 2010-08-16 06:22:06

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covered it. But if you do decide to sell at auction, the currency factor is another issue. The volatility these days make it tough to choose which city. Geneva would seem the safest but maybe buyers may also be affected by the SFr strength.

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Thanks Sam,

That's a very good summary of the issues.

On the flip side, your list also reflects my preferred way of buying watches as well.

Andrew

a) the auction house levies 20-25% commission on the buyer, who will then bid accordingly, thereby resulting in a correspondingly lower-than-market hammer price

b) you have to pay 8-10% seller's commission

 

 

That means that 30% of the value goes to the house ... that is just F&#$*µ* disgusting

Who the hell sells via these thiefs ???????

There are however people who want to part with a lot (of multiple watches) and therefore go through an auction house so that they don't have to sell them one by one. If you go on the web site of major auction houses and look at 'Auction Results', the hammer prices indicated always include 'Buyer's Premium'.

Me and my watch collecting friends...we attend auctions regularly to look for pieces otherwise not accessible via an AD (e.g. a discontinued item) and to hunt for 'bargains'. Needless to say, we have to do our homework in advance.

Rgds

Sam

 

That is the current market percentage for doing those things. It does not necessarily include certifying the genuineness or condition of the piece, although since one house started doing so I think the other houses are being forced to be a bit more helpful on those points.

since you are based in the UK, sell to Asia, esp now that the STG and USD is weak against major asian currencies. christies HK auction best bet i think.

 

And the common census.
I believe that I shall possibly be giving the auction houses a miss.
Thanks for all your common and unbiased replies.
Tony