Horological Meandering

BjoernM21
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Are auctions really such bad institutions for watch collectors? I don't think so!

I fully understand when owners of stolen watches that turned up at auctions get hatred, especially when there is then no cooperation to reinstate proper ownership. But I believe such watches will also find their way to “brick & mortar” dealers, only that then the watches become not so visible.

But I am rather surprised with what words (including “scam”) the business model as such is criticized here, when only recently questioning the value proposition of a certain brand brought the risk of a ban on this forum with it. I think, the continued demand in both cases is self-justifying the “fees” asked and they cannot be the basis for an absolute judgement when no goods or services required for one’s life are involved.

That there is no room for buyer’s remorse in auction deals is part of the game since ages. But what is so bad in the idea that the buyer has the obligation to make the necessary research and checks on goods he wants to buy? Internet and digital photos have made fulfilling these obligations really much easier. Every auctioneer offers also personal inspection of the watches before the auction, often supported by competent watchmakers on hand at the viewings to help with the examination.

With only experiences as buyer, I would therefore like to offer the following thoughts, not the least in an effort to not turn possible novice collectors away from a valuable supply source:

I dealt in my 15 years of collecting with all the better known auction houses. There was never reason to complain about the service I received from any of these auction houses (unlike what I experienced with brand boutiques when I bought by mail order abroad). Even when the auction conditions stated the buyer has to arrange for shipping, the auction houses have always arranged this for me at very fair prices, providing not the least of hassles.

When I could not inspect the watch of interest personally and could also not instruct a local competent watchmaker to check for me, I asked for high resolution photos and always got them from the auction houses. On the other hand, I regard the condition reports of the auction houses as useless, because they are generally too vague and riddled with provisos.

I would also never place a written bid with the auctioneer when willing to pay more than the low estimate (on the off-chance that nobody else is interested in this watch). Such bids offer just too much temptation not to knock down the watch at the best possible price for you as buyer, even when promised in the auction conditions. I rather bid by telephone, even when I was before at the place of the auction to inspect the watch. This method gives me enough time to think about placing the next bid, because the assistant at the telephone with you has the full attention of the auctioneer and can slightly delay proceedings if you have reached a critical sum. I also believe to get through the telephone a good impression how much interest by other bidders is available (you hear what is going on in the room), while being able not to show my own excitement to the auctioneer.

At the beginning of my collecting I got burned by buying a re-dialled watch, but I can only blame myself, because a minimum of research would have shown this problem. Collecting world time watches I am usually not confronted with highly complicated movements. With 60+ year old mechanical constructions issues are highly likely. With this kind of watches I see this not as a problem and I prefer an untouched movement with a broken gearwheel, e.g., rather than having to sort repair attempts by an incompetent watchmaker. Independent master watchmakers repair then the watches properly for me at very bearable prices, allowing me also to retain and store the broken part with the watch (for the sake of documenting originality).

To buy common watches with a high demand at auction makes perhaps not a lot of sense. But there are two fields in my opinion where great acquisitions are possible:

The first group are “exotic” watches of recent production (including watches of independent manufacturers). In the last few years the auctions in Hong Kong were a treasure trove to acquire new or virtually new watches with the full set at very favourable prices even when considering buyer’s fee of 25% and VAT upon importation. These watches were often offered by the smaller watch auctioneers (like Sotheby’s and Antiquorum) that have usually a more diverse offering than the current turn-over leaders (Phillips and Christie’s).

Particularly at Antiquorum (in the Geneva auctions) I found also many watches of a few years back (from 1989 onwards) for my collection that I have before and after never seen on the market. I tried to interest a couple of (what I sought suitable) vintage watch dealers by sending them a short and illustrated list of what I am looking for (not the “hen’s teeth”), but not one acknowledged even the receipt or an interest to look for such watches. To look myself what the auction houses can offer is therefore also my only choice (when not stumbling on an offer placed in the web).

I think the pressure for the auction houses to offer several hundred interesting watches every year has established scouting troops with them. When you are looking for table and pocket watches produced in the 19^th century (or even earlier), I believe that you have to rely on these specialists to entice owners to sell such pieces. Interested in the provenance of very early world time clocks and watches, I realised the Patek Philippe museum must have acquired most of these historical pieces (not bearing the PP brand name) by auction. And this certainly not because they are fools, but rather for a lack of another source even in their position.

I therefore think that this tarnishing of an industry branch with broad brushstrokes is not justified and might be a disservice to emerging collectors among the forum’s readers. When you think it is a “scam”, it could as well be part of the game in the business in which the buyers participate willingly and enthusiastically. Does really someone believe that Sotheby’s was not in the know about the Banksy-Picture-Shredding? Sotheby’s owned this piece when brought to auction, and the supposed buyer wanted to keep the shredded version, believing it is more valuable after this public performance act. While the research dates from the mid-2000s, the book “Seven Days in the Art World” by Sarah Thornton (ISBN 978 1 84708 084 4) describes a still current state of the affairs and can be thoroughly recommended. Participating at auctions and paying excessive prices for perhaps a bit dubious art is part of the social game. When reading reports about events by a well-known collector, I get sometimes the feeling this social background has also become a bit part of some watch auctions. There is really no reason to feel pity for the participants!

Björn

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