Tick Talk
[Moderator Emeritus]
2357
Great Primer, Bill
Thanks for this overview of the process. The major auction houses continue to raise their buyer's and seller's premiums (now approaching 40% combined) but don't always provide services appropriate for such high fees. Witness your inaccurate description report, which is mild in comparison with outright fakes and frankens that have slipped by even the watch specialists. Now read the fine print of their Terms to understand that the auction house is not responsible for their own descriptions!
Auction psychology often makes people forget the premiums until after they've won and may experience remorse when hit with the added fees, plus don't forget the added shipping charges. You've hit the nail on the head with your calculations that the purchase only makes sense for this particular example if you are the winner at the minimum estimate, which is usually the starting bid and therefore effectively the reserve price. A slim hope I'm afraid.
And I share your concerns that whoever opened that watch up to remove the loose Maltese Cross may have caused damage...after all they didn't have the moral fortitude to fix the darn thing before selling, so using inappropriate tools or other forms of carelessness should be assumed :-(
There are some auction houses that do not charge a buyer's premium, only a seller's fee. Of course, these are not as heavily marketed but prices are commensurately lower and reflect real values more accurately.
Case study on bidding at auction...
There are many ways to purchase a fine timepiece, and all can be a great way to bring interesting watches into a collection: brand new from a brand boutique or authorized retailer, preowned from secondary dealers, collector to collector, and at auction. I...
Good Analysis Bill
The older a piece, the more likely it is to have major defects or replacement parts, which is why older pieces that are in true original condition are so valuable. It is rather unusual to see a defect like the missing logo on a watch produced so recently,...
Thanks for this useful post, Bill
For the inexperienced, the auction process can be a bit daunting, let me tell you. This example you discuss is a good example. As Mike also pointed out, the condition report mentions the dial is good condition, but clearly that is not the case. One photo ...
Thank you Bill
Great article. I have never bought from auctions before but am learning something new. I heard from a friend VC also refurbishes vintage VC and sells them in restored conditions with new boxes and papers in their boutiques. Is that true? I guess only in t...
Vintage VC's at VC boutiques
Hi Robin, You are correct about Vacheron Constantin offering vintage timepieces through their boutiques. However, that distribution is extremely limited: only the Geneva and NY boutiques offer these pieces at this time. They come with certificate, box, an...
Hour Club
Hi Bill Ah so NY and Geneva. I probably can visit NY for work at some point. Will drop by the boutique. On Hour Club - I logged in but couldn't see the vintage pieces under the collection page. Maybe I was looking at the wrong section. There will be 2 VC ...
I've just been told that the Shanghai boutique sells vintage pieces as well...
Enjoy your dinner with Alex and friends (I've to to visit Singapore one day, just to see the watches). Bill
Thanks bill for sharing your experience
you can never be too careful regarding auctions and second hand watches. I didn't experience this kind of way to purchase a watch yet but it will be tough for the nerves for sure :p Cheers, Mark
Great Primer, Bill
Thanks for this overview of the process. The major auction houses continue to raise their buyer's and seller's premiums (now approaching 40% combined) but don't always provide services appropriate for such high fees. Witness your inaccurate description re...