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8 May 2024, 04:17 AM | #1 |
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Location: Atlanta, GA
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Is it Worth Buying at a Watch Auction
Sorry if this is the wrong place for this but as there are some Patek models I am looking at, is there any general consensus on if it is better to buy a watch from an auction like Sothebys or Phillips vs a place like Chrono24?
With it being auction season and some pieces up that look interesting, wasn't sure if anyone had experience with this? |
8 May 2024, 11:50 AM | #2 |
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Location: San Francisco
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buyer's premium is pretty steep - I would only buy at auction if I wanted to acquire grail level 5004s or 2499 or some rare Paul Newman Daytona but other than that nothing wrong with getting watches at auctions
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8 May 2024, 12:06 PM | #3 |
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Location: NY, NY
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In addition to the previous post -
You forgot to mention that you have register, be accepted, demonstrate proof of funds, sign off that you are the guarantor of funds and pay tax on top of 20-22% auction house commissions upon winning the auction. Good Luck! |
8 May 2024, 03:16 PM | #4 |
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Real Name: Bazil Brush
Location: Star Gazing
Watch: Nicknames �
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Lot of faff, I’d rather buy grey …
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9 May 2024, 12:23 AM | #5 |
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Real Name: Michael
Location: Dotonbori
Watch: Mostly blue dials
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It's easy to set up an account - I just did at Sotheby's because I'm putting in bids for Only Watch.
Everything is done online. You only need to upload an identification document and another document with your address. The verification is almost instantaneous and your account is up in less than 5 minutes. After that you can place an online bid if you do not want to attend the live session. Choose a watch you want to bid for, then input an amount. After a few hours, someone from Sotheby's will email you to ask you for financial proof that you have enough money to bid for that watch. You can send him/her your recent bank statement. Next, pray and wait for the auction results. |
9 May 2024, 10:16 AM | #6 |
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Location: USA
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I don't send a bank statement. You can access on-line an "account balance" letter from brokerage companies that the auction companies accept.
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9 May 2024, 11:54 PM | #7 |
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Join Date: Dec 2018
Real Name: Frank
Location: Dallas,NY,Colo.
Watch: Patek 5168, 5170P
Posts: 2,439
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Yes indeed. Learn the rules, have a bidding strategy and follow it with no exceptions. I prefer live bidding.
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