Pepsi for 13k? No way!

[amphr1]

Saw a post on the web today about an auction closing for a Pepsi for $13k on another site. Of course, the general public is commenting that it's too expensive. But we all know that is way way below market. I don't have access to said auction but of true, there are corners of the market that either doesn't know what they are doing or is selling you know not a Rolex.

Sorry I lost the link to the post already.

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[the dark knight]

I have to ask the obvious, I'm assuming it was a 126710BLRO?

[brandrea]

Was it a 6 digit or a 5 digit? Price sounds sounds about right for a 5 digit.

[7enderbender]

Originally Posted by brandrea

Was it a 6 digit or a 5 digit? Price sounds sounds about right for a 5 digit.

To me this sounds about ok for a 5-digit - and way to high for a modern iteration.

[Tom Arai]

Originally Posted by 7enderbender

To me this sounds about ok for a 5-digit - and way to high for a modern iteration.

You joking today like everyone.

[omar-rye]

[Tylerlsu2008]

I think I saw this. The missing info was there was a very hefty auction fee on top, so fully burdened price was north of $16.5-17k.

[Andad]

I have previously noted that there are way too many 'Pepsi' models.

Who knows to which one the OP is referring?

He has lost the link.

[ebis]

I think OP is referring to this which surfaced a few days ago:

[Gandor]

Hey, I'm the OP of that post!

This was on live auctioneers (specifically NY Elizabeth auction house). The final hammer price was 13k for the watch (i.e. what a seller was willing to accept for their watch, a price above their reserve.) Sold with papers, no box.

The final sales price to the buyer would have been around $16250 with a 25% buyer premium (pretty standard for auction houses.)

That spread between what a seller is willing to part for and what someone is willing to pay is what the gray market dealers live on, and frankly they've been living off of the 2020 spread for 4 years now.

[Andad]

Originally Posted by Gandor

Hey, I'm the OP of that post!

This was on live auctioneers (specifically NY Elizabeth auction house). The final hammer price was 13k for the watch (i.e. what a seller was willing to accept for their watch, a price above their reserve.) Sold with papers, no box.

The final sales price to the buyer would have been around $16250 with a 25% buyer premium (pretty standard for auction houses.)

That spread between what a seller is willing to part for and what someone is willing to pay is what the gray market dealers live on, and frankly they've been living off of the 2020 spread for 4 years now.

Hey, Is that the correct auction in post 9?

[Gandor]

Originally Posted by Andad

Hey, Is that the correct auction in post 9?

Yep

[acorn]

Weird, post about an auction then “hey I’m the OP of that post” sounds fishy and I’m sure I’m not the only one who’s thinking this.

[amphr1]

Originally Posted by ebis

I think OP is referring to this which surfaced a few days ago:

Yes, that one! Still thinks it's crazy.

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[Gandor]

Originally Posted by acorn

Weird, post about an auction then “hey I’m the OP of that post” sounds fishy and I’m sure I’m not the only one who’s thinking this.

lol someone's on the susberries, I'm just another WIS who spends too much time on these watch forums. You can mostly catch me on the AP forums.

[acorn]

Originally Posted by Gandor

lol someone's on the susberries, I'm just another WIS who spends too much time on these watch forums. You can mostly catch me on the AP forums.

Yeah I’ll pass on that and will ignore anything in this thread.

[omar-rye]

Ok so it sold for $16250, not $13000. The seller potentially still made close to a $2000 profit if he paid retail for it. Where's the breaking news here?

[Roo]

Clickbait title

[Gandor]

Originally Posted by omar-rye

Ok so it sold for $16250, not $13000. The seller potentially still made close to a $2000 profit if he paid retail for it. Where's the breaking news here?

The fact that the spread between what the seller got 13k and what grays are selling at 24-25k is absolutely insane. I.e. the value of the watch is 50% the commonly accepted trading price.

[omar-rye]

Originally Posted by Gandor

The fact that the spread between what the seller got 13k and what grays are selling at 24-25k is absolutely insane. I.e. the value of the watch is 50% the commonly accepted trading price.

USD? Correct me if I’m wrong but they’re trading under $20k if I’m not wrong.

Edit: Plus, $13k is what the seller would have gotten if he sold it to a grey dealer

[brandrea]

Originally Posted by Gandor

The fact that the spread between what the seller got 13k and what grays are selling at 24-25k is absolutely insane. I.e. the value of the watch is 50% the commonly accepted trading price.

It’s not insane actually.

Contact one of the trusted sellers here and ask them what they’d give you for this watch. It’s about right IMO

[Quaress]

+- 12 100 brand new at AD, general public is right :D

[AK797]

Funny I was watching one of those fancy Pawn shows on TV yesterday and the owner was buying a Cartier from a woman. He thought he could get £11k for it so offered the woman £10K - which was total BS, if there were no cameras he would not even offer her 8K, probably 6. The spreads are usually huge, before buying from a grey get their buy quote on the same watch so you know what you are dealing with.

[ExplorerI]

Originally Posted by Gandor

The fact that the spread between what the seller got 13k and what grays are selling at 24-25k is absolutely insane. I.e. the value of the watch is 50% the commonly accepted trading price.

Grey pricing is ludicrous. Anybody still paying 25k for a Pepsi is lighting about $6k on fire.

[GrailTime]

One person got a good deal. That can happen in auctions.

Doesn't mean that $16k is now the "market price".

[rolexandlange]

Given my experience with auctions, and looking at the numbers above, I would not be surprised if this transaction doesn't close! These things tend to end up with someone on the sell side of the transaction making some excuse to not close the deal.

[rolexandlange]

I've reviewed the auction and something here doesn't add up.

[Quaress]

On the official website they sell for 12,100 dollars, as soon as they open new factories, which they have been building for several years, they will start producing many more of these models, in my opinion, speculators will never sell it in their lives, or they will make a few dollars from it, since everyone will order new ones . That time is slowly approaching.

[jfmiii]

A BLNR sold for $19.1k in the same auction. And a VTNR sold for $19.5k.

https://www.liveauctioneers.com/item...-gmt-master-ii

https://www.liveauctioneers.com/item...-gmt-master-ii

The Pepsi was an outlier in this auction for one reason or another.

I've watched numerous auctions on liveauctioneers. I've even purchased a few things. The bids can get "interesting" at times. I suspect there is a lot of shill bidding on this site. You really have to be careful. The BLNR in this auction had 1 bid for 19.1k. The Pepsi also had only 1 bid for 13k.

[rolexandlange]

Originally Posted by jfmiii

A BLNR sold for $19.1k in the same auction. And a VTNR sold for $19.5k.

https://www.liveauctioneers.com/item...-gmt-master-ii

https://www.liveauctioneers.com/item...-gmt-master-ii

The Pepsi was an outlier in this auction for one reason or another.

I've watched numerous auctions on liveauctioneers. I've even purchased a few things. The bids can get "interesting" at times. I suspect there is a lot of shill bidding on this site. You really have to be careful. The BLNR in this auction had 1 bid for 19.1k. The Pepsi also had only 1 bid for 13k.

I'm pretty deep in the watch game for many years now and have never heard of this "NY Elizabeth" outfit who is running the auction. I find it hard to believe they have 400 watches in hand and for sale in a single day at auction and I have never come across them previously. I am happy to be wrong here but this doesn't pass muster for me. The big houses like Sotheby's and Christie's are not even bringing 400 watches of this caliber in a single sale often if at all right now and their marketing costs to put on a live or online auction are massive. Something is off here.