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10 May 2021, 10:13 AM | #1 |
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phillips auction results!?
i know auctions don't make sense but today's phillips auction seems insane. a regular chronometre souverain but #1 serial for 160k? a roger smith for half a mil??? 5712g for 100k. debethune and even cartier for big money. never would have thought a 55k grand seiko would go for 80k crazy that the 3700 went for "only" 113k. i registered to bid but didn't bother figuring it'd be nuts which it ended up being.
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10 May 2021, 10:27 AM | #2 |
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As I said elsewhere, I agree that this Phillips auction was crazy.
However, there are always pieces that slip through at good prices...: A. Lange & Söhne Langematik Anniversary, 302.025, at 52k CHF A. Lange & Söhne Langematik Big Date, 308.027, at 18k CHF Rolex Smurf, 40k CHF As you mentioned, the 3700 at 113k was a pretty decent deal. Next week has big auctions at Christie's and Sotheby's. A lot of "heavy" pieces...minute repeaters...limited series FPJ ....38mm FPJ....will be interesting to see if there is an appetite for all of them. |
10 May 2021, 12:15 PM | #3 |
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Money laundering.
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10 May 2021, 02:36 PM | #4 |
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A lot of lazy insanity when countless pieces were available for 15-35% less from reputable dealers. Buyer's premium and the CHF conversion hit really killed most anything that did seem to be a deal. Never understood this type of acquiring, unless it is something truly impossible to find.
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10 May 2021, 02:46 PM | #5 |
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I think Green Lantern has a point!!
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10 May 2021, 03:35 PM | #6 | |
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Quote:
For me, auctions only make sense for vintage watches. New, still in-production, or just barely out-of-production pieces? Makes no sense to me. Lots of other grey dealers with the same, if not better condition, pieces available for less. |
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10 May 2021, 04:25 PM | #7 | |
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Most of the investors in my firm are worth 8 - 9 figures and would never do something this stupid. |
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10 May 2021, 10:57 PM | #8 |
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How does it work? Genuinely curious. I agree there’s more here than rich bored / idiots on the other side of those phones. Auction after auction ... surely there can’t be so many stupid people. Fishy.
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10 May 2021, 11:18 PM | #9 | |
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1. Buy a watch with $x ill-gotten funds 2. Put it up for auction, provenance is fine with the retailer receipt, etc 3. Plant at least two associates in the auction to bit up the price to say 3x and pay with more ill-gotten funds 4. You recieve 3x funds which are now clean, showing as proceeds from an auction sale and still own the watch. |
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10 May 2021, 11:32 PM | #10 | |
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Quote:
Thanks. Theoretically that could work, I’m assuming the “buyer” is an offshore company, for big $ lots at least. The cheapest watch on offer was a Ming. That sold for > 13k franc / SGD19k before premium and tax. There are the same watches for sale here in Singapore for 1/3 that price that haven’t sold for months. Seeing what happens at auctions I’m sure the majority of watches are like these Mings, available for far less but being sold at ridiculous premiums by Phillips.
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11 May 2021, 01:18 AM | #11 | |
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Quote:
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11 May 2021, 02:12 AM | #12 | |
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Quote:
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11 May 2021, 05:09 AM | #13 |
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__________________ “Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming 'Wow! What a Ride!'” -- Hunter S. Thompson Sent from my Etch A Sketch using String Theory. |
11 May 2021, 05:27 AM | #14 |
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11 May 2021, 06:20 AM | #15 |
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yea i get that whole angle been like that forever. just when i think things can't get any crazier it does.
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11 May 2021, 07:58 AM | #16 |
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They are not complicit in anything, there is a constant vigil for money laundering activity.
Things are rarely black and white. Stolen goods which are sold and then subsequently bought at some future date in good faith are viewed differently by different legal systems around the world, some recognise the original owner as having sole legal title while others recognise the innocent purchaser as having legal title - auction houses operate across many geographic boundaries and are simply unable to be judge and jury where their client has purchased in good faith. In many cases despite goods being sold/withdrawn from sale once they found to be stolen the auction house simply has no option but to return them to their client and inform them of their findings. |
13 May 2021, 07:37 AM | #17 | |
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Quote:
Everything is not a conspiracy you know. |
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