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Old 5 May 2021, 02:35 AM   #1
Wahlberg
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Philips The Geneva Watch Auction: XIII

My friends. I was browsing the watches Philips has listed online but the thing I noticed is that a lot of estimates are even lower than before.

So what's the point?


https://www.phillips.com/auctions/auction/CH080121



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Old 5 May 2021, 03:01 AM   #2
Chewbacca
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They do this on purpose so headlines can read better, people attend, and commissions are higher if they exceed a % over the agreed estimate or reserve.

Estimates are all BS.
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Old 5 May 2021, 07:35 AM   #3
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Agree with CJ here. Similar tactic used to low / no reserve eBay auctions or the current Canadian housing market. More people feel as if they have a chance, thus are (hopefully) more included to place a bid.

Of course, the most obvious is they would rather pieces sell for more than the estimate. This serves as a great way for people to have items sold by the auction house in the future with hopes the same will happen.

At the end of the day though that's just my opinion and only time will tell. Who knows, some pieces might not even sell for the estimated amounts. It's why I love following these types of auctions to see what actually ends up happening.
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Old 9 May 2021, 02:22 AM   #4
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Crazy numbers. I'm amazed by other results as well.

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Old 9 May 2021, 05:12 AM   #5
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Insane prices...
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Old 9 May 2021, 05:43 AM   #6
enjoythemusic
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Auctions are a company's opportunity for PR schemes. Patek are experts at auction manipulation to achieve headlines, when in fact they themselves are buyers.
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Old 9 May 2021, 05:48 AM   #7
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Auctions are a company's opportunity for PR schemes. Patek are experts at auction manipulation to achieve headlines, when in fact they themselves are buyers.
Understandably so. Patek are probably just as tired of standing in line and not being able to buy at MSRP from the AD as everybody else is.
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Old 9 May 2021, 07:24 AM   #8
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Understandably so. Patek are probably just as tired of standing in line and not being able to buy at MSRP from the AD as everybody else is.
the older models we know PP buys to claim the whole historic thing to keep the dream alive, and would not be surprised about newer ones here and there. Of course auctions as a vehicle for money laundering has been brought up quite a few times.
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Old 9 May 2021, 08:25 AM   #9
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A Patek 5164A Aquanaut Travel Time sold for the equivalent of approximately US $95K.

These auction results are a bit of a double-edged sword. While it’s nice to see the increased valuations, I have to admit I’m beginning to feel uneasy about wearing certain watches on days when I have to be out in public for longer than normal.
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Old 12 May 2021, 02:43 AM   #10
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Just for clarification are these final price with buyers premium?
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Old 12 May 2021, 02:49 AM   #11
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Just for clarification are these final price with buyers premium?
Yes
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Old 12 May 2021, 02:16 PM   #12
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I hear

Quote:
Originally Posted by Chewbacca View Post
They do this on purpose so headlines can read better, people attend, and commissions are higher if they exceed a % over the agreed estimate or reserve.

Estimates are all BS.
all that and agree but what is the pitch to the vendor to convince them they will get market value as usually reserves are the lower estimated amount.
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Old 12 May 2021, 03:46 PM   #13
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all that and agree but what is the pitch to the vendor to convince them they will get market value as usually reserves are the lower estimated amount.
Typically sellers seek out auction houses and houses seek out vendors, at times it’s a long courtship.

Usually, the best pieces get preferred terms etc. The buyers premium is also split at times if the item draws many other sellers out of the woodwork.

Kinda like a main event and then there’s the undercards.

In the end it’s about money.
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Old 13 May 2021, 07:59 AM   #14
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Originally Posted by Chewbacca View Post
Typically sellers seek out auction houses and houses seek out vendors, at times it’s a long courtship.

Usually, the best pieces get preferred terms etc. The buyers premium is also split at times if the item draws many other sellers out of the woodwork.

Kinda like a main event and then there’s the undercards.

In the end it’s about money.

and we know their due diligence on vintage is sub-par.
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Old 13 May 2021, 08:49 AM   #15
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and we know their due diligence on vintage is sub-par.
Ouch.

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Old 13 May 2021, 10:15 AM   #16
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and we know their due diligence on vintage is sub-par.
But...but... it's rare and highly desired... don't you believe them?
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Old 14 May 2021, 03:33 PM   #17
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16518 @ $36k is actually about what I think it is worth. Some prices are high but some of the low volume references it is nice to have validation beyond chrono24, david, ebay, and watch recon
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