Sotheby’s auction

[msugolf]

New to this process……Sotheby’s is auctioning a stickered Daytona……..anything to be concerned with or cautious of before I proceed?

Thanks

[CarlOver]

What reference?

[msugolf]

116520

[joli160]

Don’t get caught in the heat of the moment and forget all about the additional charges which will come on top of the hammer price

[msugolf]

Thanks for the quick response

[drrd]

Probably best to read their conditions of business.

Main things to consider are 26% premium on the hammer price, currency conversion, local sales or import taxes, shipping. Also lots sold as viewed with no guarantees on functionality, so not same terms as you might expect from an AD or local dealer.

[msugolf]

Thank you

[Polyesterpig]

Yeah the 26% on top is an eye opener. Especially since you still need to add sales tax. Ouchamundo.

[Calatrava r]

Wouldn’t it be cheaper to buy from a used watch dealer and avoid all the hassles of an auction house?

[Cronus251]

Wouldn't use them unless it was for some sort of special watch with a history that meant something. But the 116520 is not rare. I'd go reputable grey that stands behind their sale and has full set. Just my $.02

[RolexSimon]

Sotheby's can be a real bargain or more expensive than grey - just factor in the 26%, FedEx charges and local taxes on arrival. I got a Pepsi Meteorite for essentially AU$5K over RRP when all fees / taxes etc added in a couple of years back.

[msugolf]

Thanks for all the good feedback…..will probably a Grey market purchase….Sotheby’s sound likes cost plus plus.

[JJGreen]

Hi

Since you asked...

I had a bad auction experience, albeit with a vintage piece. I purchased a 1950's watch and it arrived broken. It would be easier to tell you what WAS working. It's a complicated vintage watch and nothing was working.

I wrote to the auction house and they offered to service the watch. I sent it for service, picked it up in person, and it was broken (still). And they accused me of over-winding it, which didn't occur.

I sent it back again and it was in service for months. I was told it would be a few weeks and I forget how long it took to get it back, but I would estimate 6 months. It was still broken!

Now we're approaching one year and I wrote to the auction house. They offered to pay for a private repair, so I got a quote. When they heard the number the retracted their offer, and sent a small rebate, that didn't cover the repair. I had it repaired privately, and it works!

All that to say, BUYER BEWARE! And really, it's a risk I assumed, and ultimately I paid the price. The difference is, where there is an issue with a reputable dealer, they usually stand behind the watch.

New, stickered watch, just heads up with the auction fees and your local tax rate, but other than that, you should be fine.

[Holodeck]

Most auctions don't offer the normal consumer protections available in most other channels. Buyer beware. You have to be very savvy to buy and auction and do well and it appears you have doubts. Listen too that sentiment.

Some watches inexplicably go for multiples over market price and a you should wonder about why that happens. Watch that buyers premium too.

[NCRolexguy]

It's scary when grey market prices are a better deal on a daytona.

Sent from my SM-G996U using Tapatalk

[matteo411]

I keep an eye on the auctions for watches in Asia. The prices that current models sell for is just insane. Multiples on top of multiples. A conspiratorial thinker might think that something dodgy is going on even though the auction houses are top tier.

There's no way that a SS Daytona goes for prices way in excess of current grey price listings unless there's something going on.

[Straphanger]

Auctions are either a trap or an opportunity but any well advertised auction is likely to end being more expensive than grey, people get excited and forget about the 26% and the sales taxes etc…
Now some local auction may provide opportunity, i always leave a low bid and see what happen and i have been lucky a couple of times however you have to do your due diligence on the watch yourself .

[Henrimontgomery]

Auctions are not for folks on this forum. it's for people with assistants that have no idea how to open a .pdf.

Auctions are for people who would rather lower their taxes through big spending and yearly "losses" if you catch my drift.

[drrd]

If I was selling, not in a hurry, and if the piece was of interest to the big auction houses then that is the way I would go.

There’s a whole other world of buyers through international auction.

These buyers are as Henrimontgomery said, not likely to be regulars here.

[msugolf]

Is the Watch
box a trusted seller?

[Incroyable12]

Auctions are a great way to get bargains if you don't go for the obvious stuff. There's often a lot of weird, rare vintage stuff that isn't necessarily that expensive.

Many big dealers source their stock from auctions.

[WILLIWALKER]

Originally Posted by Henrimontgomery

Auctions are not for folks on this forum. it's for people with assistants that have no idea how to open a .pdf.

Auctions are for people who would rather lower their taxes through big spending and yearly "losses" if you catch my drift.

I couldn't have said it better