Small Auction House Tips: Case Study 1680

[Jaegodylan]

Hello Folks

Though the rise of services like EasyLive and TheSaleroom a lot of small rural auction houses in the UK and worldwide now attract international attention.

The attraction being the lure of a score or a great deal on an overlooked item.

The drawback is that a lot of these small auction houses that sell knickknacks and furniture have little to no clue how to sell a watch. Horrible photos, lack of information and generally poor descriptions are fairly standard.

How do you as a collector navigate these sort of sales or do you just typically avoid them?

Here is a case in point a 1680 White Submariner listed with a low starting bid an no estimate initially listed as a 5512 and then updated to its correct model.

https://www.easyliveauction.com/cata...tique-lot-337/

"Rolex Oyster Perpetual Submariner gentleman's stainless steel wristwatch, 660ft = 200m, model 1680, trhe serial number is 5426210 - 1978 with black dial, rotating bezel, luminous hands, the bracelet stamped '93150' and end links stamped '580' Please note that the model number has been amended to 1680 from 5512"

Two very poor small resolution photos for the auction that show little.




I spent some time studying it and it appeared to be correct from what could be seen. A MKII dial that correlated with the 1978 production date and a decent looking insert.

Sale price after commission roughly £15,150.

Hardly a bargain but respectable if everything is indeed correct and the watch is in good running order.

How would one possibly be able to make an informed decision in this sort of scenario? In the past you would attend and inspect the item in person but I sincerely doubt that the majority of bidders these days have ever seen the item they are bidding on outside of the auction website.

Just curious how other collectors approach the potential minefield or goldmine of local auctions.

[TimeToGo]

.
Take for example the 1680 you bought at an auction house with a fake insert, provided with the wrong year, redone dial...etc.

Apply everything you were asked to do "after the purchase" (on your thread) but do it before the purchase...

Now that could be a good start..

[swaini3]

It all starts with knowing what you're buying. You've got to know what you're looking at and its worth. Ask all the questions that are important to you. Ask for proper pictures, get a 2nd opinion. If Im new to vintage watches , I wouldn't risk my money at ebay or an auction. If you dont get the info you're asking for, thats a clear sign. With most auctions offering a No return policy, you would need to factor that and their reputation into the equation too.

[Dan S]

Auction-house buying is not for the faint of heart, that's for sure. I don't do a lot of it, but I've had both good luck and bad. You need to know what you are looking at, and even so you have to accept that there can be some surprises when you see the item in person. Build a cushion into your maximum bid, and if other bidders are going crazy, exercise self-control. People get emotional, and just because others are bidding up the price doesn't mean that the watch is worth it.

[Jaegodylan]

Originally Posted by TimeToGo

.
Take for example the 1680 you bought at an auction house with a fake insert, provided with the wrong year, redone dial...etc.

Apply everything you were asked to do "after the purchase" (on your thread) but do it before the purchase...

Now that could be a good start..

Yes of course.. but the auction houses are rarely helpful in this as they have so many lots. Was just seeing if others had a more successful strategy.

[Jaegodylan]

Originally Posted by Dan S

Auction-house buying is not for the faint of heart, that's for sure. I don't do a lot of it, but I've had both good luck and bad. You need to know what you are looking at, and even so you have to accept that there can be some surprises when you see the item in person. Build a cushion into your maximum bid, and if other bidders are going crazy, exercise self-control. People get emotional, and just because others are bidding up the price doesn't mean that the watch is worth it.

Same here had some very pleasant surprises with poorly listed items. Some unpleasant surprises on items with loads of information.

I guess it is a bit like online gambling.. there's certainly an element of adrenaline rush and excitement with some of them. I think the risk/reward ratio is questionable at best.

[TimeToGo]

Originally Posted by Jagodylan

Yes of course.. but the auction houses are rarely helpful in this as they have so many lots. Was just seeing if others had a more successful strategy.

This makes the decision even easier, if they are not helpful, move on... You will never know what is under hood..

Otherwise, it's like a box of chocolates... as the saying goes..

[Chris]

Originally Posted by Dan S

Auction-house buying is not for the faint of heart, that's for sure. I don't do a lot of it, but I've had both good luck and bad. You need to know what you are looking at, and even so you have to accept that there can be some surprises when you see the item in person. Build a cushion into your maximum bid, and if other bidders are going crazy, exercise self-control. People get emotional, and just because others are bidding up the price doesn't mean that the watch is worth it.

I have bought 7 watches at auction this year
This is the latest bought on thursday last week arrived today. On a few of the watches you and the others people like Tools, have offered honest advice, and i have followed this advice and not bought. Im pleased with latest purchase £3000 (approx $4000). The airking and datejust, ( last photo ). Have now been sold.

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[karleone]

Originally Posted by Chris

I have bought 7 watches at auction this year
This is the latest bought on thursday last week arrived today. On a few of the watches you and the others people like Tools, have offered honest advice, and i have followed this advice and not bought. Im pleased with latest purchase £3000 (approx $4000). The airking and datejust, ( last photo ). Have now been sold.

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The bracelet is wrong on this Datejust. It looks like a mix of a hollow link two tones jubilee with a steel solid links clasp from a super jubilee 🤷*♂️

I have seen a lot of horrible items for sale at auction houses including fake parts even at very well known houses.
You need to know very well watches (even more vintage) and see the watch in real and have it in your hands. Plus have additional thoughts from people who know well watches. Otherwise it’s super easy to get f****

[Chris]

Originally Posted by karleone

The bracelet is wrong on this Datejust. It looks like a mix of a hollow link two tones jubilee with a steel solid links clasp from a super jubilee *



I have seen a lot of horrible items for sale at auction houses including fake parts even at very well known houses.

You need to know very well watches (even more vintage) and see the watch in real and have it in your hands. Plus have additional thoughts from people who know well watches. Otherwise it’s super easy to get f****

It came with the original clasp.

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[karleone]

I was mentioning this

[Chris]

This is the original clasp which came with the watch.

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[indianmachine]

I leave the bargain hunting to the dealers and just buy from well knowns.

If you find the bargain hunting fun, just make sure you know your stuff.

[karleone]

Originally Posted by karleone

I was mentioning this

May I ask you what is this Franken Jubilee that you posted earlier?

[tekno]

The auctions worth bidding on are very uncommon & usually aren’t what you would be looking for. The auctions that I remember thinking “wow” are usually won by dealers and are missing parts and or incorrectly listed.


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[springer]

The answer for me is quite simple - I totally avoid them. At my stage of collecting, I do not need any surprises.