Buying a watch at auction is a great way to pick up some bargains, provided you bear certain factors in mind.
Indeed, this often enables you to purchase items at a lower price than those offered by retailers or specialist shops. However, there are a few things you should bear in mind before you try it for the first time.
Auction fees
Firstly, it is important to be aware that additional charges will be added to the final auction price. These charges vary depending on the auction house, but typically amount to between 20 and 30 per cent of the hammer price. For instance, if you bid up to €1,000, your final bill would be €1,300. These charges cover the auction house’s operating costs: valuation, photography, catalogue production, etc.
Please note that if you bid on an online platform such as Drouot or Interenchères, additional fees will be charged by these platforms, usually amounting to between 1 and 3 per cent of the hammer price.
The easiest way to find a particular model is to set up alerts on auction sites, so that you won’t miss out when the watch you’re after goes on sale.
The condition report
Once you have found the watch of your dreams, it is important to ask the auction house for a ‘condition report’. This is because items sold at auction are sold ‘as is’. Therefore, it is essential to know their condition before committing to a purchase. You should check whether servicing is required, how worn the case is, what condition the strap is in, and whether the box or documentation is included.
This report brings together all these details, enabling you to bid with full knowledge of the facts. You will therefore be able to set aside a budget for restoration work, if necessary.
It is also important to have an accurate valuation so that you can bid appropriately. The auction house’s reserve price provides a basis for bidding. We can advise you on a maximum bid to help you get a good deal.
You will be able to bid at a price you feel is fair and avoid any nasty surprises when you receive your watch, once you’ve done your research properly.
