5513 auction hilarity

[rgwarden]

Really enjoyable adventure this past week. Spotted a 5513 pre comex dial up for auction at Bonhams over a week ago, estimated 2K - 3K. The photos and condition report backed up this low valuation. However... me and outatime headed up to Bonhams yesterday morning and bar the service hands the piece was in fantastic condition. Great non stretched and original bracelet, good bezel with some fade but pearl still in place, clean dome, absolutely awesome dial, clearly worth well over the estimate. So we started bickering over who should try and get this beauty, and outatime ended up going in person, me tucked up in bed feeling ill but excited as the Lot approached. Heck even my non horological older brother was watching online.

I didn't even get to place my paltry bid as it raced off into the distance, sold for £6240 including premium + vat..... I felt vindicated as I'd bored my wife with how it was well worth trying to nab it, and relieved that I wasn't completely insane in that regard.

[rgwarden]

- - - Updated - - -

Next to my 16570

[I a n]

So given what it went for ... what value would you put in it? - Sorry not familiar with Rolex enough to know the right value for these things.

[Omegamanic]

I'd say it was worth around £5k - auctions can get seriously crazy at times!

[rgwarden]

I'd say it was worth around £5k - auctions can get seriously crazy at times!

We both thought it was undervalued by half ie you're absolutely right we thought it would fetch £5000 and the winning bid was £4800. If the hands had been original as well though it would have gone on and on. It's only if interest because if you want a 5513 matte dial and aren't prepared to go Chrono24 prices from Italy they really don't come up all that much. It's not like Watchfinder ever get them in is it. It was a great adventure, and nice to know that a great piece was being bid on from loads of sources (even if I didn't get a look in....this time)

[Mulligrub]

We both thought it was undervalued by half ie you're absolutely right we thought it would fetch £5000 and the winning bid was £4800. If the hands had been original as well though it would have gone on and on. It's only if interest because if you want a 5513 matte dial and aren't prepared to go Chrono24 prices from Italy they really don't come up all that much. It's not like Watchfinder ever get them in is it. It was a great adventure, and nice to know that a great piece was being bid on from loads of sources (even if I didn't get a look in....this time)

Thanks for an interesting/informative post.

[W44NNE]

I haven't bid at auction for a little while. Bonhams especially seem to post silly guide prices with most of the watches going for 25-100% above before fees are added. It's a good way of catching a attention in their eyes I guess.

[ddm27]

Bonhams always post ridiculous estimates, presumably to drum up interest (although I personally view it as poor sales tactics).


Sent from my iPhone using Tapatalk

[o u t a t i m e]

Auctions are silly things. And even sillier when they knowingly advertise ludicrously low estimates to get the punters excited.

Not to start mentioning their expertise in describing the items. "This is a watch. It has hands. And a dial. It's made of steel. It works but we didn't test its accuracy. Blah blah..."

[mr.chef]

I have always thought that the low estimates were also to reduce their insurance premium.

[Aleem]

I agree advertised low prices can have the opposite effect and drive up the final price, through greater interest. Bit of a sales trick I think

[djjuk]

I agree advertised low prices can have the opposite effect and drive up the final price, through greater interest. Bit of a sales trick I think

Works well enough on eBay for the penny start auctions......Generates plenty of early bids and then the human competitive side kicks in and off it goes.

[steptoe]

Bonhams always post ridiculous estimates, presumably to drum up interest (although I personally view it as poor sales tactics).


Sent from my iPhone using Tapatalk

Well as a tactic it worked perfectly in this case as the OP and his mate nearly wet themselves at the thought of a cheap 5513.
:D

[mowflow]

A shop near my work has had 2 5513s in the window for almost 2 years now. I look in their window regularly and keep a mental note of their stock as they get a lot of interesting pre-owned watches. I recall both the watches were priced around £4k 2 years ago but now don't have prices on display. Out of curiosity I enquired about the better one of the 2 and was told £6k and the one in worse condition was more cause that's what people want. I was rendered speechless for the first time in my life.

This is the rougher of the 2. Nice patina on the bezel but the case is covered in marks, looks like hands have been replaced and the crystal has a big chunk out of it around 6 o'clock



This one seemed much better but the guy said it has service hands and the bezel appeared to be missing the spring



I don't get why the guy doesn't just reduce them and sell them. He clearly paid less than £4k for each

[rgwarden]

Well as a tactic it worked perfectly in this case as the OP and his mate nearly wet themselves at the thought of a cheap 5513.
:D

Just for clarity, we were of the opinion that if we'd noticed the anomaly, 50 others would too. But certainly the pics led us to believe it was in need of an overhaul. Not so in the flesh.