Reply With QuoteThe number one thing to remember is to disregard an estimate. There are hardly any bargains at auction and even less so with Sotheby’s profile. The watch will sell for its current value or more if the buyers get carried away
Hi All
I have identified a watch I want to buy.
It’s a tasty price (assuming it stays in that range), but the reason is that the watch is at an auction.
I have no experience of buying in auctions and to complicate matters further, this auction is in the USA as well.
Is there any advice you can give me?
It’s with Sotheby’s in the USA.
Thank you very much.
The number one thing to remember is to disregard an estimate. There are hardly any bargains at auction and even less so with Sotheby’s profile. The watch will sell for its current value or more if the buyers get carried away
Sounds like a 'come and get me' estimate to entice folks such as yourself to bid.
What advice are you seeking? Read-up on all the costs involved (they'll be able to tell you what sort of percentage you'll need to add on top of the hammer price), and check out their shipping costs too, and then you'll need to consider the additional costs upon landing here with our Customs.
don't forget buyers premium, import duty etc etc etc etc
Good luck everybody. Have a good one.
Thank you all.
It's not a sought after Patek, so hoping it will stay in range. But yes, like cars I suspect it's a tempter.
The watch doesn't seem to have box and papers. That doesn't bother me in itself as I can get Patek to provide me with a certificate, but can I offer to bid subject to inspection, etc?
How are you going to inspect it if the watch is the states and you are in London?
Good luck everybody. Have a good one.
The auction house will provide a condition report, but any bids will be final and binding. I would factor in a movement service unless there is evidence that one has been performed fairly recently.
I'd go down for the auction, as I am there often enough. My inspecting it, isn't worth much though - I'm no expert. Hence my hope that I could buy subject to Patek certifying it's a proper watch with proper parts.Originally Posted by seikopath
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The advert is completely barebones. I have asked for further information, but nothing is forthcoming. Do you think they would provide me with case/movement numbers etc if requested?
Nope, bids are binding - you bid, you buy. You will quite possibly be able to sue them should it turn out to not be genuine. However sueing a company overseas is not cheap or easy.
Unlikely, but it is worth asking.
In my way of thinking its not worth the hassle. You can add circa 25% to the hammer price plus customs charges when it gets here
I’ve bought lots of Prints at auction and been to plenty of open views for those and also watches, and my advice is this - never buy unless you’ve seen what you want to bid on in the flesh. I’ve seen remote bidders win things that having seen them I know full well they’ll be seriously let down by once they actually see it. Re a watch (as well as most likely factoring in a movement service) you have to see whether it’s been dragged around and may need a full makeover ie crown, case, bracelet stretch etc etc etc. I saw a 16570 polar explorer II and in the flesh it needed ‘the works’ but the flip side can be I saw a 5513 that was in really excellent nick.
The photos in both cases told very different stories.
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1......The above post says it all; buying on the basis of photos is risky, you really need to see the item in the flesh. You may not be an expert but you don’t need to be to spot cosmetic issues or things that don’t look right.
As already stated, import tax, buyers premium ( I hate that term!), and service cost are all against you. Exchange rate’s not good either, so this could prove costly.
It’s frustrating when you see something like this that you really fancy but sometimes the numbers are just totally against you.
Paul
Thanks all. Very valuable advice.
If it’s not a rare watch then another will come along in soon enough in a UK auction or sale. If it is a rare watch then it probably won’t be the bargain you’re hoping for.
As said: Buyers Premium, VAT & Duty, but most importantly caveat emptor.....buying at Auction is not governed by consumer ruler/regulations. You have very limited rights.
If you purchase an item and don't like the condition etc not much you can do as it was your responsibility to inspect and satisfy your self as to the condition.
Not for the faint-hearted. Distance selling rules don't apply either. Given it is in the US, unlikely there are any consumer rights either.
Unless it's the only one in the world or Paul Newmans why bother?
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