You can see why the website is having troubles. There's just no kind of value there whatsoever any more.
There's an Aerospace Night Mission up at the moment. "Opening bid £1,800". Then add 30% commission. So if there are no other bids at all you could buy this for a minimum of £2,360. Sold as seen. No warranty, no guarantee, no come back. You'd have to be insane. Same across the site. Point about buying stuff in auction was always that it was a risk but the reward was at least the chance of lower prices. But Saleroom prices are now just dealer prices, so why would anyone in their right mind use it?
"Faults, damage or restoration may not mentioned in the catalogue description. We advise prospective bidders to obtain a condition report before bidding if they cannot attend the sale in person."
Guess you pays your money and takes your choice. Any cheaper ones about?
Started out with nothing. Still have most of it left.
Cheaper than £2450 including posting, with no comeback if it's shagged or fake? Yes. https://www.ramsdensjewellery.co.uk/...5fcb20c8203835Originally Posted by oldoakknives
My best purchase of 2022 was through Fellows. It was a 30% buyers premium, but I just factored that into the price that I was willing to bid up to. If the sums don't add up it is unlikely to sell, but there's still deals to be had.
No need to worry about the one in the auction then. Sorted.
Started out with nothing. Still have most of it left.
Well yes, maybe; but the point is not about that watch but the general lack of value there these days.No need to worry about the one in the auction then. Sorted.
30% 'buyers premium' is crazy in my view, can`t see how they justify it. Very few bargains to be found, too risky for most watch buyers. Even those of us who are 'skilled in the art'of fixing 'em can be caught out buying in auctions and unless the prices are really attractive it isn`t worth bothering.
Aren't the main buyer fees set by the auction house that is using the-saleroom.com as an online bidding service ?
I think the-saleroom.com itself only gets about 5% ?
This is either on the auction house for over-valuing, or more likely the seller having an inflated opinion/aspiration of what their watch is worth and telling the auction house what to start the bidding at ?
Found it worthwhile in the past, but would agree that most of the houses seem to be a tad optimistic, when factored against their (lack of) knowledge and the (lack of) comeback. Perhaps it’s swimming with sharks, when you paid to swim with dolphins.
The Saleroom has no bearing on any of the start prices or reserves which are set by all of the individual auction rooms that they cooperate with.
The only price the Saleroom affects is through the small addition they make if you choose to bid through them. They also charge if you choose to set yp an alert system.
Otherwise they, like Watchrecon, are a search engine, allowing a single source search to find items in very many individual sites.
I agree that live auctions often seem to end up in prices that seem high, but not always.
I think this is right. What's happened of late is it seems the "opening bid" will be the low end of what the watch is worth (with large commission to add) so there are almost no bargains, or even near bargains to be found any more. Which I guess is fine in and of itself but the point being if you know you'll probably have to pay dealer price, or close to, but have no rights whatsoever if it turns out to be a bag of bolts, why would you?
This it's not the salesroom setting the 30%
Philips BP is 26% and that doesn't guarantee you the watch is legit. All auctions are down to the buyer do their additional research.
The website works well and it's down to the auction house on what detail they provide and the quality of the stream.
Using the SR last year I came across 3 pieces I wouldn't have normally found and 2 with BP came in at 45% under current market price including adding service costs ontop.
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The only people responsible for high or low prices are the buyers and the sellers, both parties want the best deal and will act appropriately. They can use whatever type of sales venue they want, it is their choice and every system has its pros and cons.
So don't blame the venue.
Hammer price this morning was £1300, so £1690 including the 24% auction house buyers fee and 6% Saleroom fee.
Presumably sold to someone in the room, or watching live online on the auctioneers website, after no bids at the "opening bid". So someone's done okay at auction in the old skool sense but that won't be someone using the saleroom as they'd have to have bid £1800 to get started.
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You can also watch and bid live in an auction via the saleroom, so would have access to the same starting price when the auctioneer reduced the starting bid. I agree that you would not have been able to use the advanced bidding functionality of the saleroom in this instance. As others have said though, it is the auction house that set this initial starting price not the saleroom. Most auctions have guide prices but either no or very low starting prices set by the auction house - but not in this case.
The saleroom is a convenient way to peruse and bid on auction catalogs but it's convenience comes at a price.
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