Phillips are Russian owned now, well I never!
https://en.wikipedia.org/wiki/Phillips_(auctioneers)

However I am sure that like all multinationals they have ways to move money around to their, and possibly even customers, advantage.

 

All that makes sense. I would have a few quality photos of your dad, and then you wearing the squillion-dollar watch for memories. Good luck with the auction!

 

i believe you are incorrect. . that is Philips responsibility and the buyer's it will not come out of your proceeds as a seller

 

I am not sure that this is Phillips responsibility. Fact is that they don´t buy your watch prior to their auction but sell on behalf of the consigner and cash in a commission for their services. Also fact is that the auctioned watches are physically in Geneva when the auction takes place. In conclusion IMHO the consigner sells his watch to the highest bidder and therefore has to cover Import taxes etc. form the EU to Switzerland. But as said I have no experience with that issue.
Best

 

Am I missing something but arent there collectors on this forum they would gladly buy this watch and save the seller and potential buyer all the commissions? I assume the OP won’t make it as far as auction before someone here meets up with him/his father and throws a big wad of cash at them.

 

No.. Sorry this isn't how it works. The costs are borne but it comes out of buyers premium or whatever fees the seller has negotiated but it is possible to sell a watch w no fees in Switzerland and you aren't responsible for import duty the auctioneer is

 

I mean, it's up to my Dad but I like the idea of a big wad of cash being thrown at me! Or a big wad at him and a smaller wad at me so I can buy a Japanese Speedie Racer!!

 

I’m not trying to suggest anyone break the forum rules here or anything, but this and the former post (no offense to you you at all Jetlinks) have been one giant WTS thread. This is a very rare watch from what I have gathered (I am no expert), and I would be shocked if one of our more avid Speedmaster collectors has not already reached out to the OP. I think all of this talk of auctions, fees, and due diligence is great as a tutorial, but honestly- the OP has already made his (his father’s) intentions clear that this thing is up for grabs to the highest bidder. Let’s just call it what it is.

 

No offense taken JwR. This is such a great watch that it really deserves to go to a great home. That would be my home if I could offer my Dad even a quarter of what it's probably worth, but alas not right now as I'm just about to become a home owner for the first time. After seeing the previous auction I don't think my Dad will sell it for much less so I'm not expecting offers here, however the talk about auction fees, import taxes, etc is all awesome info.

Unfortunately a high value item like this brings with it downsides too.... like being too nervous to wear it, sadness that I won't get given it and for my Dad feelings of sadness and even guilt that the financial factor is too strong to let it sit in his closet another 10 years. I'mu jhoping that do indeed get to wear it at least for a day regardless of what happens! (and will take a ton of pics!)

On a cheaper note.... here's all I could afford to do to my Seamaster this week (new bezel and strap.... check out the homemade bezel remover!). After it being so faded and scratched it honestly feels like a new watch purchase!!

 

Nice tool making! The bezel change is a great way to spruce up a shabby (patina’d) watch. I did that with the very beaten bezel on my 47 year old Speedmaster and it was a night and day difference- of course, keep the original one for whomever gets it next.

 

If you are looking for a “replacement” try the modern version of your dad’s about £11k I think, and dates from 2004 - mine is below



The Mk2 original racing dial is also nice - I sold mine so don’t have a photo but I’m sure someone here will oblige..

Finally, out of curiosity how much did your grandad pay for it? Probably priced in shillings, but we can work it out

 

This is most certainly true if there was a way to place a fair value on the watch. I remember this being brought up in the discussions of an (alleged) “drawer find” of I believe a ck2915.

The seller ultimately got less for the watch than he had been (allegedly) offered by a dealer on the forum. But I also recall the auction house may have suffered from some serious glitches and oddities like pre-registering to bid with cash and a faulty online bidding site.

I personally won’t be recommending this avenue as it has the potential to open up the watch owner to significantly undervaluing the watch. Although I am all for cutting out a middle man for collectors’ sake, a middle man may add some value to a watch (i.e. larger market to sell, experience handling high value goods, promotion and the like). It’s ultimately his decision if that warrants a buyers fee vs. attempting to sell privately.

Drawbacks to both.... guess I’m glad I don’t own the watch and have to make that decision

 

I would put the old geezer in a nursing home before he goes totally out-of-control...

 

@JetLinks - I believe this is the best course of action, have him committed for not being of sound mind- then the watch is yours

 

You can tell him that I have a standing offer of 200,000 us pennies for the watch.

 

One thing to factor in is tax.
It sounds like the OP is based in London and Phillips don’t do auctions in London.
If you put it in an auction outside of your home country I believe there will betax considerations above any UK capital gains.
I’m not certain, but it’s something to look into.
For a London sale, Phillips do private sales.

 

Offer to buy it from your dad for $50k USD. That is probably in the neighborhood of what he would net after fees, etc., and you would get it at a much lower price than if you had to win it in the auction.

 

I think that part of the variable many people don’t think about when it comes to auction vs private sale is even if this thing hits $100kUS at an auction, the seller would only walk with less than $60k from what I am gathering about fees, taxes duty etc. So what is the point of dickering around with auction if there is a conscensus on value within $10-15k and a pool of private buyers willing to buy?

 

Apart from the buyers premium loss (if a 0% seller fees is negotiated, which for this watch, it should be), I don’t see how any of that changes if a private buyer is international.

sounds crazy , but if he were to give you a family discount, you could borrow a little bit more from your bank for this worthiest of ‘investments’.

 

Ha!! Imagine how that would go down.... um, darling.... instead of us building a pool in the back, I decided to buy my Dad's watch off of him!!!

#newlysingle