$3,200 + Swindle, Courtesy of UG Mania

Modest_Proposal

Sold at Sotheby's for $3,200, excluding commission.

mozartman

Having worked as an economist and a lawyer, I'm amused at how often I see the above debate played out in numerous contexts. Markets are not always efficient and information is not always cost-free, especially in periods of rapidly fluctuating demand and/or supply. Whether you see this transaction as a "swindle", as Modest_Proposal does and Rman does not, depends largely on whether you think this market should be more efficient (usually seen as a good thing), and who you think should bear the cost of making it more efficient. And it isn't necessarily the case that this was such a lucky transaction for Sotheby's. A few too many transactions like this one, and watch collectors will figure out that Sotheby's isn't a good place to buy vintage watches. Once that happens, it won't be so good for sellers, either, and they will lose that business.
I happen to know a lot about certain esoteric vintage musical instruments that usually aren't as pricey as, say, Stradivari violins but can still sell for $1,000 - $15,000. Sotheby's and Christie's are usually not the best places to buy or sell these items, as there are specialist dealers and auctioneers who are far more experienced. If one gets included in a Sotheby's or Christie's sale, it often sells at a fraction of the price it would fetch in the specialized market, and more rarely, for far more. It just isn't worth it for those large auction houses to fully develop the expertise in those smaller-ticket items, though they do have musical instrument departments. I don't know if that is the case with vintage watches, but I do know there is very little regulation in the auction world, so buyer and seller beware.

Adam2941

I fail to see why you are "amused." I think this is an interesting string, including your response.