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Auction Estimate: 300 euros. Final price: 5000 euros.

  1. Modest_Proposal Trying too hard to be one of the cool kids Feb 28, 2014

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  2. LouS Mrs Nataf's Other Son Staff Member Feb 28, 2014

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    I bet his embarrassment is well-salved by the buyer's premium.
     
  3. Northernman Lemaniac Feb 28, 2014

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  4. LouS Mrs Nataf's Other Son Staff Member Feb 28, 2014

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    Auctionata is not eBay. They have the bidders info, including credit card number.

    Out of curiosity, what happens at a regular auction house when a buyer renegs?
     
  5. Modest_Proposal Trying too hard to be one of the cool kids Feb 28, 2014

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    I believe the chronometre has an exceedingly rare 30z movement. Still, it seems to be in silly land.
     
  6. Modest_Proposal Trying too hard to be one of the cool kids Feb 28, 2014

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    I don't believe that's how this particular auction house works. All you need a username, password, and e-mail address to bid.
     
  7. Northernman Lemaniac Feb 28, 2014

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    That may soon change I guess.
     
  8. Lex4TDI4Life Feb 28, 2014

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    An auction is just a sales contract by a different name. In theory, if a buyer renegs, the seller (let's forget the auction house for a minute), could sue for the bid price, in theory. More likely, they would sell to the next lowest bidder and sue the renegging bidder for the difference. A couple caveats:

    1. I am pretty sure no seller would go through the above hassle unless the item sold as very valuable and finding buyers was very difficult. Are you really going to sue because somebody backed out of an auction for a recent vintage Submariner? Probably not. Buzz Aldrin's Speedy, however....

    2. The auction house is definitely the bookie and when you sign up to get your paddle, you best believe you are signing a contract to follow through on the buyer's premium, if nothing else.

    If you really get bored, check out the Uniform Commercial Code Section 2-328. It governs other auction issues, particularly what to do about shills :whipped:
     
  9. Tony C. Ωf Jury member Feb 28, 2014

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    That's an important and rare watch. The "expert" associated with this auction was woefully ill-equipt for the role. I'm not complaining, mind you, as I probably benefitted from his questionable estimates.

    ;)
     
  10. Modest_Proposal Trying too hard to be one of the cool kids Feb 28, 2014

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    Oh? Did you end nabbing a few from the auction?
     
  11. Tony C. Ωf Jury member Feb 28, 2014

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    Possibly...:rolleyes: