Hey guys, I recently contacted an Aussie AH that does online valuations to assess my current pieces and was shocked when the numbers they returned seem staggeringly low! (ie 321 speedy at 2-3k aud) I have a pretty good understanding of the current market value of my pieces through watchrecon, eBay, chrono24 etc... but do auction houses generally lowball their estimates? And how does that bode for getting insurance valuations?
Hi Ed, It’s not just auction houses. I took this Oris into a well-known (and reputable) local dealer when considering a part exchange on a vintage Omega he was displaying. I had the original papers and sparelinks and had recently had it serviced by a watchmaker known on OF. EBay regularly sell this model at about £400-£500 but I was offered £80 in part exchange. Naturally, I’ve kept the watch
They do it all the time, it's called "come and get me", designed to draw in potential bidders in search of a bargain.
I may have misunderstood but I thought that the topic was about valuations for insurance purposes rather than estimated prices on auction sale.
Perhaps giving one estimate for insurance and a different one for auction would compromise them? Presumably there is a way to get a more realistic valuation but I've never tried to do that so I don't know.
Sorry I may have confused with the last sentence. The valuations i received back were for auctions, however the establishment can also provided evaluations for the purpose of insurance, which i thought would have been the same values? maybe they would be different?
No, entirely my fault. I agree with Edward53 about drawing the bidders in. Naturally you’d want a higher valuation for insurance.
Dealers and auction houses often low-ball you in the hopes that you're not aware of your watch's value, that way when they turn around and sell it at inflated dealer / auction prices they have maximized their profit. (There are also some dealers who will pay top dollar for amazing condition vintage watches and then hold onto them for a year or two as they appreciate in value)