Did anyone pick this up at Bonhams today? I bid but was some way off the pace and it eventually sold for £6,000 including commission.

It had some issues but that black and gilt dial . . .

Presumably 1930s rather than 1950s as described in the catalogue if the serial number is correct.

Apologies for the image quality but I wasn't able to obtain anything better from the Bonhams website.

https://www.bonhams.com/auctions/24231/lot/163/

 

1935 indeed, everything seems correct to me.

 

My max bid was 4000£

It sold for 6000£ including comission but you have do add VAT, so total is 7200£.

What a price ...

 

Everything is correct to me (just missing the crown and pushers are stuck inside / bad shape)

 

Sorry, I didn't mean to suggest that there was anything incorrect with the watch, just the crown and pushers.

You're absolutely right regarding the total price of £7,200 including commission and VAT.

 

And a 166 HJ case as well. @Dre

 

There shouldn't be VAT on an auction sale of a used watch?

 

It was a late amendment to the catalogue. Something to do with high import duty.

I didn't fully understand it myself but just thought about the total cost when deciding on my commission bid.

 

You must pay VAT on hammer price + buyer fees when the watch is located to another continent ...

 

My error - I didn't realise it was an overseas sale.

 

This is so different, I always buy stuff from Europe and am always given a VAT waiver because I am not in Europe.

 

It gets complicated.

In the UK, VAT (Value Added Tax) is charged at 22% on most items. Effectively VAT is a sales tax that is included in the displayed price for an item (in a store). Many people don't appreciate what is subject to VAT and what isn't. For instance, cakes are a "luxury item" and are subject to VAT, biscuits are an "essential" and are exempt. Among the exemptions are "used" watches. If you purchase a used watch anywhere in the EU, then VAT is not applicable. To confuse things further, if a used watch is located outside of the EU it is subject to VAT on importation. That said, as VAT is basically a local sales tax, if you are purchasing an item for use outside the EU then the VAT can be reclaimed. Depending on the VAT status of the vendor (or shipper), you can obtain a waiver (the vendor will reclaim the VAT on the item), or you can reclaim it at a later date.

 

Doesn't seems expensive to me...

 

Actually - to show just how perverse our VAT system is.....
Cakes and biscuits are both normally zero rated
However if a biscuit has chocolate on it it is a luxury item.
Not so cakes.
Cut to the Jaffa Cake quandary
The manufacturer proved it was a cake not a biscuit
(Cakes go hard when stale, biscuits soften)
Thus no VAT
Go figure...

 

I agree although beyond my budget this time, particularly give the uncertainty of having to fix the pushers and find a suitable crown.

 

Government gone wild....same kind of tricks here and then when they audit the rerailer they are responsible for missed tax. Winds up costs themmany 3 times that or more. Do an audit, find the errors, come up with an error factor for the test period, multiply x 36 month audit, and penalties and interest!. Then you guess....have them pick another test period and take the shot.

 

And that's why I hope the US never adds VAT. What was it in GB when it started 10% or less? Same across Europe. one time fixes that get spent, baseline get higher and higher. What was it when Obama came in...2.5-2.7B I think, then it jumped due to the "one time stimulus" that was pissed away and suddenly the base line is 3.5B+. Now trump is "cutting" and his budget is north of $4B.

What a joke.

 

I thought there was some VAT on used watches in some countries? I remember speaking to a German dealer and was told that it's not regular VAT but some reduced amount. That was a while ago though

 

To the used goods is applicable VAT under the VAT margin scheme.

"VAT margin schemes tax the difference between what you paid for an item and what you sold it for, rather than the full selling price." from here:

https://www.gov.uk/vat-margin-schemes/overview