Buying from auctions

Tad · Dec 12, 2021

I spotted a post on Instagram claiming that a well renowned auction house has recently sold a Rolex milsub with issues to the tune of £350k.

https://www.instagram.com/p/CXW3RyhBPLH/?utm_medium=copy_link

What interests me is how much scrutiny do you think this level of auctioneer applies when consigning pieces. Also if you purchase a watch that is proven to be incorrect is there any recourse ie can you get your money back?

Mark020 · Dec 12, 2021

1) do your own DD
2) depends on the T&C of the auction house. In general: you buy what you see

Tad · Dec 12, 2021

Absolutely, but you would have thought that a prestigious auction house like this would undertake their own DD. This ain’t no nickel & dime operation and paying top end I would expect a cast iron guarantee as to the authenticity.

timjohn · Dec 12, 2021

I’ve had an auction house take something back that was grossly mis-described, but most lots are “AF” - as found.

Evitzee · Dec 12, 2021

Auction houses have always been lax, and are getting worse, in their consignment descriptions in the watch area. It is ALWAYS up to the potential buyer to do their own research on any lot they may be interested in. Generally, if you buy it you own it, it is hard to get your money back if you discover an issue with a purchase. Their lawyers are better paid than your lawyers.

Buying from auctions

Tad

Mark020

Tad

timjohn

Evitzee

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