Hello all,

I will not post details of the watch in question because this is not a for sale post.

I am simply wondering if any of you guys/gals have sold a watch via an auction house like Sotheby's or Phillips before?

What was the experience like? Is it a fairly smooth process?

Feel free to send me a private message if you like.

Thanks in advance!

 

I've used Sotheby's, Christie's and Antiquorum numerous times over the years with good success. The key is setting a reasonable and rational reserve price. Too many consignors demand too high of a minimum price for their lot and that will turn off a lot of bidders. (It's like seeing watches for sale on the OF that are just too high, so it doesn't sell and the owner has to keep cutting the price but by that time the piece is stale.) It is sometimes difficult to set a minimum reserve price that you feel is just too low, but I've never had an item sell for that price, it always goes higher. Auctions are a psychological game on many levels. Of course you need to have the goods, a crappy piece is a crappy piece. Rarity and condition are important.

It's a smooth process, you consign the watch after agreeing on a reserve price, and they do the cataloguing and all the paperwork. You get your money after sales, insurance fees are deducted about 35 days after the auction ends, it depends on what your contract says. Many people don't like the fees but you'll get a lot of eyeballs looking at your stuff in a dedicated environment, so it can often be the best place to sell.

 

Thanks for the reply Evitzee, I will send you a PM soon.

 

FYI, Hodinkee also gets a lot of eyes and their pieces sell for good prices within days. They’re selective with what they accept and I believe they take 20%, but might be worth exploring for if you’re selling a vintage piece

 

I’ll check them out.

Thanks!

 

I’ve used a few: try negotiating the sellers premium down — the better the watch, the more likely they are to drop their price