I was having a look at the philips auction catalogque in Geneva. There is what seems to be the very first 2998-1.SN 17’301’000. I was a little surprised at the estimated price. Only 45 000 euros?
As the market dropped with the Covid? Anyway, to expensive for me even at 45 000.
https://www.phillips.com/detail/omega/CH080120/93

 

This is a beautiful 2998. IMHO will goes higher. It's usual that the auction houses under estimate their lots.

 

I wouldn't be surprised. Does the fact that it's probably the first adds some value?

 

A lot of perfect brown dials lately

 

To whom?

ita a good watch and Phillips have aggressively priced their auction. I reckon they are ready to loose money on this auction (through guaranteed sale price to consignors) because they have to keep this giant ball rolling that they started pushing 4 or 5 years ago.

for most of us watches are a hobby. For auction houses it has to be promoted as investment or at least wealth preservation.

it will be interesting to see what this brings - I have to admit the Speedmasters look worth viewing.

 

@STANDY : I don't think someone would risk baking such a rare dial. Much too hazardous. + Someone who would have baked the dial would have relumed the hands.
@Spacefruit : I agree that philips is probably one of the most reliable auction houses. For the first issued (probably), I have no idea if someone is ready to pay some extra bucks for that... you know watch nerds...
I'm going to Geneva next week, I will have a look at it just to see how it looks like even if I can't buy it.

 

I have seen really bad attempts of what look like someone has tried to bake a dial but I doubt it works, I also think you would have to be bonkers to try it with such a valuable dial.

 

I agree with you, It would takes balls and bucks to try it

 

I do wish someone would have relumed those hands though, it would have made the watch look much better.

 

If somebody has altered the Dial colour, relumed hands would have been too neat......old looking hands instill more confidence in authenticity. In this case it does not work, because rarely the hands are without any lume and the lollipop kept it.....the lollipop lume would fall out first..... Kind regards. Achim......i think, this watch belongs to a member here.

 

I know another member, with a similar early 2998-1, whose dial (and lume) is almost exactly the same color...

 

No, it's called a "Come and get me" price. Their version of Clickbait.

 

so it's a member's?

 

A low estimate is an auction house tactic to get buyers excited and interested in an auction lot.
If they would have put the estimate at its real market value (80-100K) most people would probably just go "Pffffff, too rich for me" and flip the page over to the next lot... With a low estimate, any real serious, and interested buyer (with the money to back up said interest) will go "Hmmm. 45K That looks like an amazing buy! I'm in!"
Remember, at an auction all it takes is two of these buyers who will get wrapped up emotionally in the lot offered, and there's no way of knowing where it will end up... Again, a high estimate (even if realistic and reflects true market value) has a higher chance of alienating most potential buyers, while a low one will get more potential buyers to say to themselves, "Hey, there's a deal to be had here! I'm totally in!"

Exactly.

Not really. Because:
A) It cannot be proven.
B) When a 2998-1 looks like this, who cares?? I'd buy it just the same it if was the 17th 2998-1 to be produced...

 

Well, this tactic is so stupid. Who believes it's gonna go for only 45k? As for the SN I don't know. wait and see.

 

It got the attention of many here- not so stupid. We see this all the time on a smaller scale with eBay. Watch posted for $5k 3 times and no sale. Posted again for $1k no reserve and it gets 40 bidders and goes for $6k. The frenzy of emotional bidding is what makes the format work for the seller.

 

Well, as you've mentioned, you are not a player at this game regardless of the estimate, so how would you know if this tactic is stupid or not?
Fact is auction houses have been raking in Billions every year. Trust me, they know what they're doing. They didn't start this yesterday...

 

Exactly.

 

I'm a player too sometimes but not on these amount I admit. personnaly when I go to some auction I always have a maximum price +/-5%

 

That is one fine looking watch, almost too good !

Anyway thank goodness that we are discussing this and not the Ultraman