Varnado
·Regardless of what the starting bid is or where it ultimately ends up, the buyer will still be paying a premium north of 25% above hammer, so the argument would be if it would have been better to take a firm 120k (for example) from a private buyer or roll the dice and expect a bid higher than 120k at auction. I have no idea if the OP negotiated a better deal from the auction house than having to pay them a sellers premium of 15%.
In essence, if the watch hammers at 115k, the seller would net 100k and the buyer would be paying 143k. Now you know why it pays to own an auction house. 43k pure profit on one watch. Again, I think it's a losers game unless the auction house can get that crazy hammer price that would have otherwise been unachievable privately.
In essence, if the watch hammers at 115k, the seller would net 100k and the buyer would be paying 143k. Now you know why it pays to own an auction house. 43k pure profit on one watch. Again, I think it's a losers game unless the auction house can get that crazy hammer price that would have otherwise been unachievable privately.
