The value of stories. Are all stories equal? AKA "Who's bidding on this vol. 2"

WatchCor · Aug 30, 2020

Now I know the previous thread about "Who's bidding on this?" caused a mild fecal storm. I acknowledge that stories and memories are what inherently tie us emotionally to our possession or watches. It is a well know fact that these emotions are manipulated by marketing companies and in our world, auction houses and watch companies.

But what in the absolute loving crickey frack is this?

The "story" behind this watch is, wait for it:

Wait.
The present lot was previously loved by an active painter who wore it daily without fail.

Yes that it. And there two bids on it at 5500 usd excluding bueyrs premium.

The condition report might shed some light as why this piece is special:

Nope, it doesn't. Relumed, damaged dial. Damaged/corroded movement and few other issues.

I understand that sometimes stories increase the value of commodity over what it's component or the sum of the components would be. However, am I the only one thinking in this case this is absolutely ridiculous?😵‍💫

If this has already been discussed, then I apologise and feel free to reprimand me and delete this thread. :whipped:

kov · Aug 30, 2020

I still struggle to decide what’s worse : the BS storytelling to oversell crap or an established web media giving it such visibility 🤮

Mad Cow · Aug 30, 2020

How are we surprise to find it? Such marketing works, it will be done.

JwRosenthal · Aug 30, 2020

The people who pay a premium for watches like these are the same who shop the boutiques on Melrose in LA (reference may be dated as back when I lived there, it was the trendy shopping district) and pay $500 for a trashed pair of Levi’s. They don’t want to take the time, or live a life that creates their own story- they would rather just buy the look for instant cred.
Adding value above condition for provenance on collectibles is standard practice- if it can be proven. If the above watch had been owned by Jackson Pollack, seen one his wrist in photos of him, receipt from a dealer with his signature and serial on the receipt- then sure- the paint adds tremendous value (and the watch would probably be considered a work of his art as well), but without provenance, it’s just damage.

WatchCor · Aug 30, 2020

Funny, you should mention Pollock @JwRosenthal . I thought exactly the same. Then I noticed that those specks have two, maybe three colors. Maybe this painters "Pollock-phase" lasted for an afternoon only.😜

Vitezi · Aug 30, 2020

I am impressed by the clump of lume that has apparently fallen out neatly of the mercedes hand and directly onto the dial:

Dan S · Aug 30, 2020

I don't like that watch, but I just want to point out that a 5512 with all service parts will probably sell for $8k-$9k. I suspect that in this case the insert can be saved by removing the paint, so it could be worth slightly more to someone. So someone might have bought this to send to Rolex for a service with new dial and hands (costs a bit over $1k probably).

Alternatively, the value in the movement, case, bracelet, insert, etc. as parts can be considered, and I think it's $7k-$8k. Although that wouldn't justify the hammer price plus fees.

Either way, I definitely think that $5500 plus fees is "all the money" in this one.

janice&fred · Aug 30, 2020

There's an ass for every seat I guess.

TimeODanaos · Aug 30, 2020

WatchCor
The present lot was previously loved by an active painter who wore it daily without fail.

Just a shame they couldn't find some more of these in similar condition - a whole load of Pollocks, as it were.

Sorry - I'll get my coat...

Marsimaxam · Aug 30, 2020

Maybe they are going to frame it and hang it in the living room as a work of art. It's a steal if it's an original Jackson Pollock.

WatchCor · Aug 30, 2020

Dan S
I don't like that watch, but I just want to point out that a 5512 with all service parts will probably sell for $8k-$9k. I suspect that in this case the insert can be saved by removing the paint, so it could be worth slightly more to someone. So someone might have bought this to send to Rolex for a service with new dial and hands (costs a bit over $1k probably).

Alternatively, the value in the movement, case, bracelet, insert, etc. as parts can be considered, and I think it's $7k-$8k. Although that wouldn't justify the hammer price plus fees.

Either way, I definitely think that $5500 plus fees is "all the money" in this one.

Very good point, thanks Dan. Although, would a new dial and hands be enough with that movement condition report? Wouldn't the movement being corroded/non-working significantly lower the "sum-of-parts" estimate?

Or are you estimating that the case, insert and bezel alone be worth 5500 + premium as a spare parts? 📖

Surely the movement could be salvageable but its kind of a long shot isn't it.

Dan S · Aug 30, 2020

WatchCor
Very good point, thanks Dan. Although, would a new dial and hands be enough with that movement condition report? Wouldn't the movement being corroded/non-working significantly lower the "sum-of-parts" estimate?

Or are you estimating that the case, insert and bezel alone be worth 5500 + premium as a spare parts? 📖

Surely the movement could be salvageable but its kind of a long shot isn't it.

I'm embarrassed to admit that I didn't read the condition report all the way to the end, to realize that the movement wasn't running. With zero value for the movement, the rest of it (case, bezel, and bracelet, mainly) probably would not be enough to justify the full cost including fees.

WatchCor · Sep 3, 2020

So yeah, I hate to bump this garbage but..

I'll let Tom Cruise sum up my dismay and confusion:

rob#1 · Sep 3, 2020