Ok, I've been watching a few uk auctions as well, and have a couple of points. It is important to understand buyers premium - this is an additional charge levied by the auction house and can be as high as 20%. In the uk, you will then pay vat on that buyers premium, and if buying online will pay another charge, and may pay for postage and i think possibly pay a credit card handling charge as well.
That means that £1000 speedmaster you just bought could wind up costing you £1400 plus your ebay selling fees - you need an incredibly good buy to make a profit. The other thing is the watches i see at auction often seem to be in really bad condition, may not have run for years, and the auction houses often seem to miss redials or really serious issues with the watches.
My conclusion was if i want to buy at auction, i have to be there in person to check the watch and to minimise my costs, and if i want a good deal its going to have to be an unusual watch that noone else in the room wants to touch. That could still work for me, but I'm not sure it would work as a get rich quick scheme.
it always surprises me how many people think they 'missed out by £60' when in reality all they know is what it would have taken to outbid the guy who came second, not the auction winner...
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