On my mind this week given the recent discussions about high-end watches.......

I am part of another (smaller and more geographical) watch forum. Last week a member posted and sold a relatively expensive watch to another forum member. Standard back-slapping positive feedback ensues. Within a couple of days the same watch shows up on another board at roughly (with exchange rates factored in) double the asked price in the first sale. I know that I am going to get the routine comments about the seller not doing his homework about markets, the buyer doing his research better, etc. But my real question is this:

on OF, if a member is asking well-below market value price for a watch, would a good samaritan point it out? Or forget that noise and snap up the deal and flip it for $$?

Simon

 

Hard to say no to free money, eh? First off, if the member who bought it paid full asking price, is there really anything to cry foul about? If the buyer haggled the seller down from an already low price, then there might be a case for taking advantage of the seller. Secondly, if the seller who offered it at that low of a price didn't do his homework (and the internet is obviously available to that seller) then whose fault is it? As long as I've been buying/trading/selling watches, I still ask for opinions from 3rd parties to make a deal fair. For instance, I listed my Zenith El Primero too high, and started a conversation with the potential buyer and a couple Zenmasters to arrive at a decent price. It happened to be about $1000 less than my original asking price, but that's the stand-up way to do things. There's nothing that was keeping the original seller in this hypothetical situation from calling for some opinions of more experienced members.

 

I would think yes. I'd like to think if an "established" member of the forum, as opposed to an opportunistic member that just joins to sell, put a watch for sale for the wrong price someone would at least PM him or her. For sure if you placed the watch for review and asked what could be a good starting point on price someone would pitch in.

There are members that join only to sell and not participate, they act like stores and in that sense I could see a less friendly approach possibly taking place.

In my view Private sellers if they are just flipping, should not be taken advantage of, professional or bulk sellers perhaps a little less concerning.

 

I know I tend to offer people honest advice because it does not align with my values to take advantage of other people's ignorance, naivete, or whatever. But I also wouldn't get too upset with someone who does take advantage of the opportunity. Different people have diffeent values, as long as there was no outright lying or bullying to get the price down with the aim of flipping then I see nothing wrong. We all pay too much sometimes or sell for lower than we could have. But we also sell some things that have appreciated in value to more than we paid. On balance I have done pretty well without taking advantage of anyone.

 

I can test by listing my Gemini IV for $1750 and we can see what happens.

My guess is a few members would message to see if I was thinking straight.

 

My guess is you'd have more "I'll take it!" messages than "Are you daft?" ones.

 

I can only speak for this forum, I look on the for sale page here several times a day, mainly to see what is available, the prices are generally fair and quite often better than anywhere else. I have bought three watches from memebers here and the prices were fair. My impression is that here nobody is trying to rip anyone off. In general people on here are polite and generous with their knoweledge and helpfulness.

 

Thanks for the input, I think that I am as guilty as anyone at paying more than market for something I wanted. I have not been "fortunate" to have a Gemini IV for $1750 fall in my lap!

But looks like OF generally more friendly than other places.

 

Just this month, a watch I called dibs on (when it sold between respected members earlier this year) was offered to me. The price was the same as what was paid originally, and reflected the condition of the piece, which is likely a bit below market value. The seller didn't try to increase the price, or change any offers. And it was posted and arrived in a timely fashion. Just respectful business! Gotta love OF!

 

would you take $1500 for it?

 

Most people would think something is wrong with it. Definitely think something is wrong with it.

That being said, I'll up the offer to $1501

 

well the watch in question is apparently sold....if I am reading things properly looks like a tidy $3000 profit for somebody.

 

It happens, no doubt. If the original seller was happy with the price and the new seller is happy with the price and both buyers are happy with the price, is there a foul?

Of course the original seller may wish they'd got the second seller's price (if they found out),they might be a little pissed, but that's how markets work, isn't it?

Why would someone sell a 2998 here on the forums for 10-12K when they go for 30K at auctions?

 

Yes, I guess my question (answered quite well above) was more whether on a forum like this one whether somebody would take an unfair advantage knowing that they were going to flip the watch for whatever profit available (2998s not included). As much as there is a market, I would prefer to be part of a group with community spirit. I am NOT however directly dependent upon markets and the workings of the business world for my livelihood.

 

For me a friendly forum is somewhere I can ask a question that's probably been asked many many times and I will get an answer not just a link, I can also ask what may appear a basic / simple question to the "experts" but to a new member like me means everything I may need to know and help me in my decision making. Oh and I love a bit of humor (Nobel Prize)
OmegaSean

 

If you can accept that people buy from individuals and sell to other individuals on forums, then the only difference between flippers and the incident you just mentioned is the amount of of profit ("taking advantage") involved. Personally, I don't like making money based on arbitrage.