Yes. Exactly this. Abramavich’s son has a pile up there. From our friend’s place you can watch the helicopters and black range rovers going back abd forth to Puerto Banus, no doubt ferrying coke and hookers all night.
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Sounds like a bakeoff…
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Don’t have to go all the way out there for coke and hookers, can get that on my morning run every day
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Model Ref 16700, 1989 vintage, serviced by Rolex with paperwork in 2019
Up for sale in my local auction house. No estimate, no reserve.
Makes you wonder why you would sell something like that through an auction house and pay 20% (+VAT) commission.
Lots of valid reasons to do so of course but you could do better selling elsewhere.
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One more for the not-a-collection?
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Especially when there are zero fee watch auction sites (for the seller) around now.
I doubt it will go for a reasonable price, then there would also be buyers commission + Online sales fees + VAT that add up to about 28% from that auction house.
And no warranty on the watch
Another reason for not buying from auction
Buy from a dealer and I suspect their mark up is more, often the warranty is worthless as they are living room dealers at best with a paid for office address in London.
Buy private and get no warranty plus distinct risk of forgery.
I suspect that selling can be as much of a nightmare as buying bar the obvious flipped Rolex. Sold as soon as received for a couple of grand less than the dealers are selling their flipped ones.
Trusted forum type is the only way I would buy used if expensive watch is the goal.
Watchfinder paid for £1000 worth of work on my Breguet, which was running fast when I got it. They are top dollar, but the warranties work.
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yep, but they aren’t shonky dealers and they obviously hold more than 28 point difference on buy/sell. In other words they are more expensive than auction fees. Nothing wrong with that, its just that people slate auctions for the fees they charge and forget that dealers do exactly the same.
Auctions don’t have a mark up as they don’t buy the goods in the first place.
Auction houses get about 40% for being the middle man, they don’t add any value, the old idea that the value comes from putting the items in front of a wide audience of buyers has disappeared with the interwebs.
The GMT mentioned above sells for £10K-£11K on Chrono24.
That means it would need a hammer price below £8.5K to make it worth buying at this auction.
I will keep an eye on it next week and see what it goes for.
Yep and unless it’s a watch specific auction expect all sorts of things missed.
I have seen fake watches sell, fake dials and other bits to increase value etc. They just don’t know enough about what they are selling, especially when’s it’s the silly differences one letter spacing or whatever else the Rolex collectors decide is the next thing. My favourite atm are the prices patrizzi dial Daytona’s still fetch. It’s a fault on the dial printing which means the silver finish discolours. It’s literally an ugly fault, yet they get premiums. Anyway end of sidetracked rant.
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Auctions aren’t free, of course they have a mark up, it’s their percentage fee. Assume the seller pays it.
If said seller sold it to a dealer he wouldn’t pay it’s retail value, it would be minus, and I’m guessing, thirty or forty percent.i certainly saw Xupes take more than 60 percent on a watch, several watches in fact.
As a seller an auction may well be the cheapest option…
As for Chrono 24, buyer beware, place is crawling with drop sellers and living room dealers.
Both sides pay auction fees at a traditional auction. I only know two who don’t take a fee from a seller. That’s pretty rare.
So take a watch for £10k retail.
Sell that to a dealer and expect 8-8.5 or 9 if it’s really in demand.
Take that same watch to auction, buyer is getting hit with roughly 20-25% on top of hammer price, so they only want to bid 8-8.5 so they end up paying ten.
That means the seller will get 6-6.5. Pretty shit when they could have got two grand more selling to a dealer.
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While this is - to an extent - true, I’m noticing C24 getting increasingly demonised for high prices, grey dealers, spivs, cheats, fakes, etc. While any of these things may be true of some offers, there are infinitely more superb deals to be had, and you have the protection of an escrow payment system to boot.
Of course if one insists upon leaping on bandwagons or grazing with The Herd who only think of watches as investments and pose-pieces, then one will as often get what one deserves as what one desires… 
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As opposed to buying obscure stuff that no one has heard of and drops to 30% of it’s RRP in the first year if you are lucky enough to find a buyer once you are bored with the shiny.
But being secure in the brilliance of your choices and congratulating yourself that everyone else is wrong while effectively throwing all your cash in the nearest bog 
Still, every man needs a money pit hobby
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Quality, not quantity innit
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I wonder, if Moanreen won the lottery, would she follow the herd and buy an Aston Martin, or 2 Daewoos, 3 Dacias and a Kia?
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I kind of think you should just buy whatever watch you like.
It is nice that some don’t lose their value or even increase in value.
I bought my Rolex in ‘97 as it was regarded as a really good quality watch. It is nice that it has gone up in value, but as it is a watch I plan to keep it doesn’t matter, apart from when I have to pay the contents insurance.
Also ended up with me getting a Tissot as I didn’t want to take on me safari holidays.
Official Rolex service does seem to lick dead dogs dirty dicks when it comes to older models.
Best go and do some work now I suppose. Rotherham today.
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Nowt that good or popular!
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