Major auction houses usually charge a buyer’s premium, which can be as high as 30%. The rankings are calculated by calculating the aggregate price of the watch, including the hammer price and buyer’s premium. However, this premium only applies to watches that have been sold at auction. Therefore, the final price paid by the buyer is not the final selling price.
It’s rare to find a watch that sells for over a million dollars, but those rare finds do exist. The majority of watch auction lots come in under estimate. Nevertheless, many watches sell for well over a million euros at these sales. While a million-euro watch may sell at Phillips, its value is still significantly higher than its estimated value.
The main advantage of AuctionWatch is that it’s simple to use and fast. Although it won’t remember each and every auction that you’ve made, it will remind you to do so. You can easily remove a particular auction from your Watch List by clicking on its name. However, you must fill out a form each time you want to bid.
Online auction sales will drive the auction industry in the years to come. Online-only auctions are more efficient for both auction houses and buyers and do not depend on time zones. However, the downside of these auctions is that they usually take place over a long period of time.
