Attending an auction is an exciting and unique experience. You can preview the lots you want to buy and even hold them before you make your final bid. While pictures on the Internet are helpful, nothing can compare to holding a watch in your hands. Plus, it allows you to talk to other bidders about the watch.
Auction Watch lets you monitor the auctions of the items that you are interested in. This feature is especially useful if you are looking for items in a specific price range. You can specify your criteria and the app will send you push notifications whenever matching listings are posted. You can even sort the list to narrow your search results.
In addition to setting benchmarks for watch prices, the auction process also offers a relative level of security. Auction houses usually receive a percentage of the sale price. Buyers are also allowed to pay a buyer’s premium of up to 30% of the hammer price. In a recent Antiquorum auction, a Rolex Cosmograph was sold for $327,675. The total price included the buyer’s premium.
A key performance indicator for auction houses is the average value of each lot sold. The value of a watch may fall by half in one auction while going for five times as much at another, depending on the market environment and the condition of the lot. Aside from the price, the number of high-value lots also influences the average price.