Luxury Watch Auctions are one of the most popular methods to sell expensive luxury items. These auctions have a certain prestige and therefore attract many sellers in search of a high price for their watches. However, they are not without their own disadvantages. There are a number of things that you should know before selling your watch at an auction.
The online luxury watch auction sites have become increasingly popular in recent years. The growth in online auctions has been fuelled by the transformation of the watch market. For example, in 2019, Sotheby’s online auctions had eight times more buyers than they saw in person. This reflected an increase in sales, but also in the value of the lots.
The auction houses charge fees for each item they sell, deducting those fees from the final selling price. The fees may include insurance, photography fees, and shipping costs. In addition, the buyer’s premium, a percentage of the final sale price, is usually calculated at approximately 25%. This can be a significant portion of the final selling price.
For example, a watch that costs $1,000 at one auction may sell for $5,000 the next. It is important to note that results do not always reflect market trends, and there is no way to predict the price of the watch before the auction. In addition, the results of a watch auction may fluctuate depending on the mood of the people who attend the event.