Why not to buy a second hand watch

[gvij]

Interesting story. I bought a Rolex day date 18k at auction earlier this year. Largest internet auction site in the world etc online in Berlin. Very happy with watch and sure that it is genuine from loupe mag of its insides and outside etc but I looked closely at the paperwork and noticed it hand written regards to model and serial number.
I'm thinking any second hand watch could be a mixture of parts or stolen. The auction guarantee 25 years authenticity to original purchaser. However this states counterfeit as to what was 'generally known' If a manufacturer states it is not genuine like had an aftermarket dial etc then you are stuffed as this was mot generally known. Second no auction house seems to guarantee ownershipHowever this is pretty meaningless as say you send it to Rolex in London, they reckon its stolen and then seize it . Where does that leave you. You have to sue the auction house for your 30% buyers premium which they aren't going to give you and the seller who is god knows who god knows in which country.
I spend 10k and am not too worried but a patek sold at the same auction for 450k!!! Crazy or what?

[tuffer]

Yes, crazy.

[Ikemi]

Firstly, I reckon an auction house would do the due diligence prior to selling a £450K Patek! It seems this topic is mainly aimed at buying from auctions? Personally, I prefer to buy second hand - You don't take that initial hit on depreciation. However I usually buy second hand through well respected dealers, who should know if something is amiss with a particular piece.

Secondly, dial swaps are either obvious (through heavy modification), or are genuine (dial swapped by manufacturer due to age/wear). The latter is still accepted by companies such as Rolex, as they carried out the work, but the latter does affect resale value. Original dials are always coveted with vintage Rolex pieces.

As always when buying second hand, be careful and do your homework!

[gvij]

Ikemi said:

Firstly, I reckon an auction house would do the due diligence prior to selling a £450K Patek! It seems this topic is mainly aimed at buying from auctions? Personally, I prefer to buy second hand - You don't take that initial hit on depreciation. However I usually buy second hand through well respected dealers, who should know if something is amiss with a particular piece.

Secondly, dial swaps are either obvious (through heavy modification), or are genuine (dial swapped by manufacturer due to age/wear). The latter is still accepted by companies such as Rolex, as they carried out the work, but the latter does affect resale value. Original dials are always coveted with vintage Rolex pieces.
-
As always when buying second hand, be careful and do your homework!

You would think so wouldn't you. And that's what they want you to think.They check the art loss register but not all/most stolen watches aren't on that register. Their is no insurance or warranty on ownership. The authenticity is guaranteed only to what is generally known. So dial swaps/bezel swaps etc probably aren't.
I suppose I was foolish paying 10k for a non productive asset..The guy who paid that for the patek was even foolisher.
Rolex stolen list is private to them. They will seize the watch if on it at service time and no way for anyone to check prior it seems.

Edited by gvij on Monday 28th December 20:35

[SVS]

gvij said:

I spend 10k and am not too worried

Funny what some people aren't worried about.

[Quinny]

Have a look at this if you want to see how some auction houses behave......

http://www.watchprosite.com/?page=wf.forumpost&amp...

[audidoody]

I've always bought pre-owned Rolex from a reputable bricks and mortar re-seller. Would NEVER buy one at auction.

[audidoody]

Take a look at this:

http://www.the-saleroom.com/en-gb/auction-catalogu...


No info about age ,condition, papers, box, serial number, previous owner. One crappy pic.

Looks like a Perpetual except Perpetual's don't have date windows.

And I'm really not sure about that PINK dial ...

[gvij]

Quinny said:

Have a look at this if you want to see how some auction houses behave......

http://www.watchprosite.com/?page=wf.forumpost&amp...

Well Rolex St James will seize the watch so I guess anyone who has bought second hand would be well advised not to get it officially looked at or serviced unless you can easily get your money back from whoever sold it to you.

That Lange story is typical though. Look how many high end watches sell both at bricks and mortar stores and at auction without box and papers. Why? Even the box and papers don't guarantee ownership. If the guy buying it sent to to Lange after the seller was paid then good luck on him unwinding the transaction. If it was a Rolex and he sent it to them within the 2 weeks and they seized it again without him sending the watch back to the auctions again good luck unwinding the transaction..

I think the auctions as part of 25%!!!!! buyers premium should /must warrant good title. No wonder the likes of Sotheby ,Bonhams etc have been going for over 200 years. Its very little work to print a catalogue , auction it , take payment and distribute cuts for 35% margin inch sellers cost. Looks like a one way bet for the auctions. Legitimate buyers and sellers are wasting their time there from what Ive seen.