Ridiculous Rolex prices at auctions - heh!

[johnfm]

So, I was looking at three used Rolex watches at an aution recently.

All used, with papers, but no boxes. Clear signs of use (minor scratches etc), but nothing a good valet wouldn't sort out.

The were a:

16613 sub Y serial blue face (seen used at blowers, TZ etc circa £3k)

16613 sub N serial black face (seen used at blowers, TZ etc circa £3k)


116520 Daytona V serial white face (seen used at blowers, TZ etc circa £7k)



In their tatty~ish condition, with no boxes etc they fetched:

£3375
£3375
£6510.78

(all inc buyer's premium)

Surely no trader is paying these prices - the margins are virtually non-existenet.

The only thing I can imagine is that they are being bought either by individuals to own on the cheap or by 'amateur' traders (like me!) who think they can turn a margin.

I cannot see how they can make anything on the first two - and they might make £200 on the Daytona.

Madness.

[Gazzab]

The eBay auctions are often interesting too. Watches with a poor descriptionS that suggest to me that they are fake going for say £1500 (eg 5 year old submariner). A lot for a fake! I somehow doubt they have bagged a bargain.

[elise73]

Anyone know what charges the seller would have to pay to the auction house? At those prices i'll run the IWC big pilot through an auction.

Can only assume that cash is making very little interest in the bank so may as well tie it up in a useable appreciating asset?

[johnfm]

Depends on auction house.

About 15% + VAT.

Brilliant cash flow for the auctioneers - they take £350 for every £1000 of product that falls under the hammer. They took £3850 just for those three watches. There were over 100 watches in the auction - 900 lots in total with other jewellery.

At £30/lot average ( and it may have been a lot higher than that) they make £10k in a day - but they only hold one aution every few weeks.

Puts ebay fees into perspective!

[Gazzab]

Sellers or buyers fees? I paid 15% as a buyer at Bonhams. What does the seller pay?

[johnfm]

Sellers pays 15% + VAT

Buyer pays 17.5% + VAT

[Mr E Driver]

How about this one then?

[Adrian W]

Mr E Driver said:

How about this one then?

That wasn't ridiculous, I wish that I had one laying in a draw

[aeropilot]

Adrian W said:

Mr E Driver said:

How about this one then?

That wasn't ridiculous, I wish that I had one laying in a draw

Blimey, that's a VERY early Sub, 1st year production perhaps?? no wonder the Rolex collectors fought over that one.
Nice for the old guy who thought it was worth 50-100 dollars

[LukeBird]

Mr E Driver said:

How about this one then?

There was a lot of discussion on TZ about that.
I personally think the seller was playing dumb... He'd very recently sold an Omega for a whack (having bought it in the 70s and sold for 'more' than he paid) but thought a Rolex he had was only worth $50-100?!

Assuming it was genuine it was a nice, original example of a 'Bond' Submariner.