WatchCollecting - cheaper watches and overpaying

[964Cup]

I don't get it. I was bidding on this: https://www.watchcollecting.com/for-sale/2021-tudo...

With their minimum commission of £600, which is a chunky 20% at that price level, that's £3800. There is literally a dozen similarly new, full package, unworn condition BB reverse panda chronos on C24 for substantially less, some from dealers with the added protection that offers.

It's not a rare piece, or an antique. Why would anyone bid it up past the price at which you can buy it, delivered, from a dealer without all the faff of paying and collecting from a private seller - noting that WC is completely hands-off once the auction finishes and they've collected their commission?

I've bought on there (three times) but only ever when the total price is well under market. It's not as though it's a live auction room where you can get carried away with the excitement or anything - so why aren't the buyers behaving rationally?

NB: I say "cheaper watches" because the actual commission rate starts to look sensible once you reach the point where £500 = 6% (£8,333) but on anything below £4k it's almost as bad as physical auction houses.

[andy tims]

You certainly need to know your stuff / the market value of what your buying to avoid over paying, but it is possible to get a decent deal at the lower end of their auctions.

[964Cup]

On anything that's also available on C24, I just set a max bid that, including WC commission, is 10% below the C24 price (or 20% if there's a good one on C24 with "suggest a price") and then leave it. If I get outbid, I shrug; if I really want it, I can always buy it on C24.

[Wills2]

Auction results can be random, after all something is only worth what someone is willing to pay and sometimes you're up against someone who thinks it's worth more than you, the last one prior to that went through for £3600 and one previous to that £2800, so quite a % spread.

You can see that on various watches that go through.