A watch appraisal services is an event in which a large number of watches are sold through an open bidding process to the highest bidder. This usually takes place at a physical auction room where the bids can be placed in person, over the phone, or on an online platform. Before the auction begins, the watch house will often provide a viewing period to allow interested buyers to physically inspect the timepieces and ensure they meet their expectations before committing to a bid. Following the auction, any winning bidders must pay a “buyer’s premium” (a percentage of the hammer price) to the auction house and may also be responsible for paying taxes, customs fees, or shipping costs if the watch is being purchased from an international source.
Discover the Leading Fine Art Auction House in Toronto
Watch auctions are a great way to find unique and rare timepieces, and they can be fun to attend as well. But as Hodinkee’s Eric Wind and Ben Clymer discuss on this episode of the podcast, auction houses are typically working for the seller, so it’s important to do your homework prior to placing a bid. In particular, a thorough examination of any documentation provided regarding the provenance of a watch should be made. It’s not uncommon for auction houses to make claims about a watch’s ownership or past history that aren’t supported by the evidence.
Other watch-related events that you can participate in include silent and negotiated auctions, which allow bidders to submit anonymous bids without the presence of an auctioneer. These events are often more affordable and less intimidating than a traditional live auction, but they can still be exciting to watch as the bidding wars progress.…