zOwie Omega Discussion Forum

The more I learn about Antiquorum auctions, the less I like the company. They make a habit of saying something like it means something else.

I haven't looked at the price list from yesterday's auction in detail, but I did notice the list doesn't make it obvious not all the watches sold.

The press release says:

"December 5, 2007 – Antiquorum’s final auction of 2007 attained the outstanding sum of $ 9,612,051 for its sale of Important Collectors’ Wristwatches, Pocket Watches & Clocks sale. There was a record number of 441 on-line bidders in addition to the telephone, and commission bidders who uncompromisingly competed for the 402 lots in the sale. Of these, 84.58% were sold by lot and 119.34 % sold by value by bidders from countries such as Hong Kong, Switzerland, and The Russian Federation."

Hidden in that remark is the fact that 62 watches, over 15% of the total lots DID NOT SELL. That's what "84.58% were sold by lot" means -- 340/402 lots or 84.58% sold.

I'm pretty sure the $9,612,051, which includes the buyers premium, will be what the price list adds up to. You just have to look closely at the list to see that certain lot numbers are missing.

Now, I watched the auction and a great many of the watches didn't sell. There were no bidders or one bid and the reserve wasn't met. No hammer.

When I looked last night, the ones that didn't sell didn't have a price on the individual watch's catalog listing and the ones that sold did. For instance, lot 33 a Speedy auto did not sell. Also, lot 34, a run of the mill 1970s 145.022. Lot 35, a 145.012 sold for $3304, with the buyers premium included. The price list goes from lot 32 to lot 35. If you aren't looking for it, you will miss it.

So if you use Antiquorum catalogs, remember if it doesn't have a "Sold including buyers premium . . .", it didn't sell and the estimate was too high or the watch in too bad a shape to sell.

The lots that sold, only exceeded the estimates by 19.34% overall. A fair number, especially the higher priced pieces, sold under the low estimate.

I might argue that Antiquorum set quite a few estimates too high.

What say you?