zOwie Omega Discussion Forum

Dec 5, 2007 Antiquorum auction

Posted By: Sam Hewitt

Date: 12/7/07 02:23 GMT

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 &endash; 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."

And even the first five words aren't technically correct, as they have an auction planned or next Tuesday the 12th of December...

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.

Because either they didn't meet reserve or because the seller's pulled them, I imagine.

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.

Yup...

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.

Here is that passage for everybodies convenience...

I thought the pre-auction estimate of $2,500-3,500 on the Red dial Crayola Schumacher [Lot 33] to be a joke. That's a $1,000-1,250 watch on eBay TOPS. I also found it laughable that Lot 34's c.861 145.022-69 had a pre auction estimate $1,000 more than it's c.321 145.012-67 older brother [Lot 35]. I also question the ordering of those two lots. You put your more desirable and likely expensive item first then if the first runner up on the first auction is still in a bidding mood, he might buy the second piece as a consolation prize...

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.

Well, if it doesn't have a hammer price it didn't meet it's reserve. There are a variety of reasons why that may be, the two possibile reasons you advance, but there may be others.

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.

And I would say that Antiquorum set the estimate too low on a couple of other auctions...

What say you?

Here is example number one:

Lot 18: $1,500-2,500 for a Monaco, any Monaco is a low price these days. The days of sub-$3,000 Monaco's unless they are either a basket case or have a bad dial are likely long in the past. The price of the 510.523 Lemaia 5100 Carrera [Lot 19] is probably a fair price and the estimate is fairly close. Lot 20's Movado El-Primero estimate is probably on the low side, and the hammer price, conversely is on the high side. The Movado El-Primero's are equipped with a 17 jewel version of the El-Primero movement [vs. 31 Jewels for the Zenith models]. I think it's possible that the seller bought a mismatched 31-jewel movement in a Movado case, which isn't correct.

Lot 21: See my comments on Monaco's in Lot 18 above. Lot 22: As I said earlier, I paid $2050 for my 81610 Breitling Navitimer which I received earlier this week, I wouldn't trade 'em, and I think I want to live in a universe where the Pre-Auction Estimate of $1,000-1,500 is realistic. Lot 23: Conversely I thought the estimate on this piee was at least $500-1,000 low and it seems like I was right.

Lot 156: Estimate seems high and the watch didn't sell. Lot 157: Here we have an undervalued 145.012-67... 145.012's going for $1,500 these days? only if they have problems. Lot 158: And we have another over valued 145.022 this time a 1978 model which doesn't sell.

Lot 329: a 6239 Daytona [and I'm not sure that's the correct case reference number for that watch, I think it's a 6262-6265 [but that's just my feverish memory of Rolex nomenclature]] for $15,000-20,000? Not for a couple of three years. And it sells for $35,400 which sounds like it's in the correct range. Lot 330: This estimate is closer, but still a little on the low side as shown by the hammer price.

I could probably find some more, but those stood out to me.

A very weird auction, weird listings, weird selection, weird bidding/hammer prices.

-- Chuck

Chuck Maddox

Watch Article Index: http://www.xnet.com/~cmaddox/cm3articles.html,

Watch Links Page: http://www.xnet.com/~cmaddox/watch.html,

Watch Blog: http://chuckmaddoxwatch.blogspot.com/.

Chronographs, like most finer things in life, only improve with time...