Saturday, October 8, 2011

Well-known watches auction

It would appear that the sun-beams of industry recovery have not reached all shores just yet. On September 23rd, the 4th edition of the biennial charity auction ONLY WATCH closed having a result of EUR 4,563,000. This could sound like an outstanding result on the face of things, but a closer look at the particulars of the auction undoubtedly shows that the market place has not fairly returned to the heady excess of pre-GFC occasions, at least not this year anyway.

An exciting physical exercise is to compare the final price of each and every watch with its initial estimate, recognized nicely just before the commencement of the auction. Naturally these estimates are simply just that; estimates and nobody can really say for specific what will occur on auction day. Nevertheless, undoubtedly some of those "in the know" would have been predicting that much more than several of these exquisite pieces would far exceed their initial appraisals.

Inside the end although, the outcomes had been in my opinion somewhat disappointing. Admittedly it's hard to draw any solid industry conclusions as the final outcome is dependent on numerous aspects, such as the line-up of watches as well as the efficiency of the auctioneers on the night. However, the figures speak for themselves. More than 60% of the watches were sold under their estimate. Within the mean, all watches sold at 2.9% under and if we exclude the rather significant outlier of the Patek Philippe ref. 3939 , whose final price was a staggering +155% above its estimate, that number jumps up to 6.8 % under estimate.

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