WORLDWIDE Chapter 149 Message Board

MartyR · Chapter Member

This was their specialist Watches and Clocks sale which they have twice a year at Knightsbridge. Bonhams also have a Fine Watches sale at New Bond Street (next month) and this is the poor cousin, the more standard and lower grade watches.

I examined 50 lots, and was generally disappointed by the poor condition of very many watches, and also by the shortage of interesting pieces. There were only 11 lots for mwhich I chose to bid higher than gold scrap value, and that was on the basis of maker, condition and interest (or a combination of those).

Despite this, I was astonished at the prices being paid. In all, 36 lots sold for over scrap value, 24 lots sold above the high estimate, and only 5 sold below the low estimate Shocked

Those are amazing numbers!

This was not gold fever. The same was happening to silver and metal watches, and to "fancy" enamel and jewelled watches. I got the clear impression that there were a lot of private buyers determined to buy watches for themselves, and not for their scrap value. In fact I spoke afterwards to two dealers who are regulars at these auctions (and who now know me quite well) and neither of them had bought a single watch
Confused

The New Bond Street sale should prove to be very interesting Smile

MartyR · Chapter Member

Today was Bonhams six-monthly Fine Watches sale at New Bond Street. While all the watches I bid on were gold, this is an auction where you expect everything to sell for well above gold scrap price, because these are all fine quality watches, mostly by top names. And so it proved.

I viewed 26 watches, bid on 23 of them and bought 3. Unusually for me, I was the underbidder on only two of the lots which I lost.

I am always very cautious when I consider auction estimates, and I have to say that before the auction I believed that a few of them had been set far too low, but the prices achieved against estimate do say something about the market. And this is what they looked like.

All lots sold over low estimate
9 lots sold at less than 50% over low estimate
9 lots sold at 50% to 99% over low estimate
5 lots sold at 100% to 230% over low estimate

17 lots sold at or above high estimate

The average low estimate was £1,400
The average high estimate was £1,950
The average sale price was £2,400 which is 72% above low estimate

This reinforces the view I have been developing over the last 6 months that the market in watches (even ignoring gold cases) is strengthening.

Incidentally, I'm delighted with my three purchases which I'll be proudly displaying in the appropriate places here over the next few days Very Happy

Jon · Chapter President

can't wait

MartyR · Chapter Member

What a strange auction today Shocked

I watched eight very ordinary gold watches, all in average or worse condition, all sell way above their gold scrap value. On average , sale prices were about 25% over scrap based on the closing price the night before!

And yet the only decent watch in the sale (a Charles Frodsham) sold for only double its scrap value, and I bought it for 30% less than my maximum. That suggests to me that the buyers of the other watches were gold dealers, not watch dealers!!!!

That view was supported by the last eight lots in the auction, which were standard coins in pendants or loose. Every one of those lots sold for exactly the scrap value, or up to 20% more.

At a time when gold is showing the first major signs of falling from grace, I'm amazed that the scrap dealers were biddin so strongly.