If you haven’t participated in a watch auction, you should absolutely check one out. If you are in the vicinity of the auction and previews, it’s a great way to go hands-on with a large number of pieces. The largest houses often time their auctions to take place during the same week, so there is the benefit of bring able to attend multiple previews in a very short period of time. And hey, free biscotti, bottled water, and even hot dogs (thank you, Sotheby’s Spring 2024 auction!) if you go to the right ones. Major auction houses generally have auctions you can also participate in remotely, and a number have added online-only auctions. Some auction houses, generally smaller houses, offer online auctions only. For ease of reference, I’ve compiled a watch auction calendar with a focus on the larger houses.
One of the benefits of auctions is that you don’t have to be in the right place at just the right time when a watch is listed (such as on a forum, opening that email from watchPool24, that WhatsApp group), rather you have time to research the piece and consult with others before bidding, as well as the chance to see the watch in person during preview days, if applicable. The auction format can arguably provide a more level playing field. Plus, at least one other person values the watch at the same level you do, right? Ok, that might be up for debate depending on if the house has some of their buddies shill-bidding for them or the chandelier is in on the action…look around the room to spot!
Even if you aren’t going to buy, consign or appraise, the auction house specialists are there to help educate and support consumers. So go ahead, pick up the phone (or meet them in person), they want to talk! And you don’t have to ask about a particular watch, so don’t hesitate to reach out if you are simply interested in learning about the auction process. They work with people who have no knowledge of watches as well as seasoned collectors, so you shouldn’t be put-off from calling.
In terms of how to bid, the best options are, in order:
– In person. See the pieces you are bidding on, who else is bidding (and if they are the same shill bidders that the auctioneer calls on frequently to bump up prices). You also have the ability to ask the auctioneer to deviate from the bid increment. For example, if the bid is increasing in $500 increments, in the room you can ask if they will accept an increase of $250.
– By phone. For those that aren’t at the auction in person but still want to participate in real-time, you can bid via phone during the auction. With this option you have the benefit of bidding advice from the specialist at the auction house who can provide color for what is happening in the room if you aren’t there (of course, there are those that bid by phone while they are in the room, benefiting from perhaps remaining somewhat anonymous as well as having the specialist’s advice during the lot). As with being in the room, you have the ability to ask to deviate from the bid increment.
– Online. If the phone isn’t your thing, and you want to watch the auction, some houses have online platforms that work quite well. These auction houses may allow you to watch the auctioneer, and generally have very clear interfaces showing the current lot description and image(s), bid (in multiple currencies), bid increment, and so forth. Generally speaking, you cannot see the bidders in the room. Aside from the inability to modify the bid increment, additional downsides to online bidding are the risk of internet issues logging in to your account, losing your internet connection, or a lag that impacts your ability to bid.
Previously, the only way to bid at most major auctions in advance was through “written” advance bids. I put this at the bottom of the preferred ways to bid as there is the possibility that less scrupulous auction houses might magically “find” others collectors to bid against you and take you up higher than you would have had to bid otherwise. Though that should never happen, with a written bid you are giving the auction house the approval to push the bid up to your maximum. We are comfortable submitting advance bids with some auction houses, though this method may not be for everyone. This refers to the old school auction sheets where you would write in your maximum bid, as well as online advance bidding that is becoming more commonplace for auctions that are open for bidding in advance of the date of the live auction.
Basics of live auctions:
1. Everyone is welcome
You can attend auctions for the biggest auction houses in the world, no invitation required. There isn’t a cost, tickets aren’t required, and you don’t need to register for a paddle if you aren’t going to bid. Attire is varied, and ranges from jeans and sandals to suits.
2. Attend the preview days
In advance of most auctions there will be preview days, which you should attend if you are considering bidding, and even if not to get a great education. Again, no tickets are required.
Some houses also take selected pieces on the road for previews, so even if you don’t live where the auction is taking place, they may come to your town (provided you live in a large city or one where the house also has auctions…think Los Angeles, New York, Geneva, Hong Kong, London). Nothing compares to seeing the watches in person, and attending preview days are also a great way to meet other collectors, dealers, and auction house specialists who can help you sort through the lots.
Stroll on in, take a look at what is available, and then ask the assistants to pull some out of the display cases. Some pieces may catch your eye that didn’t from the online images (which are often awful) or printed catalog.
If you do NOT attend preview days, make sure to get lots of additional images and video of the watch for review.
3. Handling and inspecting the watches (on preview days)
Almost without exception, you can handle any of the lots at auction. Generally there is a sitting area near where the items are on displayed where you can take a seat and view the watches at your own pace, with loupes and condition reports available, and other collectors to meet. Don’t hesitate to grab the auction house specialists to ask for their help – that’s why they are there.
In most cases, you’ll write down lot numbers on a piece of paper, and assistants will then bring the lots to your table, where you will need to sign for each watch that you “check out”. The pieces may not come in any particular order, and will depend on what other collectors have requested the same pieces at the same time. It is considered polite to keep the number you request to a just handful at a time, and then have the assistant take the pieces away as soon as you are done, so others can view them. You can stay for as long as you like, and go through as many lots as desired, but it is somewhat frowned upon to go through dozens of lots with no intention of bidding in the auction.
If you want to test out any of the watch functions (testing alarms, setting dates, testing split-seconds, etc.), we recommend asking a specialist to help you. And you should do this for pieces of interest to confirm they function as expected. While there are people who will test the functions and complications on their own, you can’t go wrong with asking for assistance. And that way you are ensured of not causing any damage to the piece.
4. Check out the movements
You should always see the movements for watches you may bid upon, and the best way to handle this is to request pictures in advance. We recommend contacting the auction house with requests or questions on lots at least a week prior to make sure your request gets handled. Once things get closer to the auction, requests may slip through the cracks as things get increasingly hectic. You can of course, see movements at the preview. If you are interested, we highly recommend you let a specialist open the case for you.
5. If you are bidding, pre-register
You can do this on auction day, but better to do in advance if you attend a preview day. One less thing to have to worry about the day of the auction. Especially if you are prone to oversleeping.
6. The day of the auction, know what watches you are interested in and your bidding threshold
Make sure to consider the Hammer and Premium, VAT/duties/taxes, and conversion rates.
7. Don’t make any sudden movements during the auction, or you may accidentally bid
Okay, that isn’t really true. You can, however, bid with your paddle (you need to have a paddle, regardless of whether you kick off bidding with it), with a motion of your hand, nod or your head, or whatever you have seen in the movies. If you are successful bidding, you’ll flash your paddle number so it can be recorded.
8. If you can, attend!
It’s a great way to meet others in the community, learn more about the interest in specific watches, see different bidding strategies in person, and find out who is bidding on pieces (assuming they are in the room – you can see the pieces of interest to specific collectors and dealers).
9. Paying for the watch
Auction houses may have different options for payment, generally due within 7 days for live auctions, though policies vary by auction house. The most flexible offer a cash option (up to some maximum amount, often on a calendar year basis), credit card (again, up to a limit…that is more than we can charge on our card anyway), personal check or wire. You will receive an invoice setting out the hammer price plus all other applicable charges, such as the buyer’s premium, local taxes, shipping expenses, loss and damage liability fees, and any other charges that may apply. If you are a successful bidder in an online-only auction, you will most likely pay from your online account via credit card.
Provided the watches are at the location of the auction, which most often they are, and you aren’t paying by a method that requires some number of days for funds to clear such as a personal check, you can take home your watch the day of the auction.
Actually, you can even pay and pick up a watch while the auction is still going on. Suck on that, competing bidders! *flashes watch just won*