What’s the difference between auction houses?

Not all auction houses are created equal. Below are similarities and differences of some of the largest.

Similarities across auction houses:

  • Bidding is available via a number of methods: in room, absentee, phone, online (website or via mobile app; may be through a third party aggregator).
  • Authenticity warranty applies to only a portion of the text for a lot. For example, only uppercase words in the first line of the catalog description. That’s right…everything else in the description is not warrantied.
  • Will indicate if from the original owner (or descendant), or if this is the first time offered in public.
  • Auction catalogs should provide detail, via symbols, as to whether the house has a financial interest in the lot (and if so, if a they have received funding support via another party), if they own in whole or in part, if there is a minimum price guarantee, if a third party has provided a financial guarantee, and if where is any material from endangered/protected species (for the straps), which will result in import restrictions. Some auction houses will note if a lot has no reserve.
  • Bidding increments (the increase in amount between bids) increases as the bid increases. While there are general ranges for bid increments, say $1k for bids between $10k and $20k, the auctioneer has the discretion to vary the bid increment at any time.
  • Buyer’s premiums start in the 20-25% range for the least expensive lots. Some smaller auction houses, more so those that use third party auction platforms, have even higher starting premiums, so be sure to check these when you are bidding. As an example, if you just won your favorite piece with a hammer of $1,000, you would be forking over $1,250 if there is a 25% buyer’s premium. Don’t forget subject to state taxes, and shipping or service costs. For international purchases, beware import taxes as well.
  • Auction houses will generally not offer only wristwatches, but also an assortment of pocket watches, desk clocks, pendant clocks, and even grandfather clocks. Depending on the auction house and location of the auction, what is offered may have a different focus, by either manufacturer, type or timepiece and/or manufacture date.
  • Payment can be via wire, credit card (may have a limit), cash (up to a certain limit per year), bank checks, and checks.
  • Employees can bid on pieces.
  • The auction house customer is the consignor, not the buyer.

While any particular auction can be skewed in terms of what is offered if there is an individual that is selling a number of pieces, here is a comparison for New York Watch Week (December 2018):

Some high-level comments:

Bonhams/Skinner

  • Will have a wide range of types of lots, not limited to wristwatches, but often a large number of clocks

Christie’s

  • Pieces ranging across years of manufacture
  • Most vintage pieces available among the major auction houses
  • From my experience, the most vintage pieces from original owners

Heritage

  • A completely different method of bidding. At Heritage, the opening bid is the reserve. Allow me to repeat that – IT IS THE RESERVE. So once a bid is placed, the watch will be sold. This is radically different from other auctions houses, where opening bids start below the reserve to encourage bidding, and you may be bidding simply against the reserve, or against the chandelier in the back of the room.
  • Bidding for auctions begins online prior to the day of auction. So Heritage, by the time the auction starts, has in effect sold all of the pieces that have bids.
  • “Service and handling” costs (even if you pick up the watch)

Phillips

  • Looking for a party? You’ve come to the right place! This auction house is an absolute marketing machine, and their auctions are more appropriately categorized as “Events”. The look and feel is completely different than the others – the dollars they put into the auctions, the setup of the space, the appearance of the bidders and also (ahem) the staff
  • Brightest and shiniest pieces
  • Focused on wristwatches – you won’t find the pocketwatches, clocks and other timepieces you will at other houses
  • Fewer original owner pieces than other major houses

Sotheby’s

  • Leans toward modern pieces
  • Large number of lots available
  • Can have clocks and some timepiece jewelry interspersed (though limited)