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Buying a Patek - Page 2

post #16 of 25
Well, most "˜common' watches are not usually listed in high-end auctions. I have never dealt with small auction houses so I could not give you an informed opinion. At the same time, why would an inexpensive watch come to auction anyways? Is it worth the commission to sell pieces that cost only several hundred dollars? Jon.
post #17 of 25
"If watchmakers can fix watches that have parts missing and that are 250+ years old, they can service a 1981 Cartier Pasha with ease." 250 years? Good Lord. It must be nice to own a watch that old; all the times its seen (no pun intended).
post #18 of 25
Quote:
Well, most "˜common' watches are not usually listed in high-end auctions. I have never dealt with small auction houses so I could not give you an informed opinion. At the same time, why would an inexpensive watch come to auction anyways? Is it worth the commission to sell pieces that cost only several hundred dollars? Jon.
By not exepensive i mean between $500 and $6 000. That means not better than the simplier Pateks.
post #19 of 25
Quote:
I agree....My dad bought his most recent watch from a friend....That is the second least vulgar way to acquire a watch, aside from inheritance.
Wow. I acquired my Rolex the least vulgar way.  Thanks granddad. (Guess I should feel even more guilty now for coveting a Patek.) Bic
post #20 of 25
Quote:
"A watch is not really important, after all, except when it fails to tell the time when you are late for a business meeting. Then it is very important. The rest of the time, especially in an age when every cell phone and PDA also has a clock function, a fancy watch is really nothing more than glorified arm candy "” a sop to one's ego and a visible appendage that reflects more succinctly than anything else in a modern man's wardrobe his relative net worth." Actually, it is important that the watch keep relative good time (all portable timepieces invariably fluctuate as to the precision of their timekeeping, mechanical more so than quartz) for if not, it's primary function is defeated and it's use would be defunct, thus there would be no need to use one.
But, if keeping time is that important for a watch, then the Timex watches should be worn since it keeps better time than a Patek. Obviously, there are other factors like how watches are status symbols.
post #21 of 25
Note, he said relatively good time. Most watch enthusiasts are interested in the design of the movement.
post #22 of 25
Quote:
I agree. The writer is hopelessly uninformed. My dad bought his most recent watch from a friend, who collects watches. That is the second least vulgar way to acquire a watch, aside from inheritance.
What does this even mean?? Vulgar? The writer didn't do that bad a job in the article; geeze give her a break. The people that write this stuff are journalists not watch specialists. The main focus of the article was that expensive watches are bid on at Christie's, that's it. It wasn't meant to talk about the intracacies of a minute repeater or whatever...
post #23 of 25
Quote:
I agree. The writer is hopelessly uninformed. My dad bought his most recent watch from a friend, who collects watches. That is the second least vulgar way to acquire a watch, aside from inheritance.
vulgar?? gregory, i didn't realize you were aristocracy. but, how is it not vulgar to buy your clothes on ebay and then post messages on the internet about how much money you saved?
post #24 of 25
Quote:
The rating system doesn't imply to open the watch and to check if every part of the movement if in good trim and guenuine. Auction are often full of professionals who knows each other and who are far or less friends with the actioneer and so best watches would go in their hands. In a nutshell, a private individual can not make a bargain there. Better buy to a second hand shop or to a private individual after having checked with the brand's after sales service if everything was clear.
Ernest, your argument is flawed. Although I didn't work in the jewelry/watch department, I did work in one of the major two auction houses in NYC for a couple of years. The majority of time, most lots that come up for sale, regardless of department are due to the three D's.  Those being: death, debt, divorce.  As you can imagine, the sellers comprise of everyone, museums, trade - i.e. dealers, and private clients of all levels. Apart from what occured with price fixing between Christie's and Sotheby's, there is no predetermined system of who gets what.  Simple market economics are at play, the price is either determined by market price, or as it happens alot, 2 people want the same thing and get into a bidding war.  I can't understand why you think auctioneers sell items to a predetermined person.  Why would an auctioneer hammer down a realized price if the bidding is willing to go higher?  Don't you think if the seller is in the saleroom, they are going to raise hell?  I have seen some shady stuff in the sale room but it is always on the part of the crowd. I could go on for hours about the regulations in NY state, and the licensing process for auctioneers, as well as behind the scenes, etc to prove that there is nothing going on as you claim. I will make two more points.   Dealers will buy inventory from any avenue possible, including auctions.  Conversely, they will sell there too.  If you are familiar with the market, you can identify over 90% of the people in the room at any sale.   You know what they buy and sell at Christie's and Sotheby's.  Just take a look at the NYtimes the day after the major sales ( impressionist/19th c, contemporary painting).  Deboroh Solomon usually can identify the buyers of major lots (which are confidential) in her article. If you are going to buy from a dealer, chances are,  his/her inventory derives from auctions around the world.  This regardless of any sale category for the most part.  You might as well buy it at an auction if the dealer is just going to mark it up 30%.  So, by going to the second hand dealer, you probably are just buying the same watch.
post #25 of 25
Rather like how Eskenazi of London bought the Ming Hongwu dish for $5,000,000 even though his identity was not disclosed in any sort of public venue. The art world is a discreet place.
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